The Hartford/2025/FY/Form 10-K annual report

Document info
Organization	The Hartford
Year	2025
Period	FY
Period label	FY25
Document type	10k
Publication date	2026-02-19
Language	English
Pages	254
Source	Original URL
Archive file	.md file

This document is The Hartford's Form 10-K annual report for the fiscal year ended December 31, 2025, with an outstanding shares date of February 19, 2026.

• The document is an Annual Report (Form 10-K) filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ^{p. 1}.
• The fiscal year ended December 31, 2025 ^{p. 1}.
• The Commission file number is 001-13958 ^{p. 1}.
• The registrant's exact name is The Hartford Insurance Group, Inc. ^{p. 1}.
• The state of incorporation is Delaware ^{p. 1}.
• The I.R.S. Employer Identification No. is 13-3317783 ^{p. 1}.
• The address of principal executive offices is One Hartford Plaza, Hartford, Connecticut 06155 ^{p. 1}.
• The registrant's telephone number is (860) 547-5000 ^{p. 1}.

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	HIG	The New York Stock Exchange
6.10% Senior Notes due October 1, 2041	HIG 41	The New York Stock Exchange
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share	HIG PR G	The New York Stock Exchange

• The registrant is a well-known seasoned issuer ^{p. 2}.
• The registrant is required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act ^{p. 2}.
• The registrant has filed all required reports during the preceding 12 months and has been subject to filing requirements for the past 90 days ^{p. 2}.
• The registrant has submitted electronically every Interactive Data File required during the preceding 12 months ^{p. 2}.
• The registrant is a large accelerated filer ^{p. 2}.
• The registrant has filed a report and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act ^{p. 2}.
• The registrant is not a shell company ^{p. 2}.
• The aggregate market value of Common Stock held by non-affiliates as of June 30, 2025, was approximately USD 36bn ^{p. 2}.
• This market value is based on a closing price of USD 126.87 per share on the New York Stock Exchange on June 30, 2025 ^{p. 2}.
• As of February 19, 2026, there were 275,863,220 shares of Common Stock outstanding, with a par value of USD 0.01 per share ^{p. 2}.

Documents Incorporated by Reference

• Portions of the registrant's definitive proxy statement for its 2026 annual meeting of stockholders are incorporated by reference in Part III of this Form 10-K ^{p. 2}.
• The document is titled "The Hartford Insurance Group, Inc. Annual Report on Form 10-K For the Fiscal Year Ended December 31, 2025 Table of Contents" ^{p. 3}.

Item	Description	Page
1	Business	6
1A.	Risk Factors	21

1B.	Unresolved Staff Comments	None
1C.	Cybersecurity	33
2	Properties	34
3	Legal Proceedings	34
4	Mine Safety Disclosures	Not Applicable

• This section refers to Part II of the report ^{p. 3}.

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7A.	Quantitative and Qualitative Disclosures about Market Risk	[a]
8	Financial Statements and Supplementary Data	[b]
9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	None
9A.	Controls and Procedures	115
9B.	Other Information	117

• This section refers to Part III of the report ^{p. 3}.

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• This section refers to Part IV of the report ^{p. 3}.

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—	Exhibits Index	221
16	Form 10-K Summary	Not Applicable

• Information for Item 7 is set forth in the Enterprise Risk Management section of Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, and is incorporated by reference ^{p. 3}.
• Information for Item 11 will be set forth in the Proxy Statement under "Compensation Discussion and Analysis", "Executive Compensation Tables", "Director Compensation", "Report of the Compensation and Management Development Committee", "Pay Versus Performance", and "CEO Pay Ratio", and is incorporated by reference ^{p. 3}.
• Information for Item 13 will be set forth in the Proxy Statement under "Board and Governance Matters" and "Director Independence", and is incorporated by reference ^{p. 3}.
• Information for Item 14 will be set forth in the Proxy Statement under "Audit Matters", and is incorporated by reference ^{p. 3}.

Forward-looking statements

• The document contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 ^{p. 4}.
• Forward-looking statements are based on management's current expectations and assumptions regarding future economic, competitive, legislative, and other developments ^{p. 4}.
• Actual results could differ materially from expectations due to inherent uncertainties, risks, and changes in circumstances ^{p. 4}.
• Risks Relating to Economic, Political and Global Market Conditions include:
  • Challenges related to the Company's current operating environment, including global political, economic, and market conditions ^{p. 4}.
  • Effects of financial market disruptions, economic downturns, changes in trade regulation (tariffs and other barriers), or other adverse macroeconomic developments on product demand and investment portfolio returns ^{p. 4}.
  • Market risks such as changes in credit spreads, equity prices, interest rates, inflation rate, foreign currency exchange rates, and market volatility ^{p. 4}.
  • Impact on the investment portfolio if it is concentrated in any particular economic segment ^{p. 4}.
  • Impacts of changing climate and weather patterns on businesses, operations, and investment portfolio, affecting claims, product demand and pricing, reinsurance availability and cost, modeling data, investment portfolio value, and credit risk with reinsurers and counterparties ^{p. 4}.
• Insurance Industry and Product-Related Risks include:
  • Possibility of unfavorable loss development, particularly for long-tailed exposures ^{p. 4}.
  • Significant uncertainties in estimating ultimate reserves for asbestos and environmental claims ^{p. 4}.
  • Possibility of a pandemic, civil unrest, earthquake, or other natural or man-made disaster adversely affecting businesses ^{p. 4}.
  • Weather and other natural physical events, including intensity and frequency of thunderstorms, tornadoes, hail, wildfires, flooding, winter storms, hurricanes, and tropical storms, as well as climate change impacts on weather patterns ^{p. 4}.
  • Possible occurrence of terrorist attacks and the Company's inability to contain exposure due to factors like inability to exclude coverage from workers' compensation policies and limitations on federal reinsurance coverage ^{p. 4}.
  • Company's ability to effectively price products and policies, including obtaining regulatory consents for pricing actions or non-renewal/withdrawal of product lines ^{p. 4}.
  • Actions by competitors that may be larger or have greater financial resources ^{p. 4}.
  • Technological changes, such as usage-based premium methods, advancements in machine learning, predictive analytics, 'big data' analysis, AI functions, automotive safety features, autonomous vehicles, and ride-sharing platforms, which could give competitors an advantage, impact claim rates and severity, and affect product demand ^{p. 4}.
  • Company's ability to market, distribute, and provide insurance products and investment advisory services through current and future channels ^{p. 4}.
  • Uncertain effects of emerging claim and coverage issues ^{p. 4}.
  • Political instability, politically motivated violence, or civil unrest, potentially increasing frequency and severity of insured losses ^{p. 4}.
• Financial Strength, Credit and Counterparty Risks include:
  • Risks to business, financial position, prospects, and results from negative rating actions or downgrades in financial strength and credit ratings, or relating to investments ^{p. 4}.
  • Capital requirements subject to many factors outside the Company's control, such as NAIC risk-based capital formulas, rating agency capital models, Funds at Lloyd's, and Solvency Capital Requirement ^{p. 4, 5}.
  • These capital requirements can affect credit and financial strength ratings, cost of capital, regulatory compliance, and other business aspects ^{p. 5}.
  • Losses due to nonperformance or defaults by others, including credit risk with counterparties for investments, derivatives, premiums receivable, reinsurance recoverables, and indemnifications from third parties for previous dispositions ^{p. 5}.
  • Potential for losses due to reinsurers' unwillingness or inability to meet obligations, and the availability, pricing, and adequacy of reinsurance ^{p. 5}.
  • State and international regulatory limitations on the Company's and its subsidiaries' ability to declare and pay dividends ^{p. 5}.
• Risks Relating to Estimates, Assumptions and Valuations include:
  • Risks associated with using analytical models for underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk management ^{p. 5}.
  • Potential for differing interpretations of methodologies, estimations, and assumptions underlying fair value estimates for investments, intent-to-sell impairments, and allowance for credit losses on available-for-sale securities and mortgage loans ^{p. 5}.
  • Potential for impairments of goodwill ^{p. 5}.
• Strategic and Operational Risks include:
  • Company's ability to maintain system availability and safeguard data security during disasters, cyber breaches, information security incidents, technology failures, or other unanticipated events ^{p. 5}.
  • Potential difficulties from outsourcing, including vendors and third-party relationships ^{p. 5}.
  • Risks, challenges, and uncertainties with capital management plans, expense reduction initiatives, and other actions ^{p. 5}.
  • Risks with acquisitions and divestitures, including integration challenges, potential inability to achieve anticipated benefits and synergies, and unintended consequences ^{p. 5}.
  • Difficulty in attracting and retaining talented and qualified personnel, including key employees with technological, analytical, and specialized skills ^{p. 5}.
  • Company's ability to protect intellectual property and defend against infringement claims ^{p. 5}.
• Regulatory and Legal Risks include:
  • Cost and other potential effects of increased federal, state, and international regulatory and legislative developments that could impact product demand, operating costs, and required capital levels ^{p. 5}.
  • Unfavorable judicial or legislative developments ^{p. 5}.
  • Impact of changes in federal, state, or foreign tax laws ^{p. 5}.
  • Regulatory requirements that could delay, deter, or prevent a takeover attempt ^{p. 5}.
  • Impact of potential changes in accounting principles and related financial reporting requirements ^{p. 5}.
• The Company undertakes no obligation to publicly update any forward-looking statement ^{p. 5}.

Business

• Dollar amounts are in millions, except for per share data, unless otherwise stated ^{p. 6}.

Description	Page
General	6
Organization	6
Purpose and Strategic Priorities	6
Reportable Segments and Corporate	7
Reserves	15
Underwriting for P&C and Employee Benefits	16
Claims Administration for P&C and Employee Benefits	16
Reinsurance	16
Investment Operations	17
Enterprise Risk Management	17
Regulation	17
Intellectual Property	18
Human Capital Resources	18
Available Information	20

• The Hartford Insurance Group, Inc. ("HIG") is a holding company for subsidiaries providing property and casualty ("P&C") insurance, employee group benefits insurance and services, and mutual funds and exchange-traded funds ("ETF") ^{p. 6}.
• The Hartford serves individual and business customers in the United States, United Kingdom, and other international locations ^{p. 6}.
• The Hartford is headquartered in Connecticut, and its oldest subsidiary, Hartford Fire Insurance Company, dates back to 1810 ^{p. 6}.
• As of December 31, 2025, total assets of The Hartford were USD 86.0bn ^{p. 6}.
• As of December 31, 2025, total stockholders' equity of The Hartford was USD 19.0bn ^{p. 6}.

Organization

• The Hartford aims to maintain and enhance its market leader position in the insurance industry ^{p. 6}.
• The Company sells diverse and innovative products through multiple distribution channels to individuals and businesses ^{p. 6}.
• The Hartford is considered a leading property & casualty and employee group benefits insurer ^{p. 6}.
• The Hartford Stag logo is a widely recognized symbol in the insurance industry ^{p. 6}.
• HIG, as a holding company, is separate from its subsidiaries and has no significant business operations of its own ^{p. 6}.
• The holding company relies on dividends from its insurance companies and other subsidiaries as the principal source of cash flow ^{p. 6}.
• Cash flow is used to meet obligations, pay dividends, and repurchase common stock ^{p. 6}.
• Information on cash flow and liquidity needs can be found in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations ('MD&A') - Capital Resources and Liquidity ^{p. 6}.

Purpose and Strategic Priorities

• The Hartford's mission is to provide support and protection for people and businesses to pursue ambitions, seize opportunities, and prevail through challenges ^{p. 6}.
• The Company's strategy focuses on maximizing value creation for all stakeholders through consistent priorities across its businesses ^{p. 6}.
• Strategic priorities include embracing a culture of growth, innovation, and cross-enterprise collaboration ^{p. 6}.
• Strategic priorities include advancing underwriting capabilities to offer expanded products and services for broader customer needs ^{p. 6}.
• Strategic priorities include maximizing distribution channels to increase market share ^{p. 6}.
• Strategic priorities include deepening customer centricity by delivering seamless, personalized experiences that build trust and reflect evolving needs ^{p. 6}.
• Strategic priorities include optimizing organizational efficiency with a focus on continuous improvement ^{p. 6}.
• Strategic priorities include accelerating artificial intelligence enablement and leveraging data, analytics, and digital capabilities for smarter, faster outcomes ^{p. 6}.
• Strategic priorities include developing future-ready talent ^{p. 6}.
• Strategic priorities include balancing the use of excess capital for growth initiatives, business investments, and return to stockholders through dividends and share repurchases ^{p. 6}.

"We endeavor to maintain and enhance our position as a market leader by leveraging our core strengths of underwriting excellence, risk management, claims, product development and distribution." ^{p. 6}

"An ethical, people-oriented, and performance-driven culture drives our values. We are committed to maintaining and enhancing our culture and are proud of our reputation for ethics and integrity." ^{p. 6}

Reportable Segments and Corporate

• The Hartford conducts business principally in five reportable segments: Business Insurance, Personal Insurance, Property & Casualty Other Operations, Employee Benefits, and Hartford Funds ^{p. 7}.
• The Company also has a Corporate category ^{p. 7}.
• Further discussion of reportable segments, including financial disclosures, can be found in Note 3 - Segment Information of Notes to Consolidated Financial Statements ^{p. 7}.

Business Insurance

• 2025 Earned Premiums were USD 13,883m by Line of Business ^{p. 7}.
• 2025 Revenues were USD 28,368m by Segment/Category ^{p. 7}.
• Revenues include USD 73m for Property & Casualty Other Operations and USD 147m for the Corporate category ^{p. 7}.
• 2025 Earned Premiums were USD 13,883m by Product ^{p. 7}.
• Business Insurance accounted for USD 15,807m (56%) of revenues ^{p. 7}.
• Employee Benefits accounted for USD 7,140m (25%) of revenues ^{p. 7}.
• Personal Insurance accounted for USD 4,088m (14%) of revenues ^{p. 7}.
• Hartford Funds accounted for USD 1,113m (4%) of revenues ^{p. 7}.
• Other accounted for USD 220m (1%) of revenues ^{p. 7}.
• Small Business earned premiums were USD 5,740m (41%) ^{p. 7}.
• Middle & Large Business earned premiums were USD 4,483m (32%) ^{p. 7}.
• Global Specialty earned premiums were USD 3,596m (26%) ^{p. 7}.
• Other earned premiums were USD 64m (1%) ^{p. 7}.
• Workers' Compensation accounted for USD 3,697m (27%) of earned premiums ^{p. 7}.
• Package Business accounted for USD 2,641m (19%) of earned premiums ^{p. 7}.
• General Liability accounted for USD 2,472m (18%) of earned premiums ^{p. 7}.
• Commercial Property accounted for USD 1,446m (10%) of earned premiums ^{p. 7}.
• Commercial Automobile accounted for USD 1,271m (9%) of earned premiums ^{p. 7}.
• Professional Liability accounted for USD 844m (6%) of earned premiums ^{p. 7}.
• Assumed Reinsurance accounted for USD 891m (6%) of earned premiums ^{p. 7}.
• Bond accounted for USD 340m (3%) of earned premiums ^{p. 7}.
• Marine accounted for USD 281m (2%) of earned premiums ^{p. 7}.

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Through its three lines of business, small business, middle & large business, and global specialty, Business Insurance offers its products and services to businesses in the United States ("U.S.") and internationally. Business Insurance generally consists of products written for businesses of all sizes, largely distributed through retail agents and brokers, wholesale agents and global and specialty insurance and reinsurance brokers, serving both admitted and non-admitted markets. The majority of Business Insurance written premium is generated by small business and middle market lines (the portion of middle & large business excluding the loss-sensitive book), which provide coverage options and customized pricing based on the policyholder's individual risk characteristics.

Small business provides coverages for small businesses, which the Company generally considers to be businesses with an annual payroll under $20, revenues under $50 and property values less than $20 per location. The Company serves a broad range of small businesses, with an average written premium of less than $5 thousand per policy. Primary coverages provided include workers' compensation, property, general liability and commercial automobile, with both property and general liability coverages offered as a single package policy, marketed under the Spectrum name. Small business also provides excess and surplus lines coverage to small businesses including property, general liability, umbrella and other coverages.

Middle & large business provides insurance coverage to a broad spectrum of companies, from mid-sized firms to large national accounts. These are businesses whose payroll, revenue and property values exceed the small business threshold. Middle & large business offers standard commercial lines products, including workers' compensation, property, general liability, commercial automobile and, umbrella and excess products, coupled with global specialty offerings. Middle & large business includes programs business which provides tailored programs, primarily to customers with common risk characteristics. For national accounts, a significant portion of the business is written through large deductible programs. Other programs written within middle & large business are loss sensitive, or retrospectively-rated where the ultimate premium collected from the insured is adjusted based on how incurred losses for the policy year develop over time, subject to a minimum and maximum premium. Also within middle & large business, the Company writes captive business, which provides tailored programs to those seeking a loss sensitive solution where premiums are adjustable based on loss experience. In addition to flexible premium structures, captive programs may offer potential tax advantages, enable a greater degree of selfinsurance, and allow clients to retain underwriting profits with improved total cost of risk and enhanced risk management through customized coverage. Additionally, through business partners, middle & large business offers business insurance coverages to exporters and other U.S. companies with a physical presence overseas.

Lines of business written by small business and middle & large business are subject to rate regulation and written pricing increases or decreases that are partly in response to loss cost trends. Workers' compensation rates are based on loss experience and are informed by data submitted through the

• Workers' compensation rates have been under downward pressure due to favorable loss cost trends ^{p. 9}.
• General liability and commercial automobile rate increases have been supported by elevated loss cost trends ^{p. 9}.
• Rate increases in property are decelerating ^{p. 9}.
• Global specialty provides customized insurance products including property, general liability, marine, professional liability, bond, and excess and surplus lines ^{p. 9}.
• Global specialty offers products internationally as a sole corporate member of Lloyd's Syndicate 1221 ^{p. 9}.
• Global specialty also offers assumed reinsurance for various risks including property, liability, surety, marine, credit and political, and agricultural, primarily in Europe and the Americas ^{p. 9}.
• Business Insurance products are marketed and distributed through regional offices, branches, and sales/policyholder service centers in the U.S. and overseas (primarily UK) ^{p. 9}.
• Distribution channels include independent retail agents and brokers, wholesale agents, specialty insurance and reinsurance brokers, and direct-to-consumer sales ^{p. 9}.
• The Company offers insurance products to customers of payroll service providers through relationships with major national payroll companies in the U.S. ^{p. 9}.
• The Company also offers insurance products to members of affinity organizations ^{p. 9}.
• As the sole corporate member of Lloyd's Syndicate 1221, the Company has exclusive rights to underwrite business up to an approved premium level in the Lloyd's of London market ^{p. 9}.
• In the U.S., independent agents, brokers, and wholesalers are consolidating, with large deals expected to continue ^{p. 9}.
• This consolidation will likely concentrate written premium among fewer agents, brokers, and wholesalers ^{p. 9}.
• Distribution partners are seeking more control over the insurance value chain and leveraging data and analytics for bargaining power ^{p. 9}.
• Distribution continues to evolve, with revenue concentration intensifying among larger brokers and wholesalers, emphasizing carrier enablement, digital connectivity, and differentiated service ^{p. 9}.

Small business

• In small business, The Hartford competes against large national carriers, regional carriers, and direct writers, including stock companies, mutual companies, and other underwriting organizations ^{p. 9}.
• The small business market is highly competitive and fragmented, with carriers differentiating through product expansion, price, service, and technology ^{p. 9}.
• Larger carriers like The Hartford are advancing pricing sophistication and ease of doing business with agents and customers through technology, analytics, and other capabilities ^{p. 9}.
• The Company continuously enhances digital capabilities and expands product and underwriting capabilities for larger accounts and broader risk appetite ^{p. 9}.
• Existing competitors and new entrants are expanding sales of business insurance products to small businesses by increasing underwriting appetite, deepening distribution relationships, leveraging AI, and using online/direct-to-consumer marketing ^{p. 9}.
• Carriers that can quote business automatically have a competitive advantage by shortening the quoting-to-issuance time ^{p. 9}.
• The Hartford's ICON quoting tool quotes over 75% of new business policies from admitted markets without human intervention ^{p. 9}.
• Emerging AI-enabled capabilities are raising customer and distributor expectations for speed and automation, potentially reshaping how small business customers shop for coverage ^{p. 9}.

Middle & large business

• Competition in the middle market includes stock companies, mutual companies, alternative risk sharing groups, and other underwriting organizations ^{p. 9}.
• Some larger brokers are becoming competitors through acquisition of managing general agents or managing general underwriters ^{p. 9}.
• Pricing for middle market and national accounts is volatile due to changes in individual account characteristics, exposure, legislative, and macro-economic forces ^{p. 9}.
• National and regional carriers participate in the middle & large business insurance sector, leading to a competitive environment where pricing and policy terms are critical ^{p. 9}.
• Middle market and large commercial buyers may opt for loss-sensitive products instead of guaranteed cost policies to mitigate insurance costs ^{p. 9}.
• Middle & large business has historically been "higher touch" and requires specialized expertise, including individual underwriting and pricing ^{p. 9}.
• The Hartford invests in underwriting systems and capabilities, including speed-to-market solutions, digital experience enhancement, leveraging sales and underwriting talent, and expanding data analytics, AI, and third-party data use ^{p. 9}.
• The Company aims to make expert risk selection and pricing decisions to pursue responsible growth strategies and deliver target returns ^{p. 9}.
• In product development, claims, and risk engineering, the Company has expanded capabilities in industry verticals such as energy, construction, media arts & entertainment, technology, and life science ^{p. 9}.
• The pace of change in AI and shifting broker influence increases the importance of consistency, efficiency, and resiliency across the end-to-end underwriting and service experience ^{p. 9}.

Global specialty

• Global specialty competes against multi-national insurance and reinsurance companies in the U.S. and London markets ^{p. 10}.
• Global specialty writes many surplus lines of business, which are nonadmitted lines not written through standard licensed products ^{p. 10}.
• Surplus lines have accounted for a significant portion of the total U.S. property and casualty commercial market in recent years ^{p. 10}.
• The Hartford continues to grow its surplus book of business ^{p. 10}.
• Excess & surplus growth has outpaced the overall market recently, but pricing conditions may vary by line due to increased competition ^{p. 10}.
• Customers in the global specialty marketplace expect tailored policy language and increasingly seek a single insurance carrier for all coverage needs ^{p. 10}.
• The Company has successfully cross-sold global specialty product lines to customers of small and middle & large businesses ^{p. 10}.
• The Hartford seeks to expand cross-sell opportunities in the future ^{p. 10}.
• The Hartford competes based on its underwriting capabilities, using data and actuarial insights to enhance risk selection ^{p. 10}.
• The Company aims to drive greater efficiency, shorten quoting processes, and improve customer experience through expanded use of digital and AI capabilities ^{p. 10}.
• Global specialty also writes business in the London market via its Lloyd's syndicate platform ^{p. 10}.
• The Lloyd's platform comprises over 50 syndicates and 350 brokers, enabling risk writing in over 200 countries using Lloyd's international licenses ^{p. 10}.
• Lloyd's is regulated by the Financial Conduct Authority ("FCA") and Prudential Regulatory Authority ("PRA") in the U.K. ^{p. 10}.
• Further discussion can be found in Part II, Item 7, MD&A - Capital Resources and Liquidity ^{p. 10}.

Personal insurance

• 2025 Earned Premiums were USD 3,725m by Line of Business ^{p. 10}.
• Personal Insurance provides automobile, homeowners, and personal umbrella coverages to individuals across the U.S. ^{p. 10}.
• Most Personal Insurance business is through a program exclusively for members of AARP ('AARP Program') ^{p. 10}.
• The Hartford's automobile and homeowners products offer coverage options and pricing tailored to individual risk ^{p. 10}.
• Individual customer relationships with AARP Program policyholders represent a significant portion of Personal Insurance's total business ^{p. 10}.
• 2025 Earned Premiums were USD 3,725m by Product ^{p. 10}.
• Agency distribution accounted for USD 643m (17%) of earned premiums ^{p. 10}.
• Direct distribution accounted for USD 3,082m (83%) of earned premiums ^{p. 10}.
• Homeowners accounted for USD 1,220m (33%) of earned premiums ^{p. 10}.
• Personal Automobile accounted for USD 2,505m (67%) of earned premiums ^{p. 10}.
• Earned premiums from business sold to AARP members were USD 3.4bn in 2025, USD 3.2bn in 2024, and USD 2.9bn in 2023 ^{p. 11}.
• The AARP relationship provides a competitive advantage due to the continued growth of the over-50 population ^{p. 11}.
• The mature market continues to expand, supporting sustained demand for tailored products and experiences ^{p. 11}.
• The Company has rolled out its new cloud-based product and platform, Prevail, in nearly all states ^{p. 11}.
• Prevail was introduced in the agency distribution channel in mid-2025, with 30 state launches planned by early 2027 ^{p. 11}.
• Prevail is tailored to the mature market and includes digital service capabilities for real-time transaction support ^{p. 11}.
• Prevail updates overall rate levels, price segmentation, rating factors, and underwriting procedures ^{p. 11}.
• Personal Insurance works with carrier partners to provide risk protection options for AARP members with needs beyond the company's current product offering ^{p. 11}.
• Personal Insurance reaches customers through direct-to-consumer and independent agent channels ^{p. 11}.
• In the direct-to-consumer channel, products are marketed through digital marketing, direct mail, print advertising, and television ^{p. 11}.
• In the agency channel, products and services are provided through a network of independent agents in the standard personal lines market, primarily serving mature, preferred consumers ^{p. 11}.
• Independent agents are not employees of the Company ^{p. 11}.
• Personal Insurance has invested significantly in online interaction opportunities for direct and agency-based customers, including mobile devices ^{p. 11}.
• The technology platform for telephone sales centers enhances the experience for direct-to-consumer customers, offering unique capabilities to AARP's member base ^{p. 11}.
• Most of Personal Insurance's sales are associated with its exclusive licensing arrangement with AARP, which is in place through December 31, 2032 ^{p. 11}.
• This arrangement allows marketing of automobile, homeowners, and personal umbrella coverages to AARP's approximately 38 million members ^{p. 11}.
• The relationship with AARP, established in 1984, provides a competitive advantage due to the increasing over-50 population and the strength of the AARP brand ^{p. 11}.
• Prior to May 2021, new business automobile and home policies for AARP members in most states included a lifetime continuation agreement endorsement ^{p. 11}.
• This endorsement provided for policy renewal as long as certain terms were met, such as timely premium payment and maintaining a driver's license ^{p. 11}.
• Beginning in May 2021, Personal Insurance no longer offers the lifetime continuation agreement to new home and automobile policies ^{p. 11}.
• The endorsement will remain on renewal policies with original effective dates prior to May 2021 ^{p. 11}.
• Personal Insurance also offers automobile and homeowners products to non-AARP customers, primarily through the independent agent channel ^{p. 11}.
• Personal Insurance leverages its agency channel to target the over-50 preferred mature market, emphasizing highly partnered agents to distinguish its brand and improve profitability ^{p. 11}.
• The personal automobile and homeowners insurance markets are highly competitive ^{p. 11}.
• In 2025, many personal lines insurance companies, including The Hartford, increased marketing spend to boost new business production after achieving new business rate adequacy ^{p. 11}.
• Competition is based on price, product, service (including claims handling), insurer's ratings, and brand recognition ^{p. 11}.
• Companies with strong ratings, recognized brands, direct sales capability, and economies of scale have a competitive advantage ^{p. 11}.
• Industry conditions are evolving, with automobile premium growth moderating and improving margin conditions, while homeowners show signs of stabilization despite catastrophe frequency and severity concerns ^{p. 11}.
• Insurers distributing through agency channels compete by offering commissions and incentives ^{p. 11}.
• Top-tier insurers offer digital and self-service capabilities to make it easier for agents and consumers to do business ^{p. 11}.
• A large majority of agents use 'comparative rater' tools, which increases price competition ^{p. 11}.
• Insurers capitalizing on brand, reputation, product differentiation, and strong customer service are more likely to succeed ^{p. 11}.
• Data mining and predictive modeling are increasingly used by carriers to target profitable business and segment pricing plans ^{p. 11}.
• The Company continues to invest in capabilities to better utilize data and analytics for underwriting and pricing ^{p. 11}.
• Many carriers, including The Hartford, invest in telematics capabilities for better risk selection and pricing segmentation in response to driving pattern changes ^{p. 11}.
• In states where Prevail is rolled out, The Hartford offers its telematics program, TrueLane, which uses a mobile app for individualized pricing based on driving behavior (braking, speed, distracted driving, acceleration) ^{p. 11}.
• Automobile technology advancements (lane departure warnings, backup cameras, automatic braking, active collision alerts) are expected to improve driver safety and reduce collisions ^{p. 11}.
• These advanced features include expensive parts, contributing to increasing average claim severity ^{p. 11}.

12 ──

• Property & Casualty Other Operations includes certain P&C operations that have discontinued writing new business ^{p. 12}.
• This segment includes substantially all of the Company's pre-1986 asbestos and environmental ("A&E") exposures ^{p. 12}.

P&C other operations

Employee benefits

• For discussion of coverages provided under policies with A&E exposure prior to 1986 (Run-off A&E), run-off assumed reinsurance, and other non-A&E exposures, see Part II, Item 7, MD&A - Critical Accounting Estimates, Property & Casualty Insurance Product Reserves, Net of Reinsurance ^{p. 13}.

Caption: 2025 Premiums and Other Considerations of $6,645

• No facts for this section.

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Employee Benefits provides group life, disability and other group coverages to members of employer groups, associations and affinity groups through direct insurance policies and provides reinsurance to other insurance companies. Group insurance typically covers an entire group of people under a single contract, most typically the employees of a single employer or members of an association. In addition to employer paid coverages, the segment offers voluntary product coverages which are offered through employee payroll deductions. Employee Benefits also offers disability underwriting, administration, and claims processing to selffunded employer plans. In addition, the segment offers a single-company leave management solution, which integrates work absence data from the insurer's short-term and long-term group disability and workers' compensation insurance business with its leave management administration services.

Statutory paid family and medical leave ("PFML") programs are a source of growth as the Company offers fully insured coverage or administers selfinsured coverage for some of these programs. As of year-end 2025, thirteen states and the District of Columbia have enacted mandated PFML programs. Alabama, Arkansas, Florida, Kentucky, New Hampshire, South Carolina, Tennessee, Texas, Vermont, and Virginia have also created optin paid family leave programs, and additional states are considering adopting PFML programs.

Employee Benefits generally offers term insurance policies, allowing for the adjustment of rates or policy terms at renewal in Part I - Item 1. Business order to minimize the adverse effect of market trends, loss costs, changes in interest rates and other factors. Policies are typically sold with one, two or three-year rate guarantees depending upon the product and market segment.

[Chart/image description:] The donut chart shows the breakdown of 2025 Earned Premiums by product: Group disability: $3,584 (54%), Group life: $2,582 (39%), and Other: $479 (7%).

• The Employee Benefits distribution network is managed through a regional sales office system ^{p. 13}.
• Group insurance products and services are distributed through brokers, consultants, third-party administrators, and trade associations ^{p. 13}.
• The segment has relationships with several private exchanges that offer its products to employer groups ^{p. 13}.
• Technology providers, including human resources platform vendors, increasingly influence customer decisions and selection of employee benefits insurance providers ^{p. 13}.
• Carriers are increasing automated interfaces and digital workflows to meet distributor and employer expectations and improve service and claim experiences ^{p. 13}.
• Employee Benefits competes with numerous insurance companies and financial intermediaries ^{p. 13}.
• The market for employee benefits continues to grow due to demand for mental health, wellness, and caregiving cost solutions ^{p. 13}.
• Growth is moderating as employment and wage growth slow ^{p. 13}.
• Opportunities continue in the small to mid-size segment and in employee-paid supplemental health offerings as employers seek cost relief ^{p. 13}.
• Employee Benefits uses its risk management expertise and economies of scale for competitive advantage ^{p. 13}.
• Competitive factors include product breadth, price, quality of customer and claims handling services, digital capabilities, and relationships with third-party distributors and private exchanges ^{p. 13}.
• Active price competition leads to multi-year rate guarantees being offered to customers ^{p. 13}.
• Top-tier insurers offer digital and self-service capabilities to third-party distributors and consumers ^{p. 13}.
• The relatively large size and underwriting capacity of the Employee Benefits business provides a competitive advantage over smaller competitors ^{p. 13}.
• The Company's market presence has increased due to its industry-leading digital technology and integrated absence management and claims platform ^{p. 13}.
• More companies are expected to offer voluntary products paid for by employees as employers focus on reducing benefit costs ^{p. 13}.
• The sale of voluntary product offerings, including supplemental health coverage, is growing faster than employer-provided benefits ^{p. 13}.
• Competitive factors for voluntary products include product breadth, education, enrollment capabilities, and overall customer service ^{p. 13}.
• The Company and its competitors are investing in technology to offer digital capabilities and improve product offerings and service levels, especially for voluntary products ^{p. 13}.

"We offer our voluntary products including critical illness, accident and hospital indemnity coverage to employees through our Employee Choice Benefits programs." ^{p. 13}

• The Company's enhanced enrollment and marketing tools, such as digital decision support and personalized recommendations, educate participants about supplementary benefits and product selection ^{p. 13}.
• The Hartford's Ability Advantage platform provides integrated claim, leave, and benefits administration, in addition to group disability, leave management, and life insurance ^{p. 13}.
• Hartford Funds Segment Assets Under Management ("AUM") were USD 154,229m as of December 31, 2025 ^{p. 13}.
• Mutual Fund AUM was USD 137,548m as of December 31, 2025 ^{p. 13}.
• Third-party life and annuity separate accounts accounted for USD 11,260m (7%) of AUM ^{p. 13}.
• Exchange-Traded Funds accounted for USD 5,421m (4%) of AUM ^{p. 13}.
• Equity investments accounted for USD 95,465m (70%) of AUM ^{p. 13}.
• Fixed income investments accounted for USD 23,659m (17%) of AUM ^{p. 13}.
• Multi-strategy investments accounted for USD 18,424m (13%) of AUM ^{p. 13}.

| | | | | | | | | |

The Hartford Funds segment provides investment management, administration, product distribution and related services to investors through a diverse set of investment products in domestic markets. Hartford Funds' comprehensive range of products and services assist clients in achieving their desired investment objectives. AUM are separated into three distinct categories referred to as mutual funds, ETFs and third-party life and annuity separate accounts under management.

Marketing and Distribution

Our funds and ETFs are sold through national and regional broker-dealer organizations, independent financial advisers, defined contribution plans, financial consultants, bank trust groups and registered investment advisers. Our distribution team is organized to sell primarily in the United States.

Corporate

The Company includes in the Corporate category 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.

Competition

The investment management industry is mature and highly competitive. Firms are differentiated by investment performance, range of products offered, brand recognition, financial strength, proprietary distribution channels, quality of service and level of fees charged relative to quality of investment products. The Hartford Funds segment competes with a large number of asset management firms and other financial institutions and differentiates itself through its global sub-advisors, product breadth, competitive fees and strong distribution. The segment also competes directly with lower cost passive investment strategies, which continue taking share from active managers.

Reserves

• Total Reserves as of December 31, 2025, include future policy benefits of USD 444m and other policyholder funds and benefits payable of USD 612m ^{p. 15}.
  • Of these, USD 291m (future policy benefits) and USD 409m (other policyholder funds and benefits payable) relate to the Employee Benefits segment ^{p. 15}.
  • The remainder relates to run-off structured settlement and terminal funding agreements within Corporate ^{p. 15}.
• Reserve for unpaid losses and loss adjustment expenses (LAE) includes liabilities for unpaid losses (including incurred but not yet reported) and estimated expenses for processing and settling claims for both Property & Casualty and Employee Benefits ^{p. 15}.
• Property & Casualty insurance product reserves, including run-off asbestos and environmental claims reserves within P&C Other Operations, are discussed in Part II, Item 7, MD&A - Critical Accounting Estimates - Property and Casualty Insurance Product Reserves, Net of Reinsurance ^{p. 15}.
• Additional discussion on P&C reserves is in Notes to Consolidated Financial Statements, specifically Note 1 - Basis of Presentation and Significant Accounting Policies (accounting policies for insurance product reserves) and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses ^{p. 15}.
• Employee Benefits reserves as of December 31, 2025, include short duration contract reserves of USD 169m for short-term disability and USD 45m for supplemental health ^{p. 15}.
  • They also include reserves for future policy benefits: USD 203m for paid up life reserves and policy reserves on life policies, USD 68m for conversions to individual life, and USD 20m for other reserves ^{p. 15}.
• Employee Benefits reserves also include unpaid loss and loss adjustment expenses for LTD, group life, and other lines of business, as well as reserves for other policyholder funds and future policy benefits ^{p. 15}.
• Other policyholder funds and benefits payable represent deposits from policyholders of short-duration insurance contracts where the Company has investment risk but not insurance risk ^{p. 15}.
• Reserves for future policy benefits are life-contingent reserves where the Company is subject to insurance, interest rate, and investment risk ^{p. 15}.
• Discussion of Employee Benefits long-term disability reserves is in Part II, Item 7, MD&A - Critical Accounting Estimates - Employee Benefit LTD Reserves, Net of Reinsurance ^{p. 15}.
• Additional discussion on Employee Benefits reserves is in Notes to Consolidated Financial Statements, specifically Note 1 - Basis of Presentation and Significant Accounting Policies (accounting policies for insurance product reserves) and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses ^{p. 15}.
• Total expenses breakdown: P&C Unpaid losses and loss adjustment expenses account for USD 38,155m (81%) ^{p. 15}.
  • Employee Benefits Unpaid losses and loss adjustment expenses account for USD 8,113m (17%) ^{p. 15}.
  • All Other [1] accounts for USD 1,056m (2%) ^{p. 15}.
• P&C Unpaid losses and loss adjustment expenses breakdown: Business Insurance accounts for USD 33,175m (87%) ^{p. 15}.
  • P&C Other Operations accounts for USD 2,705m (7%) ^{p. 15}.
  • Personal Insurance accounts for USD 2,275m (6%) ^{p. 15}.
• Employee Benefits Unpaid losses and loss adjustment expenses breakdown: LTD accounts for USD 6,856m (78%) ^{p. 15}.
  • Life, including premium waiver, accounts for USD 1,043m (12%) ^{p. 15}.
  • Other [1] accounts for USD 505m (6%) ^{p. 15}.
  • Other policyholder funds and benefits payable accounts for USD 409m (4%) ^{p. 15}.

Underwriting for P&C and employee benefits

• The Company underwrites risks to manage loss exposure through favorable risk selection and diversification ^{p. 16}.
• Risk modeling is used to manage aggregate exposure within specified limits across lines of business and the Company ^{p. 16}.
• For property and casualty business, aggregate exposure limits are set by geographic zone and peril ^{p. 16}.
• Products are priced according to the risk characteristics of the insured's exposures ^{p. 16}.
• Rates for Personal Insurance products are filed with the states where business is written ^{p. 16}.
• Rates for most Business Insurance products are also filed with states but can be modified based on the insured's risk profile ^{p. 16}.
• Workers' compensation policies may be subject to modification based on prior loss experience ^{p. 16}.
• The Company writes coverage in the excess and surplus lines market within global specialty and small business, which allows for more pricing and coverage flexibility due to absence of rate and form regulation ^{p. 16}.
• Pricing for Employee Benefits products, including long-term disability and life insurance, is based on underwriting risks and projecting estimated losses, considering investment income ^{p. 16}.
• Pricing adequacy depends on regulatory approval for rate changes, proper underwriting risk evaluation, projection of future loss cost frequency and severity (adjusted for trends), competitor actions, expense levels, and regulatory/legal developments ^{p. 16}.
• The Company aims to price policies so that insurance premiums and future net investment income cover underwriting expenses, ultimate claim costs, and provide a profit margin ^{p. 16}.
• For many insurance products, state insurance departments must approve premium rates ^{p. 16}.
• The Lloyd's Syndicate's ability to write business is subject to Lloyd's approval for its premium capacity annually ^{p. 16}.

Location	Business Insurance	Personal Insurance	Employee Benefits	Total
California	9%	1%	2%	12%
New York	5%	1%	3%	9%
Texas	5%	2%	2%	9%
Florida	3%	1%	1%	5%
All other [1]	36%	10%	19%	65%
Total	58%	15 %	27 %	100%

• No other single state or country accounted for 5% or more of the Company's consolidated earned premium in 2025 ^{p. 16}.

Claims administration for P&C and employee benefits

• Claims administration functions include initial loss notices, claims adjudication and estimates, legal representation, case reserve establishment, loss payment, and reinsurer notification ^{p. 16}.
• Approximately 6,700 claim employees perform these activities, including adjusters, appraisers, attorneys, doctors, nurses, behavioral health specialists, investigators, data analytics professionals, training staff, management, and support staff ^{p. 16}.
• The Company contracts with approved regional, national, and international suppliers to enhance claim capabilities and business resiliency ^{p. 16}.
• The Company's claims teams manage losses across the U.S. and internationally from locations in the U.S. and two international offices ^{p. 16}.
• Claims teams are organized to meet specific service needs for various product offerings ^{p. 16}.
• The claims organization is supported by data and analytics, technology, and strategy located across the U.S. and in two international offices ^{p. 16}.
• As a leading provider of workers' compensation and employee benefits coverages, the Company uses data analytics to return employees to active lives safely and quickly ^{p. 16}.
• Clinical experts focus on opioid usage, vocational rehabilitation, behavioral health, and medical case management to manage medical costs, providing a competitive advantage ^{p. 16}.
• The Company maintains a dedicated catastrophe claims organization to respond to large-scale catastrophic events nationwide ^{p. 16}.
• For severe events, the catastrophe team is supplemented with additional Company staff to respond promptly to claimants ^{p. 16}.
• The Company's claims organization has a nationwide staff of attorneys who represent insureds in key jurisdictions, including specialists in complex litigation ^{p. 16}.
• Claim payments for benefits, losses, and loss adjustment expenses are the Company's largest expenditure ^{p. 16}.
• Reinsurance discussion can be found in Part II, Item 7, MD&A - Enterprise Risk Management and Note 8 - Reinsurance of Notes to Consolidated Financial Statements ^{p. 16}.

Investment operations

• Hartford Investment Management Company (HIMCO) is an SEC-registered investment advisor managing the Company's investment operations ^{p. 17}.
• HIMCO provides customized investment strategies for The Hartford's investment portfolio, pension plan, and institutional clients ^{p. 17}.
• As of December 31, 2025, HIMCO's total assets under management were approximately USD 121.9bn, up from USD 112.0bn as of December 31, 2024 ^{p. 17}.
  • This includes USD 55.6bn (2025) and USD 50.9bn (2024) held in HIMCO-managed third-party accounts ^{p. 17}.
  • It also includes USD 3.5bn (2025) and USD 3.6bn (2024) supporting the Company's pension and other postretirement plans ^{p. 17}.
• The Hartford's Investment Portfolio was USD 64.0bn as of December 31, 2025 ^{p. 17}.

Management of The Hartford's investment portfolio

• HIMCO manages the Company's investment portfolios to maximize economic value, ensure sufficient funding of liabilities, and achieve enterprise financial objectives within acceptable risk tolerances ^{p. 17}.
• Portfolio objectives and guidelines are developed based on asset/liability profile (timing and amount of claim payments), investment return opportunity, and risk characteristics ^{p. 17}.
• The Company minimizes adverse impacts from economic changes through asset diversification, asset allocation limits, asset/liability duration matching, and active portfolio management, which may include derivatives ^{p. 17}.
• Risk tolerances include asset sector exposure limits, credit issuer allocation limits, portfolio quality constraints (e.g., maximum exposure to below investment grade holdings), and interest rate duration limits ^{p. 17}.
• Further discussion of HIMCO's portfolio management approach is in Part II, Item 7, MD&A - Enterprise Risk Management ^{p. 17}.

Enterprise Risk Management

• The Company faces insurance, operational, and financial risks ^{p. 17}.
• Discussion on how The Hartford manages these risks is in Part II, Item 7, MD&A - Enterprise Risk Management ^{p. 17}.

Regulation

• State insurance laws supervise and regulate insurers to protect policyholders and ensure solvency ^{p. 17}.
• State insurance departments ("Departments") have broad authority to oversee and regulate the insurance business ^{p. 17}.
• Departments monitor financial stability by requiring insurers to maintain solvency standards, minimum capital and surplus, invested asset requirements, state deposits of securities, guaranty fund premiums, restrictions on risk size, and adequate reserves for unearned premiums, unpaid losses, LAE, and other liabilities ^{p. 17}.
• Departments perform periodic market and financial examinations and require annual and other financial reports ^{p. 17}.
• Policyholder protection is also regulated through licensing of insurers, employees, agents, and brokers; approval of premium rates and policy forms; and claims administration requirements ^{p. 17}.
• Many states have laws regulating insurance holding company systems ^{p. 17}.
• These laws require insurance companies formed and chartered in a state ("Domestic Insurers") to register with their domestic state's insurance department and file information on operations that may affect the system's insurers ^{p. 17}.
• Insurance holding company regulations primarily relate to state insurance approval of Domestic Insurer acquisitions, prior review/approval of transactions between Domestic Insurers and affiliates, and regulation of dividends from Domestic Insurers ^{p. 17}.
• All transactions within a holding company system affecting Domestic Insurers must be fair and equitable ^{p. 17}.
• The extent of financial services regulation outside the U.S. varies significantly among countries where The Hartford operates ^{p. 17}.
• Foreign financial services providers may face greater restrictions than domestic competitors in certain jurisdictions ^{p. 17}.
• The Company's International operations include a Lloyd's Syndicate, which must meet Lloyd's minimum market standards, as well as UK PRA and UK FCA regulatory requirements ^{p. 17}.
• Consistent with the U.K.'s interpretation of Solvency II, Lloyd's and the PRA focus on capital adequacy and insurer solvency against risk profile and management when setting capital requirements ^{p. 17}.
• Investment portfolio breakdown: Taxable fixed maturities (excluding U.S. treasuries & govt. agencies) 58% ^{p. 17}.
  • U.S. treasuries and gov't agencies and short-terms 16% ^{p. 17}.
  • Mortgage loans 11% ^{p. 17}.
  • Limited partnerships and other alternative investments 9% ^{p. 17}.
  • Tax-exempt fixed maturities 5% ^{p. 17}.
  • Equity and other 1% ^{p. 17}.

Federal and state securities and financial regulation laws

• The Company sells and distributes its mutual funds and ETFs through a broker-dealer subsidiary ^{p. 18}.
• This subsidiary is subject to regulation by the Financial Industry Regulatory Authority, the SEC, and/or state securities administrators ^{p. 18}.
• Other subsidiaries operate as investment advisers registered with the SEC under the Investment Advisers' Act of 1940 and under certain state laws ^{p. 18}.
• Federal and state laws and regulations are primarily intended to protect investors in securities markets, granting regulators broad rulemaking and enforcement authority ^{p. 18}.
• These regulations include those impacting sales methods, trading practices, suitability of investments, use and safekeeping of customer funds, corporate governance, capital, recordkeeping, and reporting requirements ^{p. 18}.
• Failure to comply with federal and state laws may result in fines, cease-and-desist orders, or suspension, termination, or limitation of activities for operations and/or employees ^{p. 18}.

Intellectual property

"We rely on a combination of contractual rights and copyright, trademark, patent and trade secret laws to establish and protect our intellectual property." ^{p. 18}

"We have a trademark portfolio that we consider important in the marketing of our products and services, including, among others, the trademarks of The Hartford name, the Stag Logo and the combination of these two trademarks." ^{p. 18}

• Trademark registrations may be renewed indefinitely, subject to country-specific use and registration requirements ^{p. 18}.
• The Company regards its trademarks as highly valuable assets in marketing and vigorously protects them against infringement ^{p. 18}.
• The Company owns a number of patents and patent applications related to on-line quoting, insurance processing, insurance telematics, proprietary interface platforms, and other matters ^{p. 18}.
• Patents have varying durations depending on filing date and typically expire at the end of their natural term ^{p. 18}.

Human capital resources

• The Hartford had approximately 19,200 employees as of December 31, 2025 ^{p. 18}.
• Management, including the CEO and CHRO, establishes the company's hiring and compensation practices ^{p. 18}.
• The Board of Directors is periodically updated on key workforce metrics ^{p. 18}.
• The Board's Audit Committee receives an annual review of the Company's key employee relations measures ^{p. 18}.
• The Board's Compensation and Management Development Committee ('Compensation Committee') is regularly updated on employee engagement, turnover, leader capabilities, future skill development, and other workforce measures ^{p. 18}.
• The Compensation Committee is responsible for reviewing performance and approving compensation for senior executives, overseeing succession and continuity planning for senior executive roles, setting executive compensation policy, and administering the Clawback Policy for senior executives ^{p. 18}.
• The Human Resources team, led by the CHRO, supports the Compensation Committee and monitors key indicators to devise talent strategies ^{p. 18}.
• Talent strategies include strategic workforce planning, employee engagement, employee relations matters, career mobility, talent attraction, retention, and development ^{p. 18}.

Talent attraction, retention and development

• The Board of Directors engages with the Compensation Committee annually to review senior executive talent, consider emerging executive talent, and conduct succession planning ^{p. 18}.
• The leadership team conducts a comprehensive annual talent review process across the organization ^{p. 18}.
• The Hartford focuses on actions to keep pace with evolving customer needs and employee expectations, including establishing comprehensive hiring strategies across executive, professional, and front-line roles ^{p. 18}.
• The company provides career growth and development opportunities aligned to succession and strategic workforce plans through internal mobility, job progressions, and learning programs ^{p. 18}.
• The Hartford offers extensive learning and development opportunities to sustain current and future skill needs ^{p. 18}.
• Leaders are held accountable for progress against human capital goals, including development, engagement, mobility, succession, and retention ^{p. 18}.
• For entry-level roles, the company recruits at colleges and universities and offers various training and development programs ^{p. 18}.
• Training and development programs include:
  • The Hartford's Leadership Development Program for leaders from first-time to executive ranks ^{p. 18}.
  • The Hartford Early Career Leadership Program, offering rotational development in Actuarial, Finance, Underwriting, Claims, Operations, Technology, Data, and Analytics ^{p. 18}.
  • The Hartford's Apprenticeship Program, preparing students for insurance careers ^{p. 18}.
  • HartCloud Academy, an immersive training program for mid-career engineers in cloud technologies ^{p. 18}.
  • The Hartford's College Internship Program, providing paid work experience and professional development for rising college seniors and graduate students ^{p. 19}.
  • The Hartford's Tech Catalyst Program, supporting early career software and data engineers with a ten-week onboarding and training program ^{p. 19}.

"The Hartford prioritizes sustaining a workforce that upholds the highest standards of ethics and trust. We are committed to creating a work environment where employees are respected, inspired to perform at their best, and are recognized for their contributions. The Hartford believes that fostering a culture of integrity and ethical behavior leads to better decisions, outcomes and experiences for both our customers and employees. We believe that creating a work environment centered on trust enables us to attract, retain and leverage top talent to meet our business goals. We are committed to ethical conduct and a bias-free workplace for all employees as we build, enhance and sustain a welcoming and supportive culture." ^{p. 19}

• In 2025, the company achieved top quartile employee engagement and performance enablement scores, measured by an enterprise engagement survey using independent third-party benchmarks ^{p. 19}.
• These scores were achieved partly due to focus on leader effectiveness, career growth, belonging, and well-being ^{p. 19}.
• The Hartford has nine Employee Resource Groups ('ERG's') that are voluntary, employee-led, and open to all ^{p. 19}.
• ERGs focus on advancing employee development and strengthening business results through education, networking, mentorship, and volunteer opportunities ^{p. 19}.
• As of December 31, 2025, over 60% of employees were members of at least one ERG ^{p. 19}.

"We persistently work to improve the employee experience in support of our continuing strategic objective to attract, retain and develop the best talent in the industry." ^{p. 19}

Pay and benefits

"We offer competitive pay and benefits to our employees, with performancebased variable compensation making up a large share of the total compensation paid to executives in the organization." ^{p. 19}

• Variable compensation for most employees includes an annual bonus plan ^{p. 19}.
• Executives also receive long-term incentive awards ^{p. 19}.
• Annual bonus payouts are based on whether the Company achieves core earnings (adjusted for compensation) above or below a target level from the annual operating plan ^{p. 19}.
• The annual operating plan target is set at the beginning of each year and reviewed and approved by the Compensation Committee ^{p. 19}.
• Long-term incentive awards include restricted stock units, performance shares, and stock options for the most senior executives ^{p. 19}.
• Additional information on variable compensation programs is in the Company's Proxy Statement ^{p. 19}.

"We use an independent third party to conduct statistical pay equity analyses for the vast majority of our U.S. employees each year - a threestep process that includes analysis before, during and after the annual compensation planning cycle." ^{p. 19}

• This three-step process identifies unexplained pay disparities, allows for research into reasons, and enables appropriate actions to address disparities ^{p. 19}.
• The Compensation Committee is updated annually on pay equity processes and results ^{p. 19}.
• The Hartford employs additional practices for pay fairness, including:
  • A centralized compensation function for consistent programs and practices ^{p. 19}.
  • An enterprise-wide framework for evaluating and aligning roles and compensation based on job responsibilities, market competitiveness, strategic importance, and other factors ^{p. 19}.
  • Prohibition against asking external job applicants for current or historical compensation information ^{p. 19}.
  • Disclosure of salary ranges for most posted positions to applicants and employees ^{p. 19}.
  • Individual compensation decisions considering each employee's experience, proficiency, and performance ^{p. 19}.
  • Training for managers and Human Resources business partners on performance assessment and compensation planning ^{p. 19}.
  • Multiple levels of review and approval for all compensation decisions ^{p. 19}.

"We are committed to our extensive, long-standing policies and practices to help ensure fair pay across the organization, while staying attuned to external best practices and insights, and leveraging input from subject matter experts. We evaluate our performance every year, and as markets and talent pools shift over time we work to evolve our practices accordingly." ^{p. 19}

4 ──

• The Hartford offers a comprehensive benefits and well-being package supporting physical, emotional, social, and financial well-being ^{p. 19}.
• Benefits include:
  • Medical plan options ^{p. 19}.
  • Dental and vision coverage options ^{p. 19}.
  • 401(k) plan with company non-elective and matching contributions ^{p. 19}.
  • Paid time off (PTO) with at least 25 days annually to start ^{p. 19}.
  • Paid holidays ^{p. 19}.
  • Flexible work schedules, including hybrid or remote arrangements ^{p. 19}.
  • Tuition reimbursement ^{p. 19}.
  • Student loan repayment assistance ^{p. 19}.
  • Family medical leave ^{p. 19}.
  • Paid parental leave ^{p. 19}.
  • Travel reimbursement for medical services in other locations ^{p. 20}.
  • Family building support, including an adoption support program ^{p. 20}.
  • Organ and bone marrow donation leave policy ^{p. 20}.
  • Employee assistance program ^{p. 20}.
• The Company also offers a medical advocacy program, well-being programs, weight management, and fitness reimbursement ^{p. 20}.

Employee benefits and well-being

Available information

• The Company's internet address is https://www.thehartford.com ^{p. 20}.
• Annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments are available without charge on the investor relations section of the website, https://ir.thehartford.com, after filing with the SEC ^{p. 20}.
• Reports filed with the SEC can be viewed at https://www.sec.gov ^{p. 20}.
• References to the website address in the report are for convenience and do not incorporate website information by reference ^{p. 20}.

Risk factors

• Investing in The Hartford carries risks that could materially affect its business, financial condition, results of operations, liquidity, or the trading price of its securities ^{p. 21}.
• These risks are not exhaustive and include factors mentioned under 'Forward-Looking Statements' and business risks described elsewhere in the Annual Report on Form 10-K ^{p. 21}.
• Risks are categorized for ease of use, but many can impact multiple categories ^{p. 21}.
• The occurrence of certain risks can cause or exacerbate others, potentially increasing the severity of their impact on the business, results of operations, financial condition, or liquidity ^{p. 21}.

Risks relating to economic, political and global market conditions

• Unfavorable economic, political, and global market conditions may adversely impact The Hartford's business and results of operations ^{p. 21}.
• The Company's investment portfolio, Hartford Funds business, and insurance businesses are sensitive to changes in economic, political, and global capital market conditions ^{p. 21}.
• Weak economic conditions can include:
  • Labor supply shortages ^{p. 21}.
  • Low labor force participation ^{p. 21}.
  • Lower family income ^{p. 21}.
  • High unemployment ^{p. 21}.
  • Changes in interest rate levels ^{p. 21}.
  • Changes in credit spreads ^{p. 21}.
  • Equity market disruptions ^{p. 21}.
  • Rising inflation ^{p. 21}.
  • Changes in foreign currency exchange rates ^{p. 21}.
  • A weak real estate market ^{p. 21}.
  • Lower business investment ^{p. 21}.
  • Lower consumer spending ^{p. 21}.
• An economic downturn may adversely affect demand for insurance and financial products, insurance loss costs, valuation and returns on the investment portfolio, and lower profitability, including net investment income and operating results ^{p. 21}.
• The Company could experience credit losses on various asset balances, including receivables, fixed maturities, and mortgage loans ^{p. 21}.
• Declines in the value of available-for-sale debt securities due to significant credit spread widening would reduce stockholders' equity ^{p. 21}.
• Disruption in equity markets could result in net realized or unrealized losses on equity securities, or reduce net investment income from non-fixed income investments (e.g., limited partnerships, alternative investments) ^{p. 21}.
• The Company could experience higher reinsurance costs and/or more limited availability of reinsurance coverage ^{p. 21}.
• Political instability, politically motivated violence, or civil unrest may increase the frequency and severity of insured losses ^{p. 21}.
• Deterioration in global economic and/or geopolitical conditions (e.g., military action, trade wars, tariffs) could:
  • Reduce demand for products ^{p. 21}.
  • Reduce insured exposures ^{p. 21}.
  • Drive higher inflation, increasing loss costs and claims incidence, particularly for workers' compensation and disability ^{p. 21}.
• Expansion of current regional and/or global conflicts could lead to insurance losses or adverse economic impacts ^{p. 21}.
• Credit Spread Risk:
  • If issuer credit spreads increase, the market value of the investment portfolio may decline ^{p. 21}.
  • Significant and extended credit spread widening may lead to credit losses and decreased earnings ^{p. 21}.
  • Significant credit spread tightening may reduce net investment income from new fixed maturity purchases ^{p. 21}.
  • Changes in credit spreads impact the value of credit derivatives, leading to losses if spreads widen for assumed exposure or tighten for purchased protection ^{p. 21}.
• Equity Markets Risk:
  • A decline in equity markets may result in net realized losses on equity security sales or unrealized losses on equity securities held at fair value ^{p. 21}.
  • It could also reduce net investment income from non-fixed income investments (e.g., limited partnerships, alternative investments) ^{p. 21}.
  • Lower earnings from Hartford Funds may occur if fee income is based on the fair value of assets under management ^{p. 21}.
• Interest Rate Risk:
  • Increases or persistently high interest rates could lead to recession or stagnation, lowering demand for products and potentially causing realized or unrealized losses on fixed income assets ^{p. 22}.
  • This could also impact property valuations and financing costs for mortgage loans and real estate joint ventures ^{p. 22}.
  • A lower interest rate environment could pressure net investment income and reduce margins on certain products ^{p. 22}.
  • New and renewal business pricing for property and casualty and employee benefits products considers prevailing interest rates ^{p. 22}.
  • Declining interest rates would require increased product prices to offset lower anticipated investment income and maintain economic return ^{p. 22}.
  • Rising interest rates would tend to decrease pricing targets due to higher anticipated investment income ^{p. 22}.
  • Inability to effectively react to interest rate changes may affect competitiveness, reducing written premium and earnings ^{p. 22}.
  • For Employee Benefits (long-term disability) and workers' compensation, extended declines in interest rates would necessitate reinvestment at lower yields ^{p. 22}.
  • A rise in interest rates would reduce the market value of the investment portfolio ^{p. 22}.
  • A decline in market value due to increased interest rates could limit the ability to realize tax benefits from recognized capital losses ^{p. 22}.
  • Reserves for future policy benefits are sensitive to changing interest rates ^{p. 22}.
  • U.S. GAAP requires quarterly updates to reserves for future policy benefits for changes in discount rates, which could cause volatility in stockholders' equity ^{p. 22}.
• Inflation Risk:
  • Inflation is a risk to the property and casualty business because claims are often paid years after policies are written ^{p. 22}.
  • Higher than expected inflation may increase medical services, repair costs, or other claim settlement expenses, leading to higher claim costs than estimated ^{p. 22}.
  • Inflation can also affect consumer spending and business investment, reducing demand for products and services ^{p. 22}.
  • Sustained inflation may increase interest rates, reducing the fair value of the investment portfolio ^{p. 22}.
• Changes in the Labor Market:
  • Increased competition for talent could make hiring and retention difficult and increase compensation and benefits expense ^{p. 22}.
  • New technologies may change required skill sets, making it hard to attract, develop, and retain employees ^{p. 22}.
  • If insured businesses cannot hire qualified people, economic activity may be depressed, leading to lower insured exposure and hindering growth ^{p. 22}.
• Foreign Currency Exchange Rates:
  • Changes in foreign currency exchange rates may impact non-U.S. dollar denominated investments and foreign subsidiaries ^{p. 22}.
  • The Company holds cash and fixed maturity securities in foreign currencies (e.g., British Pounds, Canadian dollars) and other foreign currency assets/liabilities (e.g., premiums receivable, loss reserves) ^{p. 22}.
  • While asset-liability matching and derivatives are used to hedge some exposures, changes in exchange rates could still result in financial loss, including realized/unrealized losses from currency revaluation and increased regulatory capital requirements for foreign subsidiaries with non-local currency net assets ^{p. 22}.
• Concentration of investment portfolio increases the potential for significant losses ^{p. 22}.
  • Concentration in any particular industry, collateral type, related industries, or geographic region could adversely affect investment portfolios, business, financial condition, results of operations, or liquidity ^{p. 22}.
  • Events negatively impacting a concentrated area could have a greater adverse effect than on a diversified portfolio ^{p. 22}.
  • If issuers of securities or loans held are acquired or merge, credit concentration risk could increase until securities are sold to comply with investment credit policies ^{p. 22}.
• Changing climate and weather patterns may adversely affect business, financial condition, and results of operation ^{p. 22}.
  • Climate change presents risks as an insurer, investor, and employer ^{p. 22}.
  • Climate models suggest rising temperatures will lead to rising sea levels and may increase the frequency and intensity of natural catastrophes and severe weather events ^{p. 22}.
  • Extreme weather events like abnormally high temperatures may increase losses in property, automobile, workers' compensation, and employee benefits businesses ^{p. 22, 23}.
  • Changing climate patterns may increase the duration, frequency, and intensity of heat/cold waves, leading to increased claims for property damage, business interruption, workers' compensation, group disability, and group life coverages ^{p. 23}.
  • Projected changes in precipitation patterns across the U.S. may increase risks of flash floods, wildfires, and other severe weather events ^{p. 23}.
  • If third parties assert climate change-related risks are caused by insured businesses, increased claims may occur under general liability and management liability policies ^{p. 23}.
  • There may be an impact on demand, price, and availability of automobile and homeowners insurance, and a risk of higher reinsurance costs or limited reinsurance availability ^{p. 23}.
  • Changes in climate conditions may cause underlying modeling data to inadequately reflect frequency and severity, limiting effective risk evaluation and management ^{p. 23}.
  • This could result in insufficient premiums or delayed state approvals for rate increases to cover insured risks ^{p. 23}.
  • Significant interruptions to the Company's systems and operations could hinder business sales, service, claims management, and operations ^{p. 23}.
  • Climate change-related risks, including global energy transition, may adversely impact investment values, leading to potential realized or unrealized losses ^{p. 23}.
  • Investment decisions may be impacted by climate patterns due to:
    • Changes in supply/demand for traditional energy sources (coal, oil, natural gas) ^{p. 23}.
    • Advances in low-carbon technology and renewable energy development ^{p. 23}.
    • Effects of extreme weather events on physical and operational exposure of industries and issuers ^{p. 23}.
    • Internal investment guidelines and policies related to global energy transition ^{p. 23}.
  • Climate change effects could increase credit risk of counterparties, including reinsurers ^{p. 23}.
  • It may also decrease real estate values, reducing premium and demand for commercial property and homeowners insurance, and adversely impacting real estate-related investments ^{p. 23}.
  • Government policies or regulations to slow climate change (e.g., emission controls, technology mandates) may adversely impact sectors like utilities, transportation, and manufacturing, affecting product demand and investments in these sectors ^{p. 23}.
  • Regulators may act to minimize climate change effects on consumers, potentially affecting insurance coverage and administrative processes ^{p. 23}.
  • Emerging regulatory initiatives or adopted climate-related policies may result in non-renewal of business or reduced appetite for underwriting or investing in certain industry sectors ^{p. 23}.
  • Due to significant variability in climate change impacts, the Company cannot predict how physical, legal, regulatory, and social responses will affect its business ^{p. 23}.

Insurance industry and product related risks

• Unfavorable loss development may adversely affect business, financial condition, results of operations, or liquidity ^{p. 23}.
• The Company establishes property and casualty and employee benefits loss reserves to cover estimated liability for unpaid losses and loss adjustment expenses ^{p. 23}.
• Loss reserves are estimates of ultimate settlement and administration costs, less amounts paid, based on actuarial projections, available data, claims severity/frequency estimates, legal theories, and benefit offsets ^{p. 23}.
• For risks from evolving social, economic, and environmental conditions, see the Risk Factor 'Unexpected and unintended claim and coverage issues under our insurance contracts may adversely impact our financial performance' ^{p. 23}.
• Loss reserve estimates are refined periodically, and increases are recognized as an expense, adversely affecting results of operations for those periods ^{p. 23}.
• Inaccurate reserve estimates used in pricing can lead to products not being adequately priced to cover actual losses and expenses, hindering profitability ^{p. 23}.
• In property and casualty, the Company continues to receive A&E (asbestos and environmental) claims, mostly from policies written before 1986 ^{p. 23}.
• Estimating ultimate gross reserves for A&E claims is difficult for insurers and reinsurers ^{p. 23}.
• Actuarial tools are less precise for A&E exposures compared to traditional insurance exposures ^{p. 23}.
• Assumptions for A&E claims (e.g., claim frequency, average severity, policy interpretation) are highly uncertain ^{p. 23}.
• Changes in the legal and legislative environment and their effect on future A&E claims are unpredictable ^{p. 23}.
• These factors make the variability of gross reserve estimates for longer-tailed A&E exposures significantly greater than for traditional exposures ^{p. 23}.
• The Company is vulnerable to losses from catastrophes, both natural and man-made ^{p. 24}.
• Catastrophes can be unpredictable natural events (e.g., earthquakes, hurricanes, hailstorms, severe winter weather, wind storms, fires, tornadoes, pandemics) ^{p. 24}.
• Man-made catastrophes include terrorist attacks, civil unrest, cyber-attacks, explosions, or infrastructure failures ^{p. 24}.
• Some major international events designated by Lloyd's of London can also be catastrophes ^{p. 24}.
• The geographic distribution of business exposes the Company to various catastrophe risks across the United States and globally through its specialty business ^{p. 24}.
• Increases in insured values and concentrations in these areas would increase the severity of future catastrophic events ^{p. 24}.
• Changes in climate and/or weather patterns may increase the frequency and/or intensity of severe weather and natural catastrophes, potentially leading to increased insured losses ^{p. 24}.
  • Examples include increased frequency/intensity of wind, thunderstorm, tornado/hailstorm events due to atmospheric convection ^{p. 24}.
  • More frequent and larger wildfires in certain geographies ^{p. 24}.
  • Higher incidence of deluge flooding ^{p. 24}.
  • Potential for increased frequency and severity of hurricane events ^{p. 24}.
• Insufficient incorporation of climatic trends into catastrophe models and internal tools could lead to ineffective evaluation and management of catastrophe risk ^{p. 24}.
• Businesses also have exposure to global or nationally occurring pandemics ^{p. 24}.
• In the event of one or more catastrophes, policyholders may be unable to pay premiums ^{p. 24}.
• Liquidity could be constrained by a catastrophe or multiple catastrophes ^{p. 24}.
• Claims from catastrophic events could have a material adverse effect on business, financial condition, results of operations, or liquidity, partly because accounting rules do not permit reserving for such events until they occur ^{p. 24}.
• The amount charged for catastrophe exposure may be inadequate if frequency or severity changes or if models are insufficient ^{p. 24}.
• Regulators or legislators could limit the ability to charge adequate pricing for catastrophe exposures or shift more responsibility for covering risk ^{p. 24}.
• Terrorism is a significant man-made potential catastrophe ^{p. 24}.
• Private sector catastrophe reinsurance is limited and generally unavailable for terrorism losses from nuclear, biological, chemical, or radiological weapons ^{p. 24}.
• Workers' compensation policies generally do not exclude or limit terrorism losses ^{p. 24}.
• Reinsurance coverage from the federal government under the Terrorism Risk Insurance Program (TRIPRA 2019) is limited and applies only to certified acts of terrorism exceeding a certain industry loss threshold ^{p. 24}.
• A terrorist attack in served geographic areas may result in claims and losses for which adequate reinsurance is not available ^{p. 24}.
• TRIPRA 2019 requires reports that could lead to additional legislation or regulation:
  • Treasury Department to evaluate terrorism risk insurance availability and affordability for places of worship in its biennial report ^{p. 24}.
  • Government Accountability Office to analyze cyber terrorism vulnerabilities and costs, assess Program coverage adequacy, and recommend legislative changes for evolving cyber terrorism risks ^{p. 24}.
• The continued threat of terrorism and attacks, along with heightened security and military action, may cause significant volatility in global financial markets, disruptions to commerce, and reduced economic activity ^{p. 24}.
• These consequences could adversely affect investment portfolio value and/or reduce demand for products ^{p. 24}.
• Terrorist attacks could also disrupt operation centers ^{p. 24}.
• TRIPRA 2019 expires on December 31, 2027 ^{p. 24}.
• If Congress does not reauthorize TRIPRA or significantly reduces the government's share of covered terrorism losses, the Company's exposure to terrorism losses could materially increase unless alternative reinsurance is purchased or exposure is reduced ^{p. 24}.
• Cyber risk exposure exists through stand-alone cyber policies and endorsements on property, general liability, management liability, and directors and officers policies ^{p. 24}.
• Increasing frequency of cyber attacks and evolving cyber risk may lead to increased insured losses across the industry and for insured businesses ^{p. 24}.
• Insureds may face increased exposure to cyber-related attacks resulting in property damage (including data/systems), data breaches, ransom payments, and business interruption ^{p. 24}.
• Geopolitical crises or hostile actions by nation states or terrorist organizations may heighten the risk of cyberattacks on insured companies and the Company's own operations ^{p. 24}.
• Any single catastrophe or combination of factors related to multiple catastrophes, natural or man-made, can have a material adverse effect on business, financial condition, results of operations, or liquidity ^{p. 24, 25}.
• Pricing for products is subject to the ability to adequately assess risks, estimate losses, and comply with state and international insurance regulations ^{p. 25}.
• Property and casualty and employee benefits insurance policies are priced to achieve an acceptable profit from premiums and future net investment income, exceeding underwriting expenses and claim costs ^{p. 25}.
• Pricing adequacy depends on:
  • Proper evaluation of underwriting risks ^{p. 25}.
  • Ability to project future claim costs ^{p. 25}.
  • Expense levels ^{p. 25}.
  • Net investment income realized ^{p. 25}.
  • Response to competitor rate actions ^{p. 25}.
  • Legal and regulatory developments, including international markets ^{p. 25}.
  • Ability to obtain regulatory approval for rate changes ^{p. 25}.
• State insurance departments regulate many premium rates and may propose rate changes that prevent the Company from reaching targeted profitability ^{p. 25}.
• Regulators may prohibit or constrain certain underwriting and rating factors, affecting the ability to price risks ^{p. 25}.
• Certain states require property and casualty insurers to participate in assigned risk plans, reinsurance facilities, joint underwriting associations, and other residual market plans ^{p. 25}.
• State regulators require insurers to offer property and casualty coverage to all consumers and often restrict pricing or the ability to offer/enforce specific policy deductibles ^{p. 25}.
• In these markets, the Company may be compelled to underwrite significant business at lower rates, accept additional risk, participate in residual market plan operating losses, or pay assessments to state-sponsored funds, leading to lower than anticipated profitability ^{p. 25}.
• Laws and regulations in many states limit an insurer's ability to withdraw from lines of insurance without state insurance department approval ^{p. 25}.
• Certain states require insurers to participate in guaranty funds for impaired or insolvent insurance companies, which periodically assess losses against all insurers in the state ^{p. 25}.
• Any of these factors could materially adversely affect business, financial condition, results of operations, or liquidity ^{p. 25}.
• Property and casualty and employee benefits insurance markets are historically cyclical, with periods of high price competition, less restrictive underwriting, expansive coverage, multi-year rate guarantees, and declining premiums, followed by periods of low competition, selective underwriting, coverage restrictions, and increasing premiums ^{p. 25}.
• There is a risk that premiums charged may be inadequate as losses emerge ^{p. 25}.
• Regulatory constraints, price competition, or incorrect pricing assumptions could prevent achieving targeted returns ^{p. 25}.
• Inadequate pricing could materially adversely affect business, financial condition, results of operations, or liquidity ^{p. 25}.
• Competitive activity, use of emerging technologies, or other technological changes may adversely affect market share, product demand, or financial results ^{p. 25}.
• The industries in which the Company operates are highly competitive ^{p. 25}.
• Principal competitors include other property and casualty insurers, employee benefits providers, and providers of mutual funds and exchange-traded funds ^{p. 25}.
• Competitors may expand risk appetites in areas where The Hartford has a competitive advantage ^{p. 25}.
• Larger competitors or new market entrants could increase pricing pressures, harming profitability ^{p. 25}.
• Larger competitors (e.g., from consolidation or acquiring insurtech firms) may have lower operating costs and absorb greater risk while maintaining financial strength ratings, allowing more competitive pricing ^{p. 25}.
• Technological advancements and innovation are rapidly occurring in distribution, underwriting, claims, and operations ^{p. 25}.
• Insurers are using or may use emerging technologies (e.g., machine learning, predictive analytics, "big data" analysis, AI) to improve pricing, marketing, customer relationships, and loss prevention ^{p. 25}.
• Nontraditional competitors could enter the insurance market and accelerate these trends ^{p. 25}.
• If competitors use emerging technologies more effectively, they may gain a competitive advantage ^{p. 25}.
• The highly competitive nature of the industries means there is no assurance of continued effective competition or that competitive pressure will not materially adversely affect business, financial condition, results of operations, or liquidity ^{p. 25}.
• Other technological changes could affect the business, including:
  • Advancements in automotive safety features ^{p. 25}.
  • Development of autonomous or 'self-driving' vehicles ^{p. 25}.
  • Platforms that facilitate ride sharing ^{p. 25}.
• These technologies could impact loss frequency or severity, disrupt demand for certain products, or reduce the size of the automobile insurance market ^{p. 25}.
• Risks are also affected by increased technology use in homes and businesses (e.g., heating, ventilation, air conditioning, security systems, automated loss control) ^{p. 25}.
• Increased use of advanced analytics (e.g., AI) and automation in the workplace could affect demand for workers' compensation and employee benefits products over time ^{p. 25}.
• Business may be disrupted by failures of accelerated technological changes, including automation of minimally complex tasks, adversely impacting business and results of operations ^{p. 25}.
• While timing, penetration, reliability, and legal frameworks (e.g., for autonomous vehicles) are uncertain, such impacts could materially adversely affect business and results of operations ^{p. 25, 26}.
• The Company may experience difficulty in marketing and providing insurance products and investment advisory services through distribution channels and advisory firms ^{p. 26}.
• Products are distributed through various channels and financial intermediaries, including brokers, independent agents, wholesale agents, reinsurance brokers, broker-dealers, banks, registered investment advisors, affinity partners, internal sales force, and other third-party organizations ^{p. 26}.
• A significant portion of business is generated through third-party arrangements ^{p. 26}.
• Personal Insurance products are largely marketed through an exclusive licensing arrangement with AARP, which continues through December 31, 2032 ^{p. 26}.
• The ability to distribute products through the AARP program may be adversely impacted by membership levels and growth pace ^{p. 26}.
• The independent agent and broker distribution channel is consolidating, potentially concentrating written premium among fewer agents and brokers, increasing new business acquisition costs ^{p. 26}.
• There is no assurance that relationships with third parties will continue or that their economics will remain attractive ^{p. 26}.
• An interruption in relationships with certain third parties could materially affect product marketing and have a material adverse effect on business, financial condition, results of operations, or liquidity ^{p. 26}.
• Unexpected and unintended claim and coverage issues under insurance contracts may adversely impact financial performance ^{p. 26}.
• Changes in industry practices, legal/judicial/social/environmental conditions, technological advances, or fraudulent activities may require payment of claims not intended to be covered ^{p. 26}.
• Social, economic, political, and environmental issues (e.g., income inequality, social program reductions, attorney representation rates, legal system abuse, climate change, prescription drug use/addiction, new substance exposures, social media) have expanded theories for reporting claims ^{p. 26}.
• This may increase claims administration and/or litigation costs ^{p. 26}.
• State and local government efforts to respond to these issues may lead to expansive new claim reporting theories or "reviver" statutes extending statutes of limitations (e.g., for sexual molestation/abuse claims) ^{p. 26}.
• These issues may extend coverage beyond underwriting intent, increase jury awards, and/or increase claim frequency or severity ^{p. 26}.
• Some changes, advances, or activities may not become apparent until long after insurance contracts are issued, and the Company may be unable to compensate through future pricing and underwriting ^{p. 26}.
• The full extent of liability under insurance contracts may not be known for many years, and this liability could have a material adverse effect on business, financial condition, results of operations, or liquidity when it becomes known ^{p. 26}.

Financial strength, credit and counterparty risks

• Downgrades in financial strength or credit ratings may make products less attractive, increase cost of capital, and inhibit debt refinancing ^{p. 26}.
• Financial strength and credit ratings are important for competitive positioning ^{p. 26}.
• Rating agencies base ratings on company-specific factors, their own views (e.g., strategic importance), general economic conditions, and external circumstances ^{p. 26}.
• Rating agencies may use different models and formulas and alter them over time ^{p. 26}.
• Changes to models or factors used by rating agencies could adversely impact their judgment of internal ratings and publicly assigned ratings ^{p. 26}.
• Financial strength ratings measure ability to meet policyholder obligations and affect public confidence and competitiveness ^{p. 26}.
• A downgrade or potential downgrade of financial strength ratings or those of principal insurance subsidiaries could affect competitive position and reduce future product sales ^{p. 26}.
• Credit ratings affect the cost of capital ^{p. 26}.
• A downgrade or potential downgrade of credit ratings could make it harder or more costly to refinance maturing debt, support business growth at insurance subsidiaries, and maintain/improve financial strength ratings of principal insurance subsidiaries ^{p. 26}.
• These events could materially adversely affect business, financial condition, results of operations, or liquidity ^{p. 26}.
• The amount of capital required to maintain financial strength and credit ratings and meet other requirements can vary significantly and is sensitive to external factors ^{p. 26}.
• The vast majority of business is conducted through licensed insurance company subsidiaries ^{p. 26}.
• In the U.S., statutory accounting standards and capital/reserve requirements are prescribed by insurance regulators and the NAIC ^{p. 27}.
• Minimum capital is based on risk-based capital (RBC) formulas for property and casualty and life companies ^{p. 27}.
  • Property and casualty RBC formula establishes capital requirements for underwriting, asset, credit, catastrophe, operational, and off-balance sheet risks ^{p. 27}.
  • Life company RBC formula (applicable to employee benefits) establishes capital requirements for insurance, business, asset, credit, interest rate, and off-balance sheet risks ^{p. 27}.
• International insurance subsidiaries are subject to minimum capital requirements defined by applicable regulatory regimes, including changes to the U.K.'s prudential and solvency regime post-Brexit ^{p. 27}.
• The Lloyd's member company must maintain required Funds at Lloyd's (FAL) to meet its syndicate's capital requirements ^{p. 27}.
  • FAL is determined by the syndicate's Solvency Capital Requirement (SCR) under Solvency II and an economic capital assessment by the Lloyd's Franchise Board ^{p. 27}.
• Statutory surplus amounts, RBC ratios, FAL, and SCR can increase or decrease annually due to factors, some outside the Company's control, including:
  • Statutory income or losses generated by insurance subsidiaries ^{p. 27}.
  • Additional capital required by insurance subsidiaries for business growth ^{p. 27}.
  • Dividends or distributions paid to the holding company ^{p. 27}.
  • Value of certain fixed maturities, equity securities, and limited partnership/alternative investments ^{p. 27}.
  • Changes in interest rates ^{p. 27}.
  • Admissibility of deferred tax assets ^{p. 27}.
  • Changes to regulatory capital formulas ^{p. 27}.
  • Regulatory changes to accounting guidance for capital adequacy ^{p. 27}.
• Rating agencies consider the statutory capital and surplus of U.S. insurance subsidiaries and the U.S. GAAP capital held by the Company when determining financial strength and credit ratings ^{p. 27}.
• Rating agencies may implement changes to their capital formulas that increase required capital to maintain current ratings ^{p. 27}.
• If capital resources are insufficient, the Company may need to raise capital through public or private equity or debt financing ^{p. 27}.
• Failure to raise additional capital could lead to downgrades by rating agencies ^{p. 27}.
• Losses due to nonperformance or defaults by counterparties can materially adversely affect investment value and reduce profitability or liquidity ^{p. 27}.
• The Company has credit risk with counterparties related to investments, derivatives, premiums receivable, reinsurance recoverables, and indemnifications from previous dispositions ^{p. 27}.
• Counterparties include issuers of fixed maturity/equity securities, mortgage loan borrowers, customers, trading counterparties, derivative contract counterparties, reinsurers, clearing agents, exchanges, clearing houses, other financial intermediaries, and guarantors ^{p. 27}.
• Counterparties may default due to bankruptcy, insolvency, lack of liquidity, adverse economic conditions, operational failure, fraud, or government intervention ^{p. 27}.
• For exchange-traded derivatives, the Company is generally exposed to the credit risk of the relevant central counterparty clearing house ^{p. 27}.
• Defaults by these counterparties could materially adversely affect investment value, financial condition, results of operations, or liquidity ^{p. 27}.
• If underlying assets supporting structured securities default, the Company's securities may incur losses ^{p. 27}.
• The availability of reinsurance and the ability to recover under reinsurance contracts may not be sufficient to protect against losses ^{p. 27}.
• Reinsurance is used to reduce the effect of losses from catastrophes and other risks ^{p. 27}.
• Assumed reinsurance business purchases retrocessional coverage for a portion of assumed risks ^{p. 27}.
• While reinsurers assume a portion of losses, the Company remains liable as the direct insurer ^{p. 27}.
• The Company is subject to reinsurers' credit risk regarding recovery of amounts due ^{p. 27}.
• Inability or unwillingness of any reinsurer or retrocessionaire to meet financial obligations (including insolvency/rehabilitation impacts on collateral access) could materially adversely affect financial condition, results of operations, or liquidity ^{p. 27}.
• If reinsurance availability and cost change materially, the Company may face higher costs, increased net liability exposure, reduced business written, or need to use capital markets alternatives ^{p. 27}.
• Due to uncertainties in collection and timing of reinsurance recoverables, future adjustments to reinsurance recoverables (net of allowance) may be required, which could materially adversely affect consolidated results of operations or liquidity in a period ^{p. 27}.
• The ability to declare and pay dividends is subject to limitations ^{p. 28}.
• Future dividends on capital stock are at the discretion of the Board of Directors, considering operating results, financial condition, credit-risk, capital requirements, and market conditions ^{p. 28}.
• Dividends can only be declared from legally available funds ^{p. 28}.
• Common stockholders are subject to prior dividend rights of preferred stock holders ^{p. 28}.
• Terms of outstanding junior subordinated debt securities prohibit dividend payments if interest payments are deferred and the deferral period has not commenced or is continuing ^{p. 28}.
• As a holding company, HIG relies on dividends from insurance company subsidiaries and other subsidiaries as the principal cash flow source to meet obligations ^{p. 28}.
• Subsidiary dividends fund payments on debt securities and dividends to stockholders ^{p. 28}.
• Connecticut state laws and other U.S. jurisdictions limit dividend payments and require approval for dividends above certain levels ^{p. 28}.
• Laws and regulations of countries where international insurance subsidiaries are incorporated, and Council of Lloyd's requirements, also impose dividend limitations, some more restrictive ^{p. 28}.
• Dividends from insurance subsidiaries depend on their cash requirements ^{p. 28}.
• In liquidation or reorganization of a subsidiary, prior claims of subsidiary creditors may take precedence over the holding company's right to a dividend, unless the holding company is a creditor ^{p. 28}.

Risks relating to estimates, assumptions and valuations

• Actual results could materially differ from analytical models used for underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risks ^{p. 28}.
• Models (proprietary and third-party) incorporate assumptions and forecasts about interest rates, inflation, credit spreads, equity markets, currency exchange rates, loss frequency/severity, and capital requirements ^{p. 28}.
• Models have inherent limitations of statistical analysis, as historical data and assumptions may not predict future events ^{p. 28}.
• Actual results may materially differ from modeled results ^{p. 28}.
• Profitability and financial condition depend on consistency between actual experience and model assumptions/outputs ^{p. 28}.
• If products are mispriced or risk estimates are materially inaccurate based on models, business, financial condition, results of operations, or liquidity may be adversely affected ^{p. 28}.
• The valuation of securities and investments and the determination of allowances and credit losses are highly subjective, based on methodologies, estimations, and assumptions subject to differing interpretations and market conditions ^{p. 28}.
• Estimated fair values are based on market information and judgments about financial instruments, including timing/amounts of future cash flows and issuer/counterparty credit standing ^{p. 28}.
• During market disruption, valuing certain securities may be difficult if trading becomes less frequent or market data less observable ^{p. 28}.
• Asset classes that were active with observable data may become illiquid in certain financial environments ^{p. 28}.
• Fair values of some securities may rely on unobservable inputs, even in normal market conditions, requiring more estimation, management judgment, and complex valuation methodologies ^{p. 28}.
• These fair values may materially differ from the ultimate sale value of investments ^{p. 28}.
• Rapidly changing or unprecedented credit and equity market conditions could materially impact security valuation, and period-to-period value changes could vary significantly ^{p. 28}.
• Decreases in value could materially adversely affect business, results of operations, financial condition, or liquidity ^{p. 28}.
• Management's decision on whether to record an allowance for credit losses (ACL) involves significant judgments and assumptions regarding economic conditions, issuer financial condition, recovery prospects, future cash flows, recovery period, and accuracy of third-party information ^{p. 28}.
• Management's evaluations and projections of future cash flows may ultimately prove incorrect as facts and circumstances change ^{p. 28}.
• If businesses do not perform well, the Company may be required to recognize an impairment of goodwill ^{p. 28}.
• Goodwill represents the excess of acquisition cost over the fair value of net assets at acquisition ^{p. 28}.
• Goodwill is tested for impairment at least annually ^{p. 28}.
• Impairment testing is based on estimates of the fair value of the 'reporting unit' ^{p. 28}.
• A reporting unit is an operating segment or a business one level below if discrete financial information is regularly reviewed by management ^{p. 29}.
• The fair value of the reporting unit could decrease if new business, customer retention, profitability, or other performance drivers differ from expectations ^{p. 29}.
• If goodwill is impaired, it must be written down, with a corresponding charge to net income (loss) ^{p. 29}.
• These write-downs could have a material adverse effect on results of operations or financial condition ^{p. 29}.

Strategic and operational risks

• Businesses may suffer and substantial costs may be incurred if the Company is unable to access systems and safeguard data security in the event of a disaster, cyber breach, other information security incident, or technology failure ^{p. 29}.
• Technology is used to process, store, retrieve, evaluate, and analyze customer and company data ^{p. 29}.
• IT and telecommunications systems interface with and rely on third-party systems ^{p. 29}.
• The Company, customers, service providers, and other third parties need to access these systems for insurance quotes, premium processing, policy changes, claims filing/payment, mutual fund administration, customer support, investment portfolio management, financial reporting, and other business functions ^{p. 29}.
• Systems failures or outages could compromise timely performance of business functions, harming business conduct and relationships with partners and customers ^{p. 29}.
• Business may be disrupted by failures to maintain/update existing technologies, implement new technology, automate processes, or use emerging technologies (e.g., AI) ^{p. 29}.
• In a disaster (e.g., natural catastrophe, pandemic, civil unrest, industrial accident, cyber-attack, blackout, terrorist attack, war), systems may be inaccessible to employees, customers, or partners for extended periods ^{p. 29}.
• Even if employees can work, they may be unable to perform duties if data or systems are disabled or destroyed ^{p. 29}.
• Systems have been, and likely will continue to be, subject to viruses, malicious code, unauthorized access, cyber-attacks (e.g., ransomware, denial of service), cyber frauds, or other computer penetrations ^{p. 29}.
• The frequency and sophistication of such threats are increasing ^{p. 29}.
• The Hartford is not aware of a material breach of its cybersecurity systems to date ^{p. 29}.
• Administrative, accounting, and technical controls, and other preventive actions, may be insufficient to prevent physical/electronic break-ins, denial of service, cyber-attacks, business email compromises, ransomware, or other security breaches to its systems or those of third parties ^{p. 29}.
• Such an event could compromise confidential information (Company, clients, third parties), impede/interrupt business operations, and result in negative consequences including remediation costs, revenue loss, regulatory scrutiny, litigation, and reputational damage ^{p. 29}.
• The Company routinely transmits personal, confidential, and proprietary information (employee, customer related) to third parties via email and other electronic means, and stores such information on its systems ^{p. 29}.
• While efforts are made to protect information, security cannot be guaranteed, especially with clients, vendors, service providers, and counterparties who may lack appropriate controls ^{p. 29}.
• Use of artificial intelligence by the Company or third parties could result in inadvertent disclosure of confidential information ^{p. 29}.
• Businesses must comply with regulations controlling privacy of customer, employee, and third-party data, and state, federal, and international data privacy regulations are becoming more onerous ^{p. 29}.
• Misuse or mishandling of confidential/proprietary information, including via AI technology, could result in legal liability, regulatory action, and reputational harm ^{p. 29}.
• Third parties (e.g., third-party administrators, cloud-based systems) are also subject to cyber-attacks and breaches, which may result in substantial costs and negative consequences, including a material adverse effect on business, reputation, financial condition, results of operations, or liquidity ^{p. 29}.
• These risks could increase and become more complex as third parties incorporate new technologies, including AI ^{p. 29}.
• Increased use of open source software, cloud technology, and software as a service can make it harder to identify and remedy such situations due to disparate code locations ^{p. 29}.
• While cyber liability insurance is maintained (third-party liability and first-party coverages), it may not be sufficient to protect against all losses ^{p. 29}.
• Performance problems due to outsourcing and other third-party relationships may compromise the ability to conduct business ^{p. 29}.
• Certain business and administrative functions are outsourced, and reliance is placed on third-party vendors for functions or services, including a significant number of IT and business processes outsourced with a single vendor ^{p. 29}.
• If agreements cannot be reached in contract negotiations or renewals with third-party providers, or if providers experience disruptions, or do not perform as anticipated, the Company may be unable to meet obligations to customers and claimants, incur higher costs, and lose business ^{p. 29}.
• This could have a material adverse effect on business and results of operations ^{p. 29}.
• The ability to execute on capital management plans and other actions is subject to material challenges, uncertainties, and risks ^{p. 30}.
• Capital management plans may include common stock repurchases, debt paydown, or both ^{p. 30}.
• Expected benefits from these plans may not be fully achieved ^{p. 30}.
• An equity repurchase plan approved by the Board of Directors is subject to execution risks, including market fluctuations, investor interest, and legal constraints that could delay optimal execution ^{p. 30}.
• There is no assurance that any such plan will be fully executed ^{p. 30}.
• Future actions (e.g., acquisitions, divestitures, restructurings) may involve additional uncertainties and risks that negatively impact business, financial condition, results of operations, or liquidity, and could affect capital management plan execution ^{p. 30}.
• Acquisitions and divestitures may not produce anticipated benefits and may result in unintended consequences, materially adversely impacting financial condition and results of operations ^{p. 30}.
• The Company may not successfully integrate acquired businesses or achieve expected synergies ^{p. 30}.
• Integrating an acquired company can be complex and costly, creating unforeseen operating difficulties (e.g., ineffective integration of underwriting, risk management, claims handling, finance, IT, actuarial practices) ^{p. 30}.
• Integration difficulties may lead to acquired business performing differently than expected, including customer loss or failure to realize anticipated premium growth or expense efficiencies ^{p. 30}.
• Adverse effects from acquisitions could include unanticipated performance issues, additional expense, unforeseen liabilities, transaction-related charges, rating downgrades, diversion of management time, loss of key employees, regulatory requirements, tax liabilities, amortization of intangible expenses, and impairment charges for long-term assets or goodwill ^{p. 30}.
• Uncertainties related to reserve estimates of the acquired company and its internal controls over financial reporting could also adversely impact the Company ^{p. 30}.
• Less capital may be distributable to the holding company than planned due to regulatory restrictions or other reasons, or capital contributions to a subsidiary may be required, either of which could adversely affect liquidity ^{p. 30}.
• In business or asset dispositions, the Company may have continued financial exposure to divested businesses through reinsurance, indemnification, or other financial arrangements ^{p. 30}.
• Expected benefits of acquired or divested businesses may not be realized and involve additional uncertainties and risks that may negatively impact business, financial condition, results of operations, or liquidity ^{p. 30}.
• Difficulty in attracting and retaining talented and qualified personnel may adversely affect business strategy execution ^{p. 30}.
• The ability to attract, develop, and retain employees, managers, and executives is critical to success ^{p. 30}.
• Significant competition exists for qualified employees within and outside the insurance and financial services industry, especially for specialized knowledge in underwriting, actuarial, data and analytics, technology, digital commerce, and investment management ^{p. 30}.
• Continued effective competition and expansion into new business areas depend on attracting new employees and developing/retaining/motivating existing ones ^{p. 30}.
• Loss of key employees (executives, managers, those with technological/analytical/specialized skills) may adversely impact business objectives or result in loss of institutional knowledge ^{p. 30}.
• Inability to attract and retain key personnel could materially adversely affect financial condition or results of operations ^{p. 30}.
• The Company may not be able to protect its intellectual property and may be subject to infringement claims ^{p. 30}.
• Reliance is placed on contractual rights and copyright, trademark, patent, and trade secret laws to establish and protect intellectual property ^{p. 30}.
• Despite protection measures, third parties may infringe or misappropriate intellectual property ^{p. 30}.
• Litigation to enforce and protect intellectual property could be costly, divert resources, and may not be successful ^{p. 30}.
• Inability to secure or enforce intellectual property protection could harm reputation and materially adversely affect business and competitiveness ^{p. 30}.
• The Company may be subject to costly litigation if another party alleges infringement of their intellectual property rights (e.g., patent rights) or violation of license usage rights ^{p. 30}.
• Such intellectual property claims and litigation could result in significant expense and liability for damages ^{p. 30}.
• In some circumstances, the Company could be enjoined from providing products/services or utilizing intellectual property, or be required to enter costly licensing arrangements, all of which could materially adversely affect business, results of operations, or financial condition ^{p. 30}.

Regulatory and legal risks

• Regulatory and legislative developments can materially adversely impact The Hartford's business, financial condition, results of operations, or liquidity ^{p. 31}.
• The Hartford is subject to extensive, complex, and changing laws, regulations, and executive orders that can conflict in approach or intended outcomes ^{p. 31}.
• Compliance with these regulations can increase costs, affect strategy, and constrain the ability to adequately price products ^{p. 31}.
• In the U.S., regulatory initiatives and legislative developments, such as those concerning Paid Family and Medical Leave, artificial intelligence, data privacy, cybersecurity, risk-based pricing, and sustainability practices, could have unanticipated consequences for the Company ^{p. 31}.
• U.S. insurance subsidiaries are regulated by state insurance departments, which prioritize policyholder interests over those of the insurer or stockholders ^{p. 31}.
• State regulations grant broad administrative powers to insurance authorities regarding licensing, policy forms, premium rates, statutory capital and reserve requirements, investment limits, and underwriting practices ^{p. 31}.
• State insurance departments also set constraints on transactions with affiliates and dividends, often requiring approval for affiliate transactions, extraordinary dividends, and strategic transactions like acquisitions and divestitures ^{p. 31}.
• International insurance subsidiaries are subject to laws and regulations of their operating jurisdictions, including the PRA and FCA in the U.K., the Bermuda Monetary Authority, and the Insurance Authority in Hong Kong ^{p. 31}.
• The Hartford's Lloyd's Syndicate is managed and supervised by the Council of Lloyd's, which has broad discretionary powers, and is also subject to regulations from overseas regulators where it conducts business ^{p. 31}.
• Future regulatory initiatives at federal, state, and international levels could affect business profitability ^{p. 31}.
• The NAIC and state insurance regulators periodically reexamine laws, focusing on modifications to U.S. statutory accounting principles, interpretations, and new laws ^{p. 31}.
• The NAIC continues to enhance U.S. insurance solvency regulation, with a focus on group supervision, risk-based capital, accounting, financial reporting, enterprise risk management, and reinsurance, which could affect statutory capital adequacy measures ^{p. 31}.
• Lawmakers and regulators are enacting laws and regulations related to climate change, which may impose additional costs or risks on the Company, both as a public company and an insurer ^{p. 31}.
• The Hartford monitors climate disclosure regimes, noting that federal developments have stalled (SEC withdrew its 2024 comprehensive climate rules defense), but state and international jurisdictions continue to expand them ^{p. 31}.
• The Company may be subject to these reporting regimes based on its corporate footprint, and other regulators may impose additional requirements like greenhouse gas emissions (GHGe) disclosure, increasing operating expenses and litigation risk ^{p. 31}.
• Insurance affordability and availability trends are under scrutiny by federal and state lawmakers and regulators, potentially impacting exposure mix, growth, and reinsurance strategies ^{p. 31}.
• Regulators could impose new disclosure requirements for underwriting or investment in certain sectors, or implement actions like temporary moratoriums on policy cancellations in catastrophe-prone areas ^{p. 31}.
• The Federal Insurance Office analyzes climate change's potential impact on insurance and reinsurance coverage, which could lead to increased data collection and reporting ^{p. 31}.
• Increased regulatory scrutiny exists for emerging technologies like artificial intelligence, machine learning, predictive analytics, and "big data" techniques, due to potential for unfair discrimination or unintended bias ^{p. 31}.
• New regulations could materially adversely affect operations or ability to profitably write business in certain jurisdictions ^{p. 31}.
• The NAIC adopted a Model Bulletin on the Use of Artificial Intelligence Systems by Insurers, with approximately 25 states adopting some form of it ^{p. 31}.
• State insurance regulators may adopt their own guidelines independent of NAIC guidance ^{p. 31}.
• Legislative or regulatory actions regarding emerging technologies could materially impact the Company's business, processes, financial condition, and results of operations ^{p. 31}.
• Changes in laws, regulations, or executive orders, especially concerning privacy and data security, may impede business strategies or competitiveness ^{p. 31}.
• Proposed or future legislation or NAIC initiatives, if adopted, may be more restrictive or result in higher costs or increased statutory capital and reserve requirements ^{p. 31}.
• If classified as an Internationally Active Insurance Group, the Company would face additional requirements, including reporting its group capital ratio to state regulators under the NAIC Aggregation Method ^{p. 32}.
• Different interpretations of legal, accounting, or reserving issues by regulators could expose the Company to additional regulatory risks ^{p. 32}.
• Application of regulations and guidelines involves interpretations and judgments that may be challenged by state insurance departments and other regulators ^{p. 32}.
• Potential challenges could require increased regulatory capital and reserves or higher operating and/or tax costs ^{p. 32}.
• Asset management businesses are also subject to extensive regulation in their operating jurisdictions ^{p. 32}.
• These laws and regulations are primarily intended to protect investors and grant supervisory authorities broad administrative powers ^{p. 32}.
• Compliance with these regulations is costly, time-consuming, and personnel-intensive, potentially adversely affecting business, financial condition, results of operations, or liquidity ^{p. 32}.
• The Hartford's insurance business is sensitive to significant changes in the legal environment that could adversely affect results of operations, financial condition, or harm its businesses ^{p. 32}.
• Litigation is a routine part of The Hartford's business, involving defending insureds and litigating coverage and benefits disputes ^{p. 32}.
• The Hartford accounts for litigation by establishing unpaid loss and loss adjustment expense reserves ^{p. 32}.
• Significant changes in the legal environment could alter ultimate liabilities from current expectations ^{p. 32}.
• Judicial changes include trends in jury award sizes, developments in tort liability law, and rulings on insurance coverage scope or damages ^{p. 32}.
• Legislative or regulatory changes include federal or state laws on insurer or policyholder liability, such as 'bad faith' liability expansion and 'reviver' statutes extending statutes of limitations for certain claims ^{p. 32}.
• Changes can also come from executive orders ^{p. 32}.
• Changes in the legal environment could lead to altered business practices, additional litigation, or unexpected losses, including increased claim frequency and severity ^{p. 32}.
• New targets and theories of liability for issues like global climate change, product risks, health crises, new technologies, legal system abuse, attorney representation rates, and third-party litigation funding could result in additional litigation exposure and unexpected losses ^{p. 32}.
• Forecasting such changes reliably or predicting their impact on loss reserves or pricing is impossible ^{p. 32}.
• Significant judicial or legislative developments could adversely affect The Hartford's business, financial condition, results of operations, or liquidity ^{p. 32}.
• Changes in federal, state, or foreign tax laws could adversely affect business, financial condition, results of operations, or liquidity ^{p. 32}.
• Changes in tax laws, rates, regulations, or executive orders could materially adversely affect profitability or financial condition by increasing tax and compliance burdens ^{p. 32}.
• The Company's tax returns include items like tax-exempt bond interest, tax credits, and insurance reserve deductions ^{p. 32}.
• Tax reform in the U.S. could modify or eliminate these items, impacting the Company, its investments, strategies, and policyholders ^{p. 32}.
• Regulatory requirements could delay, deter, or prevent a takeover attempt that stockholders might consider beneficial ^{p. 32}.
• Prior written approval from the insurance commissioner of the domiciliary state is required before acquiring control of a U.S. insurance company ^{p. 32}.
• Factors considered by the insurance commissioner include the applicant's financial strength, plans for the insurer's future operations, and other information for policyholder protection or public interest ^{p. 32}.
• Control over a domestic insurer is generally presumed if any person directly or indirectly owns, controls, or holds voting power for 10% or more of the voting securities of the insurer or its parent company ^{p. 32}.
• Acquiring 10% or more of The Hartford's common stock would indirectly trigger insurance change of control laws in various U.S. jurisdictions ^{p. 32}.
• Other laws or approvals for existing or future subsidiaries may impose similar or additional restrictions on acquiring control of the Company ^{p. 32}.
• These laws and rules may discourage potential acquisition proposals and delay, deter, or prevent a change of control, even if desirable to the Board and stockholders ^{p. 32}.
• Changes in accounting principles and financial reporting requirements could adversely affect results of operations or financial condition ^{p. 33}.

"As an SEC registrant, we are currently required to prepare our financial statements in accordance with U.S. GAAP, as promulgated by the Financial Accounting Standards Board ("FASB"). Accordingly, we are required to adopt new guidance" ^{p. 33}

Cybersecurity

• The Hartford has an information protection program with established governance routines for assessing and managing risks ^{p. 33}.
• The Company uses a 'defense-in-depth' strategy with multiple security measures to protect information assets ^{p. 33}.
• This strategy aligns with the National Institute of Standards and Technology Cybersecurity Framework, implementing controls for governance, identification, protection, detection, response, and recovery ^{p. 33}.

"Our 'defense in depth' program uses several methods to protect against intrusion by a bad actor, including such techniques as reputational filtering, anti-virus scans, intrusion prevention, multi-factor authentication, and account isolation among others." ^{p. 33}

• The Hartford uses approaches like dark web searches, email sandboxing, endpoint detection, and intrusion detection to detect ransomware and other cyber attacks ^{p. 33}.
• The Company monitors and enhances its framework to respond to evolving cyber threats and data privacy regulations, including the EU GDPR, California Consumer Privacy Act, and New York Department of Financial Services Cybersecurity Regulation ^{p. 33}.

"We regularly assess our programs and control environment, leveraging externally conducted cyber tests and evaluations along with internally managed cyber risk assessments and testing." ^{p. 33}

• The Company collaborates with industry associations, government authorities, and external advisors to monitor threats and inform security practices ^{p. 33}.
• The information protection team assesses vendor information security practices and protocols, including readiness for cyber breaches, for third-party service providers ^{p. 33}.
• Third-party service providers are tiered by operational significance, with risk assessments periodically completed for the highest tier ^{p. 33}.
• Procedures are in place to verify service provider information security controls, and a vendor cyber questionnaire addresses their resiliency to system intrusions ^{p. 33}.
• The Hartford proactively communicates with suppliers to understand mitigation steps for major cyber exposures ^{p. 33}.

"We are executing on a multi-year roadmap to, among other things, further improve our ability to defend against, respond to, or interpretations which may have a material effect on our results of operations or financial condition that is either unexpected or has a greater impact than expected." ^{p. 33}

• The roadmap aims to improve ability to defend against, respond to, and recover from ransomware and other cyber events ^{p. 33}.
• It also seeks to enhance application cybersecurity capabilities, including defenses against fraud attacks ^{p. 33}.
• The roadmap ensures security capabilities are built into new cloud-based platforms adopted by the Company ^{p. 33}.
• Several states where The Hartford's insurance companies are domiciled, including Connecticut, have adopted the NAIC Insurance Data Security Model Law ^{p. 33}.
• The legal team monitors new cybersecurity regulations, including notification requirements ^{p. 33}.

"To the best knowledge of Management, no risks from cybersecurity threats have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition." ^{p. 33}

• Senior members of Enterprise Risk Management, Information Protection, and Internal Audit provide regular cybersecurity reports to the Board of Directors ^{p. 33}.
• The Audit Committee oversees controls for major risk exposures and has principal responsibility for cybersecurity risk oversight ^{p. 33}.
• The Finance, Investment and Risk Management Committee ("FIRMCo") oversees business risk related to cyber insurance products ^{p. 33}.
• Updates cover activities, policies, and procedures for preventing, detecting, and responding to cybersecurity incidents, as well as lessons learned from incidents and testing ^{p. 33}.
• The Audit Committee receives updates on technology and cybersecurity risks at least four times annually, including annual reviews of the cybersecurity program and bi-annual updates on operational risks (spring and fall) ^{p. 33}.
• The full Board of Directors is invited to the annual cybersecurity program update ^{p. 33}.
• Time is reserved at each Audit Committee meeting for cybersecurity technology matters ^{p. 33}.
• Enterprise Risk Management provides FIRMCo with an assessment of cyber insurance risk once per year ^{p. 33}.
• The Audit Committee, FIRMCo, and the full Board are apprised of external developments and business strategies that present potential cyber risk exposure on an as-needed basis ^{p. 33}.
• Cybersecurity and cyber risk are typically discussed more frequently than annual minimum requirements ^{p. 34}.
• The Company has an Executive Privacy & Security Council ("EPSC") that meets semi-annually ^{p. 34}.
• The EPSC consists of cross-functional senior leaders, including the CIO, CISO, CRO, CPO, and General Counsel ^{p. 34}.
• The EPSC receives a monthly written executive briefing with cybersecurity metrics, including incident prevention, detection, mitigation, and remediation ^{p. 34}.
• Quarterly, the Information Technology Risk Council, composed of senior IT leaders, receives an update on cybersecurity risks and preparedness ^{p. 34}.
• Various other meetings on cybersecurity topics are held periodically, including monthly business operating reviews and meetings of the Enterprise Risk and Capital Committee ("ERCC") and executive leadership team ^{p. 34}.
• Both the CIO and CISO have expertise in assessing and managing cybersecurity risks ^{p. 34}.
• The CIO assumed his current role in March 2025 and has 30 years of experience in similar technology leadership roles ^{p. 34}.
• The CISO has held several senior-level IT roles during his 27-year tenure with the Company and has been in his current role since 2021 ^{p. 34}.
• The CISO has been responsible for senior leadership in information security, IT governance risk & compliance, business continuity, and disaster recovery ^{p. 34}.

Properties

• As of December 31, 2025, The Hartford owned approximately 1.8 million square feet of building space, including its home office complex in Hartford, Connecticut, and other properties in the greater Hartford area ^{p. 34}.
• The Company leases offices in North America, the United Kingdom, India, and other overseas locations for administrative, claims handling, sales, and other business operations ^{p. 34}.
• As of December 31, 2025, The Hartford leased approximately 1 million square feet in the United States, 13 thousand square feet in London, and 28 thousand square feet in other international branches ^{p. 34}.
• All owned or leased properties are used by one or more of the five reportable segments or for corporate purposes ^{p. 34}.
• The Company believes its properties and facilities are suitable and adequate for current operations ^{p. 34}.

Legal proceedings

• The Hartford's legal proceedings, including 'Run-off Asbestos and Environmental Claims', are discussed in Note 14 - Commitments and Contingencies of the Notes to Consolidated Financial Statements ^{p. 34}.
• The Hartford's common stock is traded on the NYSE under the symbol 'HIG' ^{p. 35}.
• As of February 19, 2026, the Company had approximately 7,119 registered holders of record for its common stock ^{p. 35}.
• A substantially greater number of common stock holders are 'street name' or beneficial holders, with shares held by banks, brokers, and other financial institutions ^{p. 35}.
• Cash dividends paid on common stock and expected future payments are discussed in the Summary of Capital Resources and Liquidity and Liquidity Requirements and Sources of Capital - Dividends sections of Part II, Item 7, MD&A Capital Resources and Liquidity ^{p. 35}.
• Information on securities authorized for issuance under equity compensation plans is in Part III, Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ^{p. 35}.
• During the period from January 1, 2026, through February 19, 2026, the Company repurchased 1.8 million common shares for USD 247m ^{p. 35}.

Period	Total Number of Shares Purchased	Average Price Paid Per Share	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 (USD m)
October 1, 2025 - October 31, 2025	1,308,077 $	128.74	1,306,750	1,781
November 1, 2025 - November 30, 2025	749,458 $	133.32	742,586	1,683
December 1, 2025 - December 31, 2025	999,986 $	136.74	999,986	1,548
Total	3,057,521 $	132.48	3,049,322	—

• The Company repurchased 8,199 shares in net settlement of employee tax withholding obligations related to equity awards, which were not part of publicly announced share repurchase authorizations ^{p. 35}.
• The average price paid per share for these employee tax withholding obligations was USD 126.44 in the three months ended December 31, 2025 ^{p. 35}.
• The average price paid per share for repurchases includes the purchase price and direct costs, such as commissions and accrued 1% excise taxes ^{p. 35}.
• On July 25, 2024, the Board of Directors approved a share repurchase authorization for up to USD 3.3bn, effective from August 1, 2024, to December 31, 2026 ^{p. 35}.
• The timing of repurchases depends on factors including market price, capital position, impact on financial strength/credit ratings, blackout periods, and other considerations ^{p. 35}.
• The share repurchase authorization does not include commissions or 1% excise tax costs ^{p. 35}.

Total return to stockholders

• The table presents The Hartford's five-year total return on common stock, including reinvestment of dividends, compared to the S&P 500 and S&P Insurance Composite Index ^{p. 36}.

Company/Index	2020	2021	2022	2023	2024	2025
The Hartford Insurance Group, Inc.	$ 100	$ 144.27	$ 162.04	$ 175.85	$ 243.66	$ 312.08
S&P 500 Index	$ 100	$ 128.71	$ 105.40	$ 133.10	$ 166.40	$ 196.16
S&P Insurance Composite Index	$ 100	$ 132.12	$ 145.50	$ 158.97	$ 201.61	$ 209.85

• The Hartford Insurance Group, Inc. total return:
  • Dec 2020: Approximately $105 ^{p. 37}
  • Dec 2021: Approximately $145 ^{p. 37}
  • Dec 2022: Approximately $165 ^{p. 37}
  • Dec 2023: Approximately $178 ^{p. 37}
  • Dec 2024: Approximately $245 ^{p. 37}
  • Dec 2025: Approximately $310 ^{p. 37}
• S&P 500 Index total return:
  • Dec 2020: Approximately $105 ^{p. 37}
  • Dec 2021: Approximately $125 ^{p. 37}
  • Dec 2022: Approximately $110 ^{p. 37}
  • Dec 2023: Approximately $135 ^{p. 37}
  • Dec 2024: Approximately $170 ^{p. 37}
  • Dec 2025: Approximately $195 ^{p. 37}
• S&P Insurance Composite Index total return:
  • Dec 2020: Approximately $100 ^{p. 37}
  • Dec 2021: Approximately $130 ^{p. 37}
  • Dec 2022: Approximately $145 ^{p. 37}
  • Dec 2023: Approximately $160 ^{p. 37}
  • Dec 2024: Approximately $200 ^{p. 37}
  • Dec 2025: Approximately $208 ^{p. 37}
• The Hartford provides projections and forward-looking information, which are estimates based on currently available information and subject to cautionary statements ^{p. 37}.
• Actual results may differ materially from forecasts due to various factors ^{p. 37}.
• The Hartford undertakes no obligation to publicly update forward-looking statements ^{p. 37}.
• Historical financial information in the MD&A has been reclassified to conform to the current period presentation ^{p. 37}.
• Increases or decreases greater than or equal to 200%, or changes from a net gain to a net loss position (or vice versa), are defined as "NM" (not meaningful) ^{p. 37}.
• Discussion of the earliest of the three years in the financial statements refers to Part II, Item 7, MD&A in The Hartford's 2024 Form 10-K Annual Report ^{p. 37}.

Description	Page
Key Performance Measures and Ratios	37
The Hartford's Operations	42
Financial Highlights	44
Consolidated Results of Operations	45
Investment Results	48
Critical Accounting Estimates	50
Business Insurance	70
Personal Insurance	75
Property & Casualty Other Operations	80
Employee Benefits	81
Hartford Funds	83
Corporate	85
Enterprise Risk Management	86
Capital Resources and Liquidity	106
Impact of New Accounting Standards	113

• The MD&A uses certain terms and abbreviations, summarized in the Acronyms section ^{p. 37}.

Key performance measures and ratios

• The Company considers the measures and ratios in the discussion as key performance indicators for its businesses ^{p. 37}.
• Management believes these ratios and measures are useful for understanding underlying trends but should be used in conjunction with, not in lieu of, reportable segment and corporate operating summaries ^{p. 37}.
• These ratios and measures may not be comparable to those used by competitors ^{p. 37}.

Definitions of non-GAAP and other measures and ratios

• Assets Under Management ("AUM") include mutual fund and ETF assets ^{p. 37}.
• AUM is a measure used by the Hartford Funds segment because a significant portion of its revenues and expenses are based on asset values ^{p. 37}.
• These revenues and expenses increase or decrease with AUM changes, whether from market fluctuations or net flows ^{p. 37}.
• Book Value per Diluted Share excluding accumulated other comprehensive income (loss) ("AOCI") is a non-GAAP measure ^{p. 38}.
• It is calculated by dividing common stockholders' equity, excluding AOCI (after tax), by common shares outstanding and dilutive potential common shares ^{p. 38}.
• This measure helps investors analyze the net worth primarily attributable to business operations ^{p. 38}.
• Excluding AOCI from the numerator eliminates the effect of items that fluctuate significantly due to interest rate changes ^{p. 38}.
• Book value per diluted share is the most directly comparable U.S. GAAP measure ^{p. 38}.
• Combined Ratio is the sum of the loss and loss adjustment expense ratio, the expense ratio, and the policyholder dividend ratio ^{p. 38}.
• It describes the related cost of losses and expenses for every $100 of earned premiums ^{p. 38}.
• A combined ratio below 100 indicates underwriting profit; above 100 indicates underwriting losses ^{p. 38}.
• Core Earnings is a non-GAAP measure used by The Hartford to assess operating performance ^{p. 38}.
• It provides insights into trends in insurance and financial services businesses by excluding the net effect of certain items ^{p. 38}.
• Items excluded from core earnings include:
  • Certain realized gains and losses, which are primarily driven by investment decisions and external economic developments unrelated to insurance and underwriting ^{p. 38}.
  • Realized gains and losses that are highly variable due to capital market conditions ^{p. 38}.
  • Net realized gains and losses from periodic settlements on credit derivatives are included if integrally related to insurance operations and directly offset by an income statement item like net investment income ^{p. 38}.
  • Restructuring and other costs, as they are not recurring operating expenses ^{p. 38}.
  • Loss on extinguishment of debt, largely make-whole payments or tender premiums, as they are not recurring operating expenses ^{p. 38}.
  • Gains and losses on reinsurance transactions (e.g., from business sales or loss reserve reinsurance), as they are not recurring operating expenses ^{p. 38}.
  • Integration and other non-recurring M&A costs, including transaction costs, as they are incurred over a short period and not ongoing operating expenses ^{p. 38}.
  • Change in loss reserves upon acquisition of a business, as these changes could obscure period-over-period comparisons ^{p. 38}.
  • Deferred gain resulting from retroactive reinsurance and subsequent changes, as excluding them provides greater insight into business economics ^{p. 38}.
  • Change in valuation allowance on deferred taxes related to non-core components of before-tax income, such as tax attributes like capital loss carryforwards ^{p. 38}.
  • Results of discontinued operations, as they could obscure period-over-period comparisons for ongoing businesses ^{p. 38}.
• Preferred stock dividends declared, which are excluded from net income, are included in core earnings as they are a cost of financing similar to interest expense and expected to be recurring ^{p. 38}.
• Net income (loss) and net income (loss) available to common stockholders are the most directly comparable U.S. GAAP measures to core earnings ^{p. 38}.
• Core earnings should not be considered a substitute for net income (loss) or net income (loss) available to common stockholders ^{p. 38}.
• The Hartford believes investors should evaluate net income (loss), net income (loss) available to common stockholders, and core earnings when reviewing performance ^{p. 38}.

Reconciliation of net income to core earnings

—	FY25	FY24	FY23
Net income	$ 3,836	$ 3,111	$ 2,504
Preferred stock dividends	21	21	21
Net income available to common stockholders	3,815	3,090	2,483
Adjustments to reconcile net income available to common stockholders to core earnings:	—	—	—
Net realized losses excluded from core earnings, before tax	96	56	152
Restructuring and other costs, before tax	—	2	6
Integration and other non-recurring M&A costs, before tax	7	8	8
Change in deferred gain on retroactive reinsurance, before tax [1]	-64	-83	194
Income tax expense (benefit) [2]	-9	3	-76
Core earnings	$ 3,845	$ 3,076	$ 2,767

• The Company recorded amortization of the deferred gain related to the Navigators adverse development cover ("Navigators ADC") of $64m for the year ended December 31, 2025, and $145m for the year ended December 31, 2024 ^{p. 39}.
• The deferred gain was fully amortized as of September 30, 2025 ^{p. 39}.
• For the year ended December 31, 2024, the Company ceded $62m of losses under the asbestos and environmental adverse development cover ("A&E ADC"), which increased the deferred gain ^{p. 39}.
• Further information on ADC reinsurance agreements is in Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses ^{p. 39}.
• The federal income tax expense (benefit) primarily represents before-tax items not included in core earnings ^{p. 39}.
• Core Earnings Margin is a non-GAAP measure used to evaluate the Employee Benefits segment's operating performance ^{p. 39}.
• It is calculated by dividing core earnings by revenues, excluding buyouts and realized gains (losses) ^{p. 39}.
• Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure ^{p. 39}.
• Core earnings margin provides insights into business trends that may be obscured by buyouts, realized gains (losses), and other excluded items ^{p. 39}.
• Core earnings margin should not be considered a substitute for net income margin ^{p. 39}.
• Investors should evaluate both core earnings margin and net income margin ^{p. 39}.
• A reconciliation of net income margin to core earnings margin is in the Results of Operations section within MD&A - Employee Benefits ^{p. 39}.
• Current Accident Year Catastrophe Ratio is a component of the loss and loss adjustment expense ratio ^{p. 39}.
• It represents the ratio of catastrophe losses incurred in the current accident year (net of reinsurance) to earned premiums ^{p. 39}.
• For U.S. events, a catastrophe is defined by Property Claim Services of Verisk as an event causing $25m or more in industry insured property losses and affecting a significant number of policyholders and insurers ^{p. 39}.
• For international events, the Company's approach is similar, informed by Lloyd's of London's definition of major losses ^{p. 39}.
• The Company accepts risks as the sole member of Lloyd's Syndicate 1221 ^{p. 39}.
• The current accident year catastrophe ratio includes catastrophe losses but excludes reinstatement premiums ^{p. 39}.
• Expense Ratio for Business Insurance and Personal Insurance is the ratio of underwriting expenses (less fee income) to earned premiums ^{p. 39}.
• Underwriting expenses include amortization of deferred policy acquisition costs ("DAC"), amortization of other intangible assets, and insurance operating costs and other expenses (including centralized services and bad debt) ^{p. 39}.
• DAC includes commissions, taxes, licenses, fees, and other incremental direct underwriting expenses, amortized over the policy term ^{p. 39}.
• The expense ratio for Employee Benefits is the ratio of insurance operating costs and other expenses (including amortization of intangibles and DAC) to premiums and other considerations, excluding buyout premiums ^{p. 39}.
• The expense ratio for Business Insurance, Personal Insurance, and Employee Benefits excludes integration and other transaction costs associated with an acquired business ^{p. 39}.
• Fee Income is largely driven by contractually defined percentages of AUM in Hartford Funds ^{p. 39}.
• These fees are generally earned daily and increase or decrease with AUM changes due to market or net flows ^{p. 39}.
• Gross New Business Premium represents premiums charged (before ceded reinsurance) for policies issued to new customers ^{p. 39}.
• Gross new business premium plus gross renewal written premium less ceded reinsurance equals total written premium ^{p. 39}.
• Loss and Loss Adjustment Expense Ratio measures the cost of claims incurred in the calendar year divided by earned premium, including losses and loss adjustment expenses for current and prior accident years ^{p. 39}.
• The ratio needed to achieve targeted return on equity ("ROE") fluctuates based on expected investment yield, timing of claim settlements, and management's targeted returns ^{p. 39}.
• The loss and loss adjustment expense ratio is affected by claim frequency and severity, particularly for shorter-tail property lines ^{p. 40}.
• Claim frequency is the percentage change in the average number of reported claims per unit of exposure in the current accident year compared to the previous year ^{p. 40}.
• Claim severity is the percentage change in the estimated average cost per claim in the current accident year compared to the previous year ^{p. 40}.
• The Company's practice is to make an overall assumption about claim frequency and severity, then adjust it for specific state, product, or coverage during rate-making ^{p. 40}.
• Underlying Loss and Loss Adjustment Expense Ratio is a non-GAAP financial measure ^{p. 40}.
• It is the cost of non-catastrophe loss and loss adjustment expenses incurred in the current accident year divided by earned premiums ^{p. 40}.
• The loss and loss adjustment expense ratio is the most directly comparable U.S. GAAP measure ^{p. 40}.
• Management believes this measure is useful to investors as it removes the impact of volatile catastrophe losses and prior accident year development ("PYD") ^{p. 40}.
• A reconciliation is in the Reportable Segment and Corporate Operating Summaries section within MD&A ^{p. 40}.
• Loss Ratio, excluding Buyouts is used for the Employee Benefits segment ^{p. 40}.
• It is the ratio of benefits, losses, and loss adjustment expenses (excluding those related to buyout premiums) to premiums and other considerations (excluding buyout premiums) ^{p. 40}.
• Buyouts are excluded because they can distort the loss ratio, as Employee Benefits occasionally buys blocks of claims for a stated premium ^{p. 40}.
• Buyout premiums represent takeover of open claim liabilities and other non-recurring premium amounts ^{p. 40}.
• Net investment income excluding limited partnerships and other alternative investments is a non-GAAP measure ^{p. 40}.
• It is the consolidated net investment income from invested assets, excluding income from limited partnerships and other alternative investments ^{p. 40}.
• This measure provides insight into investment earnings trends by excluding volatility from limited partnerships and other alternative investments ^{p. 40}.
• Net investment income is the most directly comparable U.S. GAAP measure ^{p. 40}.
• A reconciliation is in the Investment Results section within MD&A ^{p. 40}.
• Mutual Fund and Exchange-Traded Fund Assets are owned by product shareowners, not the Company, and are not reflected in Consolidated Financial Statements, except when the Company seeds new investment products ^{p. 40}.
• These assets are a measure used by the Company because a significant portion of Hartford Funds segment revenues and expenses are based on asset values ^{p. 40}.
• Revenues and expenses increase or decrease with AUM changes due to market or net flows ^{p. 40}.
• Net New Business Premium represents premiums charged (after ceded reinsurance) for policies issued to new customers ^{p. 40}.
• Net new business premium plus renewal written premium equals total written premium ^{p. 40}.
• Policy Count Retention for small business is the number of renewal policies issued in the current year period divided by new and renewal policies issued in the prior period ^{p. 40}.
• Retention is affected by accepted renewal quotes, Company decisions to non-renew policies (due to underwriting concerns or premium writing reductions), and advertising/rate actions ^{p. 40}.
• Effective Policy Count Retention for Personal Insurance is the number of policies expected to renew in the current year period (based on contract effective dates) divided by new and renewal policies effective in the prior period ^{p. 40}.
• Retention is affected by accepted renewal quotes, Company non-renewal decisions, advertising/rate actions, and subsequent cancellations/non-renewals by customers ^{p. 40}.
• Effective policy count retention statistics are subject to change based on differences between actual and expected policy cancellations ^{p. 40}.
• Policies in-force represents the number of policies with coverage in effect at period-end ^{p. 40}.
• It is a growth measure for Personal Insurance, small business, and middle market lines, affected by new business growth and retention ^{p. 40}.
• Policyholder Dividend Ratio is the ratio of policyholder dividends to earned premium ^{p. 40}.
• Premium Retention for middle & large business is the ratio of prior period premiums successfully renewed divided by premiums associated with policies available for renewal in the current period ^{p. 40}.
• Premium retention excludes premium amounts from annual audits, renewal written price increases, and changes in exposure (including amount of insurance) ^{p. 40}.
• Premium retention statistics are subject to change based on subsequent cancellations, non-renewals, and modifications to reflect ultimate pricing ^{p. 40}.
• 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 ^{p. 41}.
• Reinstatement Premiums represent additional ceded premium paid to reinstate reinsurance coverage reduced by ceding losses to reinsurers ^{p. 41}.
• 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 other P&C business ^{p. 41}.
• Renewal earned price increases (decreases) lag renewal written price increases (decreases) by six to twelve months ^{p. 41}.
• 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 renewed policies, including amount of insurance ^{p. 41}.
• For Personal Insurance, it represents the total change in premium per policy since the prior year on renewed policies, including rate changes, amount of insurance, and other exposure changes ^{p. 41}.
• Other exposure changes for Personal Insurance include changes in drivers, vehicles, incidents, and customer policy elections (e.g., deductibles, limits) ^{p. 41}.
• The rate component is the change in rate impacting renewal policies as filed and approved by state regulators ^{p. 41}.
• 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 ^{p. 41}.
• Factors affecting renewal written price increases (decreases) include expected loss costs, approved rate filings, risk selection decisions, and marketplace competition ^{p. 41}.
• Renewal written price changes reflect the property and casualty insurance market cycle ^{p. 41}.
• Prices tend to increase when carriers incur significant losses in a line of business or the industry commits less capital to writing exposures in that line ^{p. 41}.
• Prices tend to decrease when recent loss experience is favorable or competition increases ^{p. 41}.
• Renewal written price statistics are subject to change based on actuarial estimates, subsequent cancellations/non-renewals, and modifications to reflect ultimate pricing ^{p. 41}.
• Return on Assets ("ROA"), Core Earnings is a non-GAAP financial measure used to evaluate the Hartford Funds segment's operating performance ^{p. 41}.
• It is calculated by dividing annualized core earnings by a daily average AUM ^{p. 41}.
• ROA is the most directly comparable U.S. GAAP measure ^{p. 41}.
• ROA, core earnings, provides insights into business trends that may be obscured by items excluded from core earnings ^{p. 41}.
• ROA, core earnings, should not be considered a substitute for ROA ^{p. 41}.
• Investors should evaluate both ROA and ROA, core earnings when reviewing Hartford Funds segment performance ^{p. 41}.
• A reconciliation is in the Results of Operations section within MD&A - Hartford Funds ^{p. 41}.
• Underlying Combined Ratio is a non-GAAP financial measure of underwriting results ^{p. 41}.
• It represents the combined ratio before catastrophes, prior accident year development, and current accident year change in loss reserves upon acquisition of a business ^{p. 41}.
• Combined ratio is the most directly comparable U.S. GAAP measure ^{p. 41}.
• This ratio is an important measure of profitability trends as it removes the impact of volatile catastrophe losses and prior accident year loss and loss adjustment expense reserve development ^{p. 41}.
• Changes to loss reserves upon acquisition of a business are excluded to allow for comparable results before and after acquisition ^{p. 41}.
• A reconciliation is in the Results of Operations section within MD&A - Business Insurance and Personal Insurance ^{p. 41}.
• Underwriting Gain (Loss) is a non-GAAP financial measure, before tax ^{p. 41}.
• It represents earned premiums less incurred losses, loss adjustment expenses, and underwriting expenses ^{p. 41}.
• Net income (loss) is the most directly comparable U.S. GAAP measure ^{p. 41}.
• Management evaluates Business and Personal Insurance segments' profitability primarily on underwriting gain or loss ^{p. 41}.
• Underwriting gain (loss) is influenced by earned premium growth and pricing adequacy ^{p. 41}.
• Underwriting profitability is also influenced by underwriting discipline, risk selection, diversification, claims management, reinsurance use, and expense management ^{p. 41}.
• Underwriting gain (loss) provides investors with a valuable measure of before-tax profitability from underwriting activities, which are managed separately from investing activities ^{p. 41}.

Reconciliation of net income to underwriting gain (loss)

—	FY25	FY24	FY23
Business Insurance	—	—	—
Net income	$ 2,780	$ 2,349	$ 2,085
Adjustments to reconcile net income to underwriting gain:	—	—	—
Net investment income	-1,967	-1,714	-1,532
Net realized losses	91	73	156
Other (income) expense	3	5	1
Income tax expense	712	576	502
Underwriting gain	$ 1,619	$ 1,289	$ 1,212
Personal Insurance	—	—	—
Net income (loss)	$ 447	$ 208	$ (39)
Adjustments to reconcile net income (loss) to underwriting gain (loss):	—	—	—
Net investment income	-256	-222	-171
Net realized losses	13	14	16
Net servicing and other (income) expense	-17	-18	-21
Income tax expense (benefit)	113	49	-15
Underwriting gain (loss)	$ 300	$ 31	$ (230)
P&C Other Ops	—	—	—
Net loss	$ (103)	$ (127)	$ (130)
Adjustments to reconcile net loss to underwriting loss:	—	—	—
Net investment income	-76	-74	-69
Net realized losses	3	4	7
Other expense	1	4	—
Income tax benefit	-29	-35	-36
Underwriting loss	$ (204)	$ (228)	$ (228)

• Written and Earned Premiums: Written premium is the amount of premiums charged for policies issued, net of reinsurance, during a fiscal period ^{p. 42}.
• Premiums are considered earned and included in financial results on a pro rata basis over the policy period ^{p. 42}.
• Management believes written premium is a useful performance measure for investors as it reflects current trends in property and casualty insurance sales ^{p. 42}.
• Written and earned premiums are recorded net of ceded reinsurance premium ^{p. 42}.
• Written premium growth for property and casualty insurance businesses is a function of retention, pricing, exposure growth, and new business, all impacted by competitive market and general economic conditions ^{p. 42}.
• Changes in reinsurance programs can also impact written premium growth ^{p. 42}.
• Traditional life and disability insurance products, like those sold by Employee Benefits, collect premiums for financial protection against specified insurable losses (e.g., death, disability) ^{p. 42}.
• These premiums, along with net investment income, are used to pay contractual obligations under insurance contracts ^{p. 42}.
• Two major factors impacting premium growth are sales and persistency ^{p. 42}.
• Sales can increase or decrease based on customer demand, pricing competition, distribution channels, and the Company's reputation and ratings ^{p. 42}.
• Persistency refers to the percentage of premium remaining in-force year-to-year ^{p. 42}.

The Hartford's operations

• The Hartford conducts business principally in five reportable segments: Business Insurance, Personal Insurance, Property & Casualty Other Operations, Employee Benefits, and Hartford Funds, plus a Corporate category ^{p. 42}.
• The Corporate category includes capital raising activities (equity/debt financing, related interest expense), purchase accounting adjustments for goodwill, reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, transaction expenses for acquisitions, certain M&A costs, and other unallocated expenses ^{p. 42}.
• Corporate also includes investment management fees and expenses related to managing third-party assets ^{p. 42}.
• The Company derives revenues principally from:
  • Premiums earned for insurance coverage ^{p. 42}.
  • Management fees on mutual fund and ETF assets ^{p. 42}.
  • Net investment income ^{p. 42}.
  • Fees earned for services provided to third parties ^{p. 43}.
  • Net realized gains and losses ^{p. 43}.
• Premiums charged for insurance coverage are earned principally on a pro rata basis over the terms of related in-force policies ^{p. 43}.
• Profitability of property and casualty insurance businesses is influenced by underwriting discipline, which includes managing exposure through risk selection and diversification, claims management, reinsurance use, in-force block size, reliable mortality/morbidity estimates, and expense ratio management (economies of scale, acquisition costs, operating costs) ^{p. 43}.
• Pricing adequacy depends on regulatory approval for rate changes, proper evaluation of underwriting risks, ability to project future loss cost frequency and severity, response to competitor rate actions, expense levels, and expectations about regulatory/legal developments ^{p. 43}.
• The Company aims to price policies so that premiums and future net investment income cover operating costs, ultimate claim costs, and provide a profit margin ^{p. 43}.
• For many insurance products, the Company needs state insurance department approval for premium rates ^{p. 43}.
• The Lloyd's Syndicate's ability to write business is subject to Lloyd's annual approval for its premium capacity ^{p. 43}.
• Most Personal Insurance written premium is associated with an exclusive licensing agreement with AARP, effective through December 31, 2032 ^{p. 43}.
• This agreement provides a competitive advantage due to the size of the 50-plus population and the AARP brand strength ^{p. 43}.
• Profitability of the Employee Benefits business depends on evaluating and pricing risks appropriately and making reliable estimates of mortality, morbidity, disability, and longevity ^{p. 43}.
• To manage pricing risk, Employee Benefits generally offers term insurance policies, allowing rate or policy term adjustments ^{p. 43}.
• Policies are typically sold with rate guarantees averaging three years ^{p. 43}.
• Pricing could be inadequate if loss and expense trends emerge adversely during the rate guarantee period or if investment returns are lower than expected ^{p. 43}.
• For some products, the Company needs state insurance department approval for premium rates ^{p. 43}.
• New and renewal business for employee benefits, particularly for LTD, are priced using an assumption about expected investment yields over time ^{p. 43}.
• The Company uses asset-liability duration matching strategies and may use interest-rate sensitive derivatives to hedge exposure in the Employee Benefits investment portfolio ^{p. 43}.
• Cash flow patterns related to benefit and claim payments are uncertain, and actual investment yields could differ significantly from expected yields, affecting profitability ^{p. 43}.
• Profitability of Employee Benefits also depends on response to competitor pricing, ability to offer voluntary products and self-service capabilities, persistency of sold business, and expense management (economies of scale, operating efficiencies) ^{p. 43}.
• Financial results of mutual fund and ETF businesses largely depend on AUM and the level of fees charged, based on asset share class and fund type ^{p. 43}.
• Changes in AUM are driven by net flows and market return of funds, influenced by equity and bond market returns ^{p. 43}.
• Net flows comprise new sales less redemptions by mutual fund and ETF shareowners ^{p. 43}.
• Financial results are highly correlated to AUM growth as funds generally earn fee income daily ^{p. 43}.
• Investment return (yield) on invested assets is an important element of earnings, as insurance products are priced assuming premiums can be invested before benefits are paid ^{p. 43}.
• To maintain liquidity for claim obligations, most invested assets are held in available-for-sale ("AFS") securities, including corporate bonds, municipal bonds, government debt, short-term debt, mortgage-backed securities, asset-backed securities ("ABS"), and collateralized loan obligations ("CLOs") ^{p. 43}.
• The Company also invests in commercial mortgage loans, limited partnerships, and other alternative investments, which are less liquid but have potential for higher returns ^{p. 43}.
• The primary investment objective is to maximize economic value consistent with acceptable risk parameters (credit risk, interest rate sensitivity) while generating sufficient net-of-tax income for policyholder and corporate obligations ^{p. 43}.
• Investment strategies are developed based on business needs, regulatory requirements, and tax considerations ^{p. 43}.

2025 Financial Highlights

• Net income available to common stockholders increased by USD 725, or 23% ^{p. 44}.
• This increase was driven by higher earned premiums in P&C, higher net investment income, more favorable P&C prior accident year reserve development, and a lower underlying loss and LAE ratio in Personal Insurance ^{p. 44}.
• This increase was partially offset by a higher underlying loss and LAE ratio in Business Insurance ^{p. 44}.
• Annualized net investment income yield increased by 20 bps ^{p. 44}.
• This increase was due to a higher yield on limited partnerships and other alternative investments and reinvesting at higher interest rates ^{p. 44}.
• This increase was partially offset by a lower yield on variable-rate securities ^{p. 44}.
• Diluted earnings per share increased by USD 2.97, or 29% ^{p. 44}.
• This increase was due to an increase in net income available to common stockholders and a reduction in outstanding shares due to share repurchases ^{p. 44}.

Property & Casualty combined ratio

• P&C combined ratio improved by 2.9 points ^{p. 44}.
• This improvement was due to more favorable prior accident year reserve development, a lower underlying loss and LAE ratio in Personal Insurance, and lower CAY catastrophe losses ^{p. 44}.
• This improvement was partially offset by a higher underlying loss and LAE ratio in Business Insurance ^{p. 44}.
• Book value per common share increased by USD 11.22, or 20% ^{p. 44}.
• This increase was due to net income in excess of common stockholder dividends ^{p. 44}.
• This increase was partially offset by the dilutive effect of share repurchases ^{p. 44}.
• Employee Benefits combined ratio decreased by 0.1 points ^{p. 44}.
• This decrease was due to a lower group life loss ratio and higher net investment income ^{p. 44}.
• This decrease was partially offset by a higher group disability loss ratio and a higher expense ratio, including higher staffing and technology costs ^{p. 44}.

Consolidated results of operations

• The Consolidated Results of Operations should be read in conjunction with the Company's Consolidated Financial Statements and related Notes, as well as with the Reportable Segment and Corporate Operating Summaries within the MD&A ^{p. 45}.

—	FY25	FY24	FY23	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Earned premiums	$ 24,030	22,567	$ 21,026	6%	7%
Fee income	1,417	1,373	1,300	3%	6%
Net investment income	2,911	2,568	2,305	13%	11%
Net realized losses	-100	-61	-188	(64%)	68%
Other revenues	110	88	84	25%	5%
Total revenues	28,368	26,535	24,527	7%	8%
Benefits, losses and loss adjustment expenses	15,238	14,874	14,238	2%	4%
Amortization of deferred policy acquisition costs	2,516	2,282	2,044	10%	12%
Insurance operating costs and other expenses	5,584	5,258	4,881	6%	8%
Interest expense	199	199	199	-%	-%
Amortization of other intangible assets	71	71	71	-%	-%
Restructuring and other costs	-	2	6	(100%)	(67%)
Total benefits, losses and expenses	23,608	22,686	21,439	4%	6%
Income before income taxes	4,760	3,849	3,088	24%	25%
Income tax expense	924	738	584	25%	26%
Net income	3,836	3,111	2,504	23%	24%
Preferred stock dividends	21	21	21	-%	-%
Net income available to common stockholders	$ 3,815	3,090	$ 2,483	23%	24%

• Net income available to common stockholders increased by USD 725 for the year ended December 31, 2025, compared to 2024 ^{p. 45}.
• This increase was primarily driven by a higher P&C underwriting gain of USD 623 (before tax), due to earned premium growth, more favorable prior accident year reserve development, and a lower underlying loss and LAE ratio in Personal Insurance ^{p. 45}.
• This was partially offset by a higher underlying loss and LAE ratio in Business Insurance ^{p. 45}.
• Net investment income increased by USD 343 (before tax), driven by higher invested assets, increased income from limited partnerships and other alternative investments, and reinvesting at higher interest rates ^{p. 45}.
• This was partially offset by a lower yield on variable-rate securities ^{p. 45}.
• Other revenues increased due to a rise in the valuation of an investment ^{p. 45}.
• These increases were partially offset by the impact of a higher expense ratio in Employee Benefits, including higher staffing and technology costs, and a higher long-term disability loss ratio ^{p. 45}.
• This was partially offset by a lower group life loss ratio, a lower loss ratio on the paid family and medical leave product, and slightly higher fully insured ongoing premiums ^{p. 45}.
• Net realized losses increased by USD 39 (before tax) ^{p. 45}.
• For a discussion of the Company's operating results by segment, refer to MD&A - Reportable Segment and Corporate Operating Summaries ^{p. 45}.

Revenue

• Earned premiums increased by USD 1,463, or 6% ^{p. 46}.
• This increase was primarily due to a P&C increase reflecting a 9% increase in Business Insurance and an 8% increase in Personal Insurance ^{p. 46}.
• The increase in Business Insurance was due to new business across most lines and earned pricing increases ^{p. 46}.
• The increase in Personal Insurance was primarily due to earned pricing increases, partially offset by a decline in policies in-force ^{p. 46}.
• Employee Benefits earned premium was up slightly, as increased exposure on existing accounts was largely offset by lower fully insured ongoing sales ^{p. 46}.
• Fee income increased primarily due to a USD 42 increase in Hartford Funds, driven by higher daily average assets from increased equity market levels, partially offset by net outflows over the preceding twelve-month period ^{p. 46}.

Caption: Net Investment Income

• Net investment income increased due to higher invested assets, increased income from limited partnerships and other alternative investments, and reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities ^{p. 46}.
• Net realized losses increased primarily due to lower appreciation in equity securities in 2025 compared to 2024 ^{p. 46}.
• Losses on transactional foreign currency revaluation occurred in 2025, compared to gains in 2024 ^{p. 46}.
• Greater depreciation in FVO securities occurred in 2025 due to changes in credit spreads ^{p. 46}.
• Impairment of a real estate joint venture occurred in 2025 ^{p. 46}.
• Gains on interest rate derivatives occurred in 2024 ^{p. 46}.
• These losses were partially offset by fewer net losses on sales of fixed maturities ^{p. 46}.
• For further discussion of investment results, see MD&A - Investment Results, Net Investment Income and MD&A - Investment Results, Net Realized Gains (Losses) ^{p. 46}.
• Property & Casualty earned premiums: USD 14,728m in 2023; USD 16,174m in 2024; USD 17,608m in 2025 ^{p. 46}.
• Employee Benefits earned premiums: USD 6,298m in 2023; USD 6,393m in 2024; USD 6,422m in 2025 ^{p. 46}.
• Total earned premiums: USD 21,026m in 2023; USD 22,567m in 2024; USD 24,030m in 2025 ^{p. 46}.
• Total Net Investment Income: USD 2,305m in 2023; USD 2,568m in 2024; USD 2,911m in 2025 ^{p. 46}.
• NII excluding limited partnerships and other alternative investments: USD 2,093m in 2023; USD 2,420m in 2024; USD 2,608m in 2025 ^{p. 46}.
• Limited partnerships and other alternative investments NII: USD 212m in 2023; USD 148m in 2024; USD 303m in 2025 ^{p. 46}.

Benefits, losses and expenses

• Benefits, losses and loss adjustment expenses increased by USD 364 ^{p. 47}.
• This was due to an increase in Property & Casualty of USD 355 ^{p. 47}.
• This P&C increase was attributable to an increase in P&C CAY loss and LAE before catastrophes of USD 679 (before tax), primarily due to higher earned premiums and a higher underlying loss and LAE ratio in Business Insurance ^{p. 47}.
• This was partially offset by a lower underlying loss and LAE ratio in Personal Insurance ^{p. 47}.
• This was partially offset by a favorable change of USD 304 (before tax) in P&C net prior accident year reserve development ^{p. 47}.
• Net favorable development was USD 424 (before tax) in 2025 and USD 120 (before tax) in 2024 ^{p. 47}.
• Prior year reserve development included adverse development for A&E reserves of USD 165m in 2025 and USD 203m in 2024 (before tax) ^{p. 47}.
• Of the 2024 A&E adverse development, USD 62m was ceded to National Indemnity Company ('NICO') under the A&E ADC ^{p. 47}.
• As of December 31, 2024, the Company had ceded the cumulative treaty limit of USD 1.5bn ^{p. 47}.
• Net prior accident year reserve development for 2025 and 2024 included a benefit of USD 64m and USD 145m, respectively, related to amortization of the Navigators ADC deferred gain ^{p. 47}.
• The Navigators ADC deferred gain was fully amortized as of September 30, 2025 ^{p. 47}.
• Excluding A&E reserve changes and Navigators ADC amortization, net favorable reserve development was USD 347m higher in 2025 ^{p. 47}.
• Favorable prior year reserve development in 2025 was driven by decreases in reserves for workers' compensation, Personal Insurance automobile liability and physical damage, catastrophes, bond, homeowners, and commercial property ^{p. 47}.
• This was partially offset by ULAE reserves related to A&E reserves in P&C Other Operations ^{p. 47}.
• Favorable prior year reserve development in 2024 was driven by decreases in reserves for workers' compensation, catastrophes, bond, personal automobile liability and physical damage, homeowners, professional liability and uncollectible reinsurance ^{p. 47}.
• This was partially offset by increases in reserves for general liability, commercial automobile liability, assumed reinsurance, and ULAE reserves related to A&E reserves in P&C Other Operations ^{p. 47}.
• A decrease in CAY catastrophe losses of USD 20m (before tax) ^{p. 47}.
• Catastrophe losses in 2025 included losses from tornado, wind and hail events in the South and Midwest, and to a lesser extent, Mid Atlantic and Mountain West regions ^{p. 47}.
• Catastrophe losses in 2025 also included a loss of USD 305m (net of reinsurance) from the January 2025 California Wildfire Event ^{p. 47}.
• Catastrophe losses in 2024 included losses from tornado, wind and hail events across the U.S., hurricanes and tropical storms in the Southeast, South and Mid-Atlantic regions, and winter storms in the Pacific, Northeast, and South regions ^{p. 47}.
• P&C Losses and LAE Incurred: USD 9,548m in 2023; USD 10,185m in 2024; USD 10,540m in 2025 ^{p. 47}.
• Employee Benefits Losses and LAE Incurred: USD 4,683m in 2023; USD 4,681m in 2024; USD 4,692m in 2025 ^{p. 47}.
• For further discussion, see Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements ^{p. 48}.
• Employee Benefits losses and LAE increased slightly due to a higher long-term disability loss ratio ^{p. 48}.
• This was partially offset by a lower group life loss ratio (due to reduced mortality) and improved results on the paid family and medical leave product (due to pricing actions) ^{p. 48}.
• The increase in long-term disability was driven by higher current-year loss trends and a benefit in the prior year related to an update to long-term disability claim recovery rate assumptions ^{p. 48}.
• Amortization of deferred policy acquisition costs increased from the prior year, driven by Business Insurance, reflecting higher earned premiums across all lines of business ^{p. 48}.

Investment results

Composition of invested assets

—	2025		2024
Fixed maturities, AFS, at fair value	$ 46,041	72.0%	$ 42,567	71.9%
Fixed maturities, at fair value using the fair value option	168	0.2%	308	0.5%
Equity securities, at fair value	492	0.8%	603	1.0%
Mortgage loans (net of ACL of $49 and $44)	6,837	10.7%	6,396	10.8%
Limited partnerships and other alternative investments	5,804	9.1%	5,042	8.5%
Other investments [1]	262	0.4%	226	0.4%
Short-term investments	4,353	6.8%	4,068	6.9%
Total investments	$ 63,957	100.0%	$ 59,210	100.0%

• Total investments increased primarily due to an increase in fixed maturities, AFS, at fair value and limited partnerships and other alternative investments for the year ended December 31, 2025, compared to 2024 ^{p. 48}.
• Fixed maturities, AFS, at fair value increased due to net additions of corporate bonds, high-quality residential mortgage-backed securities ("RMBS") and ABS, partially offset by net reductions to tax-exempt municipal bonds ^{p. 48}.
• The increase was also due to higher valuations resulting from lower interest rates ^{p. 48}.
• Limited partnerships and other alternative investments increased primarily due to additional investments and higher valuations ^{p. 48}.
• Insurance operating costs and other expenses increased due to higher staffing costs (including incentive compensation and benefits, partly in response to increased business volume) and higher technology costs (including increased investment) ^{p. 48}.
• Income tax expense increased primarily due to an increase in income before tax ^{p. 48}.
• For further discussion of income taxes, see Note 16 Income Taxes of Notes to Consolidated Financial Statements ^{p. 48}.

(Before tax)	Amount	Yield	Amount	Yield	Amount	Yield
Fixed maturities [2]	$ 2,367	4.7%	$ 2,204	4.6%	$ 1,895	4.2%
Equity securities	21	4.4%	35	5.3%	45	3.7%
Mortgage loans	296	4.5%	266	4.2%	235	3.9%
Limited partnerships and other alternative investments	303	5.8%	148	3.0%	212	4.8%
Other [3]	23	—	14	—	9	—
Investment expense	-99	—	-99	—	-91	—
Total net investment income	2,911	4.7%	2,568	4.3%	2,305	4.1%
Adjustment for net investment income from limited partnerships and other alternative investments	-303	-0.2%	-148	0.1%	-212	-0.1%
Total net investment income excluding limited partnerships and other alternative investments	$ 2,608	4.5%	$ 2,420	4.4%	$ 2,093	4.0%

• Total net investment income increased primarily due to a higher level of invested assets, higher income from limited partnerships and other alternative investments, and the impact of reinvesting at higher rates ^{p. 49}.
• This was partially offset by a lower yield on variable-rate securities ^{p. 49}.
• Annualized net investment income yield, excluding limited partnerships and other alternative investments, increased primarily due to reinvesting at higher rates, partially offset by a lower yield on variable-rate securities ^{p. 49}.
• The average reinvestment rate on fixed maturities and mortgage loans (excluding U.S. Treasury securities) for the year ended December 31, 2025, was 5.6%, which was above the average yield of sales and maturities of 5.0% for the same period ^{p. 49}.
• The average reinvestment rate on fixed maturities and mortgage loans (excluding U.S. Treasury securities) for the year ended December 31, 2024, was 5.9%, which was above the average yield of sales and maturities of 5.0% for the same period ^{p. 49}.
• For the 2026 calendar year, net investment income is estimated to increase due to a higher level of invested assets and a higher yield on limited partnerships and other alternative investments ^{p. 49}.
• The estimated change in net investment income is subject to variability, including the impact of evolving market conditions ^{p. 49}.

Net realized gains (losses)

(Before tax)	FY25	FY24	FY23
Gross gains on sales of fixed maturities	$ 61	$ 31	$ 30
Gross losses on sales of fixed maturities	-129	-198	-149
Equity securities [1]	58	73	78
Net credit losses on fixed maturities, AFS [2]	—	-2	-14
Change in ACL on mortgage loans [3]	-6	3	-15
Other, net [4]	-84	32	-118
Net realized gains (losses)	$ (100)	$ (61)	$ (188)

• The change in net unrealized gains (losses) on equity securities still held and included in net realized gains (losses) were USD 49m, USD 68m, and USD 17m for the years ended December 31, 2025, 2024, and 2023, respectively ^{p. 49}.
• Gains (losses) on non-qualifying derivatives were USD (16)m, USD 13m, and USD (108)m for the years ended December 31, 2025, 2024, and 2023, respectively ^{p. 49}.
• Gains (losses) from transactional foreign currency revaluation were USD (15)m, USD 20m, and USD (15)m for the years ended December 31, 2025, 2024, and 2023, respectively ^{p. 49}.
• For the year ended December 31, 2025, gross gains and losses on sales were primarily due to sales of tax-exempt municipals and corporate securities to fund purchases of higher-yielding investments ^{p. 50}.
• Equity securities net gains were primarily driven by an increase in value due to higher equity market levels ^{p. 50}.
• Other, net losses primarily included losses of USD 30m on FVO securities due to a decrease in value, losses of USD 20m on a real estate joint venture impairment, losses of USD 15m on transactional foreign currency revaluation, and losses of USD 14m on equity derivatives driven by changes in equity market levels ^{p. 50}.

Critical accounting estimates

• Financial statement preparation under U.S. GAAP requires management to make estimates and assumptions affecting reported asset and liability amounts, contingent asset and liability disclosures, and reported revenues and expenses ^{p. 50}.
• Actual results have differed and could differ from these estimates ^{p. 50}.
• Critical estimates involve a high degree of judgment and significant variability ^{p. 50}.
• Critical estimates include: property and casualty insurance product reserves (net of reinsurance), employee benefit LTD reserves (net of reinsurance), goodwill impairment evaluation, valuation of investments and derivative instruments (including credit losses on fixed maturities, AFS, and ACL on mortgage loans), and contingencies for corporate litigation and regulatory matters ^{p. 50}.
• For the year ended December 31, 2024, gross gains and losses on sales were primarily from sales of U.S. treasuries, corporate securities, tax-exempt municipals, and commercial mortgage-backed securities (CMBS) to fund higher-yielding investments ^{p. 50}.
• Equity securities net gains were mainly due to increased value from higher equity market levels ^{p. 50}.
• Other, net gains included USD 20m from transactional foreign currency revaluation and USD 8m from interest rate derivatives due to interest rate changes ^{p. 50}.
• Management's judgments in developing these estimates are subjective, complex, inherently uncertain, and subject to material change ^{p. 50}.
• Management believes the provided amounts are appropriate based on available facts ^{p. 50}.
• Certain estimates are sensitive to market conditions, and deterioration or volatility in worldwide debt or equity markets could materially impact the Consolidated Financial Statements ^{p. 50}.

Property & Casualty insurance product reserves, net of reinsurance

• Loss and LAE Reserves, Net of Reinsurance as of December 31, 2025 ^{p. 51}.

—	Business Insurance	Personal Insurance	P&C Other Operations	Total P&C Insurance	%Total Reserves-net
Workers' compensation	13,116 $	- $	- $	13,116	41.7%
General liability	6,381	-	-	6,381	20.3%
Marine	361	-	-	361	1.1%
Package business [1]	2,973	-	-	2,973	9.5%
Commercial property	567	-	-	567	1.8%
Automobile liability	1,777	1,744	-	3,521	11.2%
Automobile physical damage	28	65	-	93	0.3%
Professional liability	1,691	-	-	1,691	5.4%
Bond	420	-	-	420	1.3%
Homeowners	-	424	-	424	1.3%
Asbestos and environmental	67	8	267	342	1.1%
Assumed reinsurance	934	-	65	999	3.2%
All other	171	6	367	544	1.7%
Total reserves-net	28,486	2,247	699	31,432	100.0%
Reinsurance and other recoverables	4,689	28	2,006	6,723	—
Total reserves-gross	33,175 $	2,275 $	2,705 $	38,155	—

• Business Insurance policy packages that include property and general liability coverages are generally referred to as the package line of business ^{p. 51}.
• P&C Loss and Loss Adjustment Expense Reserves, Net of Reinsurance, by Segment as of December 31, 2025 ^{p. 51}.
• Descriptions of coverages for lines of business are in Part I - Item 1, Business ^{p. 51}.

Overview of reserving for property and casualty insurance claims

• It typically takes many months or years to pay claims under a property and casualty insurance product, requiring the Company to establish reserves when a loss is incurred ^{p. 51}.
• Most policies provide occurrence-based coverage, where loss is incurred when a claim event happens (e.g., automobile accident, house fire, employee injury) ^{p. 51}.
• Some policies, mainly for directors and officers insurance and errors and omissions insurance, are claims-made policies, where loss is incurred when reported to the Company, even if the event occurred earlier ^{p. 51}.
• Loss and loss adjustment expense reserves cover estimated ultimate costs of paying claims, less amounts paid to date, including estimates for reported and unreported claims and associated processing/settling expenses ^{p. 51}.
• Case reserves are set by claims handlers for individual claims and adjusted as new information becomes available ^{p. 51}.
• Incurred but not reported ('IBNR') reserves represent the difference between estimated ultimate claim costs and actual reported loss and loss adjustment expenses ^{p. 51}.
• Reported losses include cumulative paid loss and loss adjustment expenses plus case reserves for outstanding reported claims ^{p. 51}.
• For most lines, Company actuaries evaluate total reserves (IBNR and case reserves) on an accident year basis, which is the calendar year a loss is incurred or reported for claims-made policies ^{p. 51}.
• For certain lines, total reserves are evaluated on a policy year basis (calendar year a policy incepts) and then converted to accident year ^{p. 52}.
• Reserve estimates can change due to unexpected external environmental changes ^{p. 52}.
• Higher than expected inflation in claim costs (e.g., medical care, auto parts, wages, home repair) would cause claims to settle for more than initially reserved ^{p. 52}.
• Changes in the economy can increase or decrease claim frequency (e.g., improving economy leading to more auto claims or changes in workers' compensation claims) ^{p. 52}.
• An increase in litigated claims can increase claim severity (average settlement amount per claim) ^{p. 52}.
• Changes in the judicial environment can affect interpretations of damages and policy coverage, impacting claim severity ^{p. 52}.
• New legislation can change damage definitions or statutes of limitations, increasing claim frequency or severity ^{p. 52}.
• New types of injuries from previously uncontemplated exposures (e.g., pharmaceutical products, silica, lead paint, sexual molestation, construction defects) can arise ^{p. 52}.
• Legal system abuse pressures, such as increased litigation funding and aggressive plaintiff attorney tactics, can increase jury awards and the percentage of litigated claims, affecting general liability and automobile claim frequency and severity ^{p. 52}.
• Reserve estimates can also change due to internal Company operations ^{p. 52}.
• Delays or accelerations in claim handling may signal a need to adjust reserves ^{p. 52}.
• New lines of business may have unestablished loss development patterns ^{p. 52}.
• Changes in geographic mix, industry mix, or policy limit/deductible mix can increase the risk of losses developing differently than assumed ^{p. 52}.
• Changes in risk selection quality in underwriting and policy language interpretations could increase or decrease ultimate losses from initial assumptions ^{p. 52}.
• For assumed reinsurance, all aforementioned risks apply ^{p. 52}.
• The Company assumes property and casualty risks from other insurers via its Global Re business and from pools/associations ^{p. 52}.
• Global Re, part of global specialty business, primarily assumes property, casualty, and specialty risks ^{p. 52}.
• Changes in case reserving and reporting patterns of ceding companies create additional uncertainty in estimating assumed reinsurance reserves ^{p. 52}.
• Due to the complexity of assumptions, final claim settlements may vary significantly from present estimates, especially for long-term settlements ^{p. 52}.
• Reinsurance Recoverables: The Company cedes a share of underwritten risks to other insurers through facultative and treaty reinsurance agreements ^{p. 52}.
• The Company records reinsurance recoverables for ceded losses and loss adjustment expenses, representing anticipated recovery from reinsurers for unpaid claims, including IBNR ^{p. 52}.
• The portion of losses and LAE to be ceded is estimated based on applicable reinsurance terms, including IBNR for ultimately ceded losses ^{p. 52}.
• An allowance for uncollectible reinsurance is provided, reflecting management's best estimate of uncollectible cessions due to reinsurers' unwillingness or inability to pay ^{p. 52}.
• The allowance for uncollectible reinsurance comprises an ACL (considering reinsurer credit quality) and an allowance for disputed balances (considering arbitration/litigation outcomes and commutation activity) ^{p. 52}.
• Where permitted, the Company secures reinsurance recoverables with collateral like irrevocable letters of credit, secured trusts, funds held accounts, and group-wide offsets ^{p. 52}.
• The allowance for uncollectible reinsurance was USD 66m as of December 31, 2025, consisting of USD 27m for Business Insurance, USD 2m for Personal Insurance, and USD 37m for Property & Casualty Other Operations ^{p. 52}.
• The Company's estimate of reinsurance recoverables, net of the allowance, is subject to similar risks and uncertainties as gross reserve estimates for unpaid losses and LAE ^{p. 52}.
• Review of Reserve Adequacy: The Hartford regularly reviews reserve levels by line of business, considering trends impacting ultimate claim settlement ^{p. 52}.
• For Property & Casualty Other Operations, asbestos and environmental ('Run-off A&E') reserves are reviewed by event type, not line of business ^{p. 52}.
• Material reserve adjustments are reflected in the operating results of the period they are determined necessary ^{p. 52}.
• Management believes current information has been properly considered in establishing reserves and recording reinsurance recoverables ^{p. 52}.

Reserving methodology

• The Company's property and casualty lines of business (excluding asbestos and environmental) use specific reserving methods ^{p. 52}.
• Reserves are set by line of business within operating segments, and a single line may be written in multiple segments ^{p. 52}.
• Long-tail lines of business have reported losses emerge over a long period (e.g., workers' compensation, general liability, professional liability, assumed reinsurance) ^{p. 53}.
• Short-tail lines of business have reported losses emerge more quickly (e.g., homeowners, commercial property, marine property, automobile physical damage) ^{p. 53}.
• For short-tail lines, emergence of paid losses and case reserves is credible and indicative of ultimate losses ^{p. 53}.
• For long-tail lines, emergence of paid losses and case reserves is less credible in early accident years and may not indicate ultimate losses ^{p. 53}.
• Actuarial Methods and Judgments: Reserving actuaries regularly review reserves for current and prior accident years using the most current claim data ^{p. 53}.
• A variety of actuarial methods and judgments are used for most lines to select estimated ultimate losses and LAE ^{p. 53}.
• Reserve selections incorporate input from claims personnel, pricing actuaries, and operating management regarding loss cost trends and other factors ^{p. 53}.
• Some reserves are reviewed quarterly (e.g., commercial property, homeowners, personal automobile, most workers' compensation) ^{p. 53}.
• Other reserves are reviewed semi-annually (e.g., commercial automobile, marine, package business, most general liability and professional liability) ^{p. 53}.
• Additional reserves are reviewed semi-annually or annually, including those for accident years older than 12 years for Personal Insurance and 20 years for Business Insurance, as well as bond, assumed reinsurance, latent exposures (e.g., construction defects), and ULAE ^{p. 53}.
• For semi-annually or annually reviewed reserves, management monitors paid and reported loss emergence in intervening quarters and performs reviews if warranted ^{p. 53}.
• An expected loss ratio ("ELR") is used for initially recording reserves for both short-tail and long-tail lines ^{p. 53}.
• The ELR is determined by adjusting the average loss ratio of recent prior accident years for expected changes in earned pricing, loss frequency and severity, business mix, ceded reinsurance, and other factors ^{p. 53}.
• For short-tail lines, current accident year IBNR weights both the initial ELR multiplied by earned premium and a loss development approach ^{p. 53}.
• For long-tail lines, current accident year IBNR is initially recorded as the product of the ELR and earned premium, less reported losses ^{p. 53}.
• As losses emerge, actuaries use other methods to estimate ultimate unpaid losses, including paid and reported loss development methods, frequency/severity techniques, and the Bornhuetter-Ferguson method ^{p. 53}.
• The weight given to different methods varies based on accident year maturity, business mix, and internal/external influences on claims experience ^{p. 53}.
• Reserve reviews produce estimates representing a range of actuarial indications ^{p. 53}.
• Reserve Discounting: Most property and casualty insurance product reserves are not discounted ^{p. 53}.
• The Company has discounted liabilities funded through structured settlements and a portion of workers' compensation reserves with fixed and determinable payment streams ^{p. 53}.
• Further discussion of discounted liabilities is in Note 1 - Basis of Presentation and Significant Accounting Policies ^{p. 53}.

Differences between U.S. GAAP and statutory basis

• As of December 31, 2025 and 2024, U.S. property and casualty insurance product reserves for losses and LAE, net of reinsurance, were approximately USD 1.4bn lower under U.S. GAAP than on a statutory basis ^{p. 53}.
• This difference is primarily due to reinsurance recoverables on the A&E adverse development cover reinsurance agreement, which is recorded as a reduction of other liabilities under statutory accounting ^{p. 53}.
• Excluding these retroactive reinsurance agreements, U.S. property and casualty insurance product reserves, net of reinsurance, were approximately equal under U.S. GAAP and statutory basis ^{p. 53}.
• Further discussion of these agreements is in Note 1 - Basis of Presentation and Significant Accounting Policies ^{p. 53}.
• Reserving Methods by Line of Business: Apart from Run-off A&E, specific reserving methods are preferred by line of business ^{p. 53}.
• Actuarial estimates are generated at a finer level of detail (e.g., by distribution channel, coverage, accident period), so other methods may be used within a line of business ^{p. 53}.
• The weight given to methods changes as circumstances change ^{p. 53}.

Preferred reserving methods by line of business

| | | | | | | | | | | | | | | | | | | | | | | |

The recorded reserve for losses and loss adjustment expenses represents the Company's best estimate of the ultimate settlement amount of unpaid losses and loss adjustment expenses. In applying judgment, the best estimate is selected after considering the estimates derived from a number of actuarial methods, giving more weight to those methods deemed more predictive of ultimate unpaid losses and loss adjustment expenses. The Company does not produce a statistical range or confidence interval of reserve estimates and, since reserving methods with more credibility are given greater weight, the selected best estimate may differ from the mid-point of the various estimates produced by the actuarial methods used.

• Assumptions for selected actuarial indications consider factors like the immaturity of emerged claims in recent accident years, emerging trends, and volatility within each line of business ^{p. 55}.
• Adjustments to reserves for prior accident years are called 'prior accident year development' ^{p. 55}.
• Increases in previous estimates are unfavorable reserve development; decreases are favorable reserve development ^{p. 55}.
• Reserve development can influence the comparability of year-over-year underwriting results ^{p. 55}.
• Changes to reserve estimates recorded in 2025 are discussed in Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses ^{p. 55}.

Current trends contributing to reserve uncertainty

• The Hartford, as a multi-line property and casualty insurer, is subject to reserve uncertainty from changes in loss trends and other conditions ^{p. 55}.
• Management must assess if market conditions and loss trends constitute a long-term trend requiring a reserving action ^{p. 55}.
• General liability within Business Insurance and Property & Casualty Other Operations includes exposure to bodily injury, property damage, and product liability claims ^{p. 55}.
• Reserves for these exposures are difficult to estimate due to long development patterns and settlement uncertainty ^{p. 55}.
• The Company has exposure to bodily injury claims from long-term or continuous exposure to harmful products/substances, including pharmaceutical products, silica, talcum powder, PFAS, CTE, and lead paint ^{p. 55}.
• Exposure also includes claims from construction defects (alleged property damage or bodily injury from negligent construction) ^{p. 55}.
• The Company has exposure to claims against religious institutions and other organizations related to sexual molestation and sexual abuse ^{p. 55}.
• Information on the settlement agreement with the Boy Scouts of America ("BSA") is in Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses ^{p. 55}.
• State 'reviver' statutes extending statutes of limitations for certain sexual molestation and sexual abuse claims could lead to additional litigation or unexpected losses ^{p. 55}.
• Such exposures may involve long latency periods and implicate coverage in multiple policy periods, raising complex coverage issues ^{p. 55}.
• Insured bankruptcies can also impact these exposures ^{p. 55}.
• These factors make reserves for such claims more uncertain than other bodily injury or property damage claims ^{p. 55}.
• The Company monitors litigation trends, legislation, similarities to other mass torts, and potential impact on reserves for these exposures ^{p. 55}.
• The Company also monitors legal system abuse, increased litigation funding, and aggressive plaintiff attorney tactics that can increase jury awards and litigated claims ^{p. 55}.
• Uncertainty in estimated claim severity causes reserve variability, including changes in internal claim handling and case reserving practices ^{p. 55}.
• Workers' compensation, included in small business and middle & large business, is the Company's largest line of business and has the longest loss emergence pattern ^{p. 55}.
• Deviations from historical settlement payment patterns would make loss reserve estimates less reliable ^{p. 55}.
• Medical costs comprise approximately 50% of workers' compensation payments ^{p. 55}.
• Workers' compensation reserve estimates are sensitive to changes in medical inflation, medical care procedures, and state legislative/regulatory environments ^{p. 55}.
• Economic changes could reduce injured workers' ability to return to work, lengthening disability benefit periods ^{p. 55}.
• In national accounts, reserves for large deductible workers' compensation insurance require estimating losses attributable to the deductible, for which the Company is contractually liable if the insured defaults ^{p. 55}.
• Commercial automobile reserve variability is caused by uncertainty in estimated claim severity, including changes in internal claim handling/case reserving practices and external factors like legal system abuse ^{p. 55}.
• Directors and officers insurance reserve volatility can result from uncertainty regarding the number and severity of security class action suits ^{p. 55}.
• The Company's exposure to D&O losses, domestically and internationally, is primarily in excess layers, making loss estimates more complex ^{p. 55}.
• Personal automobile claims emerge over relatively shorter periods, but estimates can vary due to uncertain frequency and severity trends ^{p. 55}.
• Severity trends are influenced by internal factors (claim handling, case reserving) and external conditions (supply chain stability affecting parts/labor costs) ^{p. 55}.
• Severity trends can also be impacted by legal system abuse, increased litigation funding, and aggressive plaintiff attorney tactics ^{p. 55}.
• Changes in claim practices increase uncertainty in case reserve data interpretation and recorded reserve levels ^{p. 55}.
• Recent accident years show shifts in claim severity development due to higher costs for advanced vehicle components and greater attorney involvement, increasing uncertainty in historical patterns ^{p. 55}.
• New products and class plans can lead to a different business mix, increasing reserve projection uncertainty as historical data may not apply ^{p. 55}.
• Assumed reinsurance pricing and reserving are challenging due to longer time between occurrence and reporting to reinsurer, diverse development patterns, reliance on ceding companies for information, and differing pricing/reserving practices ^{p. 56}.
• Past trends may not impact future liability development in the same manner or degree ^{p. 56}.
• Actual losses and LAE may deviate substantially from expected estimates ^{p. 56}.
• International business may have additional uncertainty from geopolitical, foreign currency, and trade dispute risks, in addition to line-specific trends ^{p. 56}.
• Catastrophes within Business Insurance and Personal Insurance expose the Company to property damage losses ^{p. 56}.
• Reserves for hurricanes, tropical storms, tornado/hail, wildfires, earthquakes, and other catastrophes are highly uncertain regarding claim number and average severity, especially near financial reporting period ends ^{p. 56}.
• After a catastrophe, access to impacted areas may be limited, hindering claims adjusting, loss inspection, and damage estimation ^{p. 56}.
• Catastrophe losses are estimated using claim notices, third-party data, visual images of affected areas, and historical loss reporting patterns ^{p. 56}.

Impact of key assumptions on reserves

• The Company estimates reserves using various methods, assumptions, and data elements ^{p. 56}.
• Statistical loss distributions or confidence levels are not used in determining reserve estimates, so reserve ranges are not disclosed ^{p. 56}.
• For most lines of business, future loss development factors applied to paid or reported losses are the most important reserve assumptions ^{p. 56}.
• Trend in loss cost frequency and severity is a key assumption, especially for recent accident years where loss development factors are less credible ^{p. 56}.
• For automobile liability lines, the key indicator is the annual loss cost trend, particularly the severity trend component ^{p. 56}.
• For workers' compensation and general liability, loss development patterns are a key indicator, especially for more mature accident years ^{p. 56}.
• Workers' compensation paid loss development patterns have been impacted by medical cost inflation and other loss cost trend changes ^{p. 56}.
• General liability incurred loss development patterns have been impacted by new claim types (e.g., PFAS) and shifts in claim mixture ^{p. 56}.
• Each impact described is estimated individually, without considering correlations among key indicators or lines of business ^{p. 56}.
• It is inappropriate to sum these individual estimates to estimate total reserve volatility ^{p. 56}.
• The estimated variation for any one reserving line of business is a reasonable estimate of potential reserve development over several calendar years ^{p. 56}.
• The discussed variation is not a worst-case scenario, and future variation could exceed these amounts ^{p. 56}.
• The variation does not represent a statistical range of potential reserve outcomes, and other factors can drive additional reserve variation ^{p. 56}.

—	Possible Change in Key Indicator	Reserves, Net of Reinsurance 2025	Estimated Range of Potential Reserve Development
Personal Automobile Liability	+/- 2.5 points to the annual assumed change in loss cost severity for the two most recent accident years	$1.7 billion	+/- $90
Commercial Automobile Liability	+/- 2.5 points to the annual assumed change in loss cost severity for the two most recent accident years	$1.8 billion	+/- $50
Workers' Compensation	2.5% change in paid loss development patterns	$13.1 billion	+/- $500
General Liability	8% change in reported loss development patterns	$6.4 billion	+/- $800

• No facts.

Reserving for asbestos and environmental claims

• The process for establishing asbestos and environmental (A&E) reserves involves estimating gross reserves, then estimating reinsurance recoverables ^{p. 57}.
• For gross asbestos claims, the Company evaluates insureds' estimated liabilities by examining individual exposures and coverage application ^{p. 57}.
• Factors considered for asbestos claims include jurisdictions, past/pending/anticipated claim activity, plaintiff demands, disease mix, past settlement values, dismissal rates, allocated loss adjustment expense, and impact of other defendants' bankruptcies ^{p. 57}.
• For gross environmental reserves, factors considered include historical values of similar claims, number of sites, insureds' alleged activities, alleged environmental damage, liability shares of responsible parties, remediation appropriateness/cost, governmental enforcement, and impact of other defendants' bankruptcies ^{p. 57}.
• After evaluating insureds' probable A&E liabilities, the Company evaluates insurance coverage, including total available coverage, judicial interpretations of policy language, policy limit enforcement on multi-year policies, and applicable coverage defenses ^{p. 57}.
• Estimated liabilities and Company exposure depend heavily on legal issues and litigation environment analysis, conducted by Company lawyers and subject to privileges ^{p. 57}.
• For both A&E reserves, the Company analyzes historical paid and reported losses/expenses year by year to assess trends, fluctuations, or characteristics ^{p. 57}.
• Historical data is analyzed on both a direct basis and net of reinsurance ^{p. 57}.
• Once gross ultimate exposure for indemnity and allocated LAE is determined by policy year, ceded reinsurance recoverables are calculated based on applicable facultative/treaty reinsurance and Company experience with collections ^{p. 57}.
• The section "A&E Adverse Development Cover" discusses the impact of the reinsurance agreement with NICO on future adverse development of A&E reserves ^{p. 57}.
• Uncertainties Regarding Adequacy of A&E Reserves: Many factors affect the variability of gross A&E reserve estimates ^{p. 57}.
• These factors include assumptions on claim frequency, average severity of settled claims, dismissal rate of claims with no payment, resolution of coverage disputes, and expense to indemnity ratio ^{p. 57}.
• A&E reserve estimates are subject to greater variability than traditional exposures ^{p. 57}.
• Estimating A&E reserves remains subject to a wide variety of uncertainties detailed in Note 14 Commitments and Contingencies ^{p. 57}.
• The Company believes its current A&E reserves are appropriate ^{p. 57}.
• Future developments could cause changes to gross A&E reserve estimates ^{p. 57}.
• Losses ceded under the adverse development cover ("A&E ADC") with NICO in excess of the USD 650m ceded premium paid resulted in a deferred gain, creating a timing difference between gross reserve increases and reinsurance recovery recognition ^{p. 57}.
• This timing difference results in a charge to net income until recoveries are recognized ^{p. 57}.
• The Company will continue to monitor Property & Casualty Other Operations reserves regularly, including annual reviews of asbestos liabilities, reinsurance recoverables, the allowance for uncollectible reinsurance, and environmental liabilities ^{p. 57}.
• Adjustments will be made when future developments indicate ^{p. 57}.

Total P&C insurance product reserves development

• Management believes that reserves recorded for the Company's property and casualty insurance products as of December 31, 2025, represent the best estimate of its ultimate liability for unpaid losses and loss adjustment expenses, based on known facts and current law ^{p. 57}.
• Due to significant uncertainties, management's estimate of ultimate liabilities may change, and required adjustments could be material to the Company's results of operations or liquidity ^{p. 57}.
• Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Year Ended December 31, 2025 ^{p. 58}.

—	Business Insurance	Personal Insurance	P&C Other Operations	Total P&C 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	7,909	2,307	-	10,216
Current accident year catastrophes	421	327	-	748
Prior accident year development	-441	-179	196	-424
Total provision for unpaid losses and loss adjustment expenses	7,889	2,455	196	10,540
Change in deferred gain on retroactive reinsurance included in the provision for the period but reflected in other liabilities	64	-	-	64
Payments	-6,243	-2,428	-185	-8,856
Foreign currency adjustment	33	-	-	33
Ending liabilities for unpaid losses and loss adjustment expenses, net	28,486	2,247	699	31,432
Reinsurance and other recoverables	4,689	28	2,006	6,723
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$ 33,175	2,275 $	2,705 $	38,155
Earned premiums and fee income	$ 13,928	3,757	—	—
Loss and loss adjustment expense paid ratio [1]	44.8	64.6	—	—
Loss and loss adjustment expense ratio	56.8	65.9	—	—
Prior accident year development (pts) [2]	-3.2	-4.8	—	—

• The 'loss and loss adjustment expense paid ratio' is the ratio of paid losses and LAE to earned premiums and fee income ^{p. 58}.
• 'Prior accident year development (pts)' is the ratio of prior accident year development to earned premiums ^{p. 58}.
• Current Accident Year Catastrophe Losses for the Year Ended December 31, 2025, Net of Reinsurance ^{p. 58}.

—	Business Insurance	Personal Insurance	Total
Wind and hail	$ 177	207 $	384
Winter storms	12	9	21
Hurricanes and tropical storms	2	-	2
Wildfires [1]	144	111	255
Other international	1	-	1
Catastrophes before assumed reinsurance	336	327	663
Global assumed reinsurance business [1] [2]	85	-	85
Total catastrophe losses	$ 421	327 $	748

• Catastrophe losses for the year ended December 31, 2025, include USD 305m (net of reinsurance) from the January 2025 California Wildfire Event, with USD 50m in global assumed reinsurance business ^{p. 58}.
• Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's aggregate property catastrophe treaty ^{p. 58}.
• Further information on the treaty is in the Enterprise Risk Management - Insurance Risk section of the MD&A ^{p. 58}.
• Unfavorable (Favorable) Prior Accident Year Development for the Year Ended December 31, 2025 ^{p. 59}.

—	Business Insurance	Personal Insurance	P&C Other Operations	Total P&C Insurance
Workers' compensation	$ (255) $	- $	- $	-255
Workers' compensation discount accretion	45	-	-	45
General liability	-	-	-	-
Marine	-	-	-	-
Package business	-	-	-	-
Commercial property	-42	-	-	-42
Professional liability	-17	-	-	-17
Bond	-71	-	-	-71
Assumed reinsurance	-	-	-	-
Automobile liability	12	-87	-	-75
Homeowners	-	-43	-	-43
Net asbestos and environmental reserves	-	-	165	165
Catastrophes	-63	-21	-	-84
Uncollectible reinsurance	-	-	6	6
Other reserve re-estimates, net [1]	14	-28	25	11
Prior accident year development before change in deferred gain	-377	-179	196	-360
Change in deferred gain on retroactive reinsurance included in other liabilities [2]	-64	-	-	-64
Total prior accident year development	$ (441) $	(179) $	196	$ (424)

• Other reserve re-estimates, net for the year ended December 31, 2025, include a favorable change of USD (34)m in personal automobile physical damage reserves ^{p. 59}.
• The USD (64)m change in deferred gain on retroactive reinsurance for the year ended December 31, 2025, relates to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting ^{p. 59}.
• As of December 31, 2025, the deferred gain on the Navigators ADC has been fully amortized ^{p. 59}.
• Factors contributing to unfavorable (favorable) prior accident year reserve development for 2025 are discussed in Note 10 Reserve for Unpaid Losses and Loss Adjustment Expenses ^{p. 59}.
• Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Year Ended December 31, 2024 ^{p. 60}.

—	Business Insurance	Personal Insurance	P&C Other Operations	Total P&C Insurance
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$ 29,181	$ 2,068	$ 2,795 $	34,044
Reinsurance and other recoverables	4,599	28	2,069	6,696
Beginning liabilities for unpaid losses and loss adjustment expenses, net	24,582	2,040	726	27,348
Provision for unpaid losses and loss adjustment expenses	—	—	—	—
Current accident year before catastrophes	7,186	2,351	-	9,537
Current accident year catastrophes	486	282	-	768
Prior accident year development	-231	-108	219	-120
Total provision for unpaid losses and loss adjustment expenses	7,441	2,525	219	10,185
Change in deferred gain on retroactive reinsurance included in other liabilities	145	-	-62	83
Payments	-5,400	-2,345	-195	-7,940
Foreign currency adjustment	-25	-	-	-25
Ending liabilities for unpaid losses and loss adjustment expenses, net	26,743	2,220	688	29,651
Reinsurance and other recoverables	4,637	20	2,096	6,753
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$ 31,380	$ 2,240	$ 2,784 $	36,404

—	Business Insurance	Personal Insurance
Loss and loss adjustment expense paid ratio [1]	42.3	67.3
Loss and loss adjustment expense ratio	58.5	73.1
Prior accident year development (pts) [2]	-1.8	-3.1

• The 'loss and loss adjustment expense paid ratio' represents the ratio of paid losses and loss adjustment expenses to earned premiums and fee income ^{p. 60}.
• 'Prior accident year development (pts)' represents the ratio of prior accident year development to earned premiums ^{p. 60}.
• Current Accident Year Catastrophe Losses for the Year Ended December 31, 2024, Net of Reinsurance ^{p. 60}.

—	Business Insurance	Personal Insurance	Total
Wind and hail	$ 210	190 $	400
Winter storms	52	18	70
Hurricanes and tropical storms [1]	136	64	200
Wildfires	1	10	11
Other international	1	-	1
Catastrophes before assumed reinsurance	400	282	682
Global assumed reinsurance business [2]	86	-	86
Total catastrophe losses	$ 486	282 $	768

• Catastrophe losses for the year ended December 31, 2024, include USD 121m (net of reinsurance) from Hurricane Helene, with USD 20m in global assumed reinsurance business ^{p. 60}.
• Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's aggregate property catastrophe treaty ^{p. 60}.
• Further information on the treaty is in the Enterprise Risk Management - Insurance Risk section of the MD&A ^{p. 60}.

—	Business Insurance	Personal Insurance	P&C Other Operations	Total P&C Insurance
Workers' compensation	$ (258)	—	—	-258
Workers' compensation discount accretion	44	—	—	44
General liability	211	—	—	211
Marine	-1	—	—	-1
Package business	-6	—	—	-6
Commercial property	-7	—	—	-7
Professional liability	-27	—	—	-27
Bond	-56	—	—	-56
Assumed reinsurance	24	—	—	24
Automobile liability	47	-30	—	17
Homeowners	—	-28	—	-28
Net asbestos and environmental reserves [1]	—	—	141	141
Catastrophes	-67	-20	—	-87
Uncollectible reinsurance	-7	—	-12	-19
Other reserve re-estimates, net [2]	17	-30	28	15
Prior accident year development before change in deferred gain	-86	-108	157	-37
Change in deferred gain on retroactive reinsurance included in other liabilities [1][3]	-145	—	62	-83
Total prior accident year development	$ (231)	$ (108)	$ 219	$ (120)

• The 2024 A&E reserve review resulted in a USD 203m increase in reserves before ADC reinsurance, of which USD 62m was recorded as a deferred gain on retroactive reinsurance ^{p. 61}.
• Other reserve re-estimates, net for the year ended December 31, 2024, include a favorable change of USD (32)m in personal automobile physical damage reserves ^{p. 61}.
• The USD 145m change in deferred gain on retroactive reinsurance for the year ended December 31, 2024, relates to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting ^{p. 61}.
• Factors contributing to unfavorable (favorable) prior accident year reserve development for 2024 are discussed in Note 10 Reserve for Unpaid Losses and Loss Adjustment Expenses ^{p. 61}.
• Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Year Ended December 31, 2023 ^{p. 62}.

—	Business Insurance	Personal Insurance	P&C Other Operations	Total P&C Insurance
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$ 28,453	1,857	$ 2,773 $	33,083
Reinsurance and other recoverables	4,574	28	1,863	6,465
Beginning liabilities for unpaid losses and loss adjustment expenses, net	23,879	1,829	910	26,618
Provision for unpaid losses and loss adjustment expenses	—	—	—	—
Current accident year before catastrophes	6,575	2,287	-	8,862
Current accident year catastrophes	436	240	-	676
Prior accident year development	-225	11	224	10
Total provision for unpaid losses and loss adjustment expenses	6,786	2,538	224	9,548
Change in deferred gain on retroactive reinsurance included in other liabilities	-	-	-194	-194
Payments [1]	-6,101	-2,327	-214	-8,642
Foreign currency adjustment	18	-	-	18
Ending liabilities for unpaid losses and loss adjustment expenses, net	24,582	2,040	726	27,348
Reinsurance and other recoverables	4,599	28	2,069	6,696
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$ 29,181	2,068	$ 2,795 $	34,044
Earned premiums and fee income	$ 11,682	3,117	—	—
Loss and loss adjustment expense paid ratio [2]	52.2	74.7	—	—
Loss and loss adjustment expense ratio	58.3	82.2	—	—
Prior accident year development (pts) [3]	-1.9	0.4	—	—

• The USD 787m settlement paid to the BSA on April 20, 2023, is included ^{p. 62}.
• Further information on the BSA settlement is in Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses ^{p. 62}.
• The 'loss and loss adjustment expense paid ratio' represents the ratio of paid losses and loss adjustment expenses to earned premiums and fee income ^{p. 62}.
• 'Prior accident year development (pts)' represents the ratio of prior accident year development to earned premiums ^{p. 62}.
• Current Accident Year Catastrophe Losses for the Year Ended December 31, 2023, Net of Reinsurance ^{p. 62}.

—	Business Insurance	Personal Insurance	Total
Wind and hail	$ 278 $	214 $	492
Winter storms	68	15	83
Hurricanes and tropical storms	10	3	13
Wildfires	3	8	11
Other international	6	-	6
Catastrophes before assumed reinsurance	365	240	605
Global assumed reinsurance business [1]	71	-	71
Total catastrophe losses	$ 436 $	240 $	676

• Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's aggregate property catastrophe treaty ^{p. 62}.
• Further information on the treaty is in the Enterprise Risk Management - Insurance Risk section of the MD&A ^{p. 62}.

—	Business	Insurance	Personal Insurance	P&C Other Operations	Total P&C Insurance
Workers' compensation	$	(236) $	- $	- $	-236
Workers' compensation discount accretion	—	42	-	-	42
General liability	—	41	-	-	41
Marine	—	-2	-	-	-2
Package business	—	-24	-	-	-24
Commercial property	—	-7	-	-	-7
Professional liability	—	-2	-	-	-2
Bond	—	-27	-	-	-27
Assumed reinsurance	—	34	-	-	34
Automobile liability	—	20	-	-	20
Homeowners	—	-	-6	-	-6
Net asbestos and environmental reserves [1]	—	-	-	-	-
Catastrophes	—	-83	-4	-	-87
Uncollectible reinsurance	—	7	1	5	13
Other reserve re-estimates, net [2]	—	12	20	25	57
Prior accident year development before change in deferred gain	—	-225	11	30	-184
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	—	-	-	194	194
Total prior accident year development	$	(225) $	11 $	224 $	10

• The year ended December 31, 2023, included USD 194m of adverse development on net asbestos and environmental reserves that was ceded to NICO but for which the Company recorded a deferred gain on retroactive reinsurance ^{p. 63}.
• Other reserve re-estimates, net for the year ended December 31, 2023, include an unfavorable change of USD 22m in personal automobile physical damage reserves ^{p. 63}.
• Factors contributing to unfavorable (favorable) prior accident year reserve development for 2023 are discussed in Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses ^{p. 63}.

Property & Casualty other operations

• Net reserves and reserve activity in Property & Casualty Other Operations are categorized as asbestos, environmental, and 'all other' ^{p. 63}.
• The 'all other' category covers various insurance and assumed reinsurance coverages, including potential liability for lead paint, silica, pharmaceutical products, head injuries, sexual molestation and sexual abuse, and other long-tail liabilities ^{p. 63}.
• Unallocated loss adjustment expense reserves are also included in 'all other' ^{p. 63}.
• The Company's allowance for uncollectible reinsurance is part of 'all other' ^{p. 63}.
• When a ceded reinsurance contract is commuted or a dispute settled, net reserves for the related cause of loss (asbestos, environmental, or all other) are increased for the portion of the allowance for uncollectible reinsurance attributable to that event ^{p. 63}.

Asbestos and environmental reserves

• The majority of the Company's A&E exposure relates to policy coverages provided prior to 1986 and is reported within the P&C Other Operations segment ('Run-off A&E') ^{p. 63}.
• Since 1986, the Company has written A&E exposures under general liability policies (Business Insurance segment) and pollution liability under homeowners policies (Personal Insurance segment) ^{p. 63}.
• Run-off A&E Summary as of December 31, 2025 ^{p. 64}.

—	Asbestos	Environmental	Total Run-off A&E
Gross	—	—	—
Direct	$ 1,411	370 $	1,781
Assumed Reinsurance	401	65	466
Total	1,812	435	2,247
Ceded- other than NICO	-482	-62	-544
Total net reserves, before ceded losses to NICO	$ 1,330	373	1,703
Ceded - NICOA & EADC "Run-off"	—	—	-1,436
Net	—	$	267

• Rollforward of Run-off A&E Losses and LAE ^{p. 64}.

—	Asbestos	Environmental	Total Run-off A&E
2025	—	—	—
Beginning net reserves before reinsurance recoverable from NICO	$ 1,385 $	377	$ 1,762
Losses and loss adjustment expenses incurred	122	43	165
Losses and loss adjustment expenses paid	-145	-45	-190
Reallocation of intersegment balances [1]	-35	-3	-38
Reclassification of allowance for uncollectible reinsurance [2]	3	1	4
Ending net reserves before reinsurance recoverable from NICO	$ 1,330 $	373	1,703
Reinsurance recoverable from NICOA & EADC [3]	—	—	-1,436

—	Asbestos	Environmental	Total Run-off A&E
2024	—	—	—
Beginning net reserves before reinsurance recoverable from NICO	$ 1,337 $	387	$ 1,724
Losses and loss adjustment expenses incurred before ceding to NICOA & EADC	167	36	203
Losses and loss adjustment expenses paid	-120	-49	-169
Reclassification of allowance for uncollectible reinsurance [2]	1	3	4
Ending net reserves before reinsurance recoverable from NICO and intersegment balances $	1,385 $	377	1,762
Reinsurance recoverable from NICOA & EADC and intersegment balances	—	—	-1,538

—	Asbestos	Environmental	Total Run-off A&E
2023	—	—	—
Beginning net reserves before reinsurance recoverable from NICO	$ 1,298 $	374 $	1,672
Losses and loss adjustment expenses incurred before ceding to NICOA & EADC	156	38	194
Losses and loss adjustment expenses paid	-120	-25	-145
Reclassification of allowance for uncollectible reinsurance [2]	3	-	3
Ending net reserves before reinsurance recoverable from NICO and intersegment balances	$ 1,337 $	387	1,724
Reinsurance recoverable from NICOA & EADC and intersegment balances	—	—	-1,476

• Reallocation of expected A&E ADC recoveries from Run-off A&E primarily to Business Insurance ^{p. 64}.
• Reclassification of an allowance for uncollectible reinsurance from the "all other" category of P&C Other Operations reserves ^{p. 64}.
• In addition to USD 1.436bn of ceded unpaid reinsurance loss and LAE recoverables related to the A&E ADC, the Company recorded USD 64m of paid reinsurance loss and LAE recoverables related to the A&E ADC on the Consolidated Balance Sheet as of December 31, 2025 ^{p. 64}.

A&E adverse development cover

• Effective December 31, 2016, the Company entered an A&E ADC reinsurance agreement with NICO to reduce uncertainty regarding potential adverse development ^{p. 64}.
• Under the A&E ADC, the Company paid a reinsurance premium of USD 650m for NICO to assume adverse net loss and allocated LAE reserve development up to USD 1.5bn above the Company's existing net A&E reserves of approximately USD 1.7bn as of December 31, 2016 ^{p. 64}.
• The USD 1.7bn included both Run-off A&E and A&E reserves in Business Insurance and Personal Insurance ^{p. 64}.
• The USD 650m reinsurance premium was placed in a collateral trust account as security for NICO's claim payment obligations ^{p. 64}.
• The Company retained the risk of collection on amounts due from other third-party reinsurers and, through 2025, remained responsible for claims handling and administrative services, subject to conditions ^{p. 64}.
• The A&E ADC covered substantially all the Company's A&E reserve development up to the reinsurance limit, which was exhausted as of December 31, 2025 ^{p. 64}.
• Under retroactive reinsurance accounting, net adverse A&E reserve development after December 31, 2016, results in an offsetting reinsurance recoverable up to the USD 1.5bn limit ^{p. 65}.
• Cumulative ceded losses up to the USD 650m reinsurance premium paid have been recognized as a dollar-for-dollar offset to direct losses incurred ^{p. 65}.
• Cumulative ceded losses exceeding the USD 650m reinsurance premium paid have resulted in a deferred gain ^{p. 65}.
• As of December 31, 2025, the Company exhausted the treaty limit and incurred a cumulative USD 1.5bn in adverse development on A&E reserves ceded under the A&E ADC treaty with NICO, all within Runoff A&E ^{p. 65}.
• No remaining coverage is available for any future adverse net reserve development ^{p. 65}.
• The Company recorded an USD 850m deferred gain within other liabilities, representing the difference between the USD 1.5bn reinsurance recoverable and the USD 650m ceded premium paid ^{p. 65}.
• As of December 31, 2025, the Company paid cumulative losses in excess of the USD 1.7bn attachment point ^{p. 65}.
• The Company recorded USD 1.436bn of ceded unpaid reinsurance loss and LAE recoverables and USD 64m of paid reinsurance loss and LAE recoverables related to the A&E ADC on the Consolidated Balance Sheet as of December 31, 2025 ^{p. 65}.
• The deferred gain will be recognized over the claim settlement period in proportion to cumulative ceded losses collected from the reinsurer to estimated ultimate reinsurance recoveries ^{p. 65}.

Net and gross survival ratios

• Net and gross survival ratios measure the quotient of carried reserves divided by average annual payments, indicating the number of years reserves would last if future annual payments were consistent with historical averages ^{p. 65}.
• Net survival ratios presented are calculated before considering the A&E ADC reinsurance agreement but net of other in-place reinsurance ^{p. 65}.
• Net and Gross Survival Ratios ^{p. 65}.

—	Asbestos	Environmental
One year net survival ratio	9.2	8.3
Three year net survival ratio	10.4	9.4
One year gross survival ratio	9.3	9.3
Three year gross survival ratio	10.4	8.9

• Run-off A&E Paid and Incurred Losses and LAE Development ^{p. 65}.

	Asbestos			Environmental		Total A&E
—	Paid Losses & LAE	Incurred	Losses & LAE	Paid Losses & LAE	Incurred Losses & LAE	Paid Losses & LAE	Incurred Losses & LAE
2025	—	—	—	—	—	—	—
Gross	$ 194	$	182 $	47 $	47 $	241 $	229
Ceded- other than NICO	-49	—	-60	-2	-4	-51	-64
Net - Gross of ADC	$ 145	$	122 $	45 $	43	190	165
Ceded - NICOA & EADC	—	—	—	—	—	-64	-
Net	—	—	—	—	$	126 $	165
2024	—	—	—	—	—	—	—
Gross	$ 159	$	206 $	75 $	49 $	234 $	255
Ceded- other than NICO	-39	—	-39	-26	-13	-65	-52
Net - Gross of ADC	$ 120	$	167 $	49 $	36	169	203
Ceded - NICOA & EADC	—	—	—	—	—	-	-62
Net	—	—	—	—	$	169 $	141
2023	—	—	—	—	—	—	—
Gross	$ 171	$	206 $	24 $	49 $	195 $	255
Ceded- other than NICO	-51	—	-50	1	-11	-50	-61
Net - Gross of ADC	$ 120	$	156 $	25 $	38	145	194
Ceded - NICOA & EADC	—	—	—	—	—	-	-194
Net	—	—	—	—	$	145 $	-

Annual reserve reviews

• Review of Asbestos and Environmental Reserves ^{p. 65}.
• The Company performs its regular comprehensive annual review of A&E reserves in the fourth quarter, covering Run-off A&E (P&C Other Operations) and A&E reserves in Business Insurance and Personal Insurance ^{p. 65}.
• As part of the 2025 fourth quarter review, the Company reviewed all open direct domestic insurance accounts exposed to A&E liability, as well as assumed reinsurance accounts ^{p. 65}.
• 2025 comprehensive annual reviews: As a result of the 2025 fourth quarter review, the Company increased A&E reserves by a total of USD 165m in P&C Other Operations ^{p. 65}.
• This increase included USD 122m for asbestos reserves and USD 43m for environmental reserves ^{p. 65}.
• The increase in asbestos reserves was primarily driven by higher-than-expected frequency, increased claim settlement rates, and higher settlement values for a subset of accounts ^{p. 65}.
• The increase in environmental reserves was due to higher environmental site cleanup and monitoring costs and higher legal expenses ^{p. 65}.
• 2024 comprehensive annual reviews: As a result of the 2024 fourth quarter review, the Company increased asbestos reserves before NICO reinsurance by USD 167m in P&C Other Operations ^{p. 66}.
• This increase was primarily driven by higher-than-expected frequency, higher settlement values for certain accounts, an increase in the Company's share of liability due to insolvencies and cost sharing agreements, and an increase in claim settlement rates ^{p. 66}.
• As a result of the 2024 fourth quarter review, the Company increased environmental reserves before NICO reinsurance by USD 36m in P&C Other Operations ^{p. 66}.
• This increase was primarily due to higher severity on recently emerged accounts, higher environmental site cleanup and monitoring costs, and higher legal expenses ^{p. 66}.
• The total USD 203m increase in asbestos and environmental reserves was charged to earnings in 2024 within P&C Other Operations ^{p. 66}.
• This total includes USD 62m that was ceded to the NICO ADC and recorded as a deferred gain under retroactive reinsurance accounting ^{p. 66}.
• As of December 31, 2024, the Company ceded the cumulative treaty limit of USD 1.5bn ^{p. 66}.
• Information regarding the 2023 comprehensive annual review is in Part II, Item 7 of The Hartford's 2024 Form 10-K Annual Report ^{p. 66}.

Review of "all other" reserves in Property & Casualty other operations

• Prior year development on all other reserves resulted in increases of USD 31m, USD 16m, and USD 30m for calendar years 2025, 2024, and 2023, respectively ^{p. 66}.
• The 2025 adverse reserve development included an increase in ULAE reserves, primarily due to higher expected aggregate claim handling costs for asbestos and environmental claims ^{p. 66}.
• The Company provides an allowance for uncollectible reinsurance to reflect its best estimate of uncollectible cessions due to reinsurers' unwillingness or inability to pay ^{p. 66}.
• In its assessment, the Company evaluates the collectibility of reinsurance recoverables and the adequacy of the allowance for uncollectible reinsurance associated with older, long-term casualty liabilities in Property & Casualty Other Operations ^{p. 66}.
• Evaluations use recent detailed assessments of ceded liabilities in the segment ^{p. 66}.
• The Company analyzed the overall credit quality of reinsurers, recent trends in arbitration/litigation outcomes, and recent developments in commutation activity ^{p. 66}.
• As of 2025, 2024, and 2023, the allowance for uncollectible reinsurance for Property & Casualty Other Operations totaled USD 37m, USD 41m, and USD 53m, respectively ^{p. 66}.
• Due to inherent uncertainties in collection and the time before recoverables are due, future adjustments to reinsurance recoverables, net of the allowance, may be required ^{p. 66}.
• Impact of Re-estimates on Property & Casualty Insurance Product Reserves ^{p. 66}.
• Estimating property and casualty insurance product reserves uses various methods, assumptions, and data elements, and ultimate losses may vary materially from current estimates ^{p. 66}.
• Many factors contribute to variations and the need to change previous reserve estimates ^{p. 66}.
• Prior accident year reserve development is generally due to new facts or changes in information interpretations and trends ^{p. 66}.
• The table shows the range of annual reserve re-estimates over the past ten years ^{p. 66}.
• The range of prior accident year development is net of ceded losses, including those ceded under two adverse development cover reinsurance agreements with NICO ^{p. 66}.
• Prior accident year development for a given calendar year is expressed as a percent of beginning calendar year reserves, net of reinsurance ^{p. 66}.
• These percentages are not a prediction of future variability, as they are influenced by specific facts and circumstances of each year and the ten-year period ^{p. 66}.
• Further discussion of potential variability is in the Preferred Reserving Methods by Line of Business and Impact of Key Assumptions on Reserves sections ^{p. 66}.
• Range of Prior Accident Year Unfavorable (Favorable) Development for the Ten Years Ended December 31, 2025 ^{p. 66}.

| | | | | | | |

• Excluding reserve increases for asbestos and environmental reserves, reserve re-estimates for total property and casualty insurance ranged from (1.9%) to 1.0% over the past ten years ^{p. 66}.
• The potential variability of the Company's property and casualty insurance product reserves is expected to vary by segment and loss exposure types ^{p. 66}.
• Illustrative factors influencing potential reserve variability for each segment are discussed under Critical Accounting Estimates for Property & Casualty Insurance Product Reserves, Net of Reinsurance and Asbestos and Environmental Reserves ^{p. 66}.
• The section "Property & Casualty Other Operations, Annual Reserve Reviews" discusses the impact of the A&E ADC retroactive reinsurance agreement with NICO on net reserve changes of asbestos and environmental reserves ^{p. 66}.
• The Company establishes reserves for group life and accident & health contracts, including long-term disability (LTD) coverage, for both reported claims and incurred but unreported claims ^{p. 67}.
• Long-term disability reserves are long-tail claim liabilities and are discounted because payment patterns and ultimate costs are reasonably fixed and determinable on an individual claim basis ^{p. 67}.
• The Company held USD 6,592m and USD 6,609m of LTD unpaid losses and loss adjustment expenses, net of reinsurance, as of December 31, 2025, and 2024, respectively ^{p. 67}.
• How Reserves are Set: A Disabled Life Reserve ("DLR") is calculated for each LTD claim ^{p. 67}.
• The DLR is the expected present value of future benefit payments, starting with the known monthly gross benefit ^{p. 67}.
• This benefit is reduced for estimates of expected claim recovery (return to work or death), offsets from other income (e.g., Social Security), and discounting ^{p. 67}.
• The discount rate is tied to the expected investment yield at the time the claim is incurred ^{p. 67}.
• Estimated future benefit payments represent the monthly income benefit paid until recovery, death, or benefit expiration ^{p. 67}.
• Claim recoveries are estimated based on claim characteristics (age, diagnosis) and represent benefits that will terminate ^{p. 67}.
• For recently closed claims due to recovery, a portion of the DLR is retained for potential claim reopening ^{p. 67}.
• A reserve for estimated unpaid claim expenses is included in the DLR ^{p. 67}.
• The DLR also includes a liability for potential payments to pending claimants beyond the elimination period who are not yet approved for LTD ^{p. 67}.
• In these cases, the present value of future benefits is reduced for the likelihood of claim denial based on Company experience ^{p. 67}.
• Estimates for IBNR claims are made by applying completion factors to expected emerged experience by line of business ^{p. 67}.
• IBNR includes bulk reserves for claims reported but still within the waiting period (typically 3 or 6 months) ^{p. 67}.
• Completion factors are derived from standard actuarial techniques using triangles displaying historical claim count emergence by incurral month ^{p. 67}.
• These estimates are reviewed for reasonableness and adjusted for current trends and other factors ^{p. 67}.
• Reserves include an estimate of unpaid claim expenses, including initial claim setup costs ^{p. 67}.
• For all products, there is a period (generally 2-12 months) where emerged claims for an incurral year are not credible enough for reserve estimation ^{p. 67}.
• In these cases, ultimate loss is estimated using earned premium multiplied by an expected loss ratio based on pricing assumptions (claim incidence, severity, earned pricing), adjusted for emerging trends ^{p. 67}.
• Key assumptions affecting long-term disability, the largest reserve within Employee Benefits, include: Discount Rate ^{p. 67}.
• The discount rate is the interest rate at which expected future claim cash flows are discounted to determine present value ^{p. 67}.
• A higher selected discount rate results in a lower reserve ^{p. 67}.
• If the discount rate exceeds future investment returns, invested assets will not earn enough income to cover discount accretion, negatively affecting profits ^{p. 67}.
• For each incurral year, discount rates are estimated based on expected investment yields net of expenses ^{p. 67}.
• Once established, discount rates for each incurral year are unchanged, except for LTD reserves assumed from Aetna's U.S. group life and disability business, which are discounted using rates as of the November 1, 2017 acquisition date ^{p. 67}.
• The weighted average discount rates on LTD reserves were 3.5% in 2025 and 3.3% in 2024 ^{p. 67}.
• Had the discount rate for each incurral year been 10 basis points lower when established, LTD unpaid loss and LAE reserves would be USD 28m higher (before tax) as of December 31, 2025 ^{p. 67}.
• Claim Termination Rates (inclusive of mortality, recoveries, and expiration of benefits) ^{p. 67}.
• Claim termination rates estimate the rate at which claimants cease receiving benefits in a given calendar year ^{p. 67}.
• Terminations result from death, recoveries, and benefit expiration ^{p. 67}.
• The probability of benefit termination for each claim is estimated using a predictive model based on past Company experience, contract provisions, job characteristics, and claimant-specific characteristics (diagnosis, time since disability, age) ^{p. 67}.
• Actual claim termination experience varies ^{p. 67}.
• Over the past 10 years, claim termination rates for a single incurral year have generally increased and ranged from 7% below to 7% above current assumptions ^{p. 67}.
• For a single recent incurral year (e.g., 2025), a 1% decrease in the LTD claim termination rate assumption would increase reserves by USD 13m ^{p. 67}.
• For all incurral years combined, as of December 31, 2025, a 1% decrease in the LTD claim termination rate assumption would increase Employee Benefits unpaid losses and LAE reserves by USD 29m ^{p. 67}.

Evaluation of goodwill for impairment

• Delays in the Social Security Administration's processing of disability claims reduce or slow the recognition of offsets to claimant benefits ^{p. 68}.
• An economic downturn or decrease in employment levels could lead to an increase in claim incidence on long-term disability claims ^{p. 68}.
• Goodwill balances are reviewed for impairment at least annually, or more frequently if triggering events occur ^{p. 68}.
• Goodwill impairment is recognized and measured based on the excess of the reporting unit's carrying value over its estimated fair value, up to the amount of goodwill ^{p. 68}.

"By investing in fixed income securities of similar duration to our liabilities, we hedge our interest rate exposure over a three year period at the time we price and sell long-term disability policies given average three year rate guarantees." ^{p. 68}

• The discount rate assumption for the 2025 incurral year is higher than for the 2024 incurral year ^{p. 68}.
• A decrease in a reporting unit's fair value increases the possibility of impairment ^{p. 68}.
• A reporting unit is an operating segment or one level below an operating segment ^{p. 68}.
• The Company's reporting units with allocated goodwill are Business Insurance, Personal Insurance, Employee Benefits, and Hartford Funds ^{p. 68}.
• The estimated fair value of each reporting unit incorporates multiple inputs into discounted cash flow calculations, including market participant assumptions ^{p. 68}.
• Assumptions include levels of economic capital, future business growth, earnings projections, assets under management for Hartford Funds, and the weighted average cost of capital ^{p. 68}.
• Decreases in business growth or earnings projections, and increases in the weighted average cost of capital, will decrease a reporting unit's fair value ^{p. 68}.
• The annual goodwill assessment for all reporting units was completed as of October 31, 2025, with no write-downs for the year ended December 31, 2025 ^{p. 68}.
• All reporting units passed the annual impairment test with a significant margin ^{p. 68}.
• Information on goodwill is in Note 9 - Goodwill & Other Intangible Assets ^{p. 68}.

Valuation of investments and derivative instruments

• Fixed Maturities, Equity Securities, Short-term Investments, and Derivatives ^{p. 68}.
• The Company generally determines fair values using valuation techniques that employ prices, rates, and other market information from identical or similar instruments ^{p. 68}.
• Valuation techniques also include estimates of future cash flows converted into a single discounted amount using current market expectations ^{p. 68}.
• The Company uses a "waterfall" approach for pricing sources: quoted prices, third-party pricing services, internal matrix pricing, and independent broker quotes ^{p. 68}.
• The fair values of derivative instruments are primarily determined using discounted cash flow or option model techniques, incorporating counterparty credit risk ^{p. 68}.
• In some cases, quoted market prices for exchange-traded transactions and OTC-cleared transactions, or independent broker quotes, may be used ^{p. 68}.
• Further discussion is in the Fixed Maturities, Equity Securities, Short-term Investments, and Derivatives section in Note 4 - Fair Value Measurements ^{p. 68}.
• Evaluation of Credit Losses on Fixed Maturities, AFS and ACL on Mortgage Loans ^{p. 68}.
• A committee of investment and accounting professionals evaluates investments quarterly to determine if a credit loss is present for fixed maturities, AFS, or if an ACL is required for mortgage loans ^{p. 68}.
• This evaluation is a quantitative and qualitative process subject to risks and uncertainties ^{p. 68}.
• Further discussion of accounting policies is in the Significant Accounting Policies Section in Note 1 - Basis of Presentation and Significant Accounting Policies ^{p. 68}.
• Discussion of credit losses recorded is in the Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments and ACL on Mortgage Loans sections within the Investment Portfolio Risk section of the MD&A ^{p. 68}.

Contingencies relating to corporate litigation and regulatory matters

• Management evaluates each contingent matter separately ^{p. 68}.
• A loss is recorded if probable and reasonably estimable ^{p. 68}.
• Management establishes reserves at its 'best estimate' or, if no single number is more probable, at the low end of the range of losses ^{p. 68}.
• The Company has a quarterly monitoring process involving legal and accounting professionals ^{p. 68}.
• Legal personnel identify outstanding corporate litigation and regulatory matters with a reasonable possibility of loss ^{p. 68}.
• Accounting and legal personnel jointly review these matters to determine if a provision for loss should be recorded or adjusted, the amount, and appropriate disclosure ^{p. 68}.
• Outcomes of certain contingencies (corporate litigation and regulatory matters) are inherently difficult to predict, and established reserves are subject to significant changes ^{p. 68}.
• Management expects that the ultimate liability, after considering provisions, will not be material to the Company's consolidated financial condition ^{p. 68}.
• Due to uncertainties and tax-deductibility of payments, the ultimate cost could exceed the reserve by an amount that would materially adversely affect consolidated results of operations or liquidity in a particular period ^{p. 68}.

Reportable segment and corporate operating summaries

Business insurance - results of operations

Underwriting Summary	FY25	FY24	FY23	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Written premiums	$ 14,456	$ 13,351	$ 12,279	8%	9%
Change in unearned premium reserve	573	630	638	(9%)	(1%)
Earned premiums	13,883	12,721	11,641	9%	9%
Fee income	45	43	41	5%	5%
Losses and loss adjustment expenses	—	—	—	—	—
Current accident year before catastrophes	7,909	7,186	6,575	10%	9%
Current accident year catastrophes [1]	421	486	436	(13%)	11%
Prior accident year development [1]	-441	-231	-225	(91%)	(3%)
Total losses and loss adjustment expenses	7,889	7,441	6,786	6%	10%
Amortization of DAC	2,201	1,993	1,779	10%	12%
Insurance operating costs	2,146	1,973	1,837	9%	7%
Amortization of other intangible assets	29	29	29	—%	—%
Dividends to policyholders	44	39	39	13%	—%
Underwriting gain	1,619	1,289	1,212	26%	6%
Net investment income [2]	1,967	1,714	1,532	15%	12%
Net realized losses [2]	-91	-73	-156	(25%)	53%
Other income (expense) [3]	-3	-5	-1	40%	NM
Income before income taxes	3,492	2,925	2,587	19%	13%
Income tax expense [4]	712	576	502	24%	15%
Net income	$ 2,780	$ 2,349	$ 2,085	18%	13%

• For additional information on current accident year catastrophes and prior accident year development, refer to MD&A - Critical Accounting Estimates, Property & Casualty Insurance Product Reserves, Net of Reinsurance and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements ^{p. 70}.
• For discussion of consolidated investment results, refer to MD&A - Investment Results ^{p. 70}.
• Integration costs in connection with the 2019 acquisition of Navigators Group are included ^{p. 70}.
• For discussion of income taxes, refer to Note 16 - Income Taxes of Notes to Consolidated Financial Statements ^{p. 70}.

Premium measures

—	FY25	FY24	FY23
Small Business:	—	—	—
Net new business premium	$ 1,206	$ 1,101	$ 915
Policy count retention	84%	84%	85%
Renewal written price increases	5.5%	6.5%	4.9%
Renewal earned price increases	7.3%	6.2%	4.4%
Policies in-force as of end of period (in thousands)	1,657	1,570	1,492
Middle Market [1]:	—	—	—
Net new business premium	$ 765	$ 717	$ 617
Premium retention	83%	84%	83%
Renewal written price increases	6.2%	6.8%	7.2%
Renewal earned price increases	7.0%	7.4%	6.5%
Global Specialty:	—	—	—
Global specialty gross new business premium [2]	$ 990	$ 944	$ 883
Renewal written price increases [3]	4.7%	6.0%	4.4%
Renewal earned price increases [3]	6.0%	6.0%	5.4%

• Except for net new business premium, metrics for middle market exclude loss sensitive and programs businesses ^{p. 71}.
• Metrics exclude Global Re and are before ceded reinsurance ^{p. 71}.
• Metrics exclude Global Re, offshore energy policies, credit and political risk insurance policies, political violence and terrorism ("PV&T") policies, and any business where the managing agent of the Lloyd's Syndicate delegates underwriting authority to coverholders and other third parties ^{p. 71}.

Underwriting ratios

—	FY25	FY24	FY23	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Loss and loss adjustment expense ratio	56.8	58.5	58.3	-1.7	0.2
Expense ratio	31.2	31.1	31.0	0.1	0.1
Policyholder dividend ratio	0.3	0.3	0.3	-	-
Combined ratio	88.3	89.9	89.6	-1.6	0.3
Adjustment to reconcile combined ratio to underlying combined ratio:	—	—	—	—	—
Current accident year catastrophes and prior year development	0.2	-2.0	-1.8	2.2	-0.2
Underlying combined ratio	88.5	87.9	87.8	0.6	0.1
Underlying loss and loss adjustment expense ratio	57.0	56.5	56.5	0.5	-
Current accident year catastrophes	3.0	3.8	3.7	-0.8	0.1
Prior accident year development	-3.2	-1.8	-1.9	-1.4	0.1
Total loss and loss adjustment expense ratio	56.8	58.5	58.3	-1.7	0.2
Loss and loss adjustment expense ratio	56.8	58.5	58.3	-1.7	0.2
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	0.2	-2.0	-1.8	2.2	-0.2
Underlying loss and loss adjustment expense ratio	57.0	56.5	56.5	0.5	-

• Net income increased primarily due to a higher underwriting gain and higher net investment income in 2025 compared to 2024 ^{p. 72}.
• For further discussion of investment results, refer to MD&A Investment Results ^{p. 72}.

Underwriting gain

• Underwriting gain increased in 2025 compared to 2024 due to earned premium growth, higher favorable prior accident year development, and lower CAY catastrophe losses ^{p. 72}.
• These favorable impacts were partially offset by a modestly higher underlying loss and LAE ratio ^{p. 72}.
• Expense ratio increased slightly due to higher staffing costs (including incentive compensation and benefits), higher commissions, higher technology costs, and an increase in doubtful accounts, largely offset by the impact of higher earned premium ^{p. 72}.
• Net Income was USD 2,085m in 2023, USD 2,349m in 2024, and USD 2,780m in 2025 ^{p. 72}.
• Underwriting Gain was USD 1,212m in 2023, USD 1,289m in 2024, and USD 1,619m in 2025 ^{p. 72}.

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

Written premiums

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

• Earned premiums increased in 2025 compared to 2024 due to written premium increases over the prior twelve months ^{p. 73}.
• Written premiums increased driven by growth across small business, middle & large business, and global specialty ^{p. 73}.
• Small business written premium increased due to strong new business and renewal written price increases in almost all lines ^{p. 73}.
• Written premium grew across all lines of business in small business ^{p. 73}.
• Middle & large business written premium increased due to strong new business and renewal written price increases in all lines ^{p. 73}.
• Written premium grew across most of general industries, industry verticals, and large and complex lines in middle & large business ^{p. 73}.
• Global specialty written premium, excluding global reinsurance, increased due to written price increases across most lines and an increase in gross new business ^{p. 73}.
• Written premiums grew in global reinsurance, primarily in credit risk, property, and specialty casualty ^{p. 73}.
• Renewal written price increases were recognized in most lines ^{p. 73}.
• In small business, renewal written price increases were lower than prior year levels overall, with mid single-digit to low double-digit price increases across most lines ^{p. 73}.
• Workers' compensation pricing was flat in small business ^{p. 73}.
• In middle market, renewal written price increases were lower than prior year levels overall, with mid single-digit to low double-digit price increases in most lines ^{p. 73}.
• Workers' compensation pricing was slightly positive in middle market ^{p. 73}.
• In global specialty, renewal written price increases were lower than prior year levels with mid single-digit price increases overall ^{p. 73}.
• Earned Premiums totaled USD 11,641m in 2023, USD 12,721m in 2024, and USD 13,883m in 2025 ^{p. 73}.
  • Small Business earned premiums were USD 4,801m in 2023, USD 5,210m in 2024, and USD 5,740m in 2025 ^{p. 73}.
  • Middle & Large Business earned premiums were USD 3,806m in 2023, USD 4,151m in 2024, and USD 4,483m in 2025 ^{p. 73}.
  • Global Specialty earned premiums were USD 2,982m in 2023, USD 3,303m in 2024, and USD 3,596m in 2025 ^{p. 73}.
• Written Premiums totaled USD 12,279m in 2023, USD 13,351m in 2024, and USD 14,456m in 2025 ^{p. 73}.
  • Small Business written premiums were USD 5,033m in 2023, USD 5,475m in 2024, and USD 5,990m in 2025 ^{p. 73}.
  • Middle & Large Business written premiums were USD 3,989m in 2023, USD 4,332m in 2024, and USD 4,655m in 2025 ^{p. 73}.
  • Global Specialty written premiums were USD 3,205m in 2023, USD 3,486m in 2024, and USD 3,747m in 2025 ^{p. 73}.
  • Other written premiums were USD 52m in 2023, USD 58m in 2024, and USD 64m in 2025 ^{p. 73}.

Underlying loss and LAE ratio

• Underlying Loss and LAE ratio increased in 2025 compared to 2024 primarily due to a slightly higher loss ratio in workers' compensation and general liability, partially offset by favorable non-CAT property losses ^{p. 74}.
• Current accident year catastrophe losses decreased for 2025 ^{p. 74}.
• 2025 CAY catastrophe losses included losses from tornado, wind, and hail events across several regions, concentrated in the South and Midwest, and to a lesser extent, the Mid-Atlantic region ^{p. 74}.
• 2025 CAY catastrophe losses also included a USD 194m loss from the January 2025 California Wildfire Event ^{p. 74}.
• 2024 CAY catastrophe losses included losses from tornado, wind, and hail events across several U.S. regions, hurricanes and tropical storms primarily in the Southeast and South regions, and winter storms mainly in the Pacific, Northeast, and South regions ^{p. 74}.
• Prior accident year development was net favorable for 2025 and included reserve decreases for workers' compensation, bond, catastrophes, and commercial property ^{p. 74}.
• 2025 prior accident year development included a benefit of USD 64m related to amortization of the Navigators ADC deferred gain ^{p. 74}.
• The deferred gain on the Navigators ADC was fully amortized as of September 30, 2025 ^{p. 74}.
• For additional information regarding the ADC reinsurance agreement, refer to Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to the Consolidated Financial Statements ^{p. 74}.
• Prior accident year development was net favorable for 2024 and included reserve decreases for workers' compensation, catastrophes, bond, and professional liability ^{p. 74}.
• These 2024 favorable developments were partially offset by reserve increases for general liability, automobile liability, and assumed reinsurance ^{p. 74}.
• 2024 prior accident year development included a benefit of USD 145m related to amortization of the Navigators ADC deferred gain ^{p. 74}.
• 2026 Outlook: The Company expects an increasingly competitive market within Business Insurance during 2026 ^{p. 74}.
• The Company expects growth in written premium and an increase in market share while generating profitable margins in 2026 ^{p. 74}.
• Underlying Loss and LAE Ratio was 56.5 in 2023, 56.5 in 2024, and 57.0 in 2025 ^{p. 74}.
• CAY CATs were USD 436m in 2023, USD 486m in 2024, and USD 421m in 2025 ^{p. 74}.
• PYD was USD (225)m in 2023, USD (231)m in 2024, and USD (441)m in 2025 ^{p. 74}.

Personal insurance - results of operations

Underwriting summary

—	FY25	FY24	FY23	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Written premiums	$ 3,730	3,598 $	3,198	4%	13%
Change in unearned premium reserve	5	145	111	(97%)	31%
Earned premiums	3,725	3,453	3,087	8%	12%
Fee income	32	33	30	(3%)	10%
Losses and loss adjustment expenses	—	—	—	—	—
Current accident year before catastrophes	2,307	2,351	2,287	(2%)	3%
Current accident year catastrophes [1]	327	282	240	16%	18%
Prior accident year development [1]	-179	-108	11	(66%)	NM
Total losses and loss adjustment expenses	2,455	2,525	2,538	(3%)	(1%)
Amortization of DAC	282	255	231	11%	10%
Insurance operating costs	718	673	576	7%	17%
Amortization of other intangible assets	2	2	2	-%	-%
Underwriting gain (loss)	300	31	-230	NM	NM
Net investment income [2]	256	222	171	15%	30%
Net realized losses [2]	-13	-14	-16	7%	13%
Net servicing and other income (expense) [3]	17	18	21	(6%)	(14%)
Income (loss) before income taxes	560	257	-54	118%	NM
Income tax expense (benefit) [4]	113	49	-15	131%	NM
Net income (loss)	$ 447	208 $	-39	115%	NM

• For discussion of current accident year catastrophes and prior accident year development, refer to MD&A - Critical Accounting Estimates, Property & Casualty Insurance Product Reserves, Net of Reinsurance and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements ^{p. 75}.
• For discussion of consolidated investment results, refer to MD&A - Investment Results ^{p. 75}.
• Servicing revenues were USD 88m in 2025, USD 85m in 2024, and USD 81m in 2023 ^{p. 75}.
• Servicing expenses were USD 71m in 2025, USD 66m in 2024, and USD 60m in 2023 ^{p. 75}.
• For discussion of income taxes, refer to Note 16 - Income Taxes of Notes to Consolidated Financial Statements ^{p. 75}.

Written and earned premiums

Written Premiums	FY25	FY24	FY23	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Earned Premiums	FY25	FY24	FY23	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Product Line	—	—	—	—	—
Automobile	$ 2,444 $	2,456 $	2,213	-%	11%
Homeowners	1,286	1,142	985	13%	16%
Total	$ 3,730 $	3,598 $	3,198	4%	13%
Earned Premiums	—	—	—	—	—
Product Line	—	—	—	—	—
Automobile	$ 2,505 $	2,401 $	2,134	4%	13%
Homeowners	1,220	1,052	953	16%	10%
Total	$ 3,725 $	3,453 $	3,087	8%	12%

—	FY25	FY24	FY23
Policies in-force end of period (in thousands)	—	—	—
Automobile	1,054	1,171	1,257
Homeowners	716	712	704
New business written premium	—	—	—
Automobile	$ 285	$ 314	$ 224
Homeowners	$ 235	$ 200	$ 93
Effective policy count retention	—	—	—
Automobile	79%	79%	83%
Homeowners	82%	83%	84%
Renewal written price increase	—	—	—
Automobile	12.8%	22.1%	16.3%
Homeowners	12.3%	14.7%	14.2%
Renewal earned price increase	—	—	—
Automobile	16.5%	21.4%	10.5%
Homeowners	13.4%	14.7%	12.9%

—	FY25	FY24	FY23	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Loss and loss adjustment expense ratio	65.9	73.1	82.2	-7.2	-9.1
Expense Ratio	26.0	26.0	25.2	-	0.8
Combined Ratio	91.9	99.1	107.5	-7.2	-8.4
Adjustment to reconcile combined ratio to underlying combined ratio:	—	—	—	—	—
Current accident year catastrophes and prior year development	-4.0	-5.1	-8.2	1.1	3.1
Underlying combined ratio	88.0	94.1	99.3	-6.1	-5.2
Underlying loss and loss adjustment expense ratio	61.9	68.1	74.1	-6.2	-6.0
Current accident year catastrophes	8.8	8.2	7.8	0.6	0.4
Prior accident year development	-4.8	-3.1	0.4	-1.7	-3.5
Total loss and loss adjustment expense ratio	65.9	73.1	82.2	-7.2	-9.1
Loss and loss adjustment expense ratio	65.9	73.1	82.2	-7.2	-9.1
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	-4.0	-5.1	-8.2	1.1	3.1
Underlying loss and loss adjustment expense ratio	61.9	68.1	74.1	-6.2	-6.0

Product combined ratios

—	FY25	FY24	FY23	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Automobile	—	—	—	—	—
Combined ratio	93.2	103.3	112.8	-10.1	-9.5
Adjustment to reconcile combined ratio to underlying combined ratio:	—	—	—	—	—
Current accident year catastrophes	-1.0	-2.6	-1.8	1.6	-0.8
Prior accident year development	4.8	2.8	-1.1	2.0	3.9
Underlying combined ratio	97.0	103.4	109.8	-6.4	-6.4
Homeowners	—	—	—	—	—
Combined ratio	89.2	90.1	96.4	-0.9	-6.3
Adjustment to reconcile combined ratio to underlying combined ratio:	—	—	—	—	—
Current accident year catastrophes	-24.8	-20.9	-21.1	-3.9	0.2
Prior accident year development	4.7	3.5	0.6	1.2	2.9
Underlying combined ratio	69.2	72.7	75.9	-3.5	-3.2

Net income (loss)

• Net income increased in 2025 compared to 2024, largely driven by improved underwriting results ^{p. 77}.

Underwriting gain (loss)

• Underwriting gain increased in 2025 compared to 2024, primarily due to an increase in earned premium from renewal price increases and more favorable prior accident year development ^{p. 77}.
• This increase was partially offset by higher current accident year catastrophe losses ^{p. 77}.
• Expense ratio was flat due to an increase in earned premium from renewal written price increases, offset by higher technology costs, staffing costs (including incentive compensation), marketing expenses, and a higher commission ratio due to business mix ^{p. 77}.
• Net Income was USD (39)m in 2023, USD 208m in 2024, and USD 447m in 2025 ^{p. 77}.
• Underwriting Gain was USD (230)m in 2023, USD 31m in 2024, and USD 300m in 2025 ^{p. 77}.

Caption: Written Premiums

• Earned premiums increased in 2025 primarily due to higher written premium over the prior twelve months in homeowners and earned pricing increases in automobile ^{p. 78}.
• Written premiums increased in 2025 driven by written pricing increases and an increase in new business premium in homeowners ^{p. 78}.
• Renewal written pricing moderated for both automobile and homeowners, primarily in response to moderating loss cost trends ^{p. 78}.
• Effective policy count retention was relatively stable for both automobile and homeowners in 2025, in response to moderating renewal written pricing increases ^{p. 78}.
• Policies in-force as of the end of 2025 declined since 2024 for automobile and increased slightly for homeowners, reflecting the level of new business in relation to non-renewed policies ^{p. 78}.
• Earned Premiums totaled USD 3,087m in 2023, USD 3,453m in 2024, and USD 3,725m in 2025 ^{p. 78}.
  • Homeowners earned premiums were USD 953m in 2023, USD 1,052m in 2024, and USD 1,220m in 2025 ^{p. 78}.
  • Automobile earned premiums were USD 2,134m in 2023, USD 2,401m in 2024, and USD 2,505m in 2025 ^{p. 78}.
• Written Premiums totaled USD 3,198m in 2023, USD 3,598m in 2024, and USD 3,730m in 2025 ^{p. 78}.
  • Homeowners written premiums were USD 985m in 2023, USD 1,142m in 2024, and USD 1,286m in 2025 ^{p. 78}.
  • Automobile written premiums were USD 2,213m in 2023, USD 2,456m in 2024, and USD 2,444m in 2025 ^{p. 78}.

Underlying loss and loss adjustment expense ratio

• Underlying loss and LAE ratio decreased in both automobile and homeowners in 2025 ^{p. 79}.
• The decrease in automobile was primarily due to earned pricing increases, partially offset by higher loss costs ^{p. 79}.
• Higher automobile loss costs were driven by higher physical damage and liability claim severities, partially offset by lower physical damage claim frequency ^{p. 79}.
• The automobile claim severity trend moderated from the prior year ^{p. 79}.
• The automobile liability severity trend continues to recognize inflationary effects and higher attorney representation rates on bodily injury claims ^{p. 79}.
• For homeowners, the decrease in the underlying loss and LAE ratio was primarily due to earned pricing increases and lower claim frequency, partially offset by higher claim severities ^{p. 79}.
• Higher homeowners severity was contributed to by higher rebuilding costs ^{p. 79}.
• Current accident year catastrophe losses increased in 2025 compared to the prior year ^{p. 79}.
• 2025 CAY catastrophe losses included losses from tornado, wind, and hail events across several regions, concentrated in the South and Midwest, and to a lesser extent, the Mountain West region ^{p. 79}.
• 2025 CAY catastrophe losses also included a USD 111m loss from the January 2025 California Wildfire Event ^{p. 79}.
• 2024 CAY catastrophe losses included losses from tornado, wind, and hail events in several U.S. regions, and to a lesser extent, from hurricanes and tropical storms primarily in the Southeast region ^{p. 79}.
• Prior accident year development was favorable in 2025, primarily driven by lower estimated severity on automobile liability, homeowners, automobile physical damage, and decreases in catastrophe-related reserves ^{p. 79}.
• Prior accident year development was favorable for 2024, primarily driven by lower estimated severity on automobile physical damage, automobile liability, and homeowners, and decreases in catastrophe-related reserves ^{p. 79}.
• 2026 Outlook: The Company expects written premium growth primarily from renewal written pricing increases in both automobile and homeowners in 2026 ^{p. 79}.
• 2026 annual written pricing increases in both automobile and homeowners are expected to moderate compared to 2025 results and remain in line with loss cost trends ^{p. 79}.
• Retention is expected to improve as written pricing moderates ^{p. 79}.
• The continued rollout of Prevail in the agency channel is expected to generate growth in agency new business policies ^{p. 79}.
• Underlying Loss and LAE Ratio was 74.1 in 2023, 68.1 in 2024, and 61.9 in 2025 ^{p. 79}.
• CAY CATs were USD 240m in 2023, USD 282m in 2024, and USD 327m in 2025 ^{p. 79}.
• PYD was USD 11m in 2023, USD (108)m in 2024, and USD (179)m in 2025 ^{p. 79}.

Property & Casualty other operations - results of operations

—	FY25	FY24	FY23	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Losses and loss adjustment expenses	—	—	—	—	—
Prior accident year development [1]	$ 196	219 $	224	(11%)	(2%)
Total losses and loss adjustment expenses	196	219	224	(11%)	(2%)
Insurance operating costs	8	9	4	(11%)	125%
Underwriting loss	-204	-228	-228	11%	-%
Net investment income [2]	76	74	69	3%	7%
Net realized losses [2]	-3	-4	-7	25%	43%
Other expenses	-1	-4	-	75%	NM
Loss before income taxes	-132	-162	-166	19%	2%
Income tax benefit [3]	-29	-35	-36	17%	3%
Net loss	$ (103)	(127) $	-130	19%	2%

• For discussion of prior accident year development, refer to MD&A - Critical Accounting Estimates, Property & Casualty Insurance Product Reserves, Net of Reinsurance and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements ^{p. 80}.
• For discussion of consolidated investment results, refer to MD&A - Investment Results ^{p. 80}.
• For discussion of income taxes, refer to Note 16 - Income Taxes of Notes to Consolidated Financial Statements ^{p. 80}.
• Net loss decreased in 2025 compared to 2024 due to lower underwriting losses and lower other expenses resulting from a one-time contract settlement charge on a claims servicing agreement recorded in the 2024 period ^{p. 80}.
• Underwriting loss decreased due to a decrease in unfavorable prior accident year reserve development ^{p. 80}.
• Unfavorable prior accident year reserve development for 2025 was primarily due to a USD 165m increase in A&E reserves and a USD 31m increase in related ULAE reserves ^{p. 80}.
• Unfavorable prior accident year reserve development for 2024 was primarily due to a USD 203m increase in A&E reserves and a USD 28m increase in related ULAE reserves ^{p. 80}.
• Asbestos reserves prior accident year development in 2025 of USD 122m was primarily due to higher-than-expected frequency, an increase in claim settlement rates, and higher settlement values for a subset of accounts ^{p. 80}.
• Environmental reserves prior accident year development in 2025 of USD 43m was primarily due to higher environmental site cleanup and monitoring costs and higher legal expenses ^{p. 80}.

Employee benefits - results of operations

Operating Summary	FY25	FY24	FY23	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Premiums and other considerations	$ 6,645	6,615	6,515	-%	2%
Net investment income [1]	533	475	469	12%	1%
Net realized losses [1]	-38	-24	-45	(58%)	47%
Total revenues	7,140	7,066	6,939	1%	2%
Benefits, losses and loss adjustment expenses	4,692	4,681	4,683	-%	-%
Amortization of DAC	33	34	34	(3%)	-%
Insurance operating costs and other expenses	1,675	1,609	1,514	4%	6%
Amortization of other intangible assets	40	40	40	-%	-%
Total benefits, losses and expenses	6,440	6,364	6,271	1%	1%
Income before income taxes	700	702	668	-%	5%
Income tax expense [2]	143	141	133	1%	6%
Net income	$ 557	561	535	(1%)	5%

• For discussion of consolidated investment results, refer to MD&A - Investment Results ^{p. 81}.
• For discussion of income taxes, refer to Note 16 - Income Taxes of Notes to Consolidated Financial Statements ^{p. 81}.

Premiums and other considerations

—	FY25	FY24	FY23	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Fully insured -ongoing premiums	$ 6,418	6,392 $	6,290	-%	2%
Buyout premiums	4	1	8	NM	(88%)
Fee income	223	222	217	-%	2%
Total premiums and other considerations	$ 6,645	6,615 $	6,515	-%	2%
Fully insured ongoing sales	$ 652	718 $	839	(9%)	(14%)

Ratios, excluding buyouts

—	FY25	FY24	FY23	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Group disability loss ratio	69.6%	68.0%	67.1%	1.6	0.9
Group life loss ratio	76.3%	78.7%	83.5%	-2.4	-4.8
Total loss ratio	70.6%	70.8%	71.8%	-0.2	-1.0
Expense ratio	26.3%	25.4%	24.3%	0.9	1.1

Margin

—	FY25	FY24	FY23	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Net income margin	7.8%	7.9%	7.7%	-0.1	0.2
Adjustments to reconcile net income margin to core earnings margin:	—	—	—	—	—
Net realized losses, before tax	0.5%	0.4%	0.4%	0.1	0.0
Integration and other non-recurring M & Acosts, before tax	-%	-%	0.1%	0.0	-0.1
Income tax expense	(0.1%)	(0.1%)	(0.1%)	0.0	0.0
Core earnings margin	8.2%	8.2%	8.1%	0.0	0.1

• Net income decreased in 2025 compared to 2024 primarily due to a higher group disability loss ratio, an increase in the expense ratio, and higher net realized losses ^{p. 82}.
• This decrease was partially offset by a lower group life loss ratio and higher net investment income ^{p. 82}.
• Insurance operating costs and other expenses were higher due to increased staffing costs (including incentive compensation and benefits) and higher technology costs (including increased investment) ^{p. 82}.
• Fully insured ongoing premiums were up slightly in 2025 as an increase in exposure on existing accounts was largely offset by lower fully insured ongoing sales during the past year ^{p. 82}.
• Fully insured ongoing sales decreased compared to the prior year, driven by lower sales of the paid family and medical leave product and fewer large case sales ^{p. 82}.
• Net Income was USD 535m in 2023, USD 561m in 2024, and USD 557m in 2025 ^{p. 82}.
• Fully Insured Ongoing Premiums totaled USD 6,290m in 2023, USD 6,392m in 2024, and USD 6,418m in 2025 ^{p. 82}.
  • Group disability premiums were USD 3,308m in 2023, USD 3,353m in 2024, and USD 3,357m in 2025 ^{p. 82}.
  • Group life premiums were USD 2,580m in 2023, USD 2,617m in 2024, and USD 2,582m in 2025 ^{p. 82}.
  • Other premiums were USD 402m in 2023, USD 422m in 2024, and USD 479m in 2025 ^{p. 82}.
• Loss ratio improved 0.2 points in 2025 compared to the prior year period ^{p. 83}.
• The group life loss ratio decreased 2.4 points driven by lower mortality across both term and accidental life products ^{p. 83}.
• The group disability loss ratio increased 1.6 points due to higher short-term and long-term disability loss trends ^{p. 83}.
• The group disability loss ratio increase was also due to the prior year update to the long-term disability claim recovery rate reserve assumptions, which reduced the prior year loss ratio by 0.5 points ^{p. 83}.
• This increase was partially offset by paid family and medical leave product pricing actions ^{p. 83}.
• Expense ratio increased primarily due to higher staffing costs (including incentive compensation and benefits) and higher technology costs (including increased investment) ^{p. 83}.
• 2026 Outlook: The Company expects growth in fully insured ongoing premiums in 2026 due to sales and continued strong book persistency ^{p. 83}.
• The group disability loss ratio will be impacted by the level of long-term disability incidence and recoveries ^{p. 83}.
• The 2025 group life loss ratio benefited from favorable mortality, which is not expected to repeat in 2026 ^{p. 83}.
• The long-term net income margin outlook for this business is expected to be approximately 6% to 7% ^{p. 83}.

Hartford Funds - results of operations

Operating Summary	FY25	FY24	FY23	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Fee income and other revenue	$ 1,077	1,035 $	973	4%	6%
Net investment income	21	20	17	5%	18%
Net realized gains	15	12	10	25%	20%
Total revenues	1,113	1,067	1,000	4%	7%
Operating costs and other expenses	844	824	781	2%	6%
Income before income taxes	269	243	219	11%	11%
Income tax expense [1]	56	51	45	10%	13%
Net income	$ 213	192 $	174	11%	10%
Daily average Hartford FundsAUM	$ 145,474	136,477	$ 127,019	7%	7%
ROA[2]	14.6	14.1	13.7	0.5	0.4
Adjustments to reconcile ROAto ROA, core earnings:	—	—	—	—	—
Effect of net realized losses (gains), excluded from core earnings, before tax	-1.0	-0.8	-0.8	-0.2	0.0
Effect of income tax expense (benefit)	0.2	-	0.1	0.2	-0.1
ROA, core earnings [2]	13.8	13.3	13.0	0.5	0.3

• For discussion of income taxes, refer to Note 16 - Income Taxes of Notes to Consolidated Financial Statements ^{p. 83}.
• Annualized earnings are divided by a daily average of assets under management, as measured in basis points ^{p. 83}.
• Expense ratio was 24.3 in 2023, 25.4 in 2024, and 26.3 in 2025 ^{p. 83}.
• Loss ratio was 71.8 in 2023, 70.8 in 2024, and 70.6 in 2025 ^{p. 83}.

Hartford Funds segment AUM

—	FY25	FY24	FY23	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Mutual Fund and ETFAUM - beginning of period	$ 128,054	119,316	$ 112,472	7%	6%
Sales - Mutual Fund	28,335	24,325	20,960	16%	16%
Redemptions - Mutual Fund	-32,628	-28,041	-28,606	(16%)	2%
Net flows - ETF	579	491	619	18%	(21%)
Net Flows - Mutual Fund and ETF	-3,714	-3,225	-7,027	(15%)	54%
Change in market value and other	18,629	11,963	13,871	56%	(14%)
Mutual Fund and ETFAUM - end of period	142,969	128,054	119,316	12%	7%
Third-party life and annuity separate accountAUM	11,260	11,544	11,709	(2%)	(1%)
Hartford FundsAUM - end of period	$ 154,229	139,598	$ 131,025	10%	7%

Mutual fund and ETF AUM by asset class

—	2025	2024	2023	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Equity - Mutual Funds	$ 95,465	$ 84,000	$ 79,352	14%	6%
Fixed Income - Mutual Funds	23,659	21,059	16,773	12%	26%
Multi-Strategy Investments - Mutual Funds [1]	18,424	18,512	19,292	-%	(4%)
Equity - ETF	2,180	1,811	2,141	20%	(15%)
Fixed Income - ETF	3,241	2,672	1,758	21%	52%
Mutual Fund and ETFAUM	$ 142,969	$ 128,054	$ 119,316	12%	7%

• Includes balanced, allocation, and alternative investment products ^{p. 84}.
• Net income increased for the year ended December 31, 2025, primarily due to an increase in fee income net of operating costs and other expenses driven by higher daily average AUM ^{p. 84}.

Hartford Funds AUM

• Hartford Funds AUM increased primarily due to an increase in equity market levels, partially offset by net outflows over the preceding twelve-month period ^{p. 84}.
• Net outflows were USD 3.7bn for the year ended December 31, 2025, compared to USD 3.2bn for the year ended December 31, 2024 ^{p. 84}.
• Net Income was USD 174m in 2023, USD 192m in 2024, and USD 213m in 2025 ^{p. 84}.
• AUM was USD 150.0bn on 12/31/23, USD 160.0bn on 12/31/24, and USD 170.0bn on 12/31/25 ^{p. 84}.
• 2026 Outlook: Assuming continued growth in equity markets in 2026, the Company expects net income for Hartford Funds to increase from 2025 to 2026 ^{p. 85}.

Corporate - results of operations

—	2025	2024	2023	Increase (Decrease) From 2024 to 2025	Increase (Decrease) From 2023 to 2024
Fee income [1]	$ 40	40 $	39	-%	3%
Net investment income [2]	58	63	47	(8%)	34%
Net realized gains [2]	30	42	26	(29%)	62%
Other revenue (loss)	19	2	2	NM	-%
Total revenues	147	147	114	-%	29%
Benefits, losses and loss adjustment expenses [3]	6	8	7	(25%)	14%
Insurance operating costs and other expenses [1]	71	54	68	31%	(21%)
Interest expense [4]	199	199	199	-%	-%
Restructuring and other costs	-	2	6	(100%)	(67%)
Total benefits, losses and expenses	276	263	280	5%	(6%)
Loss before income taxes	-129	-116	-166	(11%)	30%
Income tax benefit [5]	-71	-44	-45	(61%)	2%
Net loss	-58	-72	-121	19%	40%
Preferred stock dividends	21	21	21	-%	-%
Net loss available to common stockholders	$ (79)	(93) $	-142	15%	35%

• Includes investment management fees and expenses related to managing third-party assets ^{p. 85}.
• For discussion of consolidated investment results, refer to MD&A - Investment Results ^{p. 85}.
• Includes benefits expense on life and annuity business previously underwritten by the Company ^{p. 85}.
• For discussion of debt, refer to Note 13 - Debt of Notes to Consolidated Financial Statements ^{p. 85}.
• For discussion of income taxes, refer to Note 16 - Income Taxes of Notes to Consolidated Financial Statements ^{p. 85}.
• Net loss available to common stockholders for the year ended December 31, 2025, decreased ^{p. 85}.
• This decrease was driven by a higher net tax benefit, which includes a higher charitable stock donation benefit, the release of a provision for an uncertain tax position, and tax-related interest accruals ^{p. 85}.
• The decrease was also driven by an increase in other revenues related to valuation appreciation of an investment ^{p. 85}.
• These positive impacts were partially offset by lower net realized gains and net investment income ^{p. 85}.
• For further discussion of income taxes, refer to Note 16 - Income Taxes of Notes to Consolidated Financial Statements ^{p. 85}.
• Net Loss Available to Common Stockholders was USD (100)m in 2023, USD (75)m in 2024, and USD (50)m in 2025 ^{p. 85}.

Enterprise Risk Management

• The Board of Directors has ultimate responsibility for risk oversight ^{p. 86}.
• Management is tasked with day-to-day risk management ^{p. 86}.
• The Company manages risk through policies, controls, and limits ^{p. 86}.
• An Enterprise Risk and Capital Committee (ERCC) oversees the risk profile and management practices at the senior management level ^{p. 86}.
• Functional committees report to the ERCC, providing oversight for specific risk areas and recommending mitigation strategies ^{p. 86}.
• The Enterprise Risk Management (ERM) function supports the ERCC and functional committees ^{p. 86}.
• ERM responsibilities include risk identification and assessment ^{p. 86}.
• ERM responsibilities include the development of risk appetites, tolerances, and limits ^{p. 86}.
• ERM responsibilities include risk monitoring ^{p. 86}.
• ERM responsibilities include internal and external risk reporting ^{p. 86}.
• The Company categorizes its main risks as insurance risk, operational risk, and financial risk ^{p. 86}.

Insurance risk

• Insurance risk is the risk of losses, both catastrophic and non-catastrophic, on P&C and Employee Benefits products ^{p. 86}.
• Catastrophe insurance risk arises from natural catastrophes (weather, earthquakes, wildfires, pandemics) and man-made catastrophes (terrorism, cyber-attacks) ^{p. 86}.
• Non-catastrophe insurance risks exist in all segments except Hartford Funds ^{p. 86}.
• Property risk includes loss to personal or commercial property from various perils like auto accidents, weather, fire, theft, and machinery breakdown ^{p. 86}.
• Liability risk includes loss from auto accidents, uninsured drivers, lawsuits, defective products, environmental claims, and errors and omissions ^{p. 86}.
• Mortality risk is the risk of loss from unexpected trends in insured deaths impacting payouts from group life insurance, auto accidents, and employee deaths ^{p. 86}.
• Morbidity risk is the risk of loss from illness incurred by an insured during employment or from other covered perils ^{p. 86}.
• Disability risk is the risk of loss from personal or commercial auto-related losses, accidents outside the workplace, or injuries during employment, resulting in short-term or long-term disability payments ^{p. 87}.
• Longevity risk is the risk of loss from increased life expectancy trends among policyholders receiving long-term benefit payments ^{p. 87}.
• Cyber Insurance risk is the risk of loss to property, data breach, and business interruption from cyber-attacks ^{p. 87}.
• Catastrophe risk primarily affects property, automobile, workers' compensation, casualty, group life, and group disability lines of business ^{p. 87}.
• Non-catastrophe insurance risk can arise from unexpected loss experience, underpriced business, or underestimation of loss reserves, significantly affecting earnings ^{p. 87}.
• Catastrophe insurance risk can arise from unpredictable events, significantly affecting earnings and potentially constraining liquidity ^{p. 87}.
• Risk management policies include disciplined underwriting, exposure controls, risk-based pricing, risk modeling, risk transfer, and capital management ^{p. 87}.
• The Company uses underwriting guidelines for individual risks and aggregate exposures by geographic zone and peril ^{p. 87}.
• Internal and third-party models are used to estimate potential losses from catastrophe events and their financial impact ^{p. 87}.

"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 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." ^{p. 87}

• The Company assesses and models cyber event coverage to manage aggregate exposure to losses from cyber events ^{p. 87}.
• Deterministic scenarios modeled for cyber events include losses from malware, data breaches, DDoS attacks, cloud intrusions, and power grid attacks ^{p. 87}.
• Risk limits are set for natural catastrophes, terrorism risk, and pandemic risk ^{p. 87}.

Details and Company Limits
The Company generally limits its estimated before tax loss as a result of natural catastrophes for property & casualty exposures from a single 250-year event to less than 30% of the reported capital and surplus of the property and casualty insurance subsidiaries prior to reinsurance and to less than 15% of the reported capital and surplus of the property and casualty insurance subsidiaries after reinsurance. The Company generally limits its estimated before tax loss from an aggregation of multiple natural catastrophe events for an all-peril annual aggregate 100-year event to less than 18% reported capital and surplus of the property and casualty insurance subsidiaries after reinsurance. From time to time the estimated loss from natural catastrophes may fluctuate above or below these limits due to changes in modeled loss estimates, exposures or statutory surplus. [1] The table below represents the estimated before tax catastrophe loss exceedance probabilities, from an aggregate of all catastrophe events occurring in a one-year timeframe before and after reinsurance and from a single hurricane or earthquake occurrence.
Aggregate annual all-peril (1-in-100) (1.0%) $	3,303 $ 1,827	3,303 $ 1,827	—
Aggregate annual all-peril (1-in-250) (0.4%) $	4,453 $ 2,557	4,453 $ 2,557	—
Hurricane single occurrence (1-in-100) (1.0%) $	1,899 $ 720	1,899 $ 720	—
$ 2,986 $	1,379	1,379	—
Hurricane single occurrence (1-in-250) (0.4%)	—	—	—
Earthquake single occurrence (1-in-100) (1.0%) $	1,067 $ 508	1,067 $ 508	—
Earthquake single occurrence (1-in-250) (0.4%) $	1,756 $ 699	1,756 $ 699	—
Enterprise limits for terrorism apply to aggregations of risk across property & casualty, employee benefits and specific asset portfolios and are defined based on a deterministic, single-site conventional terrorism attack scenario. The Company manages its potential estimated loss from a conventional terrorism loss scenario, up to $2.0 billion net of reinsurance and $2.5 billion gross of reinsurance, before coverage under TRIPRA. In addition, the Company monitors exposures monthly and employs both internally developed and vendor-licensed loss modeling tools as part of its risk management discipline. Our modeled exposures to conventional terrorist attacks around landmark locations may fluctuate	Enterprise limits for terrorism apply to aggregations of risk across property & casualty, employee benefits and specific asset portfolios and are defined based on a deterministic, single-site conventional terrorism attack scenario. The Company manages its potential estimated loss from a conventional terrorism loss scenario, up to $2.0 billion net of reinsurance and $2.5 billion gross of reinsurance, before coverage under TRIPRA. In addition, the Company monitors exposures monthly and employs both internally developed and vendor-licensed loss modeling tools as part of its risk management discipline. Our modeled exposures to conventional terrorist attacks around landmark locations may fluctuate	Enterprise limits for terrorism apply to aggregations of risk across property & casualty, employee benefits and specific asset portfolios and are defined based on a deterministic, single-site conventional terrorism attack scenario. The Company manages its potential estimated loss from a conventional terrorism loss scenario, up to $2.0 billion net of reinsurance and $2.5 billion gross of reinsurance, before coverage under TRIPRA. In addition, the Company monitors exposures monthly and employs both internally developed and vendor-licensed loss modeling tools as part of its risk management discipline. Our modeled exposures to conventional terrorist attacks around landmark locations may fluctuate	Enterprise limits for terrorism apply to aggregations of risk across property & casualty, employee benefits and specific asset portfolios and are defined based on a deterministic, single-site conventional terrorism attack scenario. The Company manages its potential estimated loss from a conventional terrorism loss scenario, up to $2.0 billion net of reinsurance and $2.5 billion gross of reinsurance, before coverage under TRIPRA. In addition, the Company monitors exposures monthly and employs both internally developed and vendor-licensed loss modeling tools as part of its risk management discipline. Our modeled exposures to conventional terrorist attacks around landmark locations may fluctuate
The Company generally limits its estimated before tax loss from a single 250 year pandemic event to less than 18% of the aggregate reported capital and surplus of the property and casualty and employee benefits insurance subsidiaries. In evaluating these scenarios, the Company assesses the impact on group life, short-term disability, long-term disability and property & casualty claims. While ERM has a process to track and manage these limits, from time to time, the estimated loss for pandemics may fluctuate above or below these limits due to changes in modeled loss estimates, exposures, or statutory surplus. In addition, the Company assesses losses in the investment portfolio associated with market declines in the event of a widespread pandemic. [1]	The Company generally limits its estimated before tax loss from a single 250 year pandemic event to less than 18% of the aggregate reported capital and surplus of the property and casualty and employee benefits insurance subsidiaries. In evaluating these scenarios, the Company assesses the impact on group life, short-term disability, long-term disability and property & casualty claims. While ERM has a process to track and manage these limits, from time to time, the estimated loss for pandemics may fluctuate above or below these limits due to changes in modeled loss estimates, exposures, or statutory surplus. In addition, the Company assesses losses in the investment portfolio associated with market declines in the event of a widespread pandemic. [1]	The Company generally limits its estimated before tax loss from a single 250 year pandemic event to less than 18% of the aggregate reported capital and surplus of the property and casualty and employee benefits insurance subsidiaries. In evaluating these scenarios, the Company assesses the impact on group life, short-term disability, long-term disability and property & casualty claims. While ERM has a process to track and manage these limits, from time to time, the estimated loss for pandemics may fluctuate above or below these limits due to changes in modeled loss estimates, exposures, or statutory surplus. In addition, the Company assesses losses in the investment portfolio associated with market declines in the event of a widespread pandemic. [1]	The Company generally limits its estimated before tax loss from a single 250 year pandemic event to less than 18% of the aggregate reported capital and surplus of the property and casualty and employee benefits insurance subsidiaries. In evaluating these scenarios, the Company assesses the impact on group life, short-term disability, long-term disability and property & casualty claims. While ERM has a process to track and manage these limits, from time to time, the estimated loss for pandemics may fluctuate above or below these limits due to changes in modeled loss estimates, exposures, or statutory surplus. In addition, the Company assesses losses in the investment portfolio associated with market declines in the event of a widespread pandemic. [1]
or	or	or	or

• For U.S. insurance subsidiaries, reported capital and surplus equals actual U.S. statutory capital and surplus ^{p. 88}.
• For Navigators insurers in non-U.S. jurisdictions, reported capital and surplus equals U.S. GAAP equity less goodwill and other intangible assets ^{p. 88}.
• Loss estimates represent total property modeled losses for hurricane single occurrence events, property and workers' compensation modeled losses for earthquake single occurrence events, and modeled aggregate annual losses for natural catastrophes from all perils (hurricane, flood, earthquake, hail, tornado, wildfire, winter storms) ^{p. 88}.
• Net loss estimates assume full recovery of losses ceded to reinsurers ^{p. 88}.
• The Company manages natural catastrophe risk for group life and group disability, which are subject to separate enterprise risk management net aggregate loss limits as a percentage of enterprise surplus ^{p. 88}.
• The modeled probability of loss exceedance represents the likelihood of a loss from a single peril occurrence or aggregate catastrophe events exceeding an indicated amount within a one-year timeframe ^{p. 88}.

Reinsurance as a risk management strategy

• The Company uses reinsurance to transfer risks based on geographic or risk concentrations ^{p. 88}.
• Traditional reinsurance products include excess of loss occurrence-based products for property and workers' compensation, and individual risk (facultative) or quota share arrangements ^{p. 88}.
• The Company has no significant finite risk contracts in place, and the statutory surplus benefit from prior year contracts is immaterial ^{p. 88}.
• The Hartford participates in governmentally administered reinsurance facilities like the Florida Hurricane Catastrophe Fund (FHCF) and TRIPRA ^{p. 88}.
• Reinsurance programs mitigate catastrophe losses, including excess of loss occurrence-based treaties for property and workers' compensation, a catastrophe bond, an aggregate property catastrophe treaty, and individual risk agreements ^{p. 88}.
• The aggregate property catastrophe treaty covers aggregate losses of catastrophe events up to USD 350 per event, designated by Property Claim Services (Verisk), or net losses from two or more risks in the same loss occurrence totaling at least USD 500 thousand for international business, in excess of a USD 750 retention ^{p. 88}.
• The occurrence-based property catastrophe treaty responds in excess of USD 200 per occurrence for all perils except earthquakes and named hurricanes/tropical storms ^{p. 88}.
• For earthquakes and named tropical storms, the occurrence-based property treaty responds in excess of USD 350 per occurrence ^{p. 89}.
• The occurrence property catastrophe treaty and workers' compensation catastrophe treaties renewed January 1, 2021, do not cover pandemic losses ^{p. 89}.
• Reinsurance is in place to cover individual group life losses in excess of USD 1.25 per person ^{p. 89}.

—	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 $1.29 billion	excess of
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

• Reinsurance agreements do not cover assumed reinsurance business, which purchases its own retrocessional coverage ^{p. 89}.
• The Hartford purchased mandatory FHCF reinsurance for Florida homeowners wind events for the annual period starting June 1, 2025 ^{p. 89}.
• For the 2025-2026 period, Hartford Insurance Company of the Midwest has the largest FHCF coverage, with USD 37m in per event losses in excess of a USD 23m retention ^{p. 89}.
• Named hurricanes and tropical storms are defined by the US National Hurricane Center, US Weather Prediction Center, or their successors ^{p. 89}.
• Portions of a layer of coverage extend beyond a traditional one-year term ^{p. 89}.
• Tropical cyclones are defined as storms declared by the National Weather Service or its divisions (including the National Hurricane Center or Weather Prediction Center) to be a hurricane, tropical storm, or tropical depression ^{p. 89}.
• The aggregate treaty is not limited to a single event; it provides reinsurance protection for the aggregate of all catastrophe events (up to USD 350 per event) ^{p. 89}.
• Catastrophe events for the aggregate treaty are designated by Property Claim Services (Verisk) or, for international business, net losses from two or more risks in the same loss occurrence totaling at least USD 500 thousand ^{p. 89}.
• All catastrophe losses, except assumed reinsurance business losses, apply toward satisfying the USD 750m attachment point under the aggregate treaty ^{p. 89}.
• Workers' compensation reinsurance includes a non-catastrophe, industrial accident layer, providing coverage for 80% of USD 25m in per event losses in excess of a USD 25m retention ^{p. 89}.
• The Company has other reinsurance agreements covering property catastrophe losses, some with reinstatement of limits ^{p. 89}.
• The Per Occurrence Property Catastrophe Treaty and Workers' Compensation Catastrophe Treaty include a provision to reinstate one limit if a catastrophe loss exhausts limits on one or more layers ^{p. 89}.
• The Company has property catastrophe protection through catastrophe bonds issued via indemnity agreements with Foundation Re IV Ltd. ^{p. 89}.
• Foundation Re IV is an independent Bermuda company registered as a special purpose insurer ^{p. 89}.
• The agreements provide fully collateralized loss coverage on commercial and personal property and automobile physical damage in all 50 U.S. states, D.C., and Puerto Rico from tropical cyclone and earthquake events ^{p. 89}.
• The Company has two reinsurance agreements with Foundation Re IV ^{p. 90}.
• The first agreement, incepted January 1, 2024, provides indemnity per occurrence excess of loss coverage of 60.79% of USD 329m in excess of USD 1.29bn for the treaty term January 1, 2026, through December 31, 2026 ^{p. 90}.
• The second agreement, incepted January 1, 2026, provides indemnity per occurrence excess of loss coverage of 90% of USD 300m in excess of USD 1.6bn for the treaty term January 1, 2026, through December 31, 2029 ^{p. 90}.
• The attachment point and maximum limit are reset annually to adjust the expected loss within a predetermined range ^{p. 90}.
• The Company has not incurred any losses resulting in or expected to result in recovery under Foundation Re IV agreements since inception ^{p. 90}.
• The Company pays annual reinsurance premiums to Foundation Re IV ^{p. 90}.
• Amounts payable to the Company cannot exceed the actual losses from a covered event ^{p. 90}.
• The principal amount of catastrophe bonds will be reduced by any amounts paid to the Company ^{p. 90}.
• The reinsurance agreements meet requirements for reinsurance accounting ^{p. 90}.
• Foundation Re IV issued USD 200m and USD 270m in notes (catastrophe bonds) to investors, equal to the full coverage ^{p. 90}.
• Proceeds from issuances were deposited in a reinsurance trust account ^{p. 90}.
• Credit risk with Foundation Re IV is mitigated by a reinsurance trust account funded with money market funds investing in direct government obligations ^{p. 90}.
• Money market funds must have the highest principal stability ratings from S&P or Moody's ^{p. 90}.
• The Company concluded Foundation Re IV was a Variable Interest Entity (VIE) but did not have a variable interest in it ^{p. 90}.
• The Company is not the primary beneficiary of Foundation Re IV and does not consolidate it ^{p. 90}.
• Consolidation of Foundation Re IV in future periods is unlikely ^{p. 90}.
• For terrorism risk, private sector catastrophe reinsurance capacity is limited for nuclear, biological, chemical, or radiological attacks ^{p. 90}.
• The Company's principal reinsurance protection against large-scale terrorist attacks is TRIPRA, which extends to the end of 2027 ^{p. 90}.
• TRIPRA provides a backstop for insurance-related losses from certified acts of terrorism exceeding an industry loss threshold of USD 200m ^{p. 90}.
• Under TRIPRA, the federal government pays a percentage of losses after an insurer's losses exceed 20% of eligible direct commercial earned premiums of the prior calendar year ^{p. 90}.
• The combined annual aggregate limit for the federal government and all insurers under TRIPRA is USD 100bn ^{p. 90}.
• The federal government pays 80% of the losses ^{p. 90}.
• The Company's estimated deductible under TRIPRA is USD 2.4bn for 2026 ^{p. 90}.
• If covered losses exceed USD 100bn, Congress would determine how additional losses are paid ^{p. 90}.
• The Company has two ADC reinsurance agreements (A&E ADC and Navigators ADC), accounted for as retroactive reinsurance ^{p. 90}.
• The A&E ADC covered substantially all A&E reserve development for 2016 and prior accident years up to an aggregate limit of USD 1.5bn ^{p. 90}.
• The Navigators ADC covered substantially all reserve development of Navigators Insurance Company and affiliates for 2018 and prior accident years up to an aggregate limit of USD 300m ^{p. 90}.
• As of December 31, 2025, the Company had ceded all of the USD 300m and USD 1.5bn available limits under the Navigators ADC and A&E ADC, respectively ^{p. 90}.
• As of December 31, 2025, the Company has paid A&E ADC claims in excess of the USD 1.7bn attachment point ^{p. 90}.
• The deferred gain will be amortized into income as recoveries are received ^{p. 90}.
• During 2024 and 2025, the Company collected recoveries from NICO under the Navigators ADC and amortized USD 145m and USD 64m, respectively, of the USD 209m deferred gain ^{p. 90}.
• As of December 31, 2025, the deferred gain on the Navigators ADC has been fully amortized and the limit fully collected ^{p. 90}.
• As of December 31, 2024, the deferred gain on the Navigators ADC was USD 64m, included in other liabilities ^{p. 90}.

Reinsurance recoverables

• Property and Casualty insurance product reinsurance recoverables represent loss and loss adjustment expense recoverables from reinsurers and pools ^{p. 91}.
• A portion of gross reinsurance recoverables relates to the Company's participation in mandatory/involuntary risk pools and annuity contracts under structured settlement agreements ^{p. 91}.
• Employee Benefits and Corporate reinsurance recoverables represent reserves for future policy benefits, unpaid loss and loss adjustment expenses, and other policyholder funds recoverable from reinsurers ^{p. 91}.
• A reinsurance security review committee evaluates the credit standing, financial performance, management, and operational quality of potential reinsurers ^{p. 91}.
• The Company establishes limits tiered by reinsurer credit rating and secures future claim obligations with collateral or credit enhancement where permitted ^{p. 91}.
• The Company analyzes recent developments in commutation activity, arbitration/litigation outcomes, and overall credit quality of reinsurers ^{p. 91}.
• Annually, the Company evaluates the reinsurance recoverable asset for older, long-term casualty liabilities in Property & Casualty Other Operations ^{p. 91}.
• The Company also evaluates the allowance for uncollectible reinsurance in Business Insurance, Employee Benefits, and Corporate categories ^{p. 91}.

	Property and Casualty		Employee Benefits		Corporate		Total
—	2025	2024	2025	2024	2025	2024	2025	2024
Paid loss and loss adjustment expenses	$ 424	$ 317	$ 11	$ 7	—	$ —	$ 435	$ 324
Unpaid loss and loss adjustment expenses	6,326	6,381	284	284	215	226	6,825	6,891
Gross reinsurance recoverables	6,750	6,698	295	291	215	226	7,260	7,215
Allowance for uncollectible reinsurance	-66	-72	-1	-1	-2	-2	-69	-75
Net reinsurance recoverables	$ 6,684	$ 6,626	$ 294	$ 290	$ 213	$ 224	$ 7,191	$ 7,140

• The Company monitors the financial strength of other insurers and activity by insurance regulators and state guaranty associations ^{p. 91}.
• Insurers licensed in all states are required to become members of a guaranty fund ^{p. 91}.

8 ──

• Operational risk is the risk of loss from inadequate or failed internal processes, systems, human error, or external events ^{p. 91}.
• Sources of operational risk include compliance, cybersecurity, business disruption, technology failure, inadequate execution, reliance on models/data, internal/external fraud, third-party dependency, and talent attraction/retention ^{p. 91}.
• Operational risk impact can include financial loss, business disruption, regulatory actions, or reputational damage ^{p. 91}.
• Day-to-day management of operational risk is within each business unit and functional area ^{p. 91}.
• ERM provides an enterprise-wide view of aggregate operational risk ^{p. 91}.
• ERM is responsible for establishing, maintaining, and communicating the framework, principles, and guidelines of the operational risk management program ^{p. 91}.
• Operational risk mitigation strategies include establishing policies and monitoring risk tolerances ^{p. 91}.
• Mitigation strategies include conducting business risk assessments and implementing action plans ^{p. 91}.
• Mitigation strategies include validating crisis management protocols ^{p. 91}.
• Mitigation strategies include identifying and monitoring emerging operational risks ^{p. 91}.
• Mitigation strategies include purchasing insurance coverage ^{p. 91}.

Operational risk

Cybersecurity risk

• For information on cybersecurity incident prevention, detection, mitigation, and remediation, refer to Part I, Item 1C - Cybersecurity ^{p. 92}.

Financial risk

• Financial risks include direct and indirect risks to financial objectives from events impacting financial market conditions and asset values ^{p. 92}.
• The primary sources of financial risks are the Company's invested assets ^{p. 92}.
• The Company establishes financial risk limits to control potential loss on U.S. GAAP, statutory, and economic bases ^{p. 92}.
• Exposures are actively monitored and managed, with risks mitigated where appropriate ^{p. 92}.
• The Company uses risk management strategies including limiting risk aggregation, portfolio re-balancing, and hedging with OTC and exchange-traded derivatives ^{p. 92}.
• Derivatives objectives include hedging interest rate, equity market, credit spread, issuer default, price, or currency exchange rate risk/volatility ^{p. 92}.
• Other derivative objectives include managing liquidity ^{p. 92}.
• Other derivative objectives include controlling transaction costs ^{p. 92}.
• Other derivative objectives include engaging in income generation covered call transactions and synthetic replication transactions ^{p. 92}.
• Derivative activities are monitored by compliance and risk management teams and reviewed by senior management ^{p. 92}.
• The Company identifies liquidity, credit, interest rate, equity, and foreign currency exchange as financial risk categories ^{p. 92}.

Liquidity risk

• Liquidity risk is the risk of financial loss from inability or perceived inability to meet contractual funding obligations ^{p. 92}.
• Sources of liquidity risk include funding risk, company-specific liquidity risk, and market liquidity risk ^{p. 92}.
• Stressed market conditions may impact asset sales or transactions, potentially leading to significant loss in investment portfolio value ^{p. 92}.
• Impact of inadequate capital/liquidity could negatively affect financial strength, ability to generate cash flows, borrow at competitive rates, and raise new capital ^{p. 92}.
• Management of liquidity risk involves ongoing monitoring and reporting across the enterprise under current and stressed conditions ^{p. 92}.
• The Company measures and manages liquidity risk exposures and funding needs within prescribed limits across legal entities ^{p. 92}.
• The Company monitors internal and external conditions to identify material risk changes and emerging risks ^{p. 92}.
• Liquidity requirements of HIG Holding Company are met by fixed maturities, short-term investments, cash, dividends from subsidiaries, and issuance of common stock, debt, or borrowings ^{p. 92}.
• The Company maintains multiple sources of contingent liquidity, including a revolving credit facility, an intercompany liquidity agreement, and access to FHLBB advances ^{p. 92}.
• The CFO has primary responsibility for liquidity risk ^{p. 92}.

Credit risk and counterparty risk

• Credit risk is the risk of financial loss due to uncertainty of an obligor's or counterparty's ability to meet obligations ^{p. 92}.
• Credit risk factors include credit migration risk, default risk, and risk of value change due to credit spread changes ^{p. 92}.
• The majority of credit risk is concentrated in investment holdings and derivatives, but also exists in ceded reinsurance, bond insurance, and Business Insurance products ^{p. 92}.
• Impact of creditworthiness decline is typically an increase in credit spread, decline in fair value, potential ACL recording, and increased probability of realized loss ^{p. 92}.
• Counterparty defaults can lead to realized losses ^{p. 92}.
• Premiums receivable, reinsurance recoverable, and deductible losses recoverable are subject to credit risk ^{p. 92}.
• The objective of enterprise credit risk management is to identify, quantify, and manage credit risk to limit potential losses ^{p. 92}.
• The Company manages credit risk by managing aggregations, diversifying issuers/counterparties, and limiting exposure to specific reinsurers/counterparties ^{p. 92}.
• Potential credit losses can be mitigated through diversification (geographic, asset types, industry sectors), hedging, and collateral ^{p. 92}.
• The Company manages credit risk through surveillance, analyses, and governance processes ^{p. 93}.
• Investment and reinsurance areas have formal policies for counterparty approvals and authorizations ^{p. 93}.
• Mitigation strategies include investing in high-quality, diverse securities ^{p. 93}.
• Mitigation strategies include selling investments with heightened credit risk ^{p. 93}.
• Mitigation strategies include hedging through credit default swaps ^{p. 93}.
• Mitigation strategies include clearing derivative transactions through central clearing houses requiring daily variation margin ^{p. 93}.
• Mitigation strategies include entering into derivative and reinsurance contracts only with strong creditworthy institutions ^{p. 93}.
• Mitigation strategies include requiring collateral ^{p. 93}.
• Mitigation strategies include non-renewing policies/contracts or reinsurance treaties ^{p. 93}.
• The Company developed credit exposure thresholds based on counterparty ratings ^{p. 93}.
• Aggregate counterparty credit quality and exposure are monitored daily using an enterprise-wide credit exposure information system ^{p. 93}.
• Exposures are tracked on a current and potential basis and aggregated by ultimate parent across investments, reinsurance receivables, insurance products, and derivatives ^{p. 93}.
• As of December 31, 2025, the Company had no investment exposure to any single issuer or counterparty credit concentration risk greater than 10% of stockholders' equity, excluding the U.S. government and certain agencies ^{p. 93}.

Assets and liabilities subject to credit risk

• Invested assets are essentially all subject to credit risk ^{p. 93}.
• In 2025, net credit losses on fixed maturities, AFS were USD 0 ^{p. 93}.
• In 2025, net credit loss on mortgage loans was USD 6m ^{p. 93}.
• In 2024, net credit losses on fixed maturities, AFS were USD 2m ^{p. 93}.
• In 2024, net credit loss reversal on mortgage loans was USD 3m ^{p. 93}.
• Reinsurance recoverables, net of allowance for uncollectible reinsurance, were USD 7,191m as of December 31, 2025 ^{p. 93}.
• Reinsurance recoverables, net of allowance for uncollectible reinsurance, were USD 7,140m as of December 31, 2024 ^{p. 93}.
• The Company collects premiums and holds reserves for bond insurance risk exposures ^{p. 93}.
• Bond insurance risk is managed through underwriting risk assessment, collateral requirements, claims management, and reinsurance ^{p. 93}.
• Premiums receivable and agents' balances, net of an ACL, were USD 6,316m as of December 31, 2025 ^{p. 93}.
• Premiums receivable and agents' balances, net of an ACL, were USD 5,998m as of December 31, 2024 ^{p. 93}.

Credit risk of derivatives

• The use of derivative counterparties creates credit risk that the counterparty may not perform ^{p. 93}.
• Downgrades to credit ratings of insurance operating companies may adversely affect derivative use ^{p. 93}.
• Downgrades may give derivative counterparties the right to cancel/settle trades or require additional collateral ^{p. 93}.
• Downgrades may make counterparties unwilling to engage in or clear additional derivatives or require more collateral ^{p. 93}.

Managing the credit risk of counterparties to derivative instruments

• The Company has derivative counterparty exposure policies to limit credit risk ^{p. 93}.
• Counterparty exposure is monitored monthly for compliance with policies and statutory limitations ^{p. 93}.
• Policies establish market-based credit limits, favor long-term financial stability, and typically require credit enhancement/risk-reducing agreements ^{p. 93}.
• The Company minimizes derivative credit risk by transacting with high-quality counterparties, primarily rated A or better ^{p. 94}.
• OTC derivative contracts are generally governed by an ISDA Master Agreement, structured by legal entity and counterparty, permitting right of offset ^{p. 94}.
• Credit support annexes are entered into with ISDA agreements, requiring daily collateral settlement based on agreed thresholds ^{p. 94}.
• Credit exposures are generally quantified based on the prior business day's net fair value of all derivative positions with a single counterparty ^{p. 94}.
• Notional amount of derivative contracts represents the basis for pay/receive amounts and is not necessarily reflective of credit risk ^{p. 94}.
• Collateral arrangements are entered into for derivative positions, with collateral pledged or held if exposure is greater than zero, subject to minimum transfer thresholds ^{p. 94}.
• Collateral is typically settled on the same business day ^{p. 94}.

Use of credit derivatives

• The Company may use credit default swaps to manage credit exposure or assume credit risk for yield enhancement ^{p. 94}.

Credit risk reduced through credit derivatives

• The Company may use credit derivatives to purchase credit protection for a single entity or referenced index ^{p. 94}.
• Credit protection may be purchased through credit default swaps to economically hedge and manage credit risk of fixed maturity investments ^{p. 94}.
• As of December 31, 2025 and 2024, the Company did not hold credit derivatives that purchase credit protection ^{p. 94}.

Credit risk assumed through credit derivatives

• The Company may enter into credit default swaps that assume credit risk as part of replication transactions ^{p. 94}.
• Replication transactions synthetically replicate characteristics and performance of permissible investments ^{p. 94}.
• As of December 31, 2025 and 2024, the Company did not hold credit default swaps that assume credit risk ^{p. 94}.

Credit risk of business operations

• A portion of the Business Insurance business is written with large deductibles or retrospectively-rated plans ^{p. 94}.
• For large deductible contracts, the Company pays the claimant and is reimbursed by the policyholder, incurring credit risk until reimbursement ^{p. 94}.
• Retrospectively-rated policies, primarily for workers' compensation, adjust the ultimate premium based on actual losses ^{p. 94}.
• While retrospectively-rated policies reduce insurance risk, they present credit risk to the Company ^{p. 94}.
• Failure of policyholders to reimburse for deductibles or additional premiums could adversely affect results of operations ^{p. 94}.
• These credit risks are managed through credit analysis, collateral requirements, and oversight ^{p. 94}.

Interest rate risk

• Interest rate risk is the risk of financial loss due to adverse changes in asset and liability values from interest rate movements ^{p. 94}.
• Interest rate risk includes exposures to changes in level of interest rates, shape of the term structure, and volatility ^{p. 94}.
• Interest rate risk does not include exposure to changes in credit spreads ^{p. 94}.
• Sources of interest rate risk include investments in fixed maturities and commercial mortgage loans, Company debt securities, preferred stock, discount rate assumptions for claim reserves and pension obligations, and assets supporting pension plans ^{p. 94}.
• Changes in interest rates can have both favorable and unfavorable effects ^{p. 94}.

Change in Interest Rates	Favorable Effects	Unfavorable Effects
Ý	• Additional net investment income due to reinvesting at higher yields and higher yields on variable rate securities	• Decrease in the fair value of the fixed income investment portfolio
Þ	• Increase in the fair value of the fixed income investment portfolio •	Lower net investment income due to reinvesting at lower yields and lower yields on variable rate securities • Acceleration in paydowns

• The Company primarily manages interest rate risk by constructing investment portfolios with duration targets aligned with liability durations ^{p. 95}.
• Interest rate risk is analyzed using parametric models and cash flow simulation under various market scenarios ^{p. 95}.
• Key metrics used to quantify interest rate risk exposure include duration, convexity, and key rate duration ^{p. 95}.
• The Company may use interest rate swaps and futures to mitigate interest rate risk and manage portfolio duration ^{p. 95}.
• Interest rate swaps are primarily used to convert interest receipts or payments to a fixed or variable rate ^{p. 95}.
• As of December 31, 2025, notional amounts for derivatives used to manage interest rate risk totaled USD 4.1bn ^{p. 95}.
• As of December 31, 2024, notional amounts for derivatives used to manage interest rate risk totaled USD 4.6bn ^{p. 95}.
• These derivatives primarily relate to hedging invested assets ^{p. 95}.
• As of December 31, 2025, the fair value of these derivatives was USD (3)m ^{p. 95}.
• As of December 31, 2024, the fair value of these derivatives was USD 0m ^{p. 95}.

Assets and liabilities subject to interest rate risk

• The fair value of fixed income investments (fixed maturities, commercial mortgage loans, short-term investments) was USD 57.4bn at December 31, 2025 ^{p. 95}.
• The fair value of fixed income investments was USD 53.3bn at December 31, 2024 ^{p. 95}.
• The weighted average duration of the portfolio, including derivatives, was approximately 3.9 years as of December 31, 2025 ^{p. 95}.
• The weighted average duration of the portfolio, including derivatives, was approximately 3.8 years as of December 31, 2024 ^{p. 95}.
• Changes in the fair value of fixed maturities due to interest rate changes are reflected in AOCI ^{p. 95}.
• Variable rate debt obligations will generally result in increased interest expense with higher interest rates ^{p. 95}.
• The Company entered into an interest-rate swap agreement to convert variable interest rate payments on its USD 500m junior subordinated debentures due 2067 to fixed payments ^{p. 95}.
• Changes in the value of fixed rate long-term debt due to interest rate changes impact fair value but not carrying value on the Consolidated Balance Sheets ^{p. 95}.
• Cash outflows from Employee Benefits segment contracts (group life, short/long-term disability) are not interest rate sensitive but vary by timing ^{p. 95}.
• These products rely on actuarial pricing assumptions (mortality, morbidity) and have cash flow uncertainty ^{p. 95}.
• As of December 31, 2025, the Company had USD 8,404m in reserves for group life and disability contracts ^{p. 95}.
• As of December 31, 2024, the Company had USD 8,496m in reserves for group life and disability contracts ^{p. 95}.
• For most Employee Benefits liabilities, interest rate changes impact fair value but not carrying value ^{p. 95}.
• For long-duration insurance contracts, interest rate changes impact both fair value and carrying value ^{p. 95}.
• The Company's pension and other postretirement benefit obligations are exposed to interest rate risk from sensitivity of present value obligations to discount rate changes ^{p. 95}.
• For the pension plan, exposure also comes from sensitivity of fair value of investments to interest rate changes ^{p. 95}.
• The discount rate assumption is based on an interest rate yield curve reflecting high-quality fixed income investments consistent with liability maturity ^{p. 95}.
• The Company is exposed to making additional pension plan contributions if investment returns are lower than expected ^{p. 95}.
• As of December 31, 2025, there were no remaining assets in the other postretirement plan, so the Company will fund from its own assets going forward ^{p. 95}.

Interest rate sensitivity

• The table includes the before-tax change in net economic value of Employee Benefits segment contracts (group life and disability) and corresponding invested assets ^{p. 95}.
• For long-duration insurance contracts, the discount rate is updated quarterly based on a current market observable, upper-medium grade fixed maturity yield ^{p. 95}.
• This yield is interpreted as based on single-A credit rated fixed maturity instruments with similar duration to the related liability ^{p. 95}.
• The analysis includes interest rate sensitive derivatives used to hedge exposure in investment portfolios supporting these contracts ^{p. 95}.
• The analysis excludes assets and liabilities of other insurance products like automobile, property, workers' compensation, and general liability ^{p. 95}.
• Limited partnerships and other alternative investments are omitted due to lower and less predictable interest rate sensitivity ^{p. 95}.
• The calculation assumes a 100 basis point upward and downward parallel shift in the yield curve ^{p. 95}.
• The 100 basis point parallel shift is an illustration and not a prediction of future market events ^{p. 96}.
• Actual results could differ due to estimates and assumptions ^{p. 96}.
• The calculation assumes consistent composition of invested assets and liabilities and constant relationship between short-term and long-term interest rates ^{p. 96}.
• Calculations may not fully capture the impact of portfolio re-allocations, significant product sales, or non-parallel interest rate changes ^{p. 96}.

—	Change in Net Economic Value as of December 31,
—	2025	2024
Basis point shift	-100	+100

• The carrying value of assets supporting Employee Benefits (primarily long-term disability reserves) was USD 10.1bn as of December 31, 2025 ^{p. 96}.
• The carrying value of assets supporting Employee Benefits was USD 10.0bn as of December 31, 2024 ^{p. 96}.
• These assets included fixed maturities, commercial mortgage loans, and short-term investments ^{p. 96}.
• Assets are monitored and managed within set duration guidelines and evaluated daily and annually using scenario simulation ^{p. 96}.

Invested assets not supporting group life and disability reserves

• The table provides an analysis of the estimated before-tax change in fair value of the Company's investments and related derivatives, excluding those supporting Employee Benefits reserves ^{p. 96}.
• The analysis assumes 100 basis point upward and downward parallel shifts in the yield curve as of December 31, 2025 and 2024 ^{p. 96}.
• Limited partnerships and other alternative investments are omitted due to lower and less predictable interest rate sensitivity ^{p. 96}.

—	2025		2024
Basis point shift	-100	+100	-100	+100
Increase (decrease) in fair value, before tax	$ 1,895	$ (1,788)	$ 1,758	$ (1,627)

• The carrying value of fixed maturities, commercial mortgage loans, and short-term investments, excluding those supporting Employee Benefits short and long-term disability reserves, was USD 47.3bn as of December 31, 2025 ^{p. 96}.
• The carrying value of fixed maturities, commercial mortgage loans, and short-term investments, excluding those supporting Employee Benefits short and long-term disability reserves, was USD 43.3bn as of December 31, 2024 ^{p. 96}.

Long-term debt

• A 100 basis point parallel decrease in the yield curve would increase the fair value of long-term debt by USD 393m as of December 31, 2025 ^{p. 96}.
• A 100 basis point parallel decrease in the yield curve would increase the fair value of long-term debt by USD 397m as of December 31, 2024 ^{p. 96}.
• A 100 basis point parallel increase in the yield curve would decrease the fair value of long-term debt by USD 335m as of December 31, 2025 ^{p. 96}.
• A 100 basis point parallel increase in the yield curve would decrease the fair value of long-term debt by USD 336m as of December 31, 2024 ^{p. 96}.
• Changes in the value of long-term debt due to interest rate changes will not impact the carrying value on the Consolidated Balance Sheets ^{p. 96}.

Pension and other postretirement plan obligations

• A 100 basis point parallel decrease in the yield curve would increase unfunded liabilities (or decrease assets) for pension and other postretirement plan obligations by USD 11m as of December 31, 2025 ^{p. 96}.
• A 100 basis point parallel decrease in the yield curve would increase unfunded liabilities (or decrease assets) for pension and other postretirement plan obligations by USD 9m as of December 31, 2024 ^{p. 96}.
• A 100 basis point parallel increase in the yield curve would decrease unfunded liabilities (or increase assets) for pension and other postretirement plan obligations by USD (2)m as of December 31, 2025 ^{p. 96}.
• A 100 basis point parallel increase in the yield curve would decrease unfunded liabilities (or increase assets) for pension and other postretirement plan obligations by USD 3m as of December 31, 2024 ^{p. 96}.
• Gains or losses from yield curve changes on pension and postretirement plan obligations are recorded in AOCI and amortized into net periodic benefit cost when exceeding a threshold ^{p. 96}.

Equity risk

• Equity risk is the risk of financial loss due to changes in the value of global equities or equity indices ^{p. 96}.
• Sources of equity risk include invested assets, assets supporting pension plans, and fee income from Hartford Funds AUM ^{p. 96}.
• The investment portfolio is exposed to losses from market declines affecting equity securities and derivatives ^{p. 97}.
• Investments in limited partnerships and other alternative investments have correlation to domestic equity market levels and can expose the Company to earnings losses if valuations decline ^{p. 97}.
• Earnings impacts from private equity and other funds are recognized with a three-month lag ^{p. 97}.
• For assets supporting pension plans, additional plan contributions may be required if equity investments decline in value ^{p. 97}.
• Hartford Funds earnings are significantly influenced by U.S. and other equity markets ^{p. 97}.
• Declines in equity markets generally reduce average daily AUM and fee income ^{p. 97}.
• The Company manages equity exposure through limits on equity investments, diversification, and hedging of equity indices ^{p. 97}.
• The asset allocation mix for pension plans is reviewed periodically ^{p. 97}.
• Pension plans maintain a list of permissible/prohibited investments and impose concentration limits and investment quality requirements ^{p. 97}.

Assets and liabilities subject to equity risk

• The investment portfolio is exposed to losses from market declines affecting equity securities, derivatives, limited partnerships, and other alternative investments ^{p. 97}.
• Declines in equity markets generally reduce the value of these investments and could negatively impact earnings ^{p. 97}.
• For equity securities, changes in fair value are reported in net realized gains and losses ^{p. 97}.
• For limited partnerships and other alternative investments, the Company's share of earnings is recorded in net investment income, typically with a delay ^{p. 97}.
• The Company may be required to make additional pension plan contributions if equity investments in the plan portfolios decline in value ^{p. 97}.
• Declines in value are recognized as unrealized losses in AOCI ^{p. 97}.
• Increases in equity markets are recognized as unrealized gains in AOCI ^{p. 97}.
• Unrealized gains and losses in AOCI are amortized into the actuarial loss component of net periodic benefit cost when they exceed a threshold ^{p. 97}.
• AUM in Hartford Funds may decrease in value during equity market declines, leading to lower earnings ^{p. 97}.

Equity sensitivity

• The tables include the estimated before-tax change in economic value of invested assets and pension plan assets sensitive to equity risk ^{p. 97}.
• The calculation assumes a 20% upward and downward shock to the S&P 500 ^{p. 97}.
• For limited partnerships and other alternative investments, economic value movement is calculated using beta analysis derived from historical experience relative to the S&P 500 ^{p. 97}.
• The 20% S&P 500 shock is an illustration and not a prediction of future market events ^{p. 97}.
• Actual results could differ due to estimates and assumptions ^{p. 97}.
• These calculations do not capture the impact of portfolio re-allocations ^{p. 97}.

—	As of December 31, 2025			As of December 31, 2024
(Before tax)	Fair Value	+20%	-20%	Fair Value	+20%	-20%
Investment Portfolio	$ 6,296 $	793 $	-793	$ 5,645	672 $	-636
Assets supporting pension plans	$ 738 $	88 $	-88	$ 787	93 $	-93

Hartford Funds assets under management

• Hartford Funds earnings are significantly influenced by U.S. and other equity markets ^{p. 98}.
• A hypothetical 20% decline in equity markets remaining depressed for one year would result in an estimated before-tax impact of approximately USD 70m on Hartford Funds earnings for that year as of December 31, 2025 ^{p. 98}.
• The 20% S&P 500 shock is an illustration and not a prediction of future market events ^{p. 98}.
• Actual results could differ due to estimates and assumptions ^{p. 98}.

Foreign currency exchange risk

• Foreign currency exchange risk is the risk of financial loss due to changes in relative currency values ^{p. 98}.
• Sources of currency risk include non-U.S. dollar denominated cash, fixed maturities, and derivative instruments ^{p. 98}.
• The Company has non-U.S. subsidiaries with functional currencies other than USD, transacting in multiple currencies ^{p. 98}.
• Impact of currency value changes can create variability in cash flows and realized/unrealized gains/losses on asset/liability fair values ^{p. 98}.
• The impact on fair value of fixed maturities, AFS due to foreign currency exchange rate changes is reported in unrealized gains or losses as part of OCI ^{p. 98}.
• Realization of gains or losses from investment sales or changes in investments that record fair value changes through income statement is reflected through net realized gains and losses ^{p. 98}.
• For insurance and reinsurance contracts where losses are paid in foreign currency, the impact of exchange rate changes on related assets and liabilities is reflected through net realized gains and losses ^{p. 98}.
• These assets/liabilities include cash, premiums receivable, reinsurance recoverables, and unpaid losses/loss adjustment expenses ^{p. 98}.
• The Company translates assets, liabilities, and income of non-U.S. dollar functional currency legal entities into U.S. dollars, reported as a component of OCI ^{p. 98}.
• The Company manages foreign currency exchange risk primarily through asset-liability matching and derivative instruments ^{p. 98}.
• Legal entity capital is invested in local currencies to satisfy regulatory requirements and support local insurance operations ^{p. 98}.
• Foreign currency exposure of non-U.S. dollar denominated investments is commonly reduced through asset sales or hedges using foreign currency swaps and forwards ^{p. 98}.

Assets and liabilities subject to foreign currency exchange risk

• The investment portfolio is exposed to foreign exchange risk affecting non-U.S. dollar denominated cash, fixed maturities, and derivative instruments ^{p. 98}.
• Changes in relative currency values can impact net realized gains and losses or unrealized gains (losses) as part of OCI ^{p. 98}.
• The Company has non-U.S. dollar denominated insurance and reinsurance contracts and associated premiums receivable, reinsurance recoverables, and unpaid losses/loss adjustment expenses exposed to foreign exchange risk ^{p. 98}.
• For contracts within U.S. dollar functional currency legal entities, changes in foreign currency exchange rates can impact net realized gains and losses ^{p. 98}.
• For contracts within non-U.S. dollar functional currency legal entities, changes in the functional currency relative to the U.S. dollar can impact OCI ^{p. 98}.

Foreign currency sensitivity

• The table provides the estimated impact of a hypothetical 10% unfavorable change in exchange rates for the Company's primary currencies creating foreign exchange risk ^{p. 98}.
• Actual results could differ due to estimates and assumptions ^{p. 98}.
• Amounts presented are in U.S. dollars and before tax ^{p. 98}.

—	GBP	CAD	10% Unfavorable Change
December 31, 2025	—	—	—
Net assets (liabilities)	$ 275 $	217 $	-45
December 31, 2024	—	—	—
Net assets (liabilities)	$ 204 $	191 $	-36

• The table excludes currencies where the value of net assets in U.S. dollar equivalent is less than 1% of total net assets of the Company ^{p. 99}.

Financial risk on U.S. statutory capital

• U.S. Statutory surplus amounts and RBC ratios may increase or decrease depending on various factors, especially in extreme scenarios or with multiple simultaneous factors ^{p. 99}.
• Changes in certain market factors or a combination of factors can have a counterintuitive impact on RBC ratios ^{p. 99}.
• A decrease in the value of certain fixed-income and equity securities (due to widening credit spreads, increased interest rates, or declining equity markets) may decrease statutory surplus and RBC ratios ^{p. 99}.
• A decline in investment yields may reduce net investment income, decreasing statutory surplus and RBC ratios ^{p. 99}.
• Decreases in the value of certain derivative instruments not qualifying for hedge accounting may reduce statutory surplus and RBC ratios ^{p. 99}.
• Non-market factors can also impact the amount and volatility of obligations, statutory surplus, and RBC ratios ^{p. 99}.

"Most of these factors are outside of the Company's control. 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 internal models that have the effect of increasing or decreasing the amount of capital we must hold in order to maintain our current ratings." ^{p. 99}

Investment portfolio risk

• Credit ratings referenced are generally the midpoint of available ratings from Moody's, S&P, and Fitch ^{p. 100}.
• If no rating is available from a rating agency, an internally developed rating is used ^{p. 100}.
• Accrued investment income related to fixed maturities is not included in amortized cost or fair value ^{p. 100}.

Fixed maturities, AFS by type

	December 31, 2025						December 31, 2024
—	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	$ 3,375	$ - $	41	$ (2)	$ 3,414	7.4%	$ 3,013	$ -	$ 25	$ (11) $	3,027	7.1 %
Other	1,253	-	10	-14	1,249	2.7%	935	-	3	-28	910	2.2 %
CLOs	3,310	-2	9	-1	3,316	7.2%	3,237	-	13	-	3,250	7.6 %
CMBS	—	—	—	—	—	—	—	—	—	—	—	—
Agency [1]	1,192	-14	19	-87	1,110	2.4%	1,284	-13	16	-128	1,159	2.7 %
Bonds	1,206	-	1	-61	1,146	2.5%	1,597	-	1	-114	1,484	3.5 %
Interest only	70	-	4	-2	72	0.2%	95	-	4	-6	93	0.2 %
Corporate	—	—	—	—	—	—	—	—	—	—	—	—
Basic industry	1,232	-	18	-19	1,231	2.7%	1,100	-	5	-43	1,062	2.5 %
Capital goods	1,757	-	44	-30	1,771	3.8%	1,769	-	14	-69	1,714	4.0 %
Consumer cyclical	1,667	-	36	-37	1,666	3.6%	1,599	-	9	-63	1,545	3.6 %
Consumer non- cyclical	2,860	-	54	-84	2,830	6.2%	2,641	-	16	-139	2,518	5.9 %
Energy	1,452	-	27	-38	1,441	3.1%	1,395	-	10	-59	1,346	3.2 %
Financial services	6,952	-	87	-125	6,914	15.0%	6,455	-	28	-245	6,238	14.7 %
Tech./comm.	3,400	-	55	-114	3,341	7.3%	2,848	-	19	-169	2,698	6.3 %
Transportation	862	-	12	-34	840	1.8%	930	-	5	-58	877	2.1 %
Utilities	2,793	-	39	-116	2,716	5.9%	2,464	-3	11	-167	2,305	5.4 %
Real estate investment trusts ("REITs")	330	-	3	-7	326	0.7%	354	-	-	-21	333	0.8 %
Foreign govt./govt. agencies	440	-	9	-2	447	1.0%	500	-	3	-23	480	1.1 %
Municipal bonds	—	—	—	—	—	—	—	—	—	—	—	—
Taxable	1,685	-	19	-92	1,612	3.5%	1,384	-	6	-126	1,264	3.0 %
Tax-exempt	3,146	-	70	-176	3,040	6.6%	4,190	-	71	-221	4,040	9.5 %
RMBS	—	—	—	—	—	—	—	—	—	—	—	—
Agency	3,544	-	33	-139	3,438	7.5%	3,002	-	7	-225	2,784	6.5 %
Non-agency	2,828	-	17	-105	2,740	5.9%	2,608	-	6	-168	2,446	5.8 %
U.S. Treasuries	1,517	-	3	-139	1,381	3.0%	1,138	-	-	-144	994	2.3 %
Total fixed maturities,	$ 46,871	$ (16) $	610	$	46,041	100.0%	44,538	-16	$ 272	$ (2,227)	$	100.0 %
AFS	—	—	—	-1,424	$	—	$ $	$ $	—	—	42,567	—
FVO securities	—	—	—	$	168	—	—	—	—	$	308	—

• Includes securities with pools of loans issued by the Small Business Administration backed by the full faith and credit of the U.S. government ^{p. 100}.

Fixed maturities, AFS by credit quality

	December 31, 2025			December 31, 2024
—	Amortized Cost	Fair Value	Percent of Total Fair Value	Amortized Cost	Fair Value	Percent of Total Fair Value
United States Government/Government agencies	$ 6,253	$ 5,929	12.9%	$ 5,424	$ 4,937	11.6%
AAA	7,819	7,751	16.8%	7,340	7,166	16.8%
AA	7,484	7,340	15.9%	7,762	7,484	17.6%
A	12,653	12,470	27.1%	11,422	10,933	25.7%
BBB	10,377	10,250	22.3%	10,227	9,722	22.8%
BB & below	2,285	2,301	5.0%	2,363	2,325	5.5%
Total fixed maturities, AFS [1]	$ 46,871	$ 46,041	100.0%	$ 44,538	$ 42,567	100.0%

• Excludes FVO securities ^{p. 101}.
• The fair value of fixed maturities, AFS increased compared to December 31, 2024 ^{p. 101}.
• The increase was primarily due to net additions of corporate bonds, high-quality RMBS, and ABS ^{p. 101}.
• This was partially offset by net reductions to tax-exempt municipal bonds ^{p. 101}.
• The increase was also due to higher valuations resulting from lower interest rates ^{p. 101}.

Commercial & residential real estate

• The tables present the Company's exposure to CMBS and RMBS by credit quality ^{p. 101}.

	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

• The table presents the Company's exposure to CMBS and RMBS as of December 31, 2024 ^{p. 102}.

	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]	$ 14	$ 14	$ 1,270	$ 1,145	—	—	—	—	—	—	$ 1,284	$ 1,159
Bonds	609	578	407	376	267	240	147	137	167	153	1,597	1,484
Interest Only	53	51	31	31	6	6	5	5	—	—	95	93
Total CMBS	676	643	1,708	1,552	273	246	152	142	167	153	2,976	2,736
RMBS	—	—	—	—	—	—	—	—	—	—	—	—
Agency	—	—	3,002	2,784	—	—	—	—	—	—	3,002	2,784
Non-Agency	1,565	1,468	751	702	205	195	72	68	15	13	2,608	2,446
Total RMBS	1,565	1,468	3,753	3,486	205	195	72	68	15	13	5,610	5,230
Total CMBS & RMBS	$ 2,241	$ 2,111	$ 5,461	$ 5,038	$ 478	$ 441	$ 224	$ 210	$ 182	$ 166	$ 8,586	$ 7,966

• Includes securities with pools of loans issued by the Small Business Administration backed by the full faith and credit of the U.S. government ^{p. 102}.
• The Company has exposure to commercial mortgage loans ^{p. 102}.
• These loans are collateralized by real estate properties diversified geographically and by property type ^{p. 102}.
• Commercial mortgage loans are originated as high-quality whole loans ^{p. 102}.
• The Company may sell participation interests in loans to third parties ^{p. 102}.
• A loan participation interest represents a prorata share in interest and principal payments ^{p. 102}.
• As of December 31, 2025, mortgage loans had an amortized cost of USD 6.9bn and carrying value of USD 6.8bn, with an ACL of USD 49m ^{p. 102}.
• As of December 31, 2024, mortgage loans had an amortized cost of USD 6.4bn and carrying value of USD 6.4bn, with an ACL of USD 44m ^{p. 102}.
• The Company funded USD 1.3bn of commercial mortgage loans (primarily industrial properties) during the twelve months ended December 31, 2025 ^{p. 102}.
• These funded loans had a weighted average loan-to-value (LTV) ratio of 57% and a weighted average yield of 6.2% ^{p. 102}.
• The Company continues to originate commercial mortgage loans on institutional-quality properties with strong LTV ratios ^{p. 102}.
• There were no mortgage loans held for sale as of December 31, 2025 or December 31, 2024 ^{p. 102}.

Municipal bonds

• The table presents the Company's exposure to municipal bonds by type and weighted average credit quality ^{p. 102}.

	December 31, 2025			December 31, 2024
—	Amortized Cost	Fair Value	Weighted Average Credit Quality	Amortized Cost	Fair Value	Weighted Average Credit Quality
General Obligation	$ 798	800	AA	$ 1,033	1,008	AA
Pre-refunded [1]	46	46	AA+	86	87	AA+
Revenue	—	—	—	—	—	—
Transportation	985	951	A+	1,134	1,084	A+
Health Care	939	880	A+	864	789	A+
Leasing [2]	543	517	AA	627	588	AA
Education	370	358	AA	402	385	AA
Water & Sewer	249	231	AA	308	289	AA
Sales Tax	165	165	AA	183	183	AA
Housing	163	159	AA	195	185	AA
Power	137	130	A+	281	272	A
Other	436	415	A+	461	434	AA-
Total Revenue	3,987	3,806	AA-	4,455	4,209	AA-
Total Municipal	$ 4,831	4,652	AA-	$ 5,574	5,304	AA-

• Pre-refunded bonds are bonds for which an irrevocable trust containing sufficient U.S. treasury, agency, or other securities has been established to fund remaining payments ^{p. 103}.
• Leasing revenue bonds are obligations of a financing authority that leases facilities back to a municipality ^{p. 103}.
• Notes are typically secured by lease payments made by the municipality, which may be subject to annual appropriation or general tax revenues ^{p. 103}.
• As of December 31, 2025, the largest issuer concentrations were Metropolitan Transportation Authority, CommonSpirit Health, and the State of California ^{p. 103}.
• Each of these concentrations comprised less than 4% of the municipal bond portfolio and were primarily general obligation and revenue bonds ^{p. 103}.
• As of December 31, 2024, the largest issuer concentrations were the State of Illinois, the State of California, and the Metropolitan Transportation Authority ^{p. 103}.
• Each of these concentrations comprised less than 3% of the municipal bond portfolio and were primarily general obligation and revenue bonds ^{p. 103}.
• In total, municipal bonds make up 7% of the fair value of the Company's investment portfolio ^{p. 103}.

Limited partnerships and other alternative investments

• The table presents the Company's investments in limited partnerships and other alternative investments ^{p. 103}.
• These include real estate joint ventures, real estate funds, private equity funds, other funds, and other alternative investments ^{p. 103}.
• Private equity funds primarily consist of investments in funds with diversified pools of investments in small to mid-sized non-public businesses ^{p. 103}.
• Income or losses on these investments are recognized with a three-month delay ^{p. 103}.

Year Ended December 31,
2025	2024	2023

—	Amount	Yield [1]	Amount	Yield [1]	Amount	Yield [1]
Real estate joint ventures and funds	$ (33)	-1.7%	$ (67)	-3.4%	$ (10)	-0.5%
Private equity funds	191	9.2%	108	5.9%	161	9.9%
Other funds	115	16.6%	60	11.7%	29	6.6%
Other alternative investments [2]	30	5.4%	47	9.1%	32	6.6%
Total	$ 303	5.8%	$ 148	3.0%	$ 212	4.8%

• Yields are calculated using annualized net investment income divided by the monthly average invested assets ^{p. 103}.
• Consists of an insurer-owned life insurance policy primarily invested in private equity funds and fixed income ^{p. 103}.

	December 31, 2025		December 31, 2024
—	Amount	Percent	Amount	Percent
Real estate joint ventures and funds	$ 1,986	34.2%	$ 1,907	37.8%
Private equity funds	2,327	40.1%	1,956	38.8%
Other funds	910	15.7%	623	12.4%
Other alternative investments [1]	581	10.0%	556	11.0%
Total	$ 5,804	100.0%	$ 5,042	100.0%

• Consists of an insurer-owned life insurance policy primarily invested in private equity funds and fixed income ^{p. 104}.

Fixed maturities, AFS - unrealized loss aging

• Total gross unrealized losses were USD 1.4bn as of December 31, 2025 ^{p. 104}.
• Gross unrealized losses have decreased by USD 803m since December 31, 2024, primarily due to lower interest rates ^{p. 104}.
• As of December 31, 2025, USD 1.1bn of gross unrealized losses were associated with fixed maturities, AFS depressed less than 20% of amortized cost ^{p. 104}.
• The remaining USD 0.3bn of gross unrealized losses were associated with fixed maturities, AFS depressed greater than 20% ^{p. 104}.
• Fixed maturities, AFS depressed more than 20% primarily related to corporate fixed maturities, U.S. Treasuries, and municipal bonds ^{p. 104}.
• These are mainly depressed because current interest rates are higher than at their respective purchase dates ^{p. 104}.
• The Company concluded that fixed maturities in an unrealized loss position are temporarily depressed and expected to recover in value ^{p. 104}.
• For these fixed maturities, the Company's best estimate of expected future cash flows is sufficient to recover the amortized cost basis ^{p. 104}.
• The Company neither intends to sell nor expects to be required to sell these investments ^{p. 104}.

Unrealized loss aging for fixed maturities, AFS

	December 31, 2025					December 31, 2024
Consecutive Months	Items	Amortized Cost	ACL	Unrealized Loss	Fair Value	Items	Amortized Cost	ACL	Unrealized Loss	Fair Value
Three months or less	253	3,629	—	-31	3,598	1,044	9,577	—	-186	9,391
Greater than three to six months	56	441	—	-4	437	71	678	—	-24	654
Greater than six to nine months	16	311	—	-12	299	13	33	—	-1	32
Greater than nine to eleven months	55	364	—	-12	352	44	363	—	-32	331
Twelve months or more	2,279	16,172	-14	-1,365	14,793	2,761	18,938	-13	-1,984	16,941
Total	2,659	20,917	-14	-1,424	19,479	3,933	29,589	-13	-2,227	27,349

• The table shows unrealized loss aging for fixed maturities, AFS continuously depressed over 20% ^{p. 104}.

Consecutive Months	December 31, 2025					December 31, 2024
—	Items	Amortized Cost	ACL	Unrealized Loss	Fair Value	Items	Amortized Cost	ACL	Unrealized Loss	Fair Value
Three months or less	29 $	159 $	— $	(34) $	125	132 $	1,003 $	(3) $	(224) $	776
Greater than three to six months	—	—	—	—	—	3	3	—	-1	2
Greater than six to nine months	2	9	—	-2	7	4	24	-1	-6	17
Greater than nine to eleven months	10	70	—	-16	54	4	44	—	-12	32
Twelve months or more	110	997	-1	-290	706	93	811	-1	-259	551
Total	151 $	1,235 $	(1) $	(342) $	892	236 $	1,885 $	(5) $	(502) $	1,378

Credit losses on fixed maturities, AFS and intent-to-sell impairments

• For the year ended December 31, 2025, the Company recorded no net change in the ACL ^{p. 105}.
• There were no unrealized losses on securities with an ACL recognized in OCI ^{p. 105}.
• There were no intent-to-sell impairments in 2025 ^{p. 105}.
• The Company incorporates its best estimate of future performance using internal assumptions and judgments informed by economic and industry trends ^{p. 105}.
• Future intent-to-sell impairments or credit losses may develop from changes in intent to sell specific securities in an unrealized loss position ^{p. 105}.
• Future impairments or losses may also develop if modeling assumptions (macroeconomic factors or security-specific developments) change unfavorably ^{p. 105}.
• For the year ended December 31, 2024, the Company recorded net credit losses of USD 2m ^{p. 105}.
• These losses were primarily attributable to increases in the ACL of USD 1m on CMBS and USD 1m on a below investment grade corporate issuer ^{p. 105}.
• Unrealized losses on securities with an ACL recognized in other comprehensive income were less than USD 1m ^{p. 105}.
• There were no intent-to-sell impairments in 2024 ^{p. 105}.

ACL on mortgage loans

• For the year ended December 31, 2025, the Company reviews mortgage loans quarterly to estimate the ACL ^{p. 105}.
• Changes in the ACL are recorded in net realized gains and losses ^{p. 105}.
• Apart from individual mortgage loans with financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses ^{p. 105}.
• The Company recorded an increase in the ACL on mortgage loans of USD 6m in 2025 ^{p. 105}.
• This increase was primarily attributable to weaker real estate fundamentals, property-specific declines, and net additions of new loans ^{p. 105}.
• For the year ended December 31, 2024, the Company recorded a credit loss reversal of USD 3m ^{p. 105}.
• This reversal was primarily attributable to improved economic scenario forecasts and property-specific improvements, partially offset by net additions of new loans ^{p. 105}.

Capital resources and liquidity

• This section discusses the overall financial strength of The Hartford and its insurance operations, including their ability to generate cash flows, borrow funds, and raise new capital ^{p. 106}.

Summary of capital resources and liquidity

• Capital available to the holding company as of December 31, 2025:
  • Approximately USD 1.5bn in fixed maturities, short-term investments, investment sales receivable, and cash at the HIG Holding Company ^{p. 106}.
  • A senior unsecured revolving credit facility provides borrowing capacity up to USD 750m through September 24, 2030 ^{p. 106}.
  • As of December 31, 2025, there were no borrowings outstanding on the revolving credit facility ^{p. 106}.
  • An intercompany liquidity agreement allows short-term advances of funds up to USD 2.0bn among the HIG Holding Company and certain affiliates ^{p. 106}.
  • As of December 31, 2025, USD 1.85bn was available, USD 150m was outstanding between certain affiliates, and no amounts were outstanding at the HIG Holding Company under the intercompany liquidity agreement ^{p. 106}.
  • As of February 19, 2026, USD 1.86bn was available, USD 145m was outstanding between certain affiliates, and no amounts were outstanding at the HIG Holding Company under the intercompany liquidity agreement ^{p. 106}.
• 2026 expected dividends and other sources of capital:
  • Future dividend payments from subsidiaries depend on business results, capital position, and liquidity ^{p. 106}.
  • P&C insurance subsidiaries have regulatory dividend capacity of USD 2.5bn for 2026 ^{p. 106}.
  • The HIG Holding Company expects to receive approximately USD 2.2bn of net dividends from P&C in 2026, after considering state deposit and regulatory capital requirements, contributions to P&C subsidiaries, and dividends related to intercompany note interest ^{p. 106}.
  • Employee Benefits (Hartford Life and Accident Insurance Company - HLA) has regulatory dividend capacity of USD 589m in 2026, with approximately USD 580m of dividends expected ^{p. 106}.
  • Hartford Funds is expected to provide approximately USD 170m in dividends to HIG Holding Company in 2026 ^{p. 106}.
• Expected liquidity requirements for the next twelve months as of December 31, 2025:
  • USD 194m for interest on debt, net of interest rate swap settlements ^{p. 106}.
  • USD 21m for dividends on preferred stock, subject to Board discretion ^{p. 106}.
  • USD 670m for common stockholders' dividends, subject to Board discretion and before share repurchases ^{p. 106}.
• Expected liquidity requirements for beyond the next twelve months as of December 31, 2025:
  • Interest on and repayments of debt ^{p. 106}.
  • Preferred stock and common stock dividends, subject to Board discretion ^{p. 106}.
• Equity repurchase program:
  • In 2025, the Company repurchased 12.9m common shares for USD 1.6bn under a USD 3.3bn share repurchase program authorized through December 31, 2026 ^{p. 106}.
  • As of December 31, 2025, USD 1.55bn remained available for equity repurchases under the program ^{p. 106}.
  • From January 1, 2026, through February 19, 2026, the Company repurchased approximately 1.8m common shares for USD 247m ^{p. 106}.
  • Repurchase timing depends on market price, capital position, impact on financial strength/credit ratings, blackout periods, and other considerations ^{p. 106}.

Liquidity requirements and sources of capital

• The HIG Holding Company's liquidity requirements will primarily be met by its fixed maturities, short-term investments, cash, and dividends from its insurance subsidiaries ^{p. 106}.
• The Company maintains sufficient liquidity and contingent liquidity resources to manage across various economic scenarios ^{p. 106}.
• The HIG Holding Company expects to continue receiving dividends from operating subsidiaries and manages subsidiary capital to be sufficient under significant economic stress ^{p. 107}.
• Dividends from subsidiaries and other holding company funds may be used for share repurchases under the authorized program at management's discretion ^{p. 107}.
• Under significant economic stress, the Company can meet short-term cash needs by borrowing under its revolving credit facility or via collateralized advances from insurance subsidiaries with the FHLBB ^{p. 107}.
• The Company could also sell highly liquid, high-quality fixed maturities from insurance subsidiaries or issue debt in public markets under its shelf registration ^{p. 107}.

Dividends

• The Hartford's Board of Directors declared quarterly dividends since October 1, 2025 ^{p. 107}.

Common stock dividends

Declared	Record	Payable	Amount per share
October 27, 2025	December 1, 2025	January 5, 2026 $	0.600
February 18, 2026	March 2, 2026	April 2, 2026 $	0.600

Preferred stock dividends

Declared	Record	Payable	Amount per share
December 17, 2025	February 2, 2026	February 17, 2026 $	375.00
February 18, 2026	May 1, 2026	May 15, 2026 $	375.00

• There are no current restrictions on HIG Holding Company's ability to pay dividends to its stockholders ^{p. 107}.
• Restrictions on dividends to HIG Holding Company from its insurance subsidiaries are discussed in the "Dividends from Subsidiaries" section ^{p. 107}.
• Potential restrictions on the HIG Holding Company's ability to pay dividends are also discussed in Part I, Item 1A, Risk Factors ^{p. 107}.

Dividends from subsidiaries

• Dividends to HIG Holding Company from its insurance subsidiaries are restricted by insurance regulation ^{p. 107}.
• The Company's principal insurance subsidiaries are domiciled in the United States and the United Kingdom ^{p. 107}.
• Connecticut-domiciled insurers require notice and approval from the state insurance commissioner for dividends exceeding the greater of (i) 10% of statutory policyholder surplus as of December 31 of the preceding year or (ii) net income for the preceding year ^{p. 107}.
• Dividends from Connecticut-domiciled insurers exceeding earned surplus require prior approval from the Connecticut Insurance Commissioner ^{p. 107}.
• New York-domiciled property casualty insurers (e.g., NIC, NSIC) generally cannot pay dividends out of earned surplus exceeding the lesser of (i) 10% of statutory policyholders' surplus or (ii) 100% of adjusted net investment income, without notice and approval ^{p. 107}.
• Other jurisdictions where The Hartford's insurance subsidiaries are incorporated have similar, sometimes more restrictive, dividend limitations ^{p. 107}.
• Considerations for determining subsidiary dividends include expected earnings and capitalization, regulatory capital requirements, liquidity requirements, and state deposit requirements ^{p. 107}.
• Corporate members of Lloyd's syndicates can pay dividends from distributed syndicate profits exceeding the FAL capital requirement, subject to UK Company Law restrictions ^{p. 107}.
• The FAL is based on the syndicate's SCR under Solvency II and a Lloyd's specific economic capital assessment ^{p. 107}.
• UK-domiciled insurers can pay dividends from statutory profits subject to UK Company law and Solvency II restrictions ^{p. 107}.
• In 2025, HIG Holding Company received USD 592m from HLA, USD 161m from Hartford Funds, and USD 43m from other non-insurance subsidiaries ^{p. 107}.
• HIG Holding Company received USD 1.7bn of net dividends from P&C subsidiaries in 2025 ^{p. 107}.
• This USD 1.7bn excludes USD 75m of P&C dividends subsequently contributed to P&C subsidiaries and USD 107m of P&C dividends related to interest payments on an intercompany note from Hartford Holdings, Inc. (HHI) to Hartford Fire Insurance Company ^{p. 107}.

Other sources of capital for the HIG holding company

• The Hartford aims to maintain a capital structure that provides financial and operational flexibility to its insurance subsidiaries, supports competitive ratings, and delivers stockholder returns ^{p. 107}.
• The Company may raise capital through the issuance of debt, common equity, preferred stock, equity-related debt, or other capital securities ^{p. 107}.
• Issuance of debt, common equity, or other capital securities could dilute stockholder interests or reduce net income to common stockholders due to additional interest expense or preferred stock dividends ^{p. 108}.

Shelf registrations

• The Hartford filed an automatic shelf registration statement with the SEC on September 23, 2024, allowing it to offer and sell debt and equity securities for three years ^{p. 108}.

Revolving credit facility

• The Hartford has a USD 750m senior unsecured revolving credit facility, including USD 100m available for letters of credit ^{p. 108}.
• On September 24, 2025, the Credit Facility was amended and restated, extending its term through September 24, 2030 ^{p. 108}.
• As of December 31, 2025, there were no borrowings outstanding and no letters of credit issued under the Credit Facility ^{p. 108}.
• The Hartford was in compliance with all financial covenants as of December 31, 2025 ^{p. 108}.

Intercompany liquidity agreements

• The Company has USD 2.0bn available under an intercompany liquidity agreement for short-term advances among the HIG Holding Company and certain affiliates for liquidity and general corporate purposes ^{p. 108}.
• The Connecticut Insurance Department (CID) approved certain affiliated insurance companies to treat receivables from a parent (including HIG Holding Company) as admitted assets for statutory accounting purposes ^{p. 108}.
• As of December 31, 2025, USD 1.85bn was available, USD 150m was outstanding between certain affiliates, and no amounts were outstanding at the HIG Holding Company ^{p. 108}.
• As of February 19, 2026, USD 1.86bn was available, USD 145m was outstanding between certain affiliates, and no amounts were outstanding at the HIG Holding Company ^{p. 108}.

Collateralized advances with Federal Home Loan Bank of Boston

• Hartford Fire Insurance Company and HLA are members of the FHLBB, allowing access to collateralized advances ^{p. 108}.
• Advances can be short- or long-term with fixed or variable rates and support general corporate purposes or incremental investment income ^{p. 108}.
• Prior to October 1, 2025, the CID permitted Hartford Fire and HLA to pledge up to USD 1.4bn and USD 0.6bn, respectively, in qualifying assets without prior approval ^{p. 108}.
• Effective October 1, 2025, the Company is no longer subject to the CID hypothecation limit or approval for FHLBB advances ^{p. 108}.
• The Company's pledge capacity is now subject to FHLBB's collateral eligibility requirements ^{p. 108}.
• Based on FHLBB requirements, Hartford Fire can pledge up to USD 2.6bn and HLA can pledge up to USD 2.2bn to secure FHLBB advances ^{p. 108}.
• As of December 31, 2025, there were no advances outstanding ^{p. 108}.

Lloyd's letter of credit facility

• The Hartford has a committed credit facility agreement with a syndicate of lenders (the "Lloyd's Facility") ^{p. 108}.
• On October 21, 2024, the Lloyd's Facility was amended and restated ^{p. 108}.
• The amended Lloyd's Facility has two tranches: one for USD 74m and another for GBP 74m (equivalent to USD 100m as of December 31, 2025) ^{p. 108}.
• As of December 31, 2025, letters of credit totaling USD 74m and GBP 74m (or USD 100m) were outstanding under the Lloyd's Facility ^{p. 108}.
• The Lloyd's Facility includes financial covenants regarding The Hartford's consolidated net worth and financial leverage ^{p. 108}.
• As of December 31, 2025, The Hartford was in compliance with all financial covenants of the facility ^{p. 108}.

Pension plans and other postretirement benefits

• The Company has significant discretion in making voluntary contributions to the U.S. qualified defined benefit pension plan, but minimum contributions are mandated by ERISA and other acts ^{p. 108}.
• The Company made no contributions to the U.S. qualified defined benefit pension plan in 2025, 2024, and 2023 ^{p. 108}.
• In 2025 and 2023, the Company funded USD 1m and USD 3m, respectively, to a rabbi trust for other defined benefit pension plans ^{p. 108}.
• The Company contributed USD 1m in both 2025 and 2023 to the Canadian Pension Plan ^{p. 108}.
• There were no plan contributions in 2024 for other defined benefit pension plans ^{p. 108}.
• The Company made direct benefit payments of USD 5m, USD 6m, and USD 5m on behalf of the other postretirement plan in 2025, 2024, and 2023, respectively ^{p. 108}.
• No other contributions were made to the other postretirement plan in 2025, 2024, and 2023 ^{p. 108}.
• The Company's 2025, 2024, and 2023 required minimum funding contributions were immaterial ^{p. 108}.
• The Company has no 2026 required minimum funding contribution for the U.S. qualified defined benefit pension plan, and funding requirements for all pension plans are expected to be immaterial ^{p. 108}.
• The Company has not determined 2026 contributions to the U.S. qualified defined benefit pension plan and will monitor its funded status ^{p. 108}.
• As of December 31, 2025, the U.S. qualified defined benefit pension plan is fully funded and in an asset position ^{p. 108}.

Derivative commitments

• Certain derivative agreements have provisions tied to financial strength ratings from nationally recognized statistical rating agencies ^{p. 109}.
• If a legal entity's financial strength rating falls below certain levels, counterparties could terminate agreements and demand immediate settlement of outstanding net derivative positions ^{p. 109}.
• As of December 31, 2025, no derivative positions would be subject to immediate termination if ratings were downgraded by one level ^{p. 109}.
• This could change due to hedging activities or negotiated contractual terms ^{p. 109}.

Insurance operations

• Underwriting and investment cash flows provide sufficient liquidity to meet anticipated demands, despite period-to-period variability ^{p. 109}.
• Principal sources of operating funds are premiums, fees from insurance and administrative service agreements, and investment income ^{p. 109}.
• Investing cash flows primarily originate from maturities and sales of invested assets ^{p. 109}.
• The Company's insurance operations include property and casualty insurance products and Employee Benefits products ^{p. 109}.
• Insurance operations hold fixed maturity securities, including significant short-term investments, for liquidity ^{p. 109}.
• Liquidity needs not met by short-term investments would be satisfied with current operating funds (premiums) or investing cash flows (proceeds from asset sales) ^{p. 109}.
• A sale of invested assets could result in significant realized losses ^{p. 109}.

Property & Casualty operations

—	As of December 31, 2025
Fixed maturities	$ 37,816
Short-term investments	2,104
Cash	117
Less: Derivative collateral	65

• Property & Casualty operations invested assets include USD 121m in equity securities, USD 5.3bn in mortgage loans, and USD 4.5bn in limited partnerships and other alternative investments ^{p. 109}.

Employee benefits operations

—	As of December 31, 2025
Fixed maturities	$ 8,198
Short-term investments	365
Cash	-
Less: Derivative collateral	17

• Employee Benefits operations invested assets include USD 23m in equity securities, USD 1.6bn in mortgage loans, and USD 1.2bn in limited partnerships and other alternative investments ^{p. 109}.
• Primary uses of funds are to pay claims, claim adjustment expenses, commissions, underwriting and insurance operating costs, taxes, purchase new investments, and make dividend payments to the HIG Holding Company ^{p. 109}.
• Property & Casualty reserves for unpaid losses and loss adjustment expenses were USD 38.2bn as of December 31, 2025 ^{p. 109}.
• Net of reinsurance and other recoverables, P&C reserves were USD 31.4bn ^{p. 109}.
• P&C reserves include case reserves and IBNR reserves, with the ultimate amount subject to significant uncertainty ^{p. 109}.
• Final claim settlements may vary significantly from current estimates, especially for claims settled far in the future ^{p. 109}.
• The timing of future payments for the next twelve months and beyond could vary materially from historical patterns due to changes in claim reporting/payment and unanticipated settlements ^{p. 109}.
• There is significant uncertainty over claim payment patterns for asbestos and environmental claims ^{p. 109}.
• Employee Benefits reserves were USD 8.8bn as of December 31, 2025 ^{p. 109}.
• Net of reinsurance, Employee Benefits reserves were USD 8.5bn ^{p. 109}.
• Group life and disability obligations are estimated using historical experience modified for recent trends ^{p. 109}.
• Due to the significance of assumptions, payments for the next twelve months and beyond could materially differ from historical patterns ^{p. 109}.
• Corporate reserves were USD 356m as of December 31, 2025 ^{p. 110}.
• Net of reinsurance, Corporate reserves were USD 143m ^{p. 110}.
• These corporate reserves relate to retained run-off liabilities of the former life and annuity business ^{p. 110}.
• Hartford Funds' principal operating funds come from fees earned on assets under management ^{p. 110}.
• Uses of funds for Hartford Funds are primarily for payments to subadvisors and other general operating expenses ^{p. 110}.
• As of December 31, 2025, Hartford Funds' cash and short-term investments were USD 396m ^{p. 110}.

Capitalization

Purchase and other obligations

• The Hartford's unfunded commitments for investments in limited partnerships, other alternative investments, mortgage loans, private debt and equity securities, and tax credits are disclosed in Note 14 ^{p. 110}.
• These unfunded commitments are expected to be funded through normal operating and investing activities ^{p. 110}.
• The Company enters into contractual commitments for goods and services like maintenance, human resources, and IT ^{p. 110}.
• Operating lease commitments are disclosed in Note 20 ^{p. 110}.
• These purchase commitments and operating lease obligations are expected to be funded through normal operating and investing activities ^{p. 110}.

Capital structure

—	December 31, 2025	December 31, 2024	Change
Long-term debt	$ 4,371	$ 4,366	-%
Total debt	4,371	4,366	-%
Common stockholders' equity, excluding AOCI, net of tax	20,702	18,999	9%
Preferred stock	334	334	-%
AOCI, net of tax	-2,057	-2,886	29%
Total stockholders' equity	$ 18,979	$ 16,447	15%
Total capitalization	$ 23,350	$ 20,813	12%
Debt to stockholders' equity	23%	27%	—
Debt to capitalization	19%	21%	—

• Total capitalization increased by USD 2,537m, or 12%, as of December 31, 2025, compared to December 31, 2024 ^{p. 110}.
• This increase was primarily due to net income exceeding common stockholder dividends and a decrease in net unrealized losses on fixed maturities (AFS), partially offset by share repurchases ^{p. 110}.

Cash flow

—	2025	2024	2023
Net cash provided by operating activities	$ 5,922 $	5,909 $	4,220
Net cash used for investing activities	$ (3,758) $	(3,768) $	-2,431
Net cash used for financing activities	$ (2,235) $	(2,076) $	-1,947
Cash and restricted cash- end of year	$ 177 $	234 $	189

• Net cash provided by operating activities increased slightly in 2025 compared to the prior year ^{p. 111}.
• This was primarily driven by an increase in P&C and Employee Benefits premiums received, partially offset by higher loss and loss adjustment expenses paid and increased operating expenses (commissions and staffing costs) ^{p. 111}.
• Cash used for investing activities decreased slightly in 2025 ^{p. 111}.
• This was due to more cash used in financing activities, partially offset by more cash generated from operating activities ^{p. 111}.

Equity markets

• The potential impact of equity markets on capital and liquidity is discussed in the Financial Risk on U.S. Statutory Capital and Liquidity Risk section of the MD&A ^{p. 111}.

Ratings

• Ratings are important for competitive position, access to financing, and cost of borrowing ^{p. 111}.
• There is no assurance that ratings will continue or not change ^{p. 111}.
• A downgrade could adversely impact competitive position, financing access, and borrowing costs ^{p. 111}.
• Ratings are not a recommendation to buy, sell, or hold securities and can be revised or withdrawn ^{p. 111}.
• Each agency's rating should be evaluated independently ^{p. 111}.
• Rating agencies consider the level of statutory capital and surplus of U.S. insurance subsidiaries and U.S. GAAP capital held by the Company ^{p. 111}.
• Rating agencies may change capital formulas, increasing required capital to maintain current ratings ^{p. 111}.
• Cash used for financing activities increased in 2025 compared to the prior year ^{p. 111}.
• This was primarily driven by increased treasury stock acquired through share repurchases, a shift from net issuance to net return of shares under incentive and stock compensation plans, and higher common stock dividends ^{p. 111}.
• Operating cash flows for the year ended December 31, 2025, were adequate to meet liquidity requirements ^{p. 111}.
• On July 3, 2025, A.M. Best upgraded the Company's senior debt rating to "a" from "a-" ^{p. 111}.
• The upgrade was based on balance sheet strength, operating performance, favorable business profile, and enterprise risk management ^{p. 111}.
• A.M. Best affirmed the insurance financial strength ratings, with a 'stable' outlook for all ratings ^{p. 111}.
• On August 19, 2025, Standard & Poor's (S&P) raised the long-term issuer credit and financial strength ratings on The Hartford's core subsidiaries to "AA-" from "A+" ^{p. 111}.
• S&P also raised the issuer credit rating on the Company to "A-" from "BBB+" ^{p. 111}.
• All debt ratings were upgraded, including the senior debt rating to "A-" from "BBB+" ^{p. 111}.
• These S&P upgrades reflect improved underwriting performance, strong profitability, and risk management that enhanced capital resiliency ^{p. 111}.
• S&P's outlook for all ratings is "stable" ^{p. 111}.
• On October 10, 2025, Moody's upgraded the Company's senior unsecured debt rating to "A3" from "Baa1" ^{p. 111}.
• Moody's upgraded the insurance financial strength ratings (IFS) of The Hartford's primary P&C insurance subsidiaries to "Aa3" from "A1" ^{p. 111}.
• Moody's affirmed the IFS rating of HLA at "A1" ^{p. 111}.
• The Moody's upgrades reflect a track record of strong, stable profitability and strong risk-adjusted capitalization, supported by diversified revenues and earnings from P&C insurance, Employee Benefits, and Hartford Funds businesses ^{p. 111}.
• Moody's outlook for all ratings is "stable" ^{p. 111}.

—	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

• This section covers the U.S. Statutory Capital Rollforward for the Company's Insurance Subsidiaries ^{p. 112}.

—	Property and Casualty Insurance Subsidiaries [1] [2]	Employee Benefits Insurance Subsidiary	Total
U.S. statutory capital at January 1, 2025	$ 13,294	2,708 $	16,002
Statutory income	2,870	566	3,436
Dividends to parent	-1,742	-592	-2,334
Other items	15	-8	7
Net change to U.S. statutory capital	1,143	-34	1,109
U.S. statutory capital at December 31, 2025	$ 14,437	2,674 $	17,111

• The statutory capital for property and casualty insurance subsidiaries in the table excludes the value of an intercompany note owed by HHI to Hartford Fire Insurance Company ^{p. 112}.
• The table excludes insurance operations in the U.K. ^{p. 112}.

U.S. STAT to U.S. GAAP Differences

• Significant differences between U.S. GAAP stockholders' equity and aggregate statutory capital (U.S. STAT) include:
  • U.S. STAT excludes equity of non-insurance and foreign insurance subsidiaries not held by U.S. insurance subsidiaries ^{p. 112}.
  • U.S. GAAP defers costs to acquire insurance policies, while U.S. STAT expenses them immediately ^{p. 112}.
  • Deferred tax assets are evaluated for recoverability under U.S. GAAP and subject to further admissibility tests under U.S. STAT ^{p. 112}.
  • Employee Benefits reserves assumptions are prescribed under U.S. STAT, but are generally the Company's best estimates under U.S. GAAP ^{p. 112}.
  • Under U.S. GAAP, the difference between amortized cost and fair value of fixed maturity and other investments (net of tax) is recorded as an increase or decrease to the asset's carrying value and to equity ^{p. 112}.
  • Under U.S. STAT, most investments are carried at amortized cost, with only certain securities (equity, certain lower-rated bonds) carried at fair value ^{p. 112}.
  • U.S. STAT for life insurance companies (like HLA) establishes a formula reserve (Asset Valuation Reserve) for realized and unrealized losses due to default and equity risks ^{p. 112}.
  • U.S. GAAP does not have an Asset Valuation Reserve ^{p. 112}.
  • For realized gains and losses from interest rate changes, U.S. STAT for life insurance companies defers and amortizes gains/losses into income over the original life to maturity of the asset sold (Interest Maintenance Reserve) ^{p. 112}.
  • U.S. GAAP does not have an Interest Maintenance Reserve ^{p. 112}.
  • Goodwill from acquisitions is tested for recoverability annually under U.S. GAAP ^{p. 112}.
  • Under U.S. STAT, goodwill is amortized over a period not exceeding 10 years, and the admitted amount is limited ^{p. 112}.
  • The deferred gain on retroactive reinsurance for losses ceded to the A&E ADC agreement is recognized within a special category of surplus under U.S. STAT ^{p. 112}.
  • Under U.S. GAAP, this deferred gain is recognized within other liabilities ^{p. 112}.
  • The amortization pattern for the deferred gain under U.S. GAAP and the release of special surplus for STAT differ ^{p. 112}.
  • For U.S. GAAP, the deferred gain is amortized proportionally to actual recoveries collected versus total expected recoveries ^{p. 113}.
  • For STAT, special surplus is released dollar for dollar once collected recoveries exceed the reinsurance premium ^{p. 113}.

Risk Based Capital

• The Company's U.S. insurance companies' states of domicile impose RBC requirements ^{p. 113}.
• RBC requirements measure the minimum statutory capital appropriate for an insurance company based on its size and risk profile ^{p. 113}.
• Companies below specific trigger points are classified into levels requiring corrective action ^{p. 113}.
• All of the Company's U.S. operating insurance subsidiaries had RBC ratios in excess of minimum levels required by applicable insurance regulations ^{p. 113}.

Sensitivity

• Statutory capital amounts and RBC ratios can increase or decrease due to various factors ^{p. 113}.
• The change in statutory capital or RBC ratios can vary and be compounded in extreme scenarios or if multiple factors occur simultaneously ^{p. 113}.
• The impact of market factors on RBC ratios can sometimes be counterintuitive ^{p. 113}.

Contingencies

• Information regarding The Hartford's legal proceedings is in Note 14 and Part I, Item 3 ^{p. 113}.

Legislative and Regulatory Developments

• Congress may consider proposals, including a possible increase in the corporate tax rate, to offset new spending ^{p. 113}.
• Tax proposals and regulatory initiatives could materially affect the Company and its insurance businesses ^{p. 113}.
• The nature and timing of such Congressional or regulatory action are unclear ^{p. 113}.
• Certain assets, like a portion of premiums receivable and fixed assets, are non-admitted (recorded at zero value and charged against surplus) under U.S. STAT ^{p. 113}.
• U.S. GAAP generally evaluates assets based on their recoverability ^{p. 113}.
• International regulatory authorities establish minimum solvency requirements similar to U.S. RBC ratios ^{p. 113}.
• All of the Company's international insurance subsidiaries expect to maintain capital levels exceeding minimum regulatory requirements ^{p. 113}.
• Statutory capital at insurance subsidiaries has been maintained at levels commensurate with desired RBC ratios and ratings ^{p. 113}.
• Statutory capital can fluctuate due to factors affecting insurance results, including catastrophe claims, reserve development, interest rate changes on investment income and loss reserve discounting, and realized gains/losses on investments ^{p. 113}.

Guaranty Fund and Other Insurance-related Assessments

• Information on Guaranty Funds and Other Insurance-related Assessments is in Note 14 ^{p. 113}.

Impact of New Accounting Standards

• A discussion of accounting standards is in Note 1 ^{p. 113}.

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Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

• The Company's principal executive officer and principal financial officer concluded that the Company's disclosure controls and procedures are effective as of December 31, 2025 ^{p. 115}.
• Management of The Hartford Insurance Group, Inc. is responsible for establishing and maintaining adequate internal control over financial reporting ^{p. 115}.
• Internal control over financial reporting is designed to provide reasonable assurance regarding financial reporting reliability and financial statement preparation in accordance with U.S. GAAP ^{p. 115}.
• Internal control includes policies and procedures for accurate record maintenance, proper transaction recording, and prevention/detection of unauthorized asset acquisition/use/disposition ^{p. 115}.
• Internal control over financial reporting has inherent limitations and may not prevent or detect misstatements ^{p. 115}.
• Projections of effectiveness to future periods are subject to risks of controls becoming inadequate or compliance deteriorating ^{p. 115}.
• The Hartford's management assessed its internal controls over financial reporting as of December 31, 2025, based on criteria from 'Internal Control—Integrated Framework (2013)' by COSO ^{p. 115}.
• Based on this assessment, management concluded that its internal control over financial reporting was effective as of December 31, 2025 ^{p. 115}.

Changes in Internal Control Over Financial Reporting

• There were no changes in the Company's internal control over financial reporting during the fourth fiscal quarter of 2025 that materially affected or are reasonably likely to materially affect it ^{p. 115}.

Attestation Report of the Company's Registered Public Accounting Firm

• Deloitte & Touche LLP, The Hartford's independent registered public accounting firm, issued an attestation report on the Company's internal control over financial reporting ^{p. 115}.

Report of Independent Registered Public Accounting Firm

• This section is addressed to the Board of Directors and Stockholders of The Hartford Insurance Group, Inc. ^{p. 116}.

Opinion on Internal Control over Financial Reporting

"We have audited the internal control over financial reporting of The Hartford Insurance Group, Inc. and its subsidiaries (the 'Company') as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO." ^{p. 116}

"We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Consolidated Financial Statements as of and for the year ended December 31, 2025, of the Company and our report dated February 20, 2026, expressed an unqualified opinion on those financial statements." ^{p. 116}

Basis for Opinion

"The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit." ^{p. 116}

• Deloitte & Touche LLP is a public accounting firm registered with the PCAOB and is independent with respect to the Company ^{p. 116}.

"We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion." ^{p. 116}

• Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and financial statement preparation in accordance with GAAP ^{p. 116}.
• Internal control includes policies and procedures for accurate record maintenance, proper transaction recording, and prevention/detection of unauthorized asset acquisition/use/disposition ^{p. 116}.
• Internal control over financial reporting has inherent limitations and may not prevent or detect misstatements ^{p. 116}.
• Projections of effectiveness to future periods are subject to risks of controls becoming inadequate or compliance deteriorating ^{p. 116}.
• The report is signed by Deloitte & Touche LLP and dated February 20, 2026, in Hartford, Connecticut ^{p. 116}.

Other Information

• On November 3, 2025, Christopher J. Swift, Chairman and CEO, adopted a Rule 10b5-1 trading arrangement ^{p. 117}.
• This arrangement is for the potential exercise of vested stock options and associated sale of up to 302,908 shares of common stock ^{p. 117}.
• The sales are scheduled between February 2, 2026, and December 4, 2026, or until all shares are sold, subject to conditions ^{p. 117}.
• The options covered by this plan were granted in 2017 and are set to expire in March 2027 ^{p. 117}.

Directors, Executive Officers and Corporate Governance of The Hartford

• Information for Item 10 will be in the definitive proxy statement for the 2026 annual meeting of stockholders (Proxy Statement) ^{p. 118}.
• This information will be filed within 120 days after the fiscal year-end and incorporated by reference under captions like 'Board and Governance Matters,' 'Stock Ownership Requirements and Restrictions on Trading,' 'Insider Trading Policy,' 'Director Nominees,' and 'Timing of Equity Grants' ^{p. 118}.
• The Company adopted a Code of Ethics and Business Conduct applicable to all employees, including the principal executive, financial, and accounting officers ^{p. 118}.
• The Code is available on the investor relations section of the Company's website ^{p. 118}.
• Any waiver or material amendment to the Code will be posted promptly on the website in accordance with NYSE and SEC rules ^{p. 118}.

Executive Officers of The Hartford

• Information about executive officers who are also director nominees will be in The Hartford's Proxy Statement ^{p. 118}.
• Information about other executive officers is provided as of February 19, 2026 ^{p. 118}.

Name	Age	Position with The Hartford and Business Experience For the Past Five Years
Prateek Chhabra	50	Executive Vice President and Chief Risk Officer (September 2025-present); Chief Insurance Risk Officer (July 2018- August 2025)
Beth A. Costello	58	Executive Vice President and Chief Financial Officer (July 2014-present)
Donald C. Hunt	55	Executive Vice President and General Counsel (March 2024-present); Senior Vice President, Deputy General Counsel and Corporate Secretary (December 2019-February 2024); Vice President, Deputy General Counsel and Corporate Secretary (April 2013-November 2019)
Allison G. Niderno	46	Senior Vice President and Controller (March 2023-present); Vice President Finance, Head of External Reporting and Investment Finance (June 2018 - March 2023)
Shekar Pannala	55	Executive Vice President and Chief Information Officer (March 2025-present); Chief Information Officer, Property & Casualty (March 2023-February 2025); Global Chief Information Officer, Chubb, Ltd. (January 2022-February 2023); Global Chief Information Officer, Co-Leader of Technology, Chubb, Ltd. (July 2020-December 2021)
Lori A. Rodden	55	Executive Vice President and Chief Human Resources Officer (October 2019-present); and Senior Vice President and Lead Human Resources Business Partner for Property & Casualty, Employee Benefits, Claims and Actuarial (April 2016-October 2019)
Amy M. Stepnowski	57	Executive Vice President, Chief Investment Officer and President of Hartford Investment Management Company (August 2020-present); Managing Director and Head of Public Credit Research, Hartford Investment Management Company (April 2018-August 2020)
Adin M. Tooker	56	President (February 2025-present); Executive Vice President, Head of Business Insurance (March 2024-January 2025); Executive Vice President, Middle & Large Business, Global Specialty and Sales and Distribution (November 2022- February 2024); Executive Vice President and Head of Middle & Large Business (March 2019-October 2022)

• Information for Item 12 will be in the Proxy Statement under the caption 'Information on Stock Ownership' and is incorporated by reference ^{p. 119}.

Equity Compensation Plan Information

• The table provides information as of December 31, 2025, about securities authorized for issuance under the Company's equity compensation plans ^{p. 119}.
• These plans include The Hartford 2014 Incentive Stock Plan (2014 Stock Plan), the 2020 Stock Incentive Plan (2020 Stock Plan), the 2025 Long Term Incentive Stock Plan (2025 Stock Plan), and The Hartford Employee Stock Purchase Plan (ESPP) ^{p. 119}.
• On May 21, 2025, stockholders approved the 2025 Stock Plan, which superseded the earlier plan ^{p. 119}.
• No additional shares may be issued from the 2020 Stock Plan ^{p. 119}.
• Forfeited, terminated, surrendered, exchanged, unexercised, or cash-settled awards under the 2020 Stock Plan will make shares available for award under the 2025 Stock Plan ^{p. 119}.

—	(a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights [1]	(b) Weighted-average Exercise Price of Outstanding Options, Warrants and Rights [2]	(c) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) [3]
Equity compensation plans approved by stockholders	7,119,538 $	65.21	11,578,187
Equity compensation plans not approved by stockholders	-	-	-
Total	7,119,538 $	65.21	11,578,187

• The amount shown includes 4,025,828 outstanding options, 2,363,635 outstanding restricted stock units, 631,694 outstanding performance shares at 100% of target, and 98,381 non-vested dividend equivalent shares as of December 31, 2025 ^{p. 119}.
• The performance shares exclude 435,109 shares that vested on December 31, 2025, related to the 2023-2025 performance period ^{p. 119}.
• The maximum number of performance shares that could be awarded is 1,263,388 (200% of target) if the highest performance level is achieved ^{p. 119}.
• The weighted-average exercise price reflects outstanding options and does not include restricted stock units or performance shares, as they have no exercise prices ^{p. 119}.
• Of these shares, 2,893,304 remain available for purchase under the ESPP as of December 31, 2025 ^{p. 119}.
• 8,684,883 shares remain available for issuance as options, restricted stock units, restricted stock awards, or performance shares under the 2025 Stock Plan as of December 31, 2025 ^{p. 119}.

Exhibits and Financial Statement Schedules

• Documents filed as part of this report include Consolidated Financial Statements, Consolidated Financial Statement Schedules, and Exhibits ^{p. 120}.
• The Hartford Insurance Group, Inc. Index to Consolidated Financial Statements and Schedules is provided ^{p. 120}.

Description	Page
Report of Independent Registered Public Accounting Firm [1]	121
Financial Statements	—
Consolidated Statements of Operations -For the Years Ended December 31, 2025, 2024 and 2023	123
Consolidated Statements of Comprehensive Income (Loss) -For the Years Ended December 31, 2025, 2024 and 2023	124
Consolidated Balance Sheets -As of December 31, 2025 and 2024	125
Consolidated Statements of Changes in Stockholders' Equity -For the Years Ended December 31, 2025, 2024 and 2023	126
Consolidated Statements of Cash Flows -For the Years Ended December 31, 2025, 2024 and 2023	127
Notes to Consolidated Financial Statements	—
Note 1 - Basis of Presentation and Significant Accounting Policies	128
Note 2 - Earnings Per Common Share	135
Note 3 - Segment Information	136
Note 4 - Fair Value Measurements	140
Note 5 - Investments	148
Note 6 - Derivatives	156
Note 7 - Premiums Receivable and Agents' Balances	161
Note 8 - Reinsurance	162
Note 9 - Goodwill & Other Intangible Assets	164
Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses	166
Note 11 - Reserve for Future Policy Benefits	190
Note 12 - Other Policyholder Funds and Benefits Payable	191
Note 13 - Debt	192
Note 14 - Commitments and Contingencies	194
Note 15 - Equity	196
Note 16 - Income Taxes	198
Note 17 - Changes in and Reclassifications From Accumulated Other Comprehensive Income (Loss)	200
Note 18 - Employee Benefit Plans	202
Note 19 - Stock Compensation Plans	208
Note 20 - Leases	211
Note 21 - Restructuring and Other Costs	212
Schedules	—
Schedule I -Summary of Investments -Other Than Investments in Affiliates	213
Schedule II -Condensed Financial Information of The Hartford Insurance Group, Inc.	214
Schedule III -Supplementary Insurance Information	217
Schedule IV -Reinsurance	219
Schedule V -Valuation and Qualifying Accounts	220

• Deloitte & Touche LLP (PCAOB ID No. 34) is the principal accountant and an independent registered public accounting firm for The Hartford Insurance Group, Inc. ^{p. 120}.
• A schedule has been omitted because the required information is disclosed in the Notes to Consolidated Financial Statements or other Schedules ^{p. 120}.

Opinion on the Financial Statements

"We have audited the accompanying consolidated balance sheets of The Hartford Insurance Group, Inc. and its subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), changes in stockholders' equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America." ^{p. 121}

"We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 20, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting." ^{p. 121}

• The financial statements are the responsibility of the Company's management ^{p. 121}.
• The auditors' responsibility is to express an opinion on the Company's financial statements based on their audits ^{p. 121}.
• The auditors are a public accounting firm registered with the PCAOB and are required to be independent in accordance with U.S. federal securities laws and SEC/PCAOB rules and regulations ^{p. 121}.
• Audits were conducted in accordance with PCAOB standards, requiring planning and performance to obtain reasonable assurance about whether financial statements are free of material misstatement ^{p. 121}.
• Audit procedures included assessing risks of material misstatement, examining evidence on a test basis, evaluating accounting principles and significant estimates, and evaluating overall financial statement presentation ^{p. 121}.
• The audits provide a reasonable basis for the opinion ^{p. 121}.

Critical Audit Matters

"The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate." ^{p. 121}

• Unpaid Losses and Loss Adjustment Expenses are a critical audit matter, referenced in Notes 1 and 10 to the financial statements ^{p. 121}.

Critical Audit Matter Description

• The Company establishes reserves for unpaid losses and loss adjustment expenses for property and casualty and group life and disability insurance products ^{p. 121}.
• These reserves cover estimated costs for reported claims and claims incurred but not reported, including all associated processing and settlement expenses ^{p. 121}.
• The estimation process relies significantly on the assumption that past developments predict future events and uses actuarial techniques to analyze experience, trends, and other factors ^{p. 121}.
• Evaluating the appropriate recording of unpaid losses and loss adjustment expenses as of December 31, 2025, required a high degree of auditor judgment and effort, including actuarial specialists, due to the subjectivity of estimating ultimate settlement costs ^{p. 121}.
• Uncertainties in estimation are caused by factors such as claim frequency and severity, and changes in the legislative and regulatory environment ^{p. 121}.

How the Critical Audit Matter Was Addressed in the Audit

• Audit procedures for unpaid losses and loss adjustment expenses included testing the effectiveness of controls over inputs, methods, and assumptions in the Company's estimation processes ^{p. 122}.
• Auditors tested the underlying data, including historical claims, that formed the basis for the Company's analysis ^{p. 122}.
• With actuarial specialists, auditors evaluated the Company's methods and assumptions for estimating unpaid losses and loss adjustment expenses by:
  • Assessing the reasonableness of the Company's analysis ^{p. 122}.
  • Developing independent estimates for selected reserving lines and comparing them to the Company's estimates ^{p. 122}.
  • Comparing the Company's prior year assumptions of expected ultimate loss development to actual losses incurred in the current year to identify potential management bias ^{p. 122}.
• Investments in Fixed Maturities Classified as Available-for-Sale are reported at fair value and are referenced in Notes 1, 4, and 5 to the financial statements ^{p. 122}.
• Certain investments without readily determinable fair values were valued using significant unobservable inputs, such as credit spreads and interest rates beyond the observable curve, requiring considerable judgment by the Company ^{p. 122}.
• Evaluating these inputs for fixed maturities classified as available-for-sale required a high degree of auditor judgment and effort, including fair value specialists, due to the Company's use of models and unobservable inputs ^{p. 122}.
• Audit procedures for models and unobservable inputs used to estimate fair value of fixed maturities classified as available-for-sale included:
  • Testing the effectiveness of controls over valuation, including inputs, methods, and assumptions ^{p. 122}.
  • Testing the accuracy and completeness of owned investments as of December 31, 2025, and relevant security attributes on a sample basis ^{p. 122}.
  • With fair value specialists, testing the mathematical accuracy of fair value calculations for a sample of investments and developing independent estimates for comparison to the Company's estimates ^{p. 122}.
  • Obtaining an understanding of the Company's models and inputs, and assessing their reasonableness, including comparing inputs to external sources or developing independent inputs ^{p. 122}.
• The audit report is dated February 20, 2026, and signed by Deloitte & Touche LLP in Hartford, Connecticut ^{p. 122}.
• Deloitte & Touche LLP has served as the Company's auditor since 2002 ^{p. 122}.

Consolidated Statements of Operations

(in millions, except for per share data)	For the years ended December 31,
—	2025	2024	2023
Revenues	—	—	—
Earned premiums	$ 24,030	$ 22,567	$ 21,026
Fee income	1,417	1,373	1,300
Net investment income	2,911	2,568	2,305
Net realized losses	-100	-61	-188
Other revenues	110	88	84
Total revenues	28,368	26,535	24,527
Benefits, losses and expenses	—	—	—
Benefits, losses and loss adjustment expenses	15,238	14,874	14,238
Amortization of deferred policy acquisition costs ("DAC")	2,516	2,282	2,044
Insurance operating costs and other expenses	5,584	5,258	4,881
Interest expense	199	199	199
Amortization of other intangible assets	71	71	71
Restructuring and other costs	—	2	6
Total benefits, losses and expenses	23,608	22,686	21,439
Income before income taxes	4,760	3,849	3,088
Income tax expense	924	738	584
Net income	3,836	3,111	2,504
Preferred stock dividends	21	21	21

Net income available to common stockholders	$ 3,815	$ 3,090	$ 2,483
Basic	$ 13.51	$ 10.51	$ 8.09
Diluted	$ 13.32	$ 10.35	$ 7.97

• Refer to Notes to Consolidated Financial Statements ^{p. 123}.

Consolidated Statements of Comprehensive Income (Loss)

(in millions)	—	For the years ended December 31,
—	—	2025	2024	2023
Net income	$	3,836	3,111	2,504
Other comprehensive income (loss) ("OCI"):	—	—	—	—
Change in net unrealized gain (loss) on fixed maturities, available-for-sale ("AFS")	—	898	-57	1,112
Change in unrealized losses on fixed maturities with an allowance for credit losses ("ACL")	—	3	2	-1
Change in net gain (loss) on cash flow hedging instruments	—	-24	19	-19
Change in foreign currency translation adjustments	—	13	-8	6
Change in liability for future policy benefits adjustments	—	-9	8	-10
Change in pension and other postretirement plan adjustments	—	-52	-1	-96
OCI, net of tax	—	829	-37	992
Comprehensive income	$	4,665	3,074	3,496

• Refer to Notes to Consolidated Financial Statements ^{p. 124}.

The Hartford Insurance Group, Inc. Consolidated Balance Sheets

—	As of December 31,
(in millions, except for share and per share data)	2025	2024
Assets	—	—
Investments:	—	—
Fixed maturities, AFS, at fair value (amortized cost of $46,871 and $44,538, and ACL of $16 and $16)	$ 46,041	$ 42,567
Fixed maturities, at fair value using the fair value option ("FVO securities")	168	308
Equity securities, at fair value	492	603
Mortgage loans (net of ACL of $49 and $44)	6,837	6,396
Limited partnerships and other alternative investments	5,804	5,042
Other investments	262	226
Short-term investments	4,353	4,068
Total investments	63,957	59,210
Cash	133	183
Restricted cash	44	51
Accrued investment income	474	450
Premiums receivable and agents' balances (net of ACL of $142 and $117)	6,316	5,998
Reinsurance recoverables (net of allowance for uncollectible reinsurance of $69 and $75)	7,191	7,140
Deferred policy acquisition costs	1,347	1,239
Deferred income taxes, net	901	1,229
Goodwill	1,911	1,911
Property and equipment, net	931	888
Other intangible assets, net	566	637
Other assets	2,226	1,981

Total assets	$ 85,997	$ 80,917
Liabilities	—	—
Unpaid losses and loss adjustment expenses	$ 46,268	$ 44,610
Reserve for future policy benefits	444	448
Other policyholder funds and benefits payable	612	614
Unearned premiums	10,053	9,408
Long-term debt	4,371	4,366
Other liabilities	5,270	5,024
Total liabilities	67,018	64,470
Commitments and Contingencies (Note 14)	—	—
Stockholders' Equity	—	—
Preferred stock, $0.01 par value -50,000,000 shares authorized, 13,800 shares issued at December 31, 2025 and December 31, 2024, aggregate liquidation preference of $345	334	334
Common stock, $0.01 par value -1,500,000,000 shares authorized, 326,960,228 shares issued at December 31, 2025 and December 31, 2024	3	3
Additional paid-in capital	549	578
Retained earnings	24,739	21,531
Treasury stock, at cost -50,036,826 and 39,404,003 shares	-4,589	-3,113
Accumulated other comprehensive loss, net of tax	-2,057	-2,886
Total stockholders' equity	18,979	16,447

• Refer to Notes to Consolidated Financial Statements ^{p. 125}.

Consolidated Statements of Changes in Stockholders' Equity

For the years ended December 31,
2025	2024	2023

Preferred Stock	$ 334
Common Stock	3	3	3
Additional Paid-in Capital	—	—	—
Additional Paid-in Capital, beginning of period	578	648	1,895
Issuance of shares under incentive and stock compensation plans and other	-170	-203	-153
Stock-based compensation plans expense	141	133	125
Treasury stock retired	—	—	-1,219
Additional Paid-in Capital, end of period	549	578	648
Retained Earnings	—	—	—
Retained Earnings, beginning of period	21,531	19,007	17,058
Net income	3,836	3,111	2,504
Dividends declared on preferred stock	-21	-21	-21
Dividends declared on common stock	-607	-566	-534
Retained Earnings, end of period	24,739	21,531	19,007
Treasury Stock, at cost	—	—	—
Treasury Stock, at cost, beginning of period	-3,113	-1,816	-1,773
Treasury stock acquired	-1,616	-1,515	-1,414
Treasury stock retired	—	—	1,219
Issuance of shares under incentive and stock compensation plans from treasury stock and other	213	305	207
Net shares acquired related to employee incentive and stock compensation plans	-73	-87	-55
Treasury Stock, at cost, end of period	-4,589	-3,113	-1,816
Accumulated Other Comprehensive Loss, net of tax	—	—	—
Accumulated other comprehensive loss, net of tax, beginning of period	-2,886	-2,849	-3,841
Total other comprehensive income (loss)	829	-37	992
Accumulated other comprehensive loss, net of tax, end of period	-2,057	-2,886	-2,849

Total Stockholders' Equity	$ 18,979	$ 16,447	$ 15,327
Preferred Shares Outstanding	13,800	13,800	13,800
Common Shares Outstanding (in thousands)	—	—	—
Common Shares Outstanding, beginning of period	287,556	298,472	315,111
Issuance of shares under incentive and stock compensation plans and other	2,950	4,427	3,299
Return of shares under incentive and stock compensation plans to treasury stock	-640	-900	-700
Common Shares Outstanding, end of period	276,923	287,556	298,472

Cash dividends declared per common share	$ 2.160	$ 1.930	$ 1.745

• Refer to Notes to Consolidated Financial Statements ^{p. 126}.

Consolidated Statements of Cash Flows

—	For the years ended December 31,
(in millions)	2025	2024	2023
Operating Activities	—	—	—
Net income	$ 3,836	$ 3,111	$ 2,504
Adjustments to reconcile net income to net cash provided by operating activities	—	—	—
Net realized losses	100	61	188
Amortization of deferred policy acquisition costs	2,516	2,282	2,044
Additions to deferred policy acquisition costs	-2,624	-2,408	-2,159
Depreciation and amortization	396	356	510
Other operating activities, net	148	329	213
Change in assets and liabilities:	—	—	—
Increase in reinsurance recoverables	-63	-54	-155
Net change in accrued and deferred income taxes	42	-100	-29
Increase in insurance liabilities	2,272	3,058	1,819
Net change in premiums receivable and agents' balances	-419	-458	-708
Net change in other assets and other liabilities	-282	-268	-7
Net cash provided by operating activities	5,922	5,909	4,220
Investing Activities	—	—	—
Proceeds from the sale/maturity/prepayment of:	—	—	—
Fixed maturities, AFS	10,352	10,808	6,806
FVO securities	109	50	2
Equity securities, at fair value	240	401	2,173
Mortgage loans	1,598	740	1,036
Limited partnerships and other alternative investments	291	238	295
Payments for the purchase of:	—	—	—
Fixed maturities, AFS	-12,769	-14,023	-9,105
FVO securities	-17	-52	—
Equity securities, at fair value	-97	-44	-1,183
Mortgage loans	-2,021	-1,025	-1,055
Limited partnerships and other alternative investments	-1,025	-664	-966
Net proceeds from (payments for) derivatives	-12	35	-129
Net additions of property and equipment	-169	-145	-215
Net payments for short-term investments	-149	-80	-69
Other investing activities, net	-89	-7	-21
Net cash used for investing activities	-3,758	-3,768	-2,431
Financing Activities	—	—	—
Deposits and other additions to investment and universal life-type contracts	127	108	96
Withdrawals and other deductions from investment and universal life-type contracts	-116	-115	-100
Net issuance (return) of shares under incentive and stock compensation plans, including related excise tax benefit	-18	22	6
Treasury stock acquired, including related excise tax paid	-1,615	-1,514	-1,400
Dividends paid on preferred stock	-21	-21	-21
Dividends paid on common stock	-592	-556	-528
Net cash used for financing activities	-2,235	-2,076	-1,947
Foreign exchange rate effect on cash	14	-20	3
Net increase (decrease) in cash and restricted cash	-57	45	-155
Cash and restricted cash — beginning of period	234	189	344

Cash and restricted cash — end of period	$ 177	$ 234	$ 189
Supplemental Disclosure of Cash Flow Information	—	—	—
Interest paid	$ 206	$ 211	$ 209

• Refer to Notes to Consolidated Financial Statements ^{p. 127}.
• Index to Consolidated Financial Statements and Schedules includes Note 1 - Basis of Presentation and Significant Accounting Policies ^{p. 128}.

Notes to Consolidated Financial Statements

• Dollar amounts are in millions, except for per share data, unless otherwise stated ^{p. 128}.

1. Basis of Presentation and Significant Accounting Policies

• The Hartford Insurance Group, Inc. ("HIG") is a holding company for insurance and financial services subsidiaries ^{p. 128}.
• HIG provides property and casualty ("P&C") insurance, employee group benefits insurance and services, and mutual funds and exchange-traded funds ("ETF") ^{p. 128}.
• Customers are individuals and businesses in the United States, United Kingdom, and other international locations ^{p. 128}.
• The Hartford conducts business through five reportable segments: Business Insurance, Personal Insurance, Property & Casualty Other Operations, Employee Benefits, and Hartford Funds, plus a Corporate category ^{p. 128}.
• Consolidated Financial Statements are prepared in accordance with U.S. GAAP, which differs from insurance regulatory accounting practices ^{p. 128}.

Consolidation

• The Consolidated Financial Statements include accounts of The Hartford Insurance Group, Inc. and entities where the Company has a controlling financial interest ^{p. 128}.
• Entities with significant influence but not control are reported using the equity method ^{p. 128}.
• Intercompany transactions and balances between The Hartford and its subsidiaries/affiliates are eliminated ^{p. 128}.

Use of Estimates

• U.S. GAAP financial statement preparation requires management to make estimates and assumptions affecting reported asset/liability amounts and contingent asset/liability disclosures at the financial statement date, and reported revenues/expenses during the reporting period ^{p. 128}.
• Actual results may differ from these estimates ^{p. 128}.
• Most significant estimates include those for P&C and group long-term disability ("LTD") insurance product reserves (net of reinsurance), goodwill impairment evaluation, investment and derivative instrument valuation, and corporate litigation/regulatory contingencies ^{p. 128}.

Adoption of New Accounting Standards

• On December 31, 2025, the Company adopted FASB's new disclosure requirements for income taxes, applied retrospectively to all presented periods ^{p. 128}.
• The income tax rate reconciliation is updated to present reconciling items based on specified categories, with further disaggregation for items above a prescribed threshold ^{p. 128}.
• Disclosure of income taxes paid (net of refunds received) is disaggregated by U.S. federal and foreign taxes, with further disaggregation by individual jurisdictions subject to a prescribed threshold ^{p. 128}.
• These new disclosures are provided in Note 16 - Income Taxes of the Notes to Consolidated Financial Statements ^{p. 128}.
• The adoption of these new disclosure requirements did not impact the consolidated financial position, results of operations, or cash flows ^{p. 128}.

Future Adoption of New Accounting Standards

• FASB issued new guidance on disclosures of disaggregated income statement expenses, requiring footnote disclosures to disaggregate expenses into prescribed categories and narrative disclosures about selling expenses ^{p. 129}.
• The Company must provide these new disclosures starting with the December 31, 2027 Consolidated Financial Statements and quarterly from March 31, 2028 ^{p. 129}.
• The new guidance will be applied prospectively, with retrospective application or early adoption permitted ^{p. 129}.
• The Company is evaluating the disclosure impact but does not expect it to affect consolidated financial position, results of operations, or cash flows ^{p. 129}.

Internally Developed Software Costs

• FASB issued new guidance on accounting for internally developed software costs ^{p. 129}.
• Under new guidance, costs for internal-use software will be capitalized when management authorizes a project and its completion/intended use is probable, rather than at the application development stage ^{p. 129}.
• The guidance is effective January 1, 2028, with early adoption permitted, and can be applied prospectively, retrospectively, or on a modified retrospective basis ^{p. 129}.
• The Company is evaluating the impact but does not expect a material effect on its financial statements ^{p. 129}.

Significant Accounting Policies

• The Company's significant accounting policies are detailed ^{p. 129}.

Revenue Recognition

• Property and casualty premiums are earned pro rata over the policy period ^{p. 129}.
• Premiums include accruals for policies written by agents but not yet reported, and ultimate premium revenue for auditable and retrospectively rated policies ^{p. 129}.
• Estimates for unreported premiums are based on current and historical trends, regularly reviewed and updated, with adjustments included in the current year's results ^{p. 129}.
• Unearned premiums represent premiums for the unexpired terms of policies in force or period of risk ^{p. 129}.
• Group life, disability, and accident premiums are generally recognized as revenue pro rata over the contract period ^{p. 129}.
• An estimated Allowance for Credit Losses (ACL) is recorded based on periodic evaluations of balances due from insureds, historical credit loss information, current economic conditions, and forecasts ^{p. 129}.
• Total credit loss expenses related to premiums receivable are recorded in insurance operating costs and other expenses ^{p. 129}.
• Write-offs of premiums receivable, agents' balances, and related ACL are recorded when the balance is deemed uncollectible ^{p. 129}.
• Refer to Note 7 - Premiums Receivable and Agents' Balances for further discussion on the allowance for doubtful accounts ^{p. 129}.

Non-Insurance Revenue from Contracts with Customers

• Installment fees on P&C insurance contracts are recognized in fee income as earned on collection ^{p. 129}.
• Insurance servicing revenues within Personal Insurance are up-front commissions for collecting premiums and processing claims on policies where The Hartford does not assume underwriting risk, primarily for the National Flood Insurance Plan ^{p. 129}.
• These revenues are recognized in other revenues over the flood program's policy terms ^{p. 129}.
• Employee Benefits earns fee income from employers for administering underwriting, implementation, and claims processing for self-funded plans and for leave management services ^{p. 129}.
• Fees are recognized as services are provided and collected monthly ^{p. 129}.
• Hartford Funds provides investment management, administrative, and distribution services to mutual funds and ETFs ^{p. 129}.
• Investment advisory, distribution, and other asset management fees are primarily based on average daily net asset values of mutual funds and ETFs, recorded when services are provided and collected monthly ^{p. 129}.
• Factors affecting fee income include fluctuations in domestic and international markets, investment performance, sales/redemption volume and mix, and changes to Assets Under Management ("AUM") composition ^{p. 129}.
• Corporate investment management and other fees are primarily for managing third-party invested assets ^{p. 129}.
• These fees, calculated based on average quarterly net asset values, are recorded when services are provided and collected quarterly ^{p. 129}.
• Factors affecting fee income include market and interest rate fluctuations and changes to AUM composition ^{p. 129}.

Dividends to Policyholders

• Policyholder dividends are paid to certain P&C policyholders with participating policies ^{p. 130}.
• Participating dividends are accrued and reported in insurance operating costs and other expenses and other liabilities, based on estimated amounts from contractual obligations and state laws ^{p. 130}.
• Net written premiums for participating P&C insurance policies were 5% of total net written premiums for 2025, 6% for 2024, and 6% for 2023 ^{p. 130}.
• Participating dividends to P&C policyholders were USD 44m for 2025, USD 39m for 2024, and USD 39m for 2023 ^{p. 130}.
• No additional income was allocated to participating policyholders ^{p. 130}.

Investments

• The Company's fixed maturities investments include bonds (with structured securities) and redeemable preferred stock ^{p. 130}.
• Most fixed maturities are classified as AFS (available-for-sale) and carried at fair value ^{p. 130}.
• The after-tax difference between fair value and cost/amortized cost is reflected in stockholders' equity as a component of AOCI ^{p. 130}.
• Fixed maturities for which the fair value option (FVO) was elected are carried at fair value, with changes in value recorded in net realized gains and losses ^{p. 130}.
• FVO investments include certain residual interests of securitizations and other securities with embedded credit derivatives ^{p. 130}.
• Equity securities are measured at fair value, with changes reported in net realized gains and losses ^{p. 130}.
• Mortgage loans are recorded at outstanding principal balance, adjusted for premium/discount amortization and net of an ACL ^{p. 130}.
• Short-term investments are carried at amortized cost, approximating fair value ^{p. 130}.
• Limited partnerships and other alternative investments are reported at carrying value, primarily accounted for under the equity method, with the Company's share of earnings included in net investment income ^{p. 130}.
• Income recognition for these investments is delayed due to financial information availability, as private equity and other funds are generally received on a three-month delay ^{p. 130}.
• Income for 2025, 2024, and 2023 may not include the full impact of current year valuation changes of underlying assets and liabilities ^{p. 130}.
• Other investments primarily consist of equity fund investments measured at fair value, overseas deposits measured at fair value using net asset value, consolidated investment funds (seed money) with underlying investments at fair value, and derivative instruments carried at fair value ^{p. 130}.

Net Realized Gains and Losses

• Net realized gains and losses from investment sales are reported as a component of revenues and determined on a specific identification basis ^{p. 130}.
• These also result from fair value changes in equity securities, FVO securities, and derivative contracts not qualifying or designated as hedges ^{p. 130}.
• The Company records net credit losses on fixed maturities (AFS) and changes in the ACL on mortgage loans as a component of net realized gains and losses ^{p. 130}.
• Future changes in the ACL from improvements in expected future cash flows are recorded through net realized gains and losses ^{p. 130}.

Net Investment Income

• Interest income from fixed maturities and mortgage loans is recognized when earned using the constant effective yield method, based on estimated cash flow timing ^{p. 130}.
• Most premiums and discounts on fixed maturities are amortized to the maturity date ^{p. 130}.
• Premiums on callable bonds may be amortized to call dates based on call prices ^{p. 130}.
• For structured financial assets with prepayment risk, yields are recalculated and adjusted periodically using the retrospective method to reflect historical/estimated future prepayments ^{p. 130}.
• For certain other structured securities (e.g., those with prior ACL, interest-only securities), yield adjustments are made using the prospective method ^{p. 130}.
• Prepayment fees and make-whole payments on fixed maturities and mortgage loans are recorded in net investment income when earned ^{p. 130}.
• For equity securities, dividends are recognized as investment income on the ex-dividend date ^{p. 130}.
• Limited partnerships and other alternative investments primarily use the equity method to recognize the Company's share of earnings ^{p. 130}.
• For fixed maturities with an ACL, net investment income is recognized at the original effective rate, and ACL accretion is recognized through net realized gains and losses ^{p. 130}.
• The Company's nonincome producing investments were not material for 2025, 2024, and 2023 ^{p. 130}.

Accrued Investment Income

• Accrued investment income primarily includes accruals of interest and dividend income that have been earned but not yet received ^{p. 130}.

Derivative Instruments

• The Company uses various over-the-counter ("OTC"), OTC-cleared, and exchange-traded derivative instruments for risk management, income generation (covered call transactions), and replication transactions ^{p. 130}.
• Instruments include swaps, caps, floors, forwards, futures, and options ^{p. 131}.
• Objectives for using derivatives include:
  • Hedging risk from interest rate, equity market, credit spread, issuer default, price, currency exchange rates, or volatility ^{p. 131}.
  • Managing liquidity ^{p. 131}.
  • Controlling transaction costs ^{p. 131}.
  • Entering into income generation covered call transactions and synthetic replication transactions ^{p. 131}.
• Interest rate and credit default swaps involve periodic exchange of cash flows based on agreed rates or financial variables and notional principal amounts ^{p. 131}.
• Generally, little to no cash or principal is exchanged at inception, and cash flow streams are typically equal in value at that time ^{p. 131}.
• The Company clears certain interest rate and credit default swap derivative transactions through central clearing houses ^{p. 131}.
• OTC-cleared derivatives require initial collateral (cash or highly liquid securities like U.S. Treasuries and government agency investments) ^{p. 131}.
• Central clearing houses also require additional cash as variation margin based on daily market value movements ^{p. 131}.
• OTC-cleared transactions include price alignment amounts (received or paid on variation margin), characterized as interest and reflected in net investment income ^{p. 131}.
• Forward contracts are customized commitments for a future interest rate or currency exchange rate, typically settled in cash ^{p. 131}.
• Financial futures are standardized commitments to buy or sell financial instruments at a future date for a specified price, settled in cash or by delivery of the underlying instrument ^{p. 131}.
• Futures contracts trade on organized exchanges, with margin requirements met by pledging securities or cash, and daily settlement of changes in contract values ^{p. 131}.
• Option contracts grant the purchaser the right to buy or sell a financial instrument at a specified price within a period or on a date, for a premium payment, and are typically settled in cash ^{p. 131}.
• Foreign currency swaps exchange an initial principal amount in two currencies, with a re-exchange at a future date at an agreed rate, and possibly periodic payment exchanges ^{p. 131}.
• Derivative transactions in insurance company subsidiaries are used in strategies permitted by Connecticut, Illinois, and New York insurance regulators' derivative use plans ^{p. 131}.
• Derivative instruments are recognized on the Consolidated Balance Sheets at fair value and reported in Other Investments and Other Liabilities ^{p. 131}.
• For balance sheet presentation, the Company offsets fair value amounts, income accruals, and related cash collateral receivables/payables of OTC derivatives executed in the same legal entity and with the same counterparty under a master netting agreement ^{p. 131}.
• At contract inception, derivatives are designated as:
  • Fair value hedge (of a recognized asset/liability) ^{p. 131}.
  • Cash flow hedge (of cash flow variability or amounts to be received/paid) ^{p. 131}.
  • Net investment hedge (in a foreign operation) ^{p. 131}.
  • Held for other investment/risk management purposes (not qualifying for hedge accounting) ^{p. 131}.
• The Company currently does not designate any derivatives as fair value or net investment hedges ^{p. 131}.
• For Cash Flow Hedges, changes in fair value are recorded in AOCI and reclassified into earnings when the hedged item's cash flow variability impacts earnings ^{p. 131}.
• Gains and losses reclassified from AOCI to earnings are included in the same line item in the Consolidated Statements of Operations as the hedged item's cash flows ^{p. 131}.
• Periodic derivative net coupon settlements are recorded in the same line item of the Consolidated Statements of Operations as the hedged item's cash flows ^{p. 131}.
• Cash flows from cash flow hedges are presented in the same category as the hedged items' cash flows in the Consolidated Statement of Cash Flows ^{p. 131}.
• For Other Investment and/or Risk Management Activities, changes in fair value (including periodic derivative net coupon settlements) are reported in current period earnings as net realized gains and losses ^{p. 131}.

Hedge Documentation and Effectiveness Testing

• To qualify for hedge accounting, a derivative must be highly effective in mitigating designated changes in fair value or cash flows of the hedged item ^{p. 131}.
• At hedge inception, the Company formally documents relationships between hedging instruments and hedged items, risk-management objectives, and strategy for each hedge ^{p. 131}.
• Documentation includes linking derivatives to specific balance sheet assets/liabilities or forecasted transactions and defining effectiveness testing methods ^{p. 132}.
• The Company formally assesses, at inception and quarterly, whether derivatives are expected to be highly effective in offsetting changes in fair values, cash flows, or net investment in foreign operations ^{p. 132}.
• Hedge effectiveness is assessed primarily using quantitative methods (regression or statistical analysis) and qualitative methods (comparison of critical terms) ^{p. 132}.

Discontinuance of Hedge Accounting

• The Company discontinues hedge accounting prospectively when:
  • Qualifying criteria are no longer met ^{p. 132}.
  • The derivative is no longer designated as a hedging instrument ^{p. 132}.
  • The derivative expires, is sold, terminated, or exercised ^{p. 132}.
• If cash flow hedge accounting is discontinued because a forecasted transaction is no longer probable, the derivative remains on the balance sheet at fair value, and accumulated AOCI gains/losses are immediately recognized in earnings ^{p. 132}.
• In other discontinuations (e.g., derivative sold, terminated, exercised), amounts previously deferred in AOCI are reclassified into earnings when the hedged item impacts earnings ^{p. 132}.

Embedded Derivatives

• The Company may purchase investments containing embedded derivative instruments ^{p. 132}.
• If an embedded derivative's economic characteristics are not clearly related to the host contract and a separate instrument with the same terms would qualify as a derivative, it is bifurcated for measurement ^{p. 132}.
• The embedded derivative, reported with the host instrument, is carried at fair value, with changes reported in net realized gains and losses ^{p. 132}.

Credit Risk of Derivative Instruments

• Credit risk is the risk of financial loss due to an obligor's or counterparty's inability or unwillingness to meet obligations ^{p. 132}.
• Credit exposures are measured using the market value of derivatives ^{p. 132}.
• The Company generally requires OTC derivative contracts to be governed by International Swaps and Derivatives Association master agreements, structured by legal entity and counterparty, permitting right of offset ^{p. 132}.
• Some agreements require daily collateral settlement based on agreed thresholds ^{p. 132}.
• For daily derivative collateral maintenance, credit exposures are quantified based on the prior business day's market value, and collateral is pledged if the derivative's current value is greater than zero, subject to minimum transfer thresholds ^{p. 132}.
• The Company minimizes credit risk by transacting with high-quality counterparties, primarily rated A or better, monitored by its risk management team and reviewed by senior management ^{p. 132}.
• OTC-cleared derivatives are governed by clearing house rules, which reduce risk by requiring daily variation margin and acting as an independent valuation source ^{p. 132}.
• Counterparty credit exposure is monitored monthly for compliance with Company policies and statutory limitations ^{p. 132}.

Cash and Restricted Cash

• Cash includes cash on hand and demand deposits with banks or financial institutions ^{p. 132}.
• Restrictions on cash primarily relate to funds supporting regulatory and contractual obligations ^{p. 132}.
• The Company cedes insurance to limit maximum losses, diversify exposures, and provide statutory surplus relief, but remains primarily liable to policyholders ^{p. 132}.
• Failure of reinsurers to honor obligations could result in Company losses ^{p. 132}.
• The Company also assumes reinsurance and participates in reinsurance pools and associations ^{p. 132}.
• Assumed reinsurance is the Company's acceptance of risks underwritten by other insurers or pools ^{p. 132}.
• Reinsurance accounting is followed for ceded and assumed transactions providing indemnification against loss or liability (risk transfer) ^{p. 132}.
• Risk transfer requires insurance risk (underwriting and timing risk) and a reasonable possibility of significant loss to the reinsurer ^{p. 132}.
• Transactions not meeting risk transfer requirements are accounted for as deposit transactions ^{p. 132}.
• The Company had no deposit liability as of December 31, 2025 or 2024, reported in other liabilities ^{p. 132}.
• Premiums, benefits, losses, and loss adjustment expenses reflect net effects of ceded and assumed reinsurance transactions ^{p. 132}.
• Prepaid reinsurance premiums (portion of ceded premiums for unexpired contract terms) are included in other assets ^{p. 132}.
• Reinsurance recoverables are balances due from reinsurers for ceded paid and unpaid losses and loss adjustment expenses, presented net of an allowance for uncollectible reinsurance ^{p. 132}.
• Changes in the allowance for uncollectible reinsurance are reported in benefits, losses, and loss adjustment expenses in the Consolidated Statements of Operations ^{p. 132}.
• The Company periodically evaluates recoverability of reinsurance recoverable assets and establishes an allowance for uncollectible reinsurance ^{p. 132}.
• The allowance reflects management's best estimate of uncollectible cessions due to reinsurers' unwillingness or inability to pay ^{p. 132}.
• The allowance for uncollectible reinsurance comprises an ACL and an allowance for disputed balances ^{p. 133}.
• The Company may adjust the allowance or charge off uncollectible reinsurer balances ^{p. 133}.
• Credit losses related to reinsurance recoverables are recorded in benefits, losses, and loss adjustment expenses ^{p. 133}.
• Write-offs of reinsurance recoverables and related ACL are recorded when the balance is deemed uncollectible ^{p. 133}.
• Expected recoveries are included in the ACL estimate ^{p. 133}.

"Retroactive reinsurance agreements, including adverse development covers ("ADC"), are reinsurance agreements under which our reinsurer agrees to reimburse us as a result of loss development related to past insurable events." ^{p. 133}

• For these agreements, consideration paid exceeding estimated ultimate losses at inception is recognized as a loss on reinsurance transaction ^{p. 133}.
• The benefit of subsequent adverse development ceded (up to total consideration paid) is recognized as ceded losses, reducing incurred losses and loss adjustment expenses ^{p. 133}.
• The excess of estimated ultimate recoveries over consideration paid is recognized as a deferred gain liability and amortized into income over the period ceded losses are recovered in cash ^{p. 133}.
• The deferred gain liability is recalculated each period based on cumulative recoveries not yet collected relative to the latest estimate of ultimate losses to be recovered ^{p. 133}.
• Ceded loss reserves under retroactive agreements were USD 1.4bn as of December 31, 2025, and USD 1.6bn as of December 31, 2024 ^{p. 133}.
• The deferred gain liability reported in other liabilities was USD 850m as of December 31, 2025, and USD 914m as of December 31, 2024 ^{p. 133}.
• The change in deferred gain included in net income comprises amortization based on the percentage of ultimate ceded losses collected plus any change due to changes in estimated ultimate losses ^{p. 133}.
• The effect on income from change in the deferred gain was a net charge or (benefit) to earnings of USD (64)m (benefit) before tax for 2025, USD (83)m (benefit) for 2024, and USD 194m (charge) for 2023 ^{p. 133}.

Deferred Policy Acquisition Costs

• DAC (Deferred Acquisition Costs) represent direct costs related to acquiring new and renewal insurance contracts and incremental direct costs of contract acquisition ^{p. 133}.
• These costs are incurred in transactions with independent third parties or as employee compensation ^{p. 133}.
• DAC primarily includes commissions, premium taxes, and certain other expenses directly related to successfully issued contracts, including a portion of policy issuance and underwriting costs ^{p. 133}.
• For P&C insurance products and group life, disability, and accident contracts, costs are deferred and amortized ratably over the period related premiums are earned ^{p. 133}.
• DAC are reviewed for recoverability from future income; if not recoverable, they are charged to expense ^{p. 133}.
• Anticipated investment income is considered in determining DAC recoverability ^{p. 133}.

Income Taxes

• The Company recognizes taxes payable/refundable for the current year and deferred taxes for tax consequences of temporary differences between financial reporting and tax basis of assets and liabilities ^{p. 133}.
• Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income when temporary differences reverse ^{p. 133}.
• A deferred tax provision is recorded for tax effects of temporary differences between current taxable income and GAAP income in the Consolidated Statements of Operations ^{p. 133}.
• For deferred tax assets, a valuation allowance is recorded to reduce the total deferred tax asset to an amount that is more likely than not to be realized ^{p. 133}.

Goodwill

• Goodwill represents the excess of acquisition cost over the acquisition date fair value of net assets acquired ^{p. 133}.
• Goodwill is not amortized but is reviewed for impairment at least annually, or more frequently if triggering events occur ^{p. 133}.
• Goodwill is tested for impairment by comparing a reporting unit's fair value to its carrying value ^{p. 133}.
• Goodwill is impaired up to the amount that the carrying value exceeds fair value ^{p. 133}.
• A reporting unit is an operating segment or one level below ^{p. 133}.
• The Company's reporting units with allocated goodwill are Business Insurance, Personal Insurance, Employee Benefits, and Hartford Funds ^{p. 133}.
• Management's determination of reporting unit fair value incorporates multiple inputs into discounted cash flow calculations, including market participant assumptions ^{p. 133}.
• Assumptions include economic capital levels, future business growth, earnings projections, weighted average cost of capital for discounting, and AUM for the Hartford Funds segment ^{p. 133}.
• Decreases in business growth or earnings projections, and increases in weighted average cost of capital, will decrease a reporting unit's fair value and increase impairment possibility ^{p. 133}.

Intangible Assets

• Acquired intangible assets on the Consolidated Balance Sheets include purchased customer relationship and agency/distribution rights and licenses, measured at fair value at acquisition ^{p. 133}.
• The Company amortizes finite-lived intangible assets generally on a straight-line basis over their useful lives, ranging from 1 to 15 years ^{p. 133}.
• Amortization periods are revised if management believes the intangible asset's value duration has changed ^{p. 133}.
• Indefinite-lived intangible assets are not amortized ^{p. 133}.
• Intangible assets are assessed for impairment when events or circumstances indicate potential impairment, and at least annually for indefinite-lived intangibles ^{p. 133}.
• Finite-lived intangible assets are impaired if the carrying amount is not recoverable from undiscounted cash flows ^{p. 133}.
• Indefinite-lived intangible assets are impaired if the carrying amount exceeds fair value ^{p. 133}.
• Impaired intangible assets are written down to fair value ^{p. 133}.

Property and Equipment

• Property and equipment, including capitalized software and right-of-use lease assets, is carried at cost net of accumulated depreciation ^{p. 133}.
• Depreciation is based on estimated useful lives and recognized principally on the straight-line method ^{p. 134}.
• Accumulated depreciation was USD 2.6bn as of December 31, 2025, and USD 2.5bn as of December 31, 2024 ^{p. 134}.
• Depreciation expense was USD 187m for 2025, USD 177m for 2024, and USD 204m for 2023, reported in insurance operating costs and other expenses ^{p. 134}.
• Costs to access and develop hosted software arrangements (where The Hartford has right to use but not possess) and certain software licenses are reported in other assets on a straight-line basis over the service period ^{p. 134}.
• Amortization of hosted software and certain software licenses was USD 131m for 2025, USD 108m for 2024, and USD 85m for 2023, reported in insurance operating costs and other expenses ^{p. 134}.

Leases

• Leases are classified as financing or operating leases ^{p. 134}.
• Financing leases are recognized when the lease is economically similar to a purchase and The Hartford obtains control of the underlying asset, with amortization of the right-of-use asset and interest expense on the liability ^{p. 134}.
• Operating leases are recognized when the lease provides only the right to control use of the underlying asset over a term greater than one year, with lease cost recognized as rental expense on a straight-line basis ^{p. 134}.
• Leases with a term of one year or less are expensed over the lease term but not recognized on the Consolidated Balance Sheets ^{p. 134}.

Unpaid Losses and Loss Adjustment Expenses

• For P&C and group life, disability, and accident insurance and assumed reinsurance products, the Company establishes reserves for unpaid losses and loss adjustment expenses ^{p. 134}.
• These reserves cover estimated costs for reported and unreported claims, including all losses and loss adjustment expenses for processing and settling claims ^{p. 134}.
• Estimating ultimate costs is uncertain and complex, relying significantly on past developments as a predictor of future events and various actuarial techniques ^{p. 134}.
• The effects of inflation are implicitly considered in reserving ^{p. 134}.
• Factors influencing reserving uncertainties include social/economic trends and changes in legal liability/damage awards ^{p. 134}.
• Final claim settlements may vary from present estimates, especially for future payments ^{p. 134}.
• The Company regularly reviews the adequacy of estimated reserves by reserve line within reportable segments ^{p. 134}.
• Adjustments to previously established reserves are reflected in the operating results of the period when the adjustment is determined necessary ^{p. 134}.
• Most of the Company's P&C insurance product reserves are not discounted ^{p. 134}.
• The Company discounts certain reserves for indemnity payments under workers' compensation policies to present value, as payment patterns and ultimate costs are reasonably fixed and determinable ^{p. 134}.
• The discount rate for workers' compensation is based on the risk-free rate for the expected claim duration, determined in the year claims were incurred ^{p. 134}.
• The Company also discounts liabilities for structured settlement agreements providing fixed periodic payments to claimants ^{p. 134}.
• These structured settlement liabilities are discounted using the rate implicit in purchased annuities, which are accounted for within reinsurance recoverables ^{p. 134}.
• Group life and disability contracts with long-tail claim liabilities are discounted because payment patterns and ultimate costs are reasonably fixed and determinable ^{p. 134}.
• Discount rates are estimated based on expected investment yields (net of expenses and credit losses) ^{p. 134}.
• Discount rates for these reserves are established in the claim incurral year ^{p. 134}.
• Discount rates for life and disability reserves acquired from Aetna's U.S. group life and disability business were based on interest rates in effect at the November 1, 2017 acquisition date ^{p. 134}.
• For more information on unpaid losses and loss adjustment expenses, see Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses ^{p. 134}.

Reserve for Future Policy Benefits

• The Company's reserves for future policy benefits include paid-up life insurance and whole-life policies from group life conversions within the Employee Benefits segment ^{p. 134}.
• Reserves also include run-off structured settlement and terminal funding agreement liabilities, reported in the Corporate category ^{p. 134}.
• Contracts are grouped into cohorts by type and issue year ^{p. 134}.
• Reserves are established using the net premium approach, representing the present value of future policyholder benefits and expenses less the present value of future net premiums ^{p. 134}.
• Net premiums are calculated by multiplying gross premiums for a cohort by a net premium ratio ^{p. 134}.
• The net premium ratio is determined for a cohort's lifetime as the present value of net benefits divided by the present value of gross premiums ^{p. 134}.
• Related expenses include termination and settlement costs, excluding acquisition costs and non-claim related costs (e.g., investments, general administration, policy maintenance, product development, market research, general overhead), which are expensed as incurred ^{p. 134}.
• The Company estimates premiums, benefits, and related expense cash flows using assumptions for mortality, lapse, claim-related expenses, and inflation impact ^{p. 134}.
• Benefits include all guaranteed cash flows to policyholders ^{p. 135}.
• The reserve for future policy benefits is adjusted for differences between actual and expected experience ^{p. 135}.
• Quarterly, the Company updates cash flow estimates using actual historical experience, which are used to calculate revised net premiums and net premium ratio for an updated reserve ^{p. 135}.
• Future cash flow assumptions (mortality, lapse, expense) are reviewed and updated at least annually in the third quarter ^{p. 135}.
• The difference between the newly calculated reserve and the prior reserve (before updates) is the remeasurement gain or loss, which was immaterial for 2025, 2024, and 2023, and presented in benefits losses and loss adjustments expense in the Consolidated Statements of Operations ^{p. 135}.
• Changes to the reserve due to cash flow assumption updates, discounted at the original annual cohort's discount rate, are recognized on a catch-up basis in the Consolidated Statement of Operations ^{p. 135}.
• The discount rate assumption is an equivalent single rate based on a current market observable, upper-medium grade fixed maturity yield ^{p. 135}.

2. Earnings Per Common Share

• This section covers the computation of basic and diluted earnings per common share ^{p. 135}.

—	For the years ended December 31,
(In millions, except for per share data)	2025	2024	2023
Earnings	—	—	—
Net income	$ 3,836	$ 3,111	$ 2,504
Less: Preferred stock dividends	21	21	21

Net income available to common stockholders	$ 3,815	$ 3,090	$ 2,483
Shares	—	—	—
Weighted average common shares outstanding, basic	282.4	293.9	307.1
Dilutive effect of stock-based awards under compensation plans	4.1	4.7	4.4
Weighted average common shares outstanding and dilutive potential common shares [1]	286.5	298.6	311.5
Basic	$ 13.51	$ 10.51	$ 8.09
Diluted	$ 13.32	$ 10.35	$ 7.97

• For additional information, see Note 15 - Equity and Note 19 - Stock Compensation Plans ^{p. 135}.
• Basic earnings per common share is computed based on the weighted average number of common shares outstanding ^{p. 135}.
• Diluted earnings per common share includes the dilutive effect of stock-based awards under compensation plans ^{p. 135}.
• The discount rate is interpreted to represent a yield based on single-A credit rated fixed maturity instruments with similar duration to the liability ^{p. 135}.
• The Company uses the yield of a market observable index of single-A credit rated fixed maturities as the basis for setting the discount rate ^{p. 135}.
• The discount rate assumption is updated quarterly, and the change in reserve estimate from this update is recognized in other comprehensive income ^{p. 135}.

Treasury Stock

• Treasury stock is the cost of repurchased common stock, including purchase price and direct acquisition costs (commissions, excise taxes) ^{p. 135}.
• Issuance and retirement of treasury stock are recognized at the average cost of shares held in treasury ^{p. 135}.

Foreign Currency

• Foreign currency translation gains and losses are reflected in stockholders' equity as a component of AOCI ^{p. 135}.
• Foreign subsidiaries' balance sheet accounts are translated at year-end exchange rates, and income statement accounts at average rates prevailing during the year ^{p. 135}.
• National currencies of international operations are generally their functional currencies ^{p. 135}.
• The U.S. dollar is the functional currency of Lloyd's Syndicate 1221, for which the Company is the sole corporate member ^{p. 135}.
• Gains and losses from remeasurement of foreign currency transactions are reflected in earnings in net realized gains (losses) in the period they occur ^{p. 135}.
• Under the treasury stock method for stock-based awards, shares are assumed issued and then reduced by the number of shares repurchasable with theoretical proceeds at the average market price for the period ^{p. 135}.
• Contingently issuable shares are included if dilutive, assuming the reporting period end was the contingency period end ^{p. 135}.

3. Segment Information

• The Company operates in five reportable segments: Business Insurance, Personal Insurance, Property & Casualty Other Operations, Employee Benefits, and Hartford Funds, plus a Corporate category ^{p. 136}.
• Over 95% of the Company's revenues are generated in the U.S. ^{p. 136}.
• Remaining revenues are generated in the U.K. and other international locations ^{p. 136}.

"We report our results of operations consistent with the manner in which our chief operating decision maker ("CODM") reviews the business, assesses performance, and makes operating decisions on the allocation of resources to each reportable segment." ^{p. 136}

• The CODM is the Chairman and Chief Executive Officer ^{p. 136}.
• Accounting policies for segments are consistent with Note 1 - Basis of Presentation and Significant Accounting Policies ^{p. 136}.
• U.S. GAAP net income is the reported measure of segment profit or loss ^{p. 136}.
• Business Insurance provides insurance products and risk management services in the U.S. and internationally to commercial enterprises ^{p. 136}.
  • Coverages include workers' compensation, property, automobile, general liability, umbrella, package business, professional liability, bond, marine, livestock, accident and health, assumed reinsurance, and other product lines ^{p. 136}.
• Personal Insurance offers standard automobile, homeowners, and personal umbrella coverages to individuals across the U.S. ^{p. 136}.
  • This includes a special program for AARP members, with an agreement in place through December 31, 2032 ^{p. 136}.
• P&C Other Operations includes property and casualty operations that have discontinued writing new business ^{p. 136}.
  • This segment includes substantially all of the Company's asbestos and environmental ("A&E") exposures ^{p. 136}.
• Employee Benefits provides group life, accident, and disability coverage, along with voluntary benefits and group retiree health, to employers and associations ^{p. 136}.
• Hartford Funds offers investment products for retail and retirement accounts ^{p. 136}.
  • It provides investment management, distribution, and administrative services, including product design, implementation, and oversight ^{p. 136}.
  • This business also manages a portion of mutual funds supporting third-party life and annuity separate accounts ^{p. 136}.
• The Corporate category includes capital raising activities (equity and debt financing, related interest expense), purchase accounting adjustments for goodwill, reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, transaction expenses for acquisitions, certain M&A costs, and other unallocated expenses ^{p. 136}.
  • Interest expense on debt for the years ended December 31, 2025, 2024, and 2023, is USD 199m and is included in the Corporate category ^{p. 136}.
  • Corporate also includes investment management fees and expenses related to managing third-party assets ^{p. 136}.

Financial Measures and Other Segment Information

• Inter-segment transactions occur during the year, primarily related to tax settlements, insurance coverage, expense reimbursements, services, investment transfers, and capital contributions ^{p. 136}.
• Other inter-segment transactions relate to interest income on allocated surplus ^{p. 136}.
• Consolidated net income is unaffected by these inter-segment transactions ^{p. 136}.

Segment Revenues

—	2025	2024	2023
Business Insurance	—	—	—
Workers' compensation	$ 3,711	$ 3,691	$ 3,670
General liability	2,472	2,218	1,977
Marine	281	278	256
Package business	2,665	2,331	2,076
Commercial property	1,447	1,258	1,053
Professional Liability	847	824	787
Bond	341	327	321
Assumed reinsurance	891	758	615
Commercial automobile	1,273	1,079	927
Business Insurance earned premium and fee income	13,928	12,764	11,682
Net investment income	1,967	1,714	1,532
Net realized losses	-91	-73	-156
Other revenue [1]	3	1	1
Total Business Insurance	15,807	14,406	13,059
Personal Insurance	—	—	—
Personal automobile	2,528	2,425	2,156
Homeowners	1,229	1,061	961
Personal Insurance earned premium and fee income [2]	3,757	3,486	3,117
Net investment income	256	222	171
Net realized losses	-13	-14	-16
Other revenue	88	85	81
Total Personal Insurance	4,088	3,779	3,353
P&C Other Operations	—	—	—
Net investment income	76	74	69
Net realized losses	-3	-4	-7
Total P&C Other Operations	73	70	62
Employee Benefits	—	—	—
Group disability	3,584	3,576	3,530
Group life	2,582	2,617	2,583
Other	479	422	402
Employee Benefits premium and other considerations	6,645	6,615	6,515
Net investment income	533	475	469
Net realized losses	-38	-24	-45
Total Employee Benefits	7,140	7,066	6,939
Hartford Funds	—	—	—
Mutual fund and ETF	1,006	960	900
Third-party life and annuity separate accounts [3]	71	75	73
Hartford Funds fee income	1,077	1,035	973
Net investment income	21	20	17
Net realized gains	15	12	10
Total Hartford Funds	1,113	1,067	1,000
Total segment revenues	$ 28,221	$ 26,388	$ 24,413

• Other revenues for Business Insurance include revenues from equity method investments, which are not considered revenues from contracts with customers ^{p. 137}.
• AARP members accounted for earned premiums of USD 3.4bn in 2025, USD 3.2bn in 2024, and USD 2.9bn in 2023 ^{p. 137}.
• Revenues earned for investment advisory services on third-party life and annuity separate account AUM are generated by the Company's Hartford Funds segment ^{p. 137}.

Significant Segment Expenses

—	2025	2024	2023
Business Insurance	—	—	—
Current accident year losses and loss adjustment expenses ("LAE") before catastrophes	$ 7,909	$ 7,186	$ 6,575
Current accident year catastrophe losses and LAE	421	486	436
Prior accident year development of losses and LAE	-441	-231	-225
Amortization of DAC	2,201	1,993	1,779
Insurance operating costs	2,146	1,973	1,837
Amortization of other intangible assets	29	29	29
Dividends to policyholders	44	39	39
Total Business Insurance	12,309	11,475	10,470
Personal Insurance	—	—	—
Current accident year losses and LAE before catastrophes	2,307	2,351	2,287
Current accident year catastrophe losses and LAE	327	282	240
Prior accident year development of losses and LAE	-179	-108	11
Amortization of DAC	282	255	231
Insurance operating costs	718	673	576
Amortization of other intangible assets	2	2	2
Total Personal Insurance	3,457	3,455	3,347
P&C Other Operations	—	—	—
Prior accident year development of losses and LAE	196	219	224
Insurance operating costs	8	9	4
Total P&C Other Operations	204	228	228
Employee Benefits	—	—	—
Group disability losses	2,497	2,432	2,370
Group life losses	1,970	2,060	2,157
Group losses - other	225	189	156
Amortization of DAC	33	34	34
Insurance operating costs and other expenses	1,675	1,609	1,514
Amortization of other intangible assets	40	40	40
Total Employee Benefits	6,440	6,364	6,271
Hartford Funds	—	—	—
Sub-advisory expense	307	289	265
Employee compensation and benefits	135	131	121
Distribution and service	294	299	289
General, administrative and other	108	105	106
Total Hartford Funds	844	824	781
Total significant segment expenses	$ 23,254	$ 22,346	$ 21,097

• The Hartford Insurance Group, Inc. Notes to Consolidated Financial Statements (continued) ^{p. 139}.

—	Business Insurance	Personal Insurance	P&C Other Operations	Employee Benefits	Hartford Funds	Total Reportable Segments	Corporate	Consolidated
Earned premium and fee income from external customers	$ 13,928	$ 3,757	— $	$ 6,645	$ 1,077	$ 25,407	$ 40	$ 25,447
Net investment income	1,967	256	76	533	21	2,853	58	2,911
Net realized gains (losses)	-91	-13	-3	-38	15	-130	30	-100
Other revenue [1]	3	88	—	—	—	91	19	110
Total Revenues	15,807	4,088	73	7,140	1,113	28,221	147	28,368
Significant segment expenses	12,309	3,457	204	6,440	844	23,254	—	23,254
Other segment expenses [2]	6	71	1	—	—	78	—	78
Corporate expenses	—	—	—	—	—	—	276	276
Income tax expense (benefit)	712	113	-29	143	56	995	-71	924
Net income (loss)	$ 2,780	$ 447	$ (103)	$ 557	$ 213	$ 3,894	$ (58)	$ 3,836
Other segment disclosures:	—	—	—	—	—	—	—	—
Amortization of DAC	$ 2,201	$ 282	— $	$ 33	— $	$ 2,516	— $	2,516
Amortization of other intangibles	$ 29	$ 2	— $	$ 40	— $	$ 71	— $	71
Total Assets	$ 57,471	$ 6,446	$ 4,354	$ 13,564	$ 812	$ 82,647	$ 3,350	$ 85,997

• Segment/Category Summary For the Year Ended December 31, 2024 ^{p. 139}.

—	Business Insurance	Personal Insurance	P&C Other Operations	Employee Benefits	Hartford Funds	Total Reportable Segments	Corporate	Consolidated
Earned premium and fee income from external customers	$ 12,764	$ 3,486	$ —	$ 6,615	$ 1,035	$ 23,900	$ 40	$ 23,940
Net investment income	1,714	222	74	475	20	2,505	63	2,568
Net realized gains (losses)	-73	-14	-4	-24	12	-103	42	-61
Other revenue [1]	1	85	—	—	—	86	2	88
Total Revenues	14,406	3,779	70	7,066	1,067	26,388	147	26,535
Significant segment expenses	11,475	3,455	228	6,364	824	22,346	—	22,346
Other segment expenses [2]	6	67	4	—	—	77	—	77
Corporate expenses	—	—	—	—	—	—	263	263
Income tax expense (benefit)	576	49	-35	141	51	782	-44	738
Net income (loss)	$ 2,349	$ 208	$ (127)	$ 561	$ 192	$ 3,183	$ (72)	$ 3,111
Other segment disclosures:	—	—	—	—	—	—	—	—
Amortization of DAC	$ 1,993	$ 255	$ —	$ 34	$ —	$ 2,282	$ —	$ 2,282
Amortization of other intangibles	$ 29	$ 2	$ —	$ 40	$ —	$ 71	$ —	$ 71
Total Assets	$ 53,296	$ 6,034	$ 4,312	$ 13,502	$ 761	$ 77,905	$ 3,012	$ 80,917

• Note 3 - Segment Information ^{p. 139}.
• Index to Consolidated Financial Statements and Schedules Note 3 - Segment Information ^{p. 140}.

—	Reportable Segments					Total Reportable Segments	Corporate	Consolidated
Earned premium and fee income from external customers	$ 11,682	$ 3,117	$ —	$ 6,515	$ 973	$ 22,287	$ 39	$ 22,326
Net investment income	1,532	171	69	469	17	2,258	47	2,305
Net realized gains (losses)	-156	-16	-7	-45	10	-214	26	-188
Other revenue [1]	1	81	—	—	—	82	2	84
Total Revenues	13,059	3,353	62	6,939	1,000	24,413	114	24,527
Significant segment expenses	10,470	3,347	228	6,271	781	21,097	—	21,097
Other segment expenses [2]	2	60	—	—	—	62	—	62
Corporate expenses	—	—	—	—	—	—	280	280
Income tax expense (benefit)	502	-15	-36	133	45	629	-45	584
Net income (loss)	$ 2,085	$ (39)	$ (130)	$ 535	$ 174	$ 2,625	$ (121)	$ 2,504
Other segment disclosures:	—	—	—	—	—	—	—	—
Amortization of DAC	$ 1,779	$ 231	$ —	$ 34	$ —	$ 2,044	$ —	$ 2,044
Amortization of other intangibles	$ 29	$ 2	$ —	$ 40	$ —	$ 71	$ —	$ 71

• Other revenues for Business Insurance and Corporate include revenues from equity method investments not considered revenues from contracts with customers ^{p. 140}.
• Other segment expenses primarily consist of integration costs from the 2019 acquisition of Navigators Group for Business Insurance and servicing expenses for Personal Insurance ^{p. 140}.

4. Fair Value Measurements The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs. The fair value hierarchy levels are as follows: Level 1 Fair values based on unadjusted quoted prices for identical assets or liabilities, in active markets that the Company has the ability to access at the measurement date.

• Level 2 Fair values are primarily based on observable inputs, excluding Level 1 quoted prices, or on prices for similar assets and liabilities ^{p. 141}.
• Level 3 Fair values are derived when one or more significant inputs are unobservable, including risk assumptions ^{p. 141}.
• Level 3 fair value determination uses considerable judgment and represents the Company's best estimate of a market exchange amount when there is little or no observable market ^{p. 141}.
• Level 3 also includes securities traded in illiquid markets and/or priced by independent brokers ^{p. 141}.
• The classification of a financial asset or liability by level is based on the lowest level input significant to the fair value determination ^{p. 141}.
• Level 3 fair values often use both observable inputs (e.g., interest rate changes) and unobservable inputs (e.g., risk assumption changes) ^{p. 141}.

—	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis	—	—	—	—
Fixed maturities, AFS	—	—	—	—
Asset-backed securities ("ABS")	$ 4,663 $	- $	4,496 $	167
Collateralized loan obligations ("CLOs")	3,316	-	3,099	217
Commercial mortgage-backed securities ("CMBS")	2,328	-	2,213	115
Corporate	23,076	-	20,210	2,866
Foreign government/government agencies	447	-	447	-
Municipal	4,652	-	4,652	-
Residential mortgage-backed securities ("RMBS")	6,178	-	6,171	7
U.S. Treasuries	1,381	164	1,217	-
Total fixed maturities, AFS	46,041	164	42,505	3,372
FVO securities	168	-	-	168
Equity securities, at fair value [1]	492	379	7	106
Derivative assets	—	—	—	—
Foreign exchange derivatives	20	-	20	-
Total derivative assets [2]	20	-	20	-
Short-term investments	4,353	602	3,369	382
Total assets accounted for at fair value on a recurring basis	$ 51,074 $	1,145 $	45,901 $	4,028
Liabilities accounted for at fair value on a recurring basis	—	—	—	—
Derivative liabilities	—	—	—	—
Foreign exchange derivatives	-17	-	-17	-
Interest rate derivatives	-3	-	-3	-
Total derivative liabilities [3]	-20	-	-20	-
Total liabilities accounted for at fair value on a recurring basis	$ (20) $	- $	(20) $	-

• No facts in this section.

Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis	—	—	—
Fixed maturities, AFS	—	—	—
ABS	$ 3,937	—	$ 3,915
CLOs	3,250	—	3,134
CMBS	2,736	—	2,569
Corporate	20,636	—	18,355
Foreign government/government agencies	480	—	480
Municipal	5,304	—	5,304
RMBS	5,230	—	5,206
U.S. Treasuries	994	57	937
Total fixed maturities, AFS	42,567	57	39,900
FVO securities	308	—	111
Equity securities, at fair value [1]	603	372	144
Derivative assets	—	—	—
Credit derivatives	30	—	30
Equity derivatives	4	—	4
Foreign exchange derivatives	23	—	23
Total derivative assets [2]	57	—	57
Short-term investments	4,068	1,271	2,699
Total assets accounted for at fair value on a recurring basis	$ 47,603	$ 1,700	$ 42,911
Liabilities accounted for at fair value on a recurring basis	—	—	—
Derivative liabilities	—	—	—
Credit derivatives	$ (30)	—	$ (30)
Foreign exchange derivatives	18	—	18
Total derivative liabilities [3]	-12	—	-12
Total liabilities accounted for at fair value on a recurring basis	$ (12)	$ —	$ (12)

• Level 3 investments include those with contractual sales restrictions requiring consent for the duration they are held by the Company ^{p. 142}.
• Derivative instruments in a net positive fair value position are included, considering accrued interest and collateral posting requirements ^{p. 142}.
• Derivative instruments in a net negative fair value position (liability) are included, considering accrued interest and collateral posting requirements ^{p. 142}.
• Overseas deposits in other investments were USD 87m as of December 31, 2025, and USD 61m as of December 31, 2024 ^{p. 142}.
• These overseas deposits are measured at fair value using net asset value as a practical expedient ^{p. 142}.

Valuation Techniques

• The Company generally determines fair values using valuation techniques based on prices, rates, and other relevant market information from identical or similar instruments ^{p. 142}.
• Valuation techniques may include estimates of future cash flows discounted using current market expectations ^{p. 142}.
• The Company uses a "waterfall" approach for pricing sources and techniques, listed in priority order ^{p. 142}.
• Level 1 includes unadjusted quoted prices for identical assets or liabilities in active markets ^{p. 142}.
• Third-party pricing services primarily use techniques based on recently reported trades of identical, similar, or benchmark securities, with adjustments for market observable inputs ^{p. 142}.
• If no recent trades exist, third-party pricing services may use discounted cash flow techniques based on anticipated future performance and an estimated market rate ^{p. 142}.
• Both third-party pricing techniques consider time value of future cash flows and provide a margin for risk, including liquidity and credit risk ^{p. 143}.
• Most prices from third-party pricing services are classified as Level 2 due to observable inputs ^{p. 143}.
• Some less liquid or less actively traded securities priced by third-party services are classified as Level 3 ^{p. 143}.
• Certain long-dated securities with unobservable benchmark interest rate or credit spread assumptions are classified as Level 3 ^{p. 143}.
• Internal matrix pricing is used for private placement securities when third-party prices are unavailable ^{p. 143}.
• Internal pricing matrices determine credit spreads, combined with risk-free rates, applied to contractual cash flows to develop a price ^{p. 143}.
• Credit spreads are developed using market-based data for public securities, adjusted for public-private credit spread differentials from broker surveys ^{p. 143}.
• The market-based reference credit spread considers issuer sector, financial strength, and term to maturity using an independent public security index ^{p. 143}.
• The credit spread differential considers the non-public nature of the security ^{p. 143}.
• Securities priced using internal matrix pricing are classified as Level 2 because significant inputs are observable or corroborable ^{p. 143}.
• Independent broker quotes are typically non-binding and use inputs that are difficult to corroborate with observable market data ^{p. 143}.
• Brokers may use present value techniques with security-specific assumptions or recent transactions of similar securities ^{p. 143}.
• Valuations based on independent broker quotes are classified as Level 3 due to lack of transparency in their pricing process ^{p. 143}.
• The fair value of derivative instruments is primarily determined using discounted cash flow or option model techniques, incorporating counterparty credit risk ^{p. 143}.
• Quoted market prices for exchange-traded and OTC cleared derivatives, or independent broker quotes, may be used ^{p. 143}.
• Derivative pricing models primarily use market-observable or corroborable inputs ^{p. 143}.
• Certain derivatives may include significant unobservable inputs, such as volatility levels, reflecting the Company's view of market participant pricing ^{p. 143}.

Valuation Controls

• The Valuation Committee, a cross-functional group of senior management, monitors the process for determining investment fair value ^{p. 143}.
• The Valuation Committee's purpose is to oversee pricing policy, procedures, and controls, including approving valuation methodologies and pricing sources ^{p. 143}.
• The Valuation Committee reviews market data trends, pricing statistics, and trading statistics to ensure price reasonableness and consistency with the fair value framework ^{p. 143}.
• Controls and procedures for assessing third-party pricing services, including annual due-diligence reviews, are reviewed by the Valuation Committee ^{p. 143}.
• Controls include reviewing daily/monthly price changes, stale/missing prices, comparing new trade prices to third-party services, weekly price changes to bond index prices, and daily OTC derivative valuations to counterparty valuations ^{p. 143}.
• A dedicated pricing group works with trading and investment professionals to challenge third-party prices if they are believed to be inaccurate ^{p. 143}.
• New valuation models and changes to existing models require Valuation Committee approval ^{p. 143}.
• The Company's enterprise-wide Operational Risk Management function independently reviews model input suitability and reliability, and analyzes significant model changes ^{p. 143}.

Valuation Inputs

• Level 1 assets 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 ^{p. 143}.

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 Other inputs for less liquid securities or those that trade less actively, including subprime RMBS: • Estimated cash flows • Credit spreads, which include illiquidity premium • Constant prepayment rates • Constant default rates • Loss severity
Corporates	—
• Benchmark yields and spreads • Reported trades, bids, offers of the same or similar securities • Issuer spreads and credit default swap curves	• Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve
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	Other inputs for below investment grade privately placed securities and private bank loans: • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
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

Significant Unobservable Inputs for Level 3 - Securities

Significant Unobservable Input	Minimum	Maximum	Weighted Average [1]	Impact of Increase in Input on Fair Value [2]
Constant prepayment rate [6]	2%	5%	4%	Decrease [5]
Constant default rate [6]	1%	5%	2%	Decrease
Loss severity [6]	37%	80%	50%	Decrease

Assets accounted for at fair value on a recurring basis	$ 14	Discounted cash flows	Spread	1,370 bps			Decrease
As of December 31, 2024	As of December 31, 2024	As of December 31, 2024	As of December 31, 2024	As of December 31, 2024	As of December 31, 2024	As of December 31, 2024	As of December 31, 2024
CMBS [3]	$ 166	Discounted cash flows	Spread (encompasses prepayment, default risk and loss severity)	200 bps	1,221 bps	418 bps	Decrease
—	—	—	Constant prepayment rate [6]	1%	6%	4%	Decrease [5]
—	—	—	Constant default rate [6]	1%	4%	2%	Decrease
—	—	—	Loss severity [6]	30%	50%	41%	Decrease

• The weighted average is determined based on the fair value of the securities ^{p. 145}.
• A decrease in input would have the opposite impact on fair value compared to an increase ^{p. 145}.
• The table excludes securities for which the Company bases fair value on broker quotations ^{p. 145}.
• The table excludes securities for which fair value is based on broker quotations, but includes broker-priced lower-rated private placement securities where spread and yield information is received for corroboration ^{p. 145}.
• Decrease for above market rate coupons and increase for below market rate coupons ^{p. 145}.
• A change in the constant default rate assumption would generally be accompanied by a similar change in loss severity and an opposite change in constant prepayment rate, resulting in wider spreads ^{p. 145}.
• The fair values of the Company's Level 3 derivatives were less than USD 1m for both December 31, 2025, and December 31, 2024 ^{p. 145}.
• The table excludes certain securities whose fair values are predominantly based on independent broker quotes ^{p. 145}.
• The Company believes brokers likely use inputs similar to those used by the Company and third-party pricing services, such as estimated loss severity rates, prepayment rates, constant default rates, and credit spreads ^{p. 145}.
• Increases in these inputs would generally cause fair values to decrease for broker-priced securities ^{p. 145}.
• No significant adjustments were made by the Company to broker prices received as of December 31, 2025 ^{p. 145}.
• The derivative instrument may not be classified within the same fair value hierarchy level as its associated asset or liability ^{p. 146}.

	Fair value as of January 1, 2025	Total realized/unrealized gains (losses)		Purchases	Settlements	Sales	Transfers into Level 3 [3]	Transfers out of Level 3 [3]	Fair value as of December 31, 2025
—	—	Included in net income [1]	Included in OCI [2]	—	—	—	—	—	—
Assets	—	—	—	—	—	—	—	—	—
Fixed maturities, AFS	—	—	—	—	—	—	—	—	—
ABS	$ 22	—	$ 3	200	-48	—	—	-10	167
CLOs	116	—	—	470	-29	—	—	-340	217
CMBS	167	-1	8	—	-41	-10	45	-53	115
Corporate	2,281	3	63	1,402	-842	-91	62	-12	2,866
RMBS	24	—	—	37	-11	—	—	-43	7
Total fixed maturities, AFS	2,610	2	74	2,109	-971	-101	107	-458	3,372
FVO securities	197	4	-34	16	-15	—	—	—	168
Equity securities, at fair value	87	-1	—	40	-19	-1	—	—	106
Short-term investments	98	—	—	682	-347	-51	—	—	382
Total Assets	$ 2,992	5	$ 40	2,847	-1,352	-153	107	-458	4,028

—	Fair value as of January 1, 2024	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 December 31, 2024
Assets	—	—	—	—	—	—	—	—	—
Fixed maturities, AFS	—	—	—	—	—	—	—	—	—
ABS	$ —	$ —	$ —	70	$ —	$ —	$ —	$ (48)	22
CLOs	113	—	—	919	-64	—	—	-852	116
CMBS	227	-6	18	—	-10	-67	39	-34	167
Corporate	1,861	—	-23	876	-316	-126	9	—	2,281
RMBS	36	—	—	90	-17	—	—	-85	24
Total fixed maturities, AFS	2,237	-6	-5	1,955	-407	-193	48	-1,019	2,610
FVO securities	167	-7	—	52	-15	—	—	—	197
Equity securities, at fair value	58	3	—	49	-20	-3	—	—	87
Short-term investments	25	—	—	145	-72	—	—	—	98
Total Assets	$ 2,487	$ (10)	$ (5)	$ 2,201	$ (514)	$ (196)	$ 48	$ (1,019)	$ 2,992

• Amounts in these columns are generally reported in net realized gains (losses) and are before income taxes ^{p. 146}.
• All amounts are before income taxes ^{p. 146}.
• Transfers into and/or out of Level 3 are primarily due to the availability of market observable information and re-evaluation of pricing input observability ^{p. 146}.

	December 31, 2025		December 31, 2024
—	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	$ —	3	$ —	—
CLOs	$ —	—	$ —	—
CMBS	—	7	—	10
Corporate	3	61	—	-26
Total fixed maturities, AFS	3	71	—	-16
FVO securities	-30	—	-7	—
Equity securities, at fair value	1	—	—	—
Total Assets	$ (26)	$ 71	$ (7)	$ (16)

• All amounts in these rows are reported in net realized gains (losses) and are before income taxes ^{p. 147}.
• Amounts presented are for Level 3 only and may not agree with other disclosures ^{p. 147}.
• Changes in unrealized gains (losses) on fixed maturities, AFS, are reported in changes in net unrealized gain (loss) on fixed maturities in the Consolidated Statements of Comprehensive Income (Loss) ^{p. 147}.

Fair Value Option

• The Company has elected the fair value option for certain investments in residual interests of securitizations and other securities with embedded credit derivatives related to residential real estate ^{p. 147}.
• This election allows changes in fair value to be reflected in earnings ^{p. 147}.
• These instruments are included in FVO securities on the Consolidated Balance Sheets ^{p. 147}.
• Changes in the fair value of these investments are reported in net realized gains and losses ^{p. 147}.

Financial Instruments Not Carried at Fair Value

	December 31, 2025			December 31, 2024
—	Fair Value Hierarchy Level	Carrying Amount [1]	Fair Value	Fair Value Hierarchy Level	Carrying Amount [1]	Fair Value
Assets	—	—	—	—	—	—
Mortgage loans	Level 3 $	6,837	6,607	Level 3 $	6,396	5,901
Liabilities	—	—	—	—	—	—
Other policyholder funds and benefits payable	Level 3 $	612	613	Level 3 $	614	614
Senior notes [2]	Level 2 $	3,872	3,528	Level 2 $	3,867	3,406
Junior subordinated debentures [2]	Level 2 $	499	473	Level 2 $	499	460

• The carrying amount of mortgage loans was net of ACL of USD 49m as of December 31, 2025, and USD 44m as of December 31, 2024 ^{p. 147}.
• Long-term debt is included in the Consolidated Balance Sheets, except for current maturities, which are in short-term debt when applicable ^{p. 147}.
• The fair value of assets using the fair value option was USD 168m as of December 31, 2025, and USD 308m as of December 31, 2024 ^{p. 147}.
• Of these amounts, residual interests of securitizations accounted for USD 168m as of December 31, 2025, and USD 197m as of December 31, 2024 ^{p. 147}.
• Net realized gains (losses) related to the change in fair value of assets using the fair value option were USD (30)m for 2025, USD (5)m for 2024, and USD 5m for 2023 ^{p. 147}.

5. Investments

• The Hartford Insurance Group, Inc. ^{p. 148}

(Before tax)	2025	—	—	—	—
Fixed maturities [1]	$	2,367	2,204	1,895	—
Equity securities	—	21	35	45	—
Mortgage loans	—	296	266	235	—
Limited partnerships and other alternative investments	—	303	148	212	—
Other investments [2]	—	23	14	9	—
Gross investment income	$	3,010	2,667	2,396	—
Investment expenses	—	-99	-99	-91	—
Total net investment income	$	2,911	2,568	2,305	—

• Net investment income includes net investment income on short-term investments ^{p. 148}.
• Fair value changes primarily include 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 ^{p. 148}.

—	For the years ended December 31,
(Before tax)	2025	—	2024	2023
Gross gains on sales of fixed maturities	$	61 $	31 $	30
Gross losses on sales of fixed maturities	—	-129	-198	-149
Equity securities [1]	—	—	—	—
Net realized gains (losses) on sales of equity securities	—	12	-11	100
Change in net unrealized gains (losses) of equity securities	—	46	84	-22
Net realized and unrealized gains (losses) on equity securities	—	58	73	78
Net credit losses on fixed maturities, AFS	—	-	-2	-14
Change in ACL on mortgage loans	—	-6	3	-15
Other, net [2]	—	-84	32	-118
Net realized losses	$	(100) $	(61) $	-188

• Net unrealized gains (losses) on equity securities still held and included in net realized gains (losses) were USD 49m for 2025, USD 68m for 2024, and USD 17m for 2023 ^{p. 148}.
• Gains (losses) on non-qualifying derivatives were USD (16)m for 2025, USD 13m for 2024, and USD (108)m for 2023 ^{p. 148}.
• Gains (losses) from transactional foreign currency revaluation were USD (15)m for 2025, USD 20m for 2024, and USD (15)m for 2023 ^{p. 148}.
• Proceeds from sales of fixed maturities, AFS totaled USD 5.7bn for 2025, USD 5.7bn for 2024, and USD 3.8bn for 2023 ^{p. 148}.
• Sales of fixed maturities, AFS in 2025 were primarily due to tactical portfolio changes driven by changing market conditions, as well as duration and liquidity management ^{p. 148}.
• Non-cash investing activities for 2025 included USD 17m related to the exchange of equity securities for limited partnerships and other alternative investments ^{p. 148}.
• Non-cash investing activities for 2024 included USD 18m related to the exchange of short-term investments for equity securities ^{p. 148}.

Accrued Investment Income on Fixed Maturities, AFS and Mortgage Loans

• Accrued investment income related to fixed maturities, AFS was USD 439m as of December 31, 2025, and USD 412m as of December 31, 2024 ^{p. 148}.
• Accrued investment income related to mortgage loans was USD 25m as of December 31, 2025, and USD 22m as of December 31, 2024 ^{p. 148}.
• These accrued amounts are not included in the carrying value of fixed maturities or mortgage loans ^{p. 148}.
• Investment income on fixed maturities and mortgage loans is accrued unless it is past due over 90 days or deemed uncollectible by management ^{p. 148}.
• The Company does not include the current accrued investment income balance when estimating the Allowance for Credit Losses (ACL) ^{p. 148}.
• The Company's policy is to write off accrued investment income balances that are more than 90 days past due, with write-offs recorded as a credit loss component of net realized gains and losses ^{p. 148}.
• Intent-to-sell impairment is recorded as a reduction to the amortized cost of fixed maturities, AFS in an unrealized loss position if the Company intends to sell or is likely to be required to sell before recovery ^{p. 149}.
• A corresponding charge for intent-to-sell impairment is recorded in net realized losses, equal to the difference between fair value on impairment date and amortized cost basis ^{p. 149}.
• For fixed maturities with an identified credit loss and no intent-to-sell impairment, an ACL is recorded for the credit loss portion of the unrealized loss ^{p. 149}.
• Any remaining unrealized loss after recording an ACL is the non-credit amount and is recorded in Other Comprehensive Income (OCI) ^{p. 149}.
• The ACL is the excess of amortized cost over the greater of the Company's best estimate of present value of expected future cash flows or the security's fair value ^{p. 149}.
• Cash flows are discounted at the effective yield used for interest income ^{p. 149}.
• The ACL cannot exceed the unrealized loss and may fluctuate with changes in fair value if fair value is greater than the estimated present value of expected future cash flows ^{p. 149}.
• Initial ACL and subsequent changes are recorded in net realized gains and losses ^{p. 149}.
• The ACL is written off against amortized cost when all or part of the related fixed maturity is determined to be uncollectible ^{p. 149}.
• Developing the best estimate of expected future cash flows involves quantitative and qualitative processes, incorporating third-party information and internal assumptions ^{p. 149}.
• Considerations for expected future cash flows include: changes in issuer financial condition/collateral, payment status, credit ratings, payment structure, and extent of fair value being less than amortized cost ^{p. 149}.
• For non-structured securities, assumptions include economic/industry trends, instrument-specific developments (credit ratings, earnings multiples), and issuer's ability to restructure, access capital, and execute asset sales ^{p. 149}.
• For structured securities, assumptions include performance indicators like historical/projected default/recovery rates, credit ratings, delinquency rates, LTV ratios, cumulative collateral loss rates by vintage, prepayment speeds, and property value declines ^{p. 149}.
• These assumptions require significant management judgment, including probability of issuer default and estimates of timing and amount of expected recoveries ^{p. 149}.

ACL on Fixed Maturities, AFS by Type

	2025	2024	2023
(Before tax)	CMBS	Corporate	CLOs	Total	CMBS	Corporate	Total	CMBS	Corporate	Total
Balance as of beginning of period	$ 13	$ 3	$ —	$ 16	$ 12	$ 9	$ 21	$ 10	$ 2	$ 12
Credit losses on fixed maturities where an allowance was not previously recorded	—	—	2	2	1	—	1	—	9	9
Reduction due to sales	—	—	—	—	—	-3	-3	—	-5	-5
Net increases (decreases) on fixed maturities where an allowance was previously recorded	1	-3	—	-2	—	1	1	2	3	5
Write-offs charged against the allowance	—	—	—	—	—	-4	-4	—	—	—
Balance as of end of period	$ 14	$ —	$ 2	$ 16	$ 13	$ 3	$ 16	$ 12	$ 9	$ 21

• Note 5 - Investments ^{p. 149}

Fixed Maturities, AFS

• The Hartford Insurance Group, Inc. ^{p. 150}

Fixed Maturities, AFS, by Type

	December 31, 2025					December 31, 2024
—	Amortized Cost	ACL	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value	Amortized Cost	ACL	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
ABS	4,628	—	51	-16	4,663	3,948	—	28	-39	3,937
CLOs	3,310	-2	9	-1	3,316	3,237	—	13	—	3,250
CMBS	2,468	-14	24	-150	2,328	2,976	-13	21	-248	2,736
Corporate	23,305	—	375	-604	23,076	21,555	-3	117	-1,033	20,636
Foreign govt./govt. agencies	440	—	9	-2	447	500	—	3	-23	480
Municipal	4,831	—	89	-268	4,652	5,574	—	77	-347	5,304
RMBS	6,372	—	50	-244	6,178	5,610	—	13	-393	5,230
U.S. Treasuries	1,517	—	3	-139	1,381	1,138	—	—	-144	994
Total fixed maturities, AFS	46,871	-16	610	-1,424	46,041	44,538	-16	272	-2,227	42,567

Fixed Maturities, AFS, by Contractual Maturity Year

	December 31, 2025		December 31, 2024
—	Amortized Cost	Fair Value	Amortized Cost	Fair Value
One year or less	$ 1,174	$ 1,179	$ 1,308	$ 1,298
Over one year through five years	9,725	9,791	9,564	9,414
Over five years through ten years	9,046	9,055	7,687	7,334
Over ten years	10,148	9,531	10,208	9,368
Subtotal	30,093	29,556	28,767	27,414
Mortgage-backed and asset-backed securities	16,778	16,485	15,771	15,153
Total fixed maturities, AFS	$ 46,871	$ 46,041	$ 44,538	$ 42,567

• Estimated maturities may differ from contractual maturities due to call or prepayment provisions ^{p. 150}.
• Mortgage-backed and asset-backed securities are not categorized by contractual maturity due to potential variability in payment speeds ^{p. 150}.

Concentration of Credit Risk

• The Company maintains a diversified investment portfolio with exposure limits, diversification standards, and review procedures to mitigate credit risk ^{p. 150}.
• As of December 31, 2025, and December 31, 2024, the Company had no investment exposure to any single issuer greater than 10% of stockholders' equity, excluding U.S. government securities and certain U.S. government agencies ^{p. 150}.
• As of December 31, 2025, the three largest exposures by issuer (excluding U.S. government securities and agencies) were Morgan Stanley, SPCC Funding I LLC, and Entergy Corporation, each less than 1% of total invested assets ^{p. 150}.
• As of December 31, 2024, the three largest exposures by issuer (excluding U.S. government securities and agencies) were NextEra Energy Inc., Morgan Stanley, and the Government of Canada, each less than 1% of total invested assets ^{p. 150}.
• As of December 31, 2025, the three largest exposures by sector were financial services (approximately 11%), RMBS (10%), and municipal (7%) of total invested assets ^{p. 150}.
• As of December 31, 2024, the three largest exposures by sector were financial services (approximately 11%), municipal (9%), and RMBS (9%) of total invested assets ^{p. 150}.

Unrealized Losses on Fixed Maturities, AFS

	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)

• Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2024 ^{p. 151}

	Less Than 12 Months		12 Months or More		Total
—	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
ABS	$ 1,088	$ (14)	$ 407	$ (25)	$ 1,495	$ (39)
CLOs	78	—	—	—	78	—
CMBS	228	-4	2,299	-244	2,527	-248
Corporate	5,883	-138	8,212	-895	14,095	-1,033
Foreign govt./govt. agencies	165	-5	178	-18	343	-23
Municipal	1,263	-27	2,712	-320	3,975	-347
RMBS	1,297	-29	2,672	-364	3,969	-393
U.S. Treasuries	406	-26	461	-118	867	-144
Total fixed maturities, AFS in an unrealized loss position	$ 10,408	$ (243)	$ 16,941	$ (1,984)	$ 27,349	$ (2,227)

• As of December 31, 2025, fixed maturities, AFS in an unrealized loss position consisted of 2,659 instruments ^{p. 151}.
• These unrealized losses were primarily due to higher interest rates and/or wider credit spreads since the purchase date ^{p. 151}.
• As of December 31, 2025, 94% of these fixed maturities were depressed less than 20% of cost or amortized cost ^{p. 151}.
• The decrease in total gross unrealized losses as of December 31, 2025, was primarily due to lower interest rates ^{p. 151}.
• Most fixed maturities depressed for twelve months or more relate to the corporate sector, municipal bonds, and RMBS ^{p. 151}.
• These were primarily depressed because current rates are higher and/or market spreads are wider than at their respective purchase dates ^{p. 151}.
• The Company does not intend to sell, nor expects to be required to sell, these fixed maturities ^{p. 151}.
• Recording credit losses on fixed maturities, AFS as an ACL requires qualitative and quantitative estimates of expected future cash flows ^{p. 151}.

Mortgage Loans

• The Company reviews mortgage loans quarterly to estimate the ACL, with changes recorded in net realized gains and losses ^{p. 152}.
• An ACL is recorded on the pool of mortgage loans based on lifetime expected credit losses, in addition to individual mortgage loans with borrowers experiencing financial difficulties ^{p. 152}.
• A third-party forecasting model is used to estimate lifetime expected credit losses at a loan level under multiple economic scenarios ^{p. 152}.
• The economic scenarios use macroeconomic data from an internationally recognized economics firm, generating forecasts for GDP growth, unemployment, and interest rates ^{p. 152}.
• Economic scenarios are projected over 10 years, with the first two to four years assuming a specific modeled scenario (moderate upside, moderate recession, severe recession) and then reverting to historical long-term assumptions ^{p. 152}.
• The forecasting model projects property-specific operating income and capitalization rates to estimate future operating income streams ^{p. 152}.
• Operating income and property valuations are compared to loan payment and principal amounts to create Debt Service Coverage Ratios (DSCRs) and Loan-to-Value (LTV) ratios over the forecast period ^{p. 152}.
• The Company's process also considers qualitative factors ^{p. 152}.
• The model overlays historical mortgage loan performance data based on DSCRs and LTVs to project probability of default, loss given default, and expected loss through maturity for each loan under each economic scenario ^{p. 152}.
• Economic scenarios are probability-weighted based on statistical analysis of forecasted economic factors and qualitative analysis ^{p. 152}.
• The change in the ACL on mortgage loans is recorded based on the weighted-average expected credit losses across selected economic scenarios ^{p. 152}.
• When a borrower is experiencing financial difficulty, including probable foreclosure, an ACL is measured on individual mortgage loans ^{p. 152}.
• 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 ^{p. 152}.
• Estimates of collectibility require significant management judgment, including probability and timing of borrower default and loss severity estimates ^{p. 152}.
• Cash flow projections may change based on new information about borrower's ability to pay or collateral value ^{p. 152}.
• The ACL is written off against amortized cost when all or a portion of the mortgage loan is determined to be uncollectible ^{p. 152}.
• There were no mortgage loans held-for-sale as of December 31, 2025, or December 31, 2024 ^{p. 152}.
• For the year ended December 31, 2025, the Company had no mortgage loans with extensions or restructurings outside original contract terms or with financially distressed borrowers ^{p. 152}.
• For the year ended December 31, 2024, one office property mortgage loan with an amortized cost of USD 9m was granted a three-year term extension at a below-market rate due to borrower financial difficulties ^{p. 152}.
• This modified loan represents less than 1% of the mortgage loan portfolio and is current and performing ^{p. 152}.

—	2025	2024	2023
ACL as of beginning of period	$ 44	$ 51	$ 36
Current period provision (release)	6	-3	15
Current period gross write-offs	-1	-4	—
ACL as of December 31,	$ 49	$ 44	$ 51

• The weighted-average LTV ratio of the Company's mortgage loan portfolio was 56% as of December 31, 2025 ^{p. 152}.
• The weighted-average LTV ratio at origination for these loans was 58% ^{p. 152}.
• LTV ratios compare the loan amount to the value of the underlying property collateral, with property values based on appraisals updated at least annually ^{p. 152}.
• Factors for estimating property values include actual/expected property cash flows, geographic market data, and the ratio of net operating income to value ^{p. 152}.
• DSCR compares a property's net operating income to the borrower's principal and interest payments and is updated at least annually ^{p. 152}.

Loan-to-value	2025		2024		2023		2022		2021		2020 & Prior		Total
—	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

• Amortized cost of mortgage loans excludes an ACL of USD 49m ^{p. 152}.
• Note 5 - Investments ^{p. 152}

Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2024
2024	2023	2022	2021	2020	2019 & 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% $	25	0.63x $	-	-x$	16	1.05x $	37	1.03x $	-	-x$	110	1.68x $	188	1.34x
65% - 80%	89	1.42x	7	1.35x	204	1.89x	421	2.55x	100	3.60x	439	2.01x	1,260	2.26x
Less than 65%	357	1.62x	489	1.39x	696	2.85x	1,108	2.93x	518	2.67x	1,824	2.71x	4,992	2.57x
Total mortgage loans	$ 471	1.52x $	496	1.39x $	916	2.61x $	1,566	2.79x $	618	2.82x $	2,373	2.53x $	6,440	2.47x

• Amortized cost of mortgage loans excludes an ACL of USD 44m ^{p. 153}.

Mortgage Loans by Region	December 31, 2025		December 31, 2024
—	Amortized Cost	Percent of Total	Amortized Cost	Percent of Total
East North Central	$ 401	5.8%	$ 362	5.6%
Middle Atlantic	275	4.0%	259	4.0%
Mountain	903	13.1%	764	11.9%
New England	351	5.1%	356	5.5%
Pacific	1,417	20.6%	1,400	21.8%
South Atlantic	2,005	29.1%	1,821	28.3%
West North Central	128	1.9%	97	1.5%
West South Central	720	10.4%	588	9.1%
Other [1]	686	10.0%	793	12.3%
Total mortgage loans	6,886	100.0%	6,440	100.0%
ACL	-49	—	-44	—
Total mortgage loans, net of ACL	$ 6,837	—	$ 6,396	—

• Represents loans primarily collateralized by multiple properties in various regions ^{p. 153}.

Mortgage Loans by Property Type	December 31, 2025		December 31, 2024
—	Amortized Cost	Percent of Total	Amortized Cost	Percent of Total
Commercial	—	—	—	—
Industrial	$ 3,208	46.6 %	$ 2,737	42.5 %
Multifamily	2,209	32.1 %	2,161	33.5 %
Office	399	5.8 %	507	7.9 %
Retail [1]	992	14.4 %	957	14.9 %
Single Family	78	1.1 %	78	1.2 %
Total mortgage loans	6,886	100.0 %	6,440	100.0 %
ACL	-49	—	-44	—
Total mortgage loans, net of ACL	$ 6,837	—	$ 6,396	—

• Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls ^{p. 153}.

Past-Due Mortgage Loans

• Mortgage loans are considered past due if principal or interest payment is not received according to contractual terms, typically including a grace period ^{p. 153}.
• As of December 31, 2025, and December 31, 2024, the Company held no mortgage loans considered past due ^{p. 153}.

Mortgage Servicing

• The Company originates, sells, and services commercial mortgage loans for third parties, recognizing servicing fee income over the service period ^{p. 153}.
• As of December 31, 2025, the Company serviced mortgage loans with a total outstanding principal of USD 10.4bn ^{p. 153}.
  • Of this, USD 4.8bn was serviced on behalf of third parties ^{p. 153}.
  • USD 5.6bn was retained and reported in total investments ^{p. 153}.
• As of December 31, 2024, the Company serviced mortgage loans with a total outstanding principal balance of USD 10.0bn ^{p. 153}.
  • Of this, USD 4.8bn was serviced on behalf of third parties ^{p. 153}.
  • USD 5.2bn was retained and reported in total investments ^{p. 153}.
• Servicing rights were carried at USD 0 as of December 31, 2025, and December 31, 2024 ^{p. 153}.
• This is because servicing fees were market-level at origination and remain adequate to compensate the Company ^{p. 153}.

Variable Interest Entities

• The Company engages with various special purpose entities and other entities deemed Variable Interest Entities (VIEs) as an investor or investment manager ^{p. 153}.
• A VIE has investors lacking certain characteristics of a controlling financial interest or lacks sufficient funds without external financial support ^{p. 153}.
• The Company performs ongoing qualitative assessments to determine if it has a controlling financial interest and is the primary beneficiary of a VIE ^{p. 153}.
• The Company is deemed to have a controlling financial interest if it can direct activities significantly impacting economic performance and has the obligation to absorb losses or right to receive benefits that could be significant to the VIE ^{p. 153}.
• If determined to be the primary beneficiary, the Company consolidates the VIE in its Consolidated Financial Statements ^{p. 154}.

Consolidated VIEs

• As of December 31, 2025, and 2024, the Company did not hold any securities for which it is the primary beneficiary ^{p. 154}.

Non-Consolidated VIEs

• The Company makes passive investments in limited partnerships and other alternative investments through normal investment activities ^{p. 154}.
• For these non-consolidated VIEs, the Company is not the primary beneficiary as it cannot direct activities significantly affecting economic performance ^{p. 154}.
• The Company's maximum exposure to loss as of December 31, 2025, was USD 4.0bn, and as of December 31, 2024, was USD 3.2bn ^{p. 154}.
• This exposure is limited to the total carrying value of these investments, primarily recorded using the equity method of accounting ^{p. 154}.
• As of December 31, 2025, outstanding commitments totaled USD 2.4bn, and as of December 31, 2024, totaled USD 2.0bn, for funding these investments ^{p. 154}.
• These investments are generally passive, with the Company not taking an active management role ^{p. 154}.
• The Company also invests in entities sponsoring affordable housing projects ^{p. 154}.
• For these non-consolidated VIEs, the Company is not the primary beneficiary as it cannot direct activities significantly affecting economic performance ^{p. 154}.
• The Company applies the proportional amortization method for these investments, with amortization recognized as a component of income tax expense ^{p. 154}.
• For the years ended December 31, 2025, 2024, and 2023, amortization recognized was USD 13m, USD 2m, and USD 1m, respectively ^{p. 154}.
• Related tax benefits were USD 24m, USD 8m, and USD 1m for the same periods, respectively ^{p. 154}.
• Income tax credits and other income tax benefits are recognized in operating activities in the Consolidated Statement of Cash Flows ^{p. 154}.
• The carrying value of these investments (reported in other assets) was USD 121m as of December 31, 2025, and USD 51m as of December 31, 2024 ^{p. 154}.
• As of December 31, 2025, outstanding commitments related to affordable housing projects were USD 259m, and as of December 31, 2024, were USD 267m, contingent on various conditions ^{p. 154}.
• The Company makes passive investments in structured securities issued by VIEs where it is not the manager ^{p. 154}.
• These investments are included in ABS, CLOs, CMBS, and RMBS, reported in fixed maturities, AFS, and FVO securities ^{p. 154}.
• The Company has not provided financial or other support for these investments beyond its original investment ^{p. 154}.
• The Company is not the primary beneficiary for these investments due to the relative size of its investment, inability to direct significant activities, and credit subordination ^{p. 154}.
• The Company's maximum exposure to loss on these investments is limited to the amount of its investment ^{p. 154}.
• For the year ended December 31, 2024, the Company sold USD 86m of fixed maturities, AFS, for a net realized loss of less than USD 1m to a CLO issued by a VIE ^{p. 154}.
• The Company then purchased USD 24m of fixed maturities, AFS, and USD 50m of FVO securities from the VIE issuer ^{p. 154}.
• These investments are valued based on unobservable inputs and are classified within Level 3 of the fair value hierarchy ^{p. 154}.
• The Company is not the primary beneficiary of the VIE issuer as it cannot direct activities significantly affecting the securitization's economic performance ^{p. 154}.

Reverse Repurchase Agreements

• The Company enters into reverse repurchase agreements, generally with maturities within one year, where it purchases and agrees to resell securities ^{p. 154}.
• These agreements require additional collateral transfer under specified conditions, and the Company has the right to sell or re-pledge received securities ^{p. 154}.
• Reverse repurchase agreements are accounted for as collateralized financing ^{p. 154}.
• As of December 31, 2025, and December 31, 2024, the Company reported USD 87m and USD 0, respectively, within short-term investments on the Consolidated Balance Sheets ^{p. 154}.
• This represents a receivable for the cash transferred to purchase the securities ^{p. 154}.

Other Collateral Transactions

• Disclosure of collateral for derivative transactions is in the Derivative Collateral Arrangements section of Note 6 - Derivatives ^{p. 154}.

Other Restricted Investments

• The Company is legally required to deposit securities with government agencies in certain states where it operates ^{p. 155}.
• The Company must hold fixed maturities and short-term investments in trust for syndicate policyholders ^{p. 155}.
• Fixed maturities are held in a Lloyd's of London ("Lloyd's") trust account to provide required capital ^{p. 155}.
• Other investments, primarily overseas deposits, are maintained in various countries with Lloyd's to support underwriting activities ^{p. 155}.
• Lloyd's is an insurance marketplace operating worldwide, and the Company accepts risks as the sole member of Lloyd's Syndicate 1221 ("Lloyd's Syndicate") ^{p. 155}.

—	December 31, 2025 Fair Value	December 31, 2024 Fair Value
Securities on deposit with government agencies	$ 2,558	$ 2,362
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders	1,178	1,056
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders	23	25
Other investments	87	61

Equity Method Investments

• The majority of the Company's investments in limited partnerships and other alternative investments (including real estate joint ventures, real estate funds, private equity funds, and other funds) are accounted for under the equity method ^{p. 155}.
• The remaining limited partnership investments consist of insurer-owned life insurance accounted for at cash surrender value ^{p. 155}.
• Equity method income is reported in net investment income, except for strategic investments classified in other assets, which are reported in other revenues ^{p. 155}.
• For equity method investments, the Company's maximum exposure to loss as of December 31, 2025, is limited to the total carrying value of USD 5.3bn ^{p. 155}.
• The Company has outstanding commitments totaling USD 2.6bn to fund limited partnership investments as of December 31, 2025 ^{p. 155}.
• Equity method investments are generally passive, with the Company not actively managing them ^{p. 155}.
• For the periods ended December 31, 2025, and 2024, aggregate investment income from equity method investments did not exceed 10% of the Company's before-tax consolidated net income ^{p. 155}.
• For the period ended December 31, 2023, aggregate investment income from equity method investments exceeded 10% of the Company's before-tax consolidated net income ^{p. 155}.
• Aggregated, summarized financial data for equity method investees is disclosed based on the most recently available information ^{p. 155}.
• This aggregated data does not represent the Company's proportionate share of investees' assets or earnings ^{p. 155}.

—	As of December 31,
—	2025	2024
Balance sheet:	—	—
Total assets	$ 396,968	$ 356,430
Total liabilities	$ 69,322	$ 57,017
The Company's carrying value	$ 5,313	$ 4,552

—	2025	2024	2023
Operating results:	—	—	—
Net investment income (loss)	$ (1,502)	$ (1,002)	$ (1,240)
Net income excluding net investment income	$ 19,040	$ 14,778	$ 13,000
The Company's share of equity method income	$ 291	$ 103	$ 181

• Note 6 - Derivatives ^{p. 156}

6. Derivatives

• The Company uses various OTC, OTC-cleared, and exchange-traded derivative instruments for overall risk management, replication transactions, and income generation through covered call transactions ^{p. 156}.
• Derivative instruments manage risks related to interest rates, equity markets, credit spreads, issuer defaults, prices, currency exchange rates, and volatility ^{p. 156}.
• Replication transactions synthetically replicate characteristics and performance of permissible investment assets ^{p. 156}.

Strategies that Qualify for Hedge Accounting

• Some derivatives meet hedge accounting requirements as per Note 1 - Basis of Presentation and Significant Accounting Policies ^{p. 156}.
• Hedging instruments typically include interest rate swaps and, less frequently, foreign currency swaps, where terms closely match the hedged item ^{p. 156}.

Cash Flow Hedges

• Interest rate swaps are primarily used to manage portfolio duration and match asset cash receipts with liability cash disbursements ^{p. 156}.
• These derivatives mainly convert interest receipts on variable-rate fixed maturity securities to fixed rates ^{p. 156}.
• The Company uses interest rate swaps to convert variable interest payments on USD 500 junior subordinated debentures due 2067 to fixed payments ^{p. 156}.
• Foreign currency swaps convert foreign currency-denominated cash flows from certain investment receipts to U.S. dollars to reduce cash flow fluctuations due to currency rate changes ^{p. 156}.

Non-qualifying Strategies

• Derivative relationships not qualifying for hedge accounting ("nonqualifying strategies") primarily hedge interest rate, foreign currency, and equity risk of certain fixed maturities and equities ^{p. 156}.
• Hedging and replication strategies using credit default swaps also do not qualify for hedge accounting ^{p. 156}.

Credit Contracts

• Credit default swaps are used to purchase credit protection on individual entities or referenced indices to economically hedge against default risk and credit-related value changes in fixed maturity securities ^{p. 156}.
• Credit default swaps are also used to assume credit risk for replication transactions ^{p. 156}.
• These contracts involve paying or receiving a periodic fee in exchange for compensation if the referenced security issuers experience a credit event ^{p. 156}.
• The Company also uses credit default swaps to terminate existing ones, offsetting future value changes of the original swap ^{p. 156}.

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 ^{p. 156}.
• Interest rate swaps are also used to terminate existing swaps, offsetting future value changes of the original swap ^{p. 156}.
• The notional amount of interest rate swaps in offsetting relationships was USD 333m as of December 31, 2025, and USD 344m as of December 31, 2024 ^{p. 156}.

Foreign Currency Swaps

• The Company uses foreign currency swaps to convert foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars ^{p. 156}.

Equity Index Options

• The Company uses equity index options to hedge against the impact of equity market declines on the investment portfolio ^{p. 156}.

Derivative Balance Sheet Classification

• For reporting, the Company offsets OTC derivative instruments within assets or liabilities based on the net fair value, income accruals, and related cash collateral receivables and payables for instruments with the same counterparty under a master netting agreement ^{p. 156}.
• The presented fair value amounts exclude income accruals or related cash collateral receivables and payables, which are netted for balance sheet presentation ^{p. 156}.
• Derivative instruments are held for risk management, unless otherwise noted ^{p. 156}.
• The notional amount quantifies derivative activity volume and does not necessarily reflect credit risk ^{p. 156}.

Derivative Balance Sheet Presentation

	Notional Amount		Fair Value
Hedge Designation/ Derivative Type	Net Derivatives				Asset Derivatives		Liability Derivatives
Cash flow hedges	—	—	—	—	—	—	—	—
Interest rate swaps	$ 3,775	$ 4,225	$ (1)	$ —	$ —	$ —	$ (1)	$ —
Foreign currency swaps	588	646	3	41	33	52	-30	-11
Total cash flow hedges	4,363	4,871	2	41	33	52	-31	-11
Non-qualifying strategies	—	—	—	—	—	—	—	—
Interest rate contracts	—	—	—	—	—	—	—	—
Interest rate swaps and futures	333	344	-2	—	—	1	-2	-1
Foreign exchange contracts	—	—	—	—	—	—	—	—
Foreign currency swaps	588	647	—	—	—	—	—	—
Credit contracts	—	—	—	—	—	—	—	—
Credit derivatives in offsetting positions	985	986	—	—	27	31	-27	-31
Equity contracts	—	—	—	—	—	—	—	—
Equity index options	—	233	—	4	—	4	—	—
Total non-qualifying strategies	1,906	2,210	-2	4	27	36	-29	-32
Total cash flow hedges and non-qualifying strategies	$ 6,269	$ 7,081	$ —	$ 45	$ 60	$ 88	$ (60)	$ (43)
Balance Sheet Location	—	—	—	—	—	—	—	—
Fixed maturities, AFS	$ 588	$ 647	$ —	$ —	$ —	$ —	$ —	$ —
Other investments	1,695	3,011	20	57	55	66	-35	-9
Other liabilities	3,986	3,423	-20	-12	5	22	-25	-34
Total derivatives	$ 6,269	$ 7,081	$ —	$ 45	$ 60	$ 88	$ (60)	$ (43)

Offsetting of Derivative Assets/Liabilities

• The tables present gross fair value amounts, offset amounts, and net positions of derivative instruments eligible for offset on the Consolidated Balance Sheets ^{p. 158}.
• Offsetting amounts include fair value, income accruals, and cash collateral receivables/payables under common master netting agreements ^{p. 158}.
• Financial collateral receivables and payables, contractually permitted for offset upon default, are also included, though disallowed for offsetting under U.S. GAAP ^{p. 158}.

Offsetting Derivative Assets and Liabilities

	(i) Gross Amounts of Recognized Assets (Liabilities)	(ii) Gross Amounts Offset in the Statement of Financial Position	(iii) = (i) - (ii) Net Amounts Presented in the Statement of Financial Position		(iv) Collateral Disallowed for Offset in the Statement of Financial Position	(v) = (iii) - (iv)
—	—	—	Derivative Assets [1] (Liabilities) [2]	Accrued Interest and Cash Collateral (Received) [3] Pledged [2]	Financial Collateral (Received) Pledged [4]	Net Amount
As of December 31, 2025	—	—	—	—	—	—
Other investments	$ 60	$ 58	$ 20	$ (18)	$ 1	1
Other liabilities	$ (60)	$ (38)	$ (20)	$ (2)	$ (21)	-1
As of December 31, 2024	—	—	—	—	—	—
Other investments	$ 88	$ 86	$ 57	$ (55)	$ —	2
Other liabilities	$ (43)	$ (42)	$ (12)	$ 11	$ (1)	—

• For cash flow hedges, gain or loss on the derivative is reported in OCI and reclassified to earnings when the hedged transaction affects earnings ^{p. 158}.
• All components of each derivative's gain or loss were included in assessing hedge effectiveness ^{p. 158}.

Gain (Loss) Recognized in OCI

—	2025	2024	2023
Interest rate swaps	$ 12	(14) $	6
Foreign currency swaps	-28	41	-31
Total	$ (16)	27 $	-25

Gain (Loss) Reclassified from AOCI into Income

Year Ended December 31,
2025	2024	2023

—	Net Investment Income	Interest Expense	Net Investment Income	Interest Expense	Net Investment Income	Interest Expense
Interest rate swaps	$ (8)	12	$ (25)	16	$ (26)	15
Foreign currency swaps	10	—	12	—	10	—
Total	$ 2	12	$ (13)	16	$ (16)	15
Total amounts presented on the Consolidated Statement of Operations	$ 2,911	199	$ 2,568	199	$ 2,305	199

• As of December 31, 2025, the before-tax deferred net gains on derivative instruments in AOCI expected to be reclassified to earnings within the next twelve months are USD 27m ^{p. 159}.
• This expectation is based on anticipated interest payments on hedged fixed maturity securities and long-term debt ^{p. 159}.
• Deferred net gains (losses) will be recognized as an adjustment to net investment income or interest expense over the hedged instrument's cash flow term ^{p. 159}.
• For the years ended December 31, 2025, 2024, and 2023, the Company had no net reclassifications from AOCI to earnings due to discontinuance of cash-flow hedges ^{p. 159}.

—	2025	2024	2023
Interest rate contracts	—	—	—
Interest rate swaps and futures	-2	8	-3
Credit contracts	—	—	—
Credit derivatives that purchase credit protection	—	—	-105
Equity contracts	—	—	—
Equity index options	-14	5	—
Total [1]	$ (16)	13 $	-108

• The Company enters into credit default swaps to assume credit risk of a single entity or referenced index, synthetically replicating permissible investment transactions ^{p. 159}.
• The Company receives periodic payments based on an agreed rate and notional amount, making a payment only upon a credit event ^{p. 159}.
• A credit event payment typically equals the swap's notional value minus the value of the referenced security issuer's debt obligation after the event ^{p. 159}.
• A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity ^{p. 159}.
• Credit default swaps where the Company assumes credit risk may reference investment-grade single corporate issuers and baskets, including diversified portfolios of corporate and CMBS issuers ^{p. 159}.
• For non-qualifying strategies, including bifurcated embedded derivatives, gain or loss on the derivative is recognized currently in earnings within net realized gains (losses) ^{p. 159}.

Credit Risk Assumed Derivatives by Type

	Notional Amount [2]	Fair Value	Weighted Average Years to Maturity	Underlying Referenced Credit Obligation(s) [1]		Offsetting Notional Amount [3]	Offsetting Fair Value [3]
—	—	—	—	Type	Average Credit Rating	—	—
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)
As of December 31, 2024	—	—	—	—	—	—	—
Basket credit default swaps [4]	—	—	—	—	—	—	—
Investment grade risk exposure	$ 100	$ —	4 years	CMBS Credit	AAA	$ 100	$ —
Below investment grade risk exposure	392	30	3 years	Corporate Credit	B+	392	-30
Below investment grade risk exposure	1	-1	Less than 1 year	CMBS Credit	CCC	1	1
Total [5]	$ 493	$ 29	—	—	—	$ 493	$ (29)

• Average credit ratings are generally the midpoint of available ratings from Moody's, S&P, and Fitch, or an internally developed rating if none are available ^{p. 160}.
• Notional amount equals the maximum potential future loss and is governed by agreements with collateral posting requirements ^{p. 160}.
• There is no additional specific collateral or recourse provisions in these contracts to offset losses ^{p. 160}.
• The Company has entered into offsetting credit default swaps to terminate certain existing ones, offsetting future value changes or losses of the original swap ^{p. 160}.
• Some swaps are comprised of standard market indices of diversified corporate and CMBS issuers referenced through credit default swaps, valued based on the observable standard market index ^{p. 160}.

Derivative Collateral Arrangements

• The Company has various collateral arrangements for derivative instruments, involving both pledging and accepting collateral ^{p. 160}.
• As of December 31, 2025, the Company pledged cash collateral of USD 27m (USD 31m as of December 31, 2024) ^{p. 160}.
• As of December 31, 2025, the Company pledged securities collateral with a fair value of USD 22m (USD 1m as of December 31, 2024), included in fixed maturities ^{p. 160}.
• Counterparties have the right to sell or re-pledge these securities ^{p. 160}.
• As of December 31, 2025, the Company pledged initial margin of cash for OTC-cleared and exchange-traded derivatives with a fair value of USD 7m (USD 10m as of December 31, 2024), recorded in other investments or other assets ^{p. 160}.
• As of December 31, 2025, the Company pledged initial margin of securities for OTC-cleared and exchange-traded derivatives with a fair value of USD 98m (USD 103m as of December 31, 2024), included in fixed maturities ^{p. 160}.
• As of December 31, 2025, the Company accepted cash collateral of USD 50m (USD 78m as of December 31, 2024), invested and recorded in fixed maturities and short-term investments ^{p. 160}.
• As of December 31, 2025, the Company accepted securities collateral with a fair value of USD 2m (USD 0m as of December 31, 2024), which it has the right to repledge or sell ^{p. 160}.
• As of December 31, 2025 and 2024, the Company had no repledged securities ^{p. 160}.
• Non-cash collateral accepted was held in separate custodial accounts and not included in the Consolidated Balance Sheets as of December 31, 2025 and 2024 ^{p. 160}.

7. Premiums Receivable and Agents' Balances

As of December 31,
2025	2024

Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums ("loss sensitive business")	$ 5,948	$ 5,624
Receivables for loss sensitive business, by credit quality:	—	—
AA	98	97
A	76	57
BBB	206	193
BB	89	94
Below BB	41	50
Total receivables for loss sensitive business	510	491
Total Premiums Receivable and Agents' Balances, Gross	6,458	6,115
ACL	-142	-117

ACL on Premiums Receivable and Agents' Balances

• Premiums receivable and agents' balances, excluding loss sensitive business, are primarily premiums due from policyholders, typically collectible within one year or less ^{p. 161}.
• The ACL for these balances is estimated based on receivables aging, historical credit loss and collection experience, adjusted for current economic conditions and forecasts ^{p. 161}.
• Balances are considered past due when billed amounts are not collected within contractually stipulated time periods ^{p. 161}.
• A portion of the Company's Business Insurance is written with large deductibles or retrospectively-rated plans ("loss sensitive business") ^{p. 161}.
• For commercial insurance contracts with large deductibles, the Company pays the claimant and is reimbursed by the policyholder, incurring credit risk until reimbursement ^{p. 161}.
• Retrospectively-rated policies, primarily for workers' compensation, adjust ultimate premium based on actual losses, reducing insurance risk but presenting credit risk ^{p. 161}.
• Failure of policyholders to reimburse for deductibles or additional premium under retrospectively-rated policies could adversely affect the Company's results ^{p. 161}.
• The Company manages these credit risks through credit analysis, collateral requirements, and oversight ^{p. 161}.
• The ACL for loss sensitive business receivables is estimated by multiplying the exposed amount by probability of default and loss given default factors ^{p. 161}.
• Probability of default is assigned based on each policyholder's credit rating, or an estimated rating if no external one is available ^{p. 161}.
• Credit ratings are reviewed and updated at least annually ^{p. 161}.
• The exposure amount is estimated net of collateral and other credit enhancement, considering collateral nature, potential value changes, and historical loss information ^{p. 161}.
• Probability of default factors are historical corporate defaults for receivables with similar durations, estimated through multiple economic cycles ^{p. 161}.
• Credit ratings are forward-looking and consider various economic outcomes ^{p. 161}.
• Loss given default factors are based on historical recovery rates for general creditors through multiple economic cycles ^{p. 161}.
• The Company's ACL evaluation for loss sensitive business receivables considers the current economic environment and probability-weighted macroeconomic scenarios, similar to mortgage loans ^{p. 161}.
• For more information, see Note 5 - Investments ^{p. 161}.

	December 31, 2025			December 31, 2024			December 31, 2023
—	Receivables Excluding Loss Sensitive Business	Receivables for Loss Sensitive Business	Total	Receivables Excluding Loss Sensitive Business	Receivables for Loss Sensitive Business	Total	Receivables Excluding Loss Sensitive Business	Receivables for Loss Sensitive Business	Total
Beginning ACL	$ 97	$ 20	$ 117	$ 89	$ 20	$ 109	$ 85	$ 24	$ 109
Current period provision (release)	94	2	96	64	1	65	52	-2	50
Current period gross write-offs	-77	—	-77	-62	-1	-63	-55	-2	-57
Current period gross recoveries	6	—	6	6	—	6	7	—	7
Ending ACL	$ 120	$ 22	$ 142	$ 97	$ 20	$ 117	$ 89	$ 20	$ 109

• The Company cedes insurance risk to reinsurers to manage capital and risk exposure ^{p. 162}.
• Ceding risk does not relieve the Company of its primary liability to policyholders ^{p. 162}.
• Failure of reinsurers to honor obligations could result in losses for the Company ^{p. 162}.
• The Company's procedures include selecting reinsurers carefully, structuring agreements for collateral, and monitoring financial condition and ratings of reinsurers ^{p. 162}.
• The Company has two ADC reinsurance agreements, both accounted for as retroactive reinsurance and have exhausted their treaty limits ^{p. 162}.
• One agreement, the A&E ADC, covered substantially all A&E reserve development for 2016 and prior accident years up to an aggregate limit of USD 1.5bn ^{p. 162}.
• The other agreement, the Navigators ADC, covered substantially all reserve development of Navigators Insurance Company ("NIC") and certain affiliates for 2018 and prior accident years up to an aggregate limit of USD 300m ^{p. 162}.
• As of December 31, 2025, there is no remaining limit available under either the Navigators ADC (USD 300m ceded) or the A&E ADC (USD 1.5bn ceded) ^{p. 162}.
• For more information on ADC agreements, see Note 1 - Basis of Presentation and Significant Accounting Policies and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses ^{p. 162}.
• Property and Casualty ceded losses were USD 1,264m for 2025, USD 1,241m for 2024, and USD 1,043m for 2023 ^{p. 162}.
• Employee Benefits ceded losses were USD 96m for 2025, USD 120m for 2024, and USD 93m for 2023 ^{p. 162}.
• Reinsurance recoverables include balances due from reinsurance companies, presented net of an allowance for uncollectible reinsurance ^{p. 162}.
• Reinsurance recoverables include an estimate of gross losses and loss adjustment expense reserves that may be ceded, including incurred but not reported ("IBNR") unpaid losses ^{p. 162}.
• The Company's estimate of ceded reinsurance recoverables is based on assumptions consistent with those used for gross reserves ^{p. 162}.
• The estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of gross reserves for unpaid losses and loss adjustment expenses ^{p. 162}.

	As of December 31, 2025				As of December 31, 2024
—	P&C	Employee Benefits	Corporate	Total	P&C	Employee Benefits	Corporate	Total
AM Best Financial Strength Rating	—	—	—	—	—	—	—	—
A++	$ 2,161	$ —	$ —	2,161	$ 2,271	$ —	$ —	$ 2,271
A+	2,292	286	213	2,791	2,169	281	224	2,674
A	764	1	—	765	829	1	—	830
A-	603	3	2	608	622	4	—	626
B++	2	—	—	2	2	—	2	4
Below B++	21	—	—	21	22	—	—	22
Total Rated by AM Best	5,843	290	215	6,348	5,915	286	226	6,427
Mandatory (Assigned) and Voluntary Risk Pools	204	—	—	204	205	—	—	205
Captives	465	—	—	465	402	—	—	402
Other not rated companies	238	5	—	243	176	5	—	181
Gross Reinsurance Recoverables	6,750	295	215	7,260	6,698	291	226	7,215
Allowance for uncollectible reinsurance	-66	-1	-2	-69	-72	-1	-2	-75
Net Reinsurance Recoverables	$ 6,684	$ 294	$ 213	$ 7,191	$ 6,626	$ 290	$ 224	$ 7,140

• Balances are considered past due when billed amounts are not collected within contractually stipulated time periods, generally 30, 60, or 90 days ^{p. 162}.
• To manage reinsurer credit risk, a reinsurance security review committee evaluates the credit standing, financial performance, management, and operational quality of each potential reinsurer ^{p. 162}.
• When placing reinsurance, the Company considers the nature of the risk reinsured, including expected liability payout duration, and establishes limits tiered by reinsurer credit rating ^{p. 162}.
• Where contracts permit, the Company secures future claim obligations with collateral or other credit enhancement, including irrevocable letters of credit, secured trusts, funds held accounts, and group-wide offsets ^{p. 162, 163}.
• As part of its reinsurance recoverable review, the Company analyzes recent developments in commutation activity, trends in arbitration and litigation outcomes, and the overall credit quality of its reinsurers ^{p. 163}.
• Due to inherent uncertainties in collection and the time until recoverables are due, future adjustments to reinsurance recoverables, net of allowance, could be required, potentially having a material adverse effect on consolidated results or cash flows ^{p. 163}.
• The allowance for uncollectible reinsurance comprises an ACL and an allowance for disputed balances ^{p. 163}.
• The ACL is estimated as the amount of reinsurance recoverables exposed to loss multiplied by estimated factors for probability of default and loss given default ^{p. 163}.
• Probability of default is assigned based on each reinsurer's credit rating, or an estimated rating if no external one is available ^{p. 163}.
• Credit ratings are reviewed quarterly, and significant changes are reflected in updated estimates ^{p. 163}.
• Probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to reinsured liabilities, estimated through multiple economic cycles ^{p. 163}.
• Credit ratings are forward-looking and consider various economic outcomes ^{p. 163}.
• Loss given default factors are based on historical recovery rates for general creditors of corporations through multiple economic cycles, or for purchased annuities funding structured settlements, historical recovery rates for annuity contract holders ^{p. 163}.
• A portion of the total gross reinsurance recoverable balance relates to the Company's participation in various mandatory (assigned) and voluntary risk pools ^{p. 163}.
• Reinsurance recoverables due from pools are backed by the financial position of all participating insurance companies, not limited to the financial strength of each pool ^{p. 163}.
• Mandatory pools are generally funded through policy assessments or surcharges, and if a participant defaults, remaining liabilities are apportioned among other members ^{p. 163}.
• The Company's ACL evaluation for reinsurance recoverables considers the current economic environment and macroeconomic scenarios, similar to the approach for mortgage loans ^{p. 163}.
• For more information, see Note 5 - Investments ^{p. 163}.
• Insurance companies, including reinsurers, are regulated and hold risk-based capital ("RBC") to mitigate loss risk from economic factors and other risks ^{p. 163}.
• Non-U.S. reinsurers are either subject to a capital regime equivalent to domestic insurers or the Company holds collateral to support collection of reinsurance recoverables ^{p. 163}.
• There is a limited history of losses from insurer defaults ^{p. 163}.

Allowance for Uncollectible Reinsurance

—	As of December 31, 2025	As of December 31, 2024	As of December 31, 2023
P&C beginning allowance for uncollectible reinsurance	$ 72	$ 100	$ 102
Beginning allowance for disputed amounts	48	57	60
P&C beginning ACL	24	43	42
Current period provision	-	-6	3
Current period gross write-offs	-	-13	-2
P&C ending ACL	24	24	43
Ending allowance for disputed amounts	42	48	57
P&C ending allowance for uncollectible reinsurance	66	72	100
Employee Benefits allowance for uncollectible reinsurance	1	1	1
Corporate allowance for uncollectible reinsurance	2	2	2
Total allowance for uncollectible reinsurance	$ 69 $	75	$ 103

• Note 8 - Reinsurance ^{p. 164}.

Insurance Revenues

• The Hartford Insurance Group, Inc. Notes to Consolidated Financial Statements (continued) ^{p. 164}.

Property and Casualty Insurance Revenue

—	2025	2024	2023
Premiums Written	—	—	—
Direct	$ 18,904	$ 17,622	$ 16,144
Assumed	1,230	1,102	975
Ceded	-1,948	-1,775	-1,642
Net	$ 18,186	$ 16,949	$ 15,477
Premiums Earned	—	—	—
Direct	$ 18,344	$ 16,915	$ 15,514
Assumed	1,143	1,001	826
Ceded	-1,879	-1,742	-1,612
Net	$ 17,608	$ 16,174	$ 14,728

Employee Benefits Revenue

—	2025	2024	2023
Gross earned premiums, fees and other considerations	$ 6,613	$ 6,576	$ 6,445
Reinsurance assumed	145	166	174
Reinsurance ceded	-113	-127	-104
Net earned premiums, fees and other considerations	$ 6,645	$ 6,615	$ 6,515

• For its Employee Benefits products, the Company reinsures certain risks to other reinsurers under yearly renewable term and coinsurance arrangements and variations ^{p. 164}.
• Yearly renewable term and coinsurance arrangements pass a portion of the risk to the reinsurer ^{p. 164}.
• Generally, the reinsurer receives a proportionate amount of premiums (less an allowance for commissions and expenses) and is liable for a corresponding proportionate amount of all benefit payments ^{p. 164}.

9. Goodwill & Other Intangible Assets

• The carrying value of goodwill allocated to reportable segments and the corporate category as of December 31, 2025 and 2024 was presented ^{p. 164}.

—	Carrying Value
Business Insurance	$ 659
Personal Insurance	119
Hartford Funds	180
Employee Benefits	723
Corporate [1]	230

• The Corporate category includes goodwill acquired at a holding company level and not pushed down to a subsidiary within a reportable segment ^{p. 164}.
• Goodwill carrying value within Corporate as of December 31, 2025 and 2024 included USD 138m for Employee Benefits and USD 92m for Hartford Funds reporting units, respectively ^{p. 164}.
• The annual goodwill assessment for all reporting units was completed as of October 31, 2025 and 2024 ^{p. 164}.
• The assessment resulted in no write-downs of goodwill for the years ended December 31, 2025 and 2024 ^{p. 164}.
• All reporting units passed the annual impairment test with a significant margin ^{p. 164}.

3── Section 3 ──

• Prior accident year development for the year ended December 31, 2025, included a USD 64m benefit for amortization of a deferred gain under retroactive reinsurance accounting related to the Navigator's ADC ^{p. 166}.
• Prior accident year development for the year ended December 31, 2024, included a USD 145m benefit for amortization of a deferred gain under retroactive reinsurance accounting related to the Navigator's ADC ^{p. 166}.
• The deferred gain has been fully amortized as of September 30, 2025 ^{p. 166}.
• For the year ended December 31, 2024, the Company ceded USD 62m of losses under the A&E adverse development cover, which increased the deferred gain ^{p. 166}.

	As of December 31, 2025			As of December 31, 2024
—	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Amortized Intangible Assets:	—	—	—	—	—	—
Customer relationships	$ 636	(357) $	279	$ 636	(313) $	323
Marketing agreement with Aetna	16	-9	7	16	-7	9
Distribution Agreement	79	-77	2	79	-75	4
Distribution and Agency relationships & Other	340	-157	183	340	-134	206
Total Finite Life Intangibles	1,071	-600	471	1,071	-529	542
Total Indefinite Life Intangible Assets	95	—	95	95	—	95
Total Other Intangible Assets	$ 1,166	(600) $	566	$ 1,166	(529) $	637

—	Other Intangible Assets
2026	$	70
2027	$	68
2028	$	64
2029	$	62
2030	$	61

—	2025	2024	2023
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$ 36,404	$ 34,044	$ 33,083
Reinsurance and other recoverables	6,753	6,696	6,465
Beginning liabilities for unpaid losses and loss adjustment expenses, net	29,651	27,348	26,618
Provision for unpaid losses and loss adjustment expenses	—	—	—
Current accident year	10,964	10,305	9,538
Prior accident year development [1]	-424	-120	10
Total provision for unpaid losses and loss adjustment expenses	10,540	10,185	9,548
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	64	83	-194
Payments	—	—	—
Current accident year	-2,917	-2,765	-2,716
Prior accident years	-5,939	-5,175	-5,926
Total payments	-8,856	-7,940	-8,642
Foreign currency adjustment	33	-25	18
Ending liabilities for unpaid losses and loss adjustment expenses, net	31,432	29,651	27,348
Reinsurance and other recoverables	6,723	6,753	6,696
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$ 38,155	$ 36,404	$ 34,044

—	2025		2024		2023
Liability for unpaid losses and loss adjustment expenses, at undiscounted amounts	$	1,151	$	1,184	$	1,255
Amount of discount	—	317	—	333	—	339
Carrying value of liability for unpaid losses and loss adjustment expenses	$	834	$	851	$	916
Discount accretion included in losses and loss adjustment expenses	$	49	$	44	$	42
Weighted average discount rate	—	2.97%	—	2.80%	—	2.74%
Range of discount rates	0.83 %-	12.87%	0.83% -	14.03%	0.83% -	14.03%

• Reserves are discounted at rates in effect at the time claims were incurred, ranging from 0.83% for accident year 2020 to 12.87% for accident year 1982 ^{p. 166}.
• Reserves for property and casualty insurance products at December 31, 2025, represent the Company's best estimate of ultimate liability for losses and loss adjustment expenses ^{p. 166}.
• Significant uncertainties surrounding reserves mean that management's estimate of ultimate liabilities may change, and adjustments could be material to the Company's results or cash flows ^{p. 166}.
• Losses and loss adjustment expenses are impacted by trends in frequency and severity, as well as changes in legislative and regulatory environments ^{p. 166}.
• Asbestos exposure reserves have a high degree of uncertainty due to inadequate loss development patterns, expanding plaintiffs' theories of liability, new targets, major litigation risks, and inconsistent legal doctrines regarding claims and coverage obligations ^{p. 166}.
• Environmental exposure reserves (gross of reinsurance) have a high degree of uncertainty due to expanding theories of liabilities and damages, emerging risks from products like PFAS, major litigation risks, inconsistent legal doctrines on coverage, and the scope/complexity of required remediation ^{p. 167}.

(Favorable) Unfavorable Prior Accident Year Development

—	2025	2024	2023
Workers' compensation	$ (255)	$ (258)	$ (236)
Workers' compensation discount accretion	45	44	42
General liability	—	211	41
Marine	—	-1	-2
Package business	—	-6	-24
Commercial property	-42	-7	-7
Professional liability	-17	-27	-2
Bond	-71	-56	-27
Assumed reinsurance	—	24	34
Commercial automobile liability	12	47	20
Personal automobile liability	-87	-30	—
Homeowners	-43	-28	-6
Net asbestos and environmental reserves	165	141	—
Catastrophes	-84	-87	-87
Uncollectible reinsurance	6	-19	13
Other reserve re-estimates, net	11	15	57
Prior accident year development, including full benefit for the ADC cession	-360	-37	-184
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	-64	-83	194
Total prior accident year development	$ (424)	$ (120)	$ 10

• The change in deferred gain on retroactive reinsurance for the years ended December 31, 2025 and 2024, included a benefit for amortization of the Navigators ADC deferred gain of USD 64m and USD 145m, respectively ^{p. 167}.
• The change in deferred gain for the years ended December 31, 2024 and 2023, also included USD 62m and USD 194m, respectively, of adverse development on A&E reserves in excess of ceded premium paid ^{p. 167}.
• Workers' compensation reserves decreased within accident years 2021 and prior, primarily in small business, due to lower than previously estimated claim severity ^{p. 167}.
• Commercial property reserves decreased primarily within accident years 2023 and 2024 due to lower than expected severity ^{p. 167}.
• Professional liability reserves decreased due to favorable development on D&O claims from 2020-2023 accident years, partially offset by deterioration in employment practices liability and E&O claims across multiple accident years ^{p. 167}.
• Bond reserves decreased primarily due to favorable development on commercial and contract surety and fidelity bonds from accident years 2021 and prior ^{p. 167}.
• Commercial automobile liability reserves increased primarily due to adverse loss development within accident years 2022 and 2023, driven by higher severity than estimated ^{p. 167}.
• Personal automobile liability reserves decreased primarily within accident years 2020 to 2023 due to lower than expected severity ^{p. 167}.
• Homeowners reserves decreased primarily due to favorable severity impacting accident year 2024 ^{p. 167}.
• Asbestos and environmental reserves were reviewed in Q4 2025, resulting in a USD 165m increase, including USD 122m for asbestos and USD 43m for environmental ^{p. 167}.
• Catastrophes reserves decreased across Business Insurance and Personal Insurance, primarily due to a reduction in reserves in accident years 2020-2024, including favorable emergence from various hail events ^{p. 167}.
• Other reserve re-estimates, net, increased primarily due to an increase in ULAE reserves within P&C Other Operations, driven by higher gross asbestos and environmental reserves and unfavorable development from involuntary market pools, partially offset by lower than expected severity on Personal Insurance automobile physical damage for accident year 2024 ^{p. 167}.
• Workers' compensation reserves decreased within 2016-2020 accident years, primarily in small business, due to lower than anticipated claim severity ^{p. 167}.
• The 2020 accident year included a USD 48m reduction of COVID-19 related reserves due to favorable claim count emergence ^{p. 167}.
• General liability reserves increased primarily due to a higher frequency of large losses in 2015-2019 accident years ^{p. 167}.
• Incurred but not reported reserves for more recent accident years increased due to observed higher severity on reported claims and anticipated higher claim severity on unreported claims ^{p. 167}.
• Reserves for sexual molestation and sexual abuse claims increased for older accident years ^{p. 167}.
• Extra contractual liability claims and other miscellaneous run-off lines reserves were reduced due to recent favorable loss activity ^{p. 168}.
• Professional liability reserves decreased due to favorable development on D&O claims from 2020-2022 accident years and favorable E&O experience in the 2018 accident year, partially offset by deterioration in older accident years ^{p. 168}.
• Bond reserves decreased due to favorable development on commercial and contract surety and fidelity bonds from accident years 2019 and prior ^{p. 168}.
• Assumed reinsurance reserves increased due to higher reserve estimates in Latin America surety and P&C businesses related to 2020-2023 accident years ^{p. 168}.
• Commercial automobile liability reserves increased primarily due to adverse loss development within accident years 2022 and 2023, driven by higher severity than estimated ^{p. 168}.
• Personal automobile liability reserves decreased primarily due to better than anticipated severity for bodily injury liability claims and property damage liability in accident years 2021-2023 ^{p. 168}.
• Homeowners reserves decreased primarily due to favorable severity impacting accident years 2022 and 2023 ^{p. 168}.
• Asbestos and environmental reserves were reviewed in Q4 2024, resulting in a USD 203m increase before ADC reinsurance, including USD 167m for asbestos and USD 36m for environmental ^{p. 168}.
• The Company ceded USD 62m to the A&E ADC, accounted for as a deferred gain on retroactive reinsurance, representing losses ceded in excess of ceded premium paid ^{p. 168}.
• Catastrophes reserves decreased primarily within Business Insurance due to a reduction in reserves in accident years 2020-2022 related to favorable emergence from various hail events, and favorable development in Business and Personal Insurance in accident year 2022 related to Hurricane Ian ^{p. 168}.
• Uncollectible reinsurance decreased due to a reduction in a previously established reserve for an A&E reinsurer in liquidation ^{p. 168}.
• Other reserve re-estimates, net, increased primarily due to an increase in ULAE reserves within P&C Other Operations, driven by higher gross asbestos and environmental reserves and unfavorable development from involuntary market pools, partially offset by lower severity than expected on personal automobile physical damage for accident year 2023 ^{p. 168}.
• Workers' compensation reserves decreased within 2014-2020 accident years, primarily in small business, due to lower than previously estimated claim severity ^{p. 168}.
• The majority of the 2020 accident year relates to a USD 38m reduction of COVID-19 related reserves ^{p. 168}.
• General liability reserves increased due to higher frequency and estimated cost to settle large individual claims for 2016-2019 accident years, partially offset by a decrease in reserves for the 2020 accident year due to favorable experience ^{p. 168}.
• Reserves for sexual molestation and sexual abuse claims increased for older accident years ^{p. 168}.
• A decrease in reserves for extra contractual liability claims and other miscellaneous run-off lines was also included ^{p. 168}.
• Package business reserves decreased primarily due to lower than previously estimated property severity for accident years 2019 and 2021 ^{p. 168}.
• Package liability was flat overall, with reserve increases from higher severity across multiple accident years offset by improvement in accident year 2020 due to favorable claim count emergence ^{p. 168}.
• Commercial property reserves decreased primarily due to favorable development for accident years 2018 and 2021 ^{p. 168}.
• In accident year 2022, unfavorable development in middle & large business was offset by favorable development in global specialty ^{p. 168}.
• Professional liability reserves decreased modestly due to favorable development on D&O claims from 2020 and 2021 accident years, partially offset by deterioration in 2019 and prior accident years experience across E&O and other claims ^{p. 168}.
• Bond reserves decreased primarily due to improvement in fidelity in 2013 and prior accident years, and improvement in contract surety in 2019 and prior accident years, partially offset by unfavorable development for 2013 and prior accident years related to customs bonds ^{p. 168}.
• Assumed reinsurance reserves increased due to higher reserve estimates in the Latin America casualty and surety business ^{p. 168}.
• Commercial automobile liability reserves increased primarily due to adverse loss development from elevated large loss frequency and severity pressures within middle & large business for accident year 2022, and unfavorable experience in accident year 2019, partly offset by favorable development in accident years 2020 and 2021 ^{p. 168}.
• Personal automobile liability reserves were flat as increases for accident year 2022 from higher estimated severity and increasing attorney representation rates were fully offset by decreases, primarily within accident years 2019-2021, due to lower estimated severity ^{p. 168}.
• Asbestos and environmental reserves were reviewed in Q4 2023, resulting in a USD 194m increase before ADC reinsurance, including USD 156m for asbestos and USD 38m for environmental ^{p. 169}.
• The Company recognized a USD 194m deferred gain on retroactive reinsurance, representing losses ceded to the ADC in excess of ceded premium paid ^{p. 169}.
• Catastrophes reserves decreased primarily within Business Insurance due to a reduction in reserves in accident year 2022 for Hurricane Ian and accident year 2021 for Hurricane Ida ^{p. 169}.
• Uncollectible reinsurance increased primarily in Business Insurance related to a captive reinsurer and, to a lesser extent, an increase in reserves for potential collection disputes and credit concerns ^{p. 169}.
• Other reserve re-estimates, net, increased primarily due to an increase in ULAE reserves within P&C Other Operations, driven by higher gross asbestos and environmental reserves, unfavorable development from involuntary market pools, and increased automobile physical damage severity ^{p. 169}.
• On February 14, 2022, the Company executed a final settlement agreement (the 'Settlement') with the Boy Scouts of America ("BSA"), Local Councils, and attorneys representing alleged victims ^{p. 169}.
• The Hartford agreed to pay USD 787m for sexual molestation and sexual abuse claims associated with liability policies issued in the 1970s and early 1980s ^{p. 169}.
• In exchange for payment, the Company received a complete release of its policies issued to BSA and Local Councils, and an injunction against further abuse claims involving BSA ^{p. 169}.
• All conditions precedent to the Settlement were satisfied, including approval by the bankruptcy court and district court ^{p. 169}.
• On April 20, 2023, The Hartford paid the Settlement amount of USD 787m ^{p. 169}.
• Objecting parties appealed the district court's ruling and petitioned the U.S. Supreme Court for review ^{p. 169}.
• On January 12, 2026, the U.S. Supreme Court denied their petition, concluding the matter for The Hartford ^{p. 169}.

Adverse Development Covers

• The Company has an adverse development cover reinsurance agreement (A&E ADC) with NICO, a Berkshire Hathaway Inc. subsidiary, to reinsure loss development after 2016 on substantially all of the Company's asbestos and environmental reserves ^{p. 169}.
• Under the A&E ADC, the Company paid a reinsurance premium of USD 650m for NICO to assume adverse net loss reserve development up to USD 1.5bn above the Company's existing net A&E reserves as of December 31, 2016, which were approximately USD 1.7bn ^{p. 169}.
• The USD 1.7bn A&E reserves included exposure for accident years prior to 1986 (reported in Property & Casualty Other Operations) and exposure for accident years 1986 and subsequent from policies underwritten prior to 2016 (reported in ongoing Business Insurance and Personal Insurance) ^{p. 169}.
• The USD 650m reinsurance premium was placed into a collateral trust account as security for NICO's claim payment obligations ^{p. 169}.
• The Company retained the risk of collection on amounts due from other third-party reinsurers and, through 2025, continued to be responsible for claims handling and administrative services, subject to certain conditions ^{p. 169}.
• The A&E ADC covered substantially all the Company's A&E reserve development up to the reinsurance limit ^{p. 169}.
• Under retroactive reinsurance accounting, net adverse A&E reserve development after December 31, 2016, results in an offsetting reinsurance recoverable up to the USD 1.5bn limit ^{p. 169}.
• Cumulative ceded losses up to the USD 650m reinsurance premium paid have been recognized as a dollar-for-dollar offset to direct losses incurred ^{p. 169}.
• Cumulative ceded losses exceeding the USD 650m reinsurance premium paid resulted in a deferred gain ^{p. 169}.
• The Company has incurred USD 1.5bn in cumulative adverse development on asbestos and environmental reserves ceded under the A&E ADC treaty, leaving no remaining coverage ^{p. 169}.
• The Company recorded an USD 850m deferred gain within other liabilities, representing the difference between the USD 1.5bn reinsurance recoverable and the USD 650m ceded premium paid ^{p. 169}.
• As of December 31, 2025, the Company has paid cumulative losses in excess of the USD 1.7bn attachment point ^{p. 169}.
• The Company recorded USD 1,436m of ceded unpaid reinsurance loss and LAE recoverables and USD 64m of paid reinsurance loss and LAE recoverables related to the A&E ADC on the Consolidated Balance Sheet as of December 31, 2025 ^{p. 169}.
• The deferred gain will be recognized over the claim settlement period in proportion to cumulative ceded losses collected from the reinsurer to estimated ultimate reinsurance recoveries ^{p. 169}.
• Following the May 23, 2019, acquisition of Navigators Group, the Company purchased an aggregate excess of loss adverse development cover (Navigators ADC) from NICO ^{p. 169}.
• The Navigators ADC provided USD 300m of coverage in excess of USD 100m above existing net loss and allocated loss adjustment reserves as of December 31, 2018, subject to a treaty limit of USD 1.816bn for losses prior to that date, in exchange for a USD 91m premium ^{p. 169}.
• Cumulative loss development on 2018 and prior accident year reserves subsequently exhausted the treaty limit, resulting in the recognition of a USD 209m cumulative deferred gain within other liabilities under retroactive reinsurance accounting ^{p. 169}.
• Recoveries up to the limit were fully collected from NICO ^{p. 169}.
• Collections during 2024 and 2025 resulted in the amortization of USD 145m and USD 64m of the deferred gain, respectively, through benefits, losses, and loss adjustment expenses ^{p. 169}.
• The balance of the deferred gain was fully amortized as of December 31, 2025 ^{p. 169}.
• The deferred gain was USD 64m as of December 31, 2024 ^{p. 169}.
• No change to the deferred gain occurred during the year ended December 31, 2023, due to the absence of recoveries ^{p. 169}.

	Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance			Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance		Subtotal
Reserve Line	Cumulative Incurred for Accident Years Displayed in Triangles	Cumulative Paid for Accident Years Displayed in Triangles	Unpaid for Accident Years not Displayed in Triangles	Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance	Discount	Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance	Reinsurance and Other Recoverables	Liability for Unpaid Losses and Loss Adjustment Expenses
Workers' compensation	$ 18,810	$ (9,944)	$ 4,107	$ 450	$ (307)	$ 13,116	$ 1,754	$ 14,870
General liability	10,459	-4,765	467	220	—	6,381	1,243	7,624
Marine	1,434	-1,103	15	15	—	361	237	598
Package business	9,549	-6,864	141	147	—	2,973	40	3,013
Commercial property	4,369	-3,844	9	33	—	567	306	873
Commercial automobile liability	5,040	-3,324	15	46	—	1,777	130	1,907
Commercial automobile physical damage	235	-213	5	1	—	28	—	28
Professional liability	3,303	-1,712	51	49	—	1,691	568	2,259
Bond	655	-285	16	34	—	420	13	433
Assumed Reinsurance	2,486	-1,561	—	9	—	934	20	954
Personal automobile liability	10,649	-9,009	34	70	—	1,744	16	1,760
Personal automobile physical damage	1,529	-1,474	5	5	—	65	—	65
Homeowners	5,844	-5,473	6	47	—	424	15	439
Other ongoing business	—	—	179	8	-10	177	371	548
Asbestos and environmental [1]	—	—	342	—	—	342	1,983	2,325
Other operations [1]	—	—	250	182	—	432	27	459
Total P&C	$ 74,362	$ (49,571)	$ 5,642	$ 1,316	$ (317)	$ 31,432	$ 6,723	$ 38,155

• Asbestos and environmental and other operations include latent exposures not foreseen when coverages were written, such as potential liability for pharmaceutical products, silica, talcum powder, head injuries, lead paint, construction defects, sexual molestation and abuse, and other long-tail liabilities ^{p. 170}.
• These reserve lines do not have significant paid or incurred loss development for the most recent ten accident years ^{p. 170}.
• The reserve lines in the table and loss triangles represent significant lines of business for which the Company regularly reviews reserve levels ^{p. 170}.
• These reserve lines differ from those reported on a statutory basis as prescribed by the NAIC ^{p. 170}.
• The loss triangles present historical loss development for incurred and paid claims by accident year, including Navigators' reserves prior to and after the May 23, 2019 acquisition ^{p. 170}.
• Changes in reserve development in incurred loss triangles may differ from prior accident year development (PYD) shown in the (Favorable) Unfavorable Prior Accident Year Development table, as the latter only includes changes in Navigators' reserves post-acquisition ^{p. 170}.
• The incurred loss triangles include reserve development on both catastrophe and non-catastrophe claims, while the PYD table shows total catastrophe reserve development across all lines on a single line ^{p. 170}.
• Triangles are limited to a maximum of ten years for which claims incurred typically remain outstanding ^{p. 170}.
• Short-tail lines, which generally expect claims to be paid within a few years, display three years of claim development ^{p. 170}.
• IBNR reserves in loss triangles include reserves for incurred but not reported claims and for expected development on reported claims ^{p. 170}.
• Incurred and cumulative paid losses in non-U.S. dollar currencies have been converted to U.S. dollars using exchange rates as of December 31, 2025 ^{p. 170}.

Accident Year	For the years ended December 31, (Unaudited)										IBNR Reserves	Claims Reported
—	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	—	—
2016 $	1,772 $	1,772	$ 1,780	$ 1,767	$ 1,748	$ 1,708	$ 1,670	$ 1,634	$ 1,621	$ 1,610	309	112,799
2017	—	1,862	1,869	1,840	1,822	1,757	1,665	1,635	1,597	1,567	359	112,325
2018	—	—	1,916	1,917	1,915	1,904	1,870	1,836	1,798	1,766	412	120,168
2019	—	—	—	1,937	1,935	1,934	1,934	1,899	1,864	1,831	462	121,331
2020	—	—	—	—	1,865	1,864	1,849	1,808	1,712	1,644	493	92,565
2021	—	—	—	—	—	1,831	1,832	1,831	1,831	1,812	582	103,650
2022	—	—	—	—	—	—	2,000	2,001	2,001	2,000	686	114,840
2023	—	—	—	—	—	—	—	2,166	2,166	2,166	928	118,673
2024	—	—	—	—	—	—	—	—	2,174	2,174	1,122	117,500
2025	—	—	—	—	—	—	—	—	—	2,240	1,563	111,445

Accident Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
2016 $	255	579	779	908	1,003	1,064	1,110	1,145	1,173	1,199
2017	—	261	575	778	900	977	1,035	1,087	1,118	1,138
2018	—	—	283	624	837	983	1,090	1,170	1,215	1,251
2019	—	—	—	291	637	856	1,007	1,129	1,204	1,248
2020	—	—	—	—	223	507	695	850	939	1,005
2021	—	—	—	—	—	254	562	780	920	1,023
2022	—	—	—	—	—	—	293	649	910	1,081
2023	—	—	—	—	—	—	—	286	677	936
2024	—	—	—	—	—	—	—	—	309	726
2025	—	—	—	—	—	—	—	—	—	337
Total	—	—	—	—	—	—	—	—	—	9,944

Accident Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	IBNR Reserves	Claims Reported
2016 $	613	583	607	632	632	620	637	670	693	697	52	18,122
2017	—	626	614	613	615	613	615	658	691	723	56	17,743
2018	—	—	692	669	697	703	728	751	817	808	96	19,203
2019	—	—	—	822	826	821	839	859	876	907	153	19,169
2020	—	—	—	—	938	922	922	873	858	812	223	14,976
2021	—	—	—	—	—	1,002	991	983	1,000	997	350	13,349
2022	—	—	—	—	—	—	1,116	1,110	1,167	1,161	552	13,554
2023	—	—	—	—	—	—	—	1,219	1,230	1,246	766	12,456
2024	—	—	—	—	—	—	—	—	1,432	1,430	1,150	10,495
2025	—	—	—	—	—	—	—	—	—	1,678	1,626	7,755
Total	—	—	—	—	—	—	—	—	—	10,459	—	—

Accident Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
2016	12 $	52 $	131 $	283 $	368 $	446 $	513 $	564 $	596 $	621
2017	—	15	67	156	255	344	441	506	553	610
2018	—	—	21	83	177	288	409	512	595	673
2019	—	—	—	29	100	192	339	501	613	701
2020	—	—	—	—	45	110	202	308	432	547
2021	—	—	—	—	—	34	115	209	394	564
2022	—	—	—	—	—	—	26	135	282	509
2023	—	—	—	—	—	—	—	17	128	340
2024	—	—	—	—	—	—	—	—	16	181
2025	—	—	—	—	—	—	—	—	—	19

Accident Year	For the years ended December 31, (Unaudited)										IBNR Reserves	Claims Reported
—	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	—	—
2016 $	141	144	140	149	151	148	151	161	160	159	1	13,820
2017	—	154	175	162	161	167	170	177	174	173	1	16,252
2018	—	—	132	147	142	148	154	158	156	157	1	10,832
2019	—	—	—	139	136	135	130	127	128	130	—	7,288
2020	—	—	—	—	146	138	134	138	143	145	—	5,294
2021	—	—	—	—	—	127	128	120	128	125	19	5,415
2022	—	—	—	—	—	—	140	132	131	128	13	5,456
2023	—	—	—	—	—	—	—	134	129	126	31	4,989
2024	—	—	—	—	—	—	—	—	149	148	44	5,220
2025	—	—	—	—	—	—	—	—	—	143	78	4,239

For the years ended December 31, (Unaudited)
2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

2016	$ 81	$ 107	$ 123	$ 133	$ 142	$ 145	$ 148	$ 143	$ 144
2017	47	107	135	144	152	163	172	169	169
2018	—	33	95	127	136	143	160	152	153
2019	—	—	34	80	96	106	116	120	122
2020	—	—	—	32	69	90	100	119	120
2021	—	—	—	—	25	63	88	98	107
2022	—	—	—	—	—	27	72	89	104
2023	—	—	—	—	—	—	22	58	74
2024	—	—	—	—	—	—	—	32	72
2025	—	—	—	—	—	—	—	—	38

Accident Year	For the years ended December 31, (Unaudited)										IBNR Reserves	Claims Reported
—	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	—	—
2016 $	655 $	638 $	632 $	625 $	611 $	595 $	591 $	590 $	582 $	583 $	19	44,417
2017	—	695	702	692	657	644	637	640	638	638	27	46,994
2018	—	—	719	724	688	667	655	654	671	670	36	45,436
2019	—	—	—	813	769	749	744	747	761	758	51	44,081
2020	—	—	—	—	915	893	877	837	828	814	65	63,124
2021	—	—	—	—	—	946	954	958	958	964	101	48,037
2022	—	—	—	—	—	—	1,038	1,039	1,043	1,066	144	47,794
2023	—	—	—	—	—	—	—	1,250	1,223	1,244	275	47,841
2024	—	—	—	—	—	—	—	—	1,356	1,312	528	48,303
2025	—	—	—	—	—	—	—	—	—	1,500	867	34,613

For the years ended December 31, (Unaudited)
2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

2016	$ 353	$ 410	$ 465	$ 500	$ 521	$ 540	$ 545	$ 549	$ 556
2017	235	372	447	496	534	561	578	593	601
2018	—	237	402	451	498	537	571	609	621
2019	—	—	254	413	488	571	626	666	693
2020	—	—	—	326	493	573	648	699	731
2021	—	—	—	—	368	556	650	746	824
2022	—	—	—	—	—	319	633	728	846
2023	—	—	—	—	—	—	453	725	866
2024	—	—	—	—	—	—	—	415	674
2025	—	—	—	—	—	—	—	—	452

Accident Year	For the years ended December 31, (Unaudited)										IBNR Reserves	Claims Reported
—	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	—	—
2016	406	420	400	407	409	409	406	406	407	406	1	23,932
2017	—	578	517	457	439	441	439	440	439	438	3	24,629
2018	—	—	450	437	424	403	400	393	393	393	3	21,822
2019	—	—	—	480	439	418	420	421	420	420	-1	20,993
2020	—	—	—	—	501	469	440	438	437	437	32	20,538
2021	—	—	—	—	—	531	501	464	434	436	16	18,306
2022	—	—	—	—	—	—	497	481	476	472	5	17,495
2023	—	—	—	—	—	—	—	448	424	397	54	17,095
2024	—	—	—	—	—	—	—	—	519	481	105	16,913
2025	—	—	—	—	—	—	—	—	—	489	132	13,992
Total	—	—	—	—	—	—	—	—	—	4,369	—	—

Accident Year	For the years ended December 31, (Unaudited)
—	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
2016 $	215	$ 343	$ 379	$ 396	$ 402	$ 407	$ 407	$ 409	$ 407	$ 407
2017	—	229	378	412	428	433	439	441	442	442
2018	—	—	188	344	379	385	394	394	394	394
2019	—	—	—	215	351	383	405	407	410	412
2020	—	—	—	—	221	336	356	367	373	395
2021	—	—	—	—	—	241	383	403	412	414
2022	—	—	—	—	—	—	180	370	413	462
2023	—	—	—	—	—	—	—	199	301	327
2024	—	—	—	—	—	—	—	—	228	341
2025	—	—	—	—	—	—	—	—	—	250

• This section is a header for Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses for The Hartford Insurance Group, Inc. ^{p. 176}.

Accident Year	For the years ended December 31, (Unaudited)										IBNR Reserves	Claims Reported
—	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	—	—
2016 $	385 $	393 $	390 $	391 $	391 $	395 $	395 $	396 $	395 $	396 $	6	29,268
2017	—	372	383	379	383	381	394	398	398	399	4	26,421
2018	—	—	349	396	405	406	424	433	435	433	12	24,828
2019	—	—	—	425	439	450	460	471	479	484	11	28,647
2020	—	—	—	—	428	424	419	397	388	382	27	22,296
2021	—	—	—	—	—	440	443	429	410	409	50	20,343
2022	—	—	—	—	—	—	468	500	547	560	97	21,106
2023	—	—	—	—	—	—	—	527	555	560	165	21,232
2024	—	—	—	—	—	—	—	—	641	642	324	22,477
2025	—	—	—	—	—	—	—	—	—	775	627	19,958

Accident Year	For the years ended December 31
—	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
2016 $	65	147	232	303	339	357	379	385	388	388
2017	—	60	134	211	285	328	368	386	389	390
2018	—	—	62	153	238	305	360	387	406	415
2019	—	—	—	67	160	247	327	393	428	455
2020	—	—	—	—	55	119	200	264	317	340
2021	—	—	—	—	—	55	127	212	282	335
2022	—	—	—	—	—	—	64	171	294	400
2023	—	—	—	—	—	—	—	69	174	304
2024	—	—	—	—	—	—	—	—	77	217
2025	—	—	—	—	—	—	—	—	—	80
Total	—	—	—	—	—	—	—	—	—	3,324

• This section is a header for Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 177}.

Accident Year	For the years ended December 31, (Unaudited)			IBNR Reserves	Claims Reported
—	2023	2024	2025	—	—
2023 $	80	81	78	3	16,884
2024	—	84	84	7	16,718
2025	—	—	73	3	15,324

• This section is a header for Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 177}.

Accident Year	For the years ended December 31, (Unaudited)
—	2023	2024	2025
2023 $	61 $	74 $	75
2024	—	67	76
2025	—	—	62

Professional Liability

• This section is a header for Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 178}.

Claims Made Year	For the years ended December 31, (Unaudited)										IBNR Reserves	Claims Reported
—	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	—	—
2016 $	183	176	204	197	196	197	196	194	204	197	14	8,981
2017	—	205	203	232	227	241	243	218	229	225	14	10,152
2018	—	—	244	276	273	273	268	328	316	340	28	10,569
2019	—	—	—	295	314	332	349	356	387	395	80	10,689
2020	—	—	—	—	369	364	337	325	299	296	83	8,759
2021	—	—	—	—	—	340	343	327	307	302	125	7,554
2022	—	—	—	—	—	—	349	355	338	311	149	8,481
2023	—	—	—	—	—	—	—	384	388	396	195	10,161
2024	—	—	—	—	—	—	—	—	394	416	242	11,963
2025	—	—	—	—	—	—	—	—	—	425	366	12,157
Total	—	—	—	—	—	—	—	—	—	3,303	—	—

• This section is a header for Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 178}.

Claims Made Year	For the years ended December 31, (Unaudited)
—	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
2016 $	8	51	88	112	125	149	169	179	178	179
2017	—	11	48	87	122	149	180	192	190	195
2018	—	—	15	72	128	162	196	235	263	273
2019	—	—	—	21	78	148	199	242	267	302
2020	—	—	—	—	19	71	118	147	172	191
2021	—	—	—	—	—	15	55	95	128	157
2022	—	—	—	—	—	—	18	64	95	134
2023	—	—	—	—	—	—	—	20	76	145
2024	—	—	—	—	—	—	—	—	28	113
2025	—	—	—	—	—	—	—	—	—	23
Total	—	—	—	—	—	—	—	—	—	1,712

• This section is a header for Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses for The Hartford Insurance Group, Inc. ^{p. 178}.

Bond

• This section is a header for Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 179}.

Accident Year	For the years ended December 31, (Unaudited)										IBNR Reserves	Claims Reported
—	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	—	—
2016 $	61	$ 61	$ 61	$ 55	$ 51	$ 45	$ 37	$ 34	$ 28	$ 21	2	1,362
2017	—	63	90	101	94	79	70	68	65	56	13	1,813
2018	—	—	68	68	72	71	70	63	54	46	16	1,768
2019	—	—	—	72	73	74	73	70	61	49	32	1,958
2020	—	—	—	—	83	84	79	83	80	64	40	2,352
2021	—	—	—	—	—	85	85	88	84	75	39	3,069
2022	—	—	—	—	—	—	85	93	93	91	27	2,641
2023	—	—	—	—	—	—	—	81	83	83	58	1,763
2024	—	—	—	—	—	—	—	—	90	89	66	1,164
2025	—	—	—	—	—	—	—	—	—	81	70	1,213
Total	—	—	—	—	—	—	—	—	$	655	—	—

• This section is a header for Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 179}.

For the years ended December 31, (Unaudited)
2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

2016	$ 12	$ 15	$ 20	$ 22			$ 20		$ 19
2017	5	46	55	54	42	43	43	43	43
2018	—	6	16	23	24	29	30	29	29
2019	—	—	3	13	15	16	16	17	16
2020	—	—	—	4	12	21	26	27	23
2021	—	—	—	—	8	21	23	29	35
2022	—	—	—	—	—	11	42	59	62
2023	—	—	—	—	—	—	8	17	24
2024	—	—	—	—	—	—	—	10	23
2025	—	—	—	—	—	—	—	—	11

• This section is a header for Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses for The Hartford Insurance Group, Inc. ^{p. 179}.

Assumed Reinsurance

• This section is a header for Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 180}.

Accident Year	For the years ended December 31, (Unaudited)										IBNR Reserves	Claims Reported
—	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	—	—
2016 $	89 $	91 $	98 $	101 $	102 $	102 $	102 $	104 $	104 $	104 $	-1	2,020
2017	—	129	153	162	157	153	155	155	155	156	2	2,631
2018	—	—	129	128	130	135	136	133	133	136	1	3,139
2019	—	—	—	181	190	187	191	210	209	209	7	3,949
2020	—	—	—	—	183	181	188	180	182	187	5	3,515
2021	—	—	—	—	—	193	197	205	206	207	10	2,906
2022	—	—	—	—	—	—	267	275	291	299	60	2,868
2023	—	—	—	—	—	—	—	330	328	331	65	2,974
2024	—	—	—	—	—	—	—	—	410	394	193	2,112
2025	—	—	—	—	—	—	—	—	—	463	322	757

• This section is a header for Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 180}.

Accident Year	For the years ended December 31, (Unaudited)
—	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
2016 $	36	66	85	90	95	97	99	102	101	101
2017	—	44	116	135	145	147	149	151	150	150
2018	—	—	25	112	134	140	143	145	134	131
2019	—	—	—	62	132	154	160	177	186	192
2020	—	—	—	—	50	90	114	133	152	165
2021	—	—	—	—	—	46	103	134	158	174
2022	—	—	—	—	—	—	60	129	174	205
2023	—	—	—	—	—	—	—	63	150	209
2024	—	—	—	—	—	—	—	—	62	143
2025	—	—	—	—	—	—	—	—	—	91
Total	—	—	—	—	—	—	—	—	—	1,561

• This section is a header for Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses for The Hartford Insurance Group, Inc. ^{p. 180}.

Personal Automobile Liability

• This section is a header for Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 181}.

Accident Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	IBNR Reserves	Claims Reported
2016	1,407	1,402	1,393	1,397	1,395	1,386	1,384	1,384	1,388	1,386	3	215,878
2017	—	1,277	1,275	1,228	1,214	1,200	1,198	1,197	1,198	1,197	4	187,570
2018	—	—	1,108	1,104	1,072	1,058	1,056	1,055	1,054	1,052	16	156,299
2019	—	—	—	1,018	1,010	991	986	971	967	977	4	139,770
2020	—	—	—	—	805	782	775	741	740	727	9	96,752
2021	—	—	—	—	—	881	886	852	846	827	28	102,197
2022	—	—	—	—	—	—	928	1,018	1,009	971	65	108,161
2023	—	—	—	—	—	—	—	1,138	1,129	1,108	133	108,293
2024	—	—	—	—	—	—	—	—	1,212	1,212	297	101,636
2025	—	—	—	—	—	—	—	—	—	1,192	620	87,316
Total	—	—	—	—	—	—	—	—	—	10,649	—	—

• This section is a header for Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 181}.

For the years ended December 31, (Unaudited)
2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

2016	$ 968	$ 1,188	$ 1,308	$ 1,345	$ 1,363	$ 1,373	$ 1,377	$ 1,380	$ 1,381
2017	441	836	1,033	1,123	1,161	1,180	1,187	1,189	1,190
2018	—	359	710	888	965	1,011	1,028	1,033	1,035
2019	—	—	323	654	816	897	933	949	968
2020	—	—	—	238	486	615	679	709	714
2021	—	—	—	—	247	553	691	760	789
2022	—	—	—	—	—	301	662	813	880
2023	—	—	—	—	—	—	329	731	911
2024	—	—	—	—	—	—	—	361	782
2025	—	—	—	—	—	—	—	—	359

• This section is a header for Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses for The Hartford Insurance Group, Inc. ^{p. 181}.

Personal Automobile Physical Damage

Incurred Losses & Allocated Loss Adjustment Expenses, Net of

• This section is a header for Reinsurance ^{p. 182}.

Accident Year	2023	2024	2025	IBNR Reserves	Claims Reported
2023	574	544	542	2	234,484
2024	—	557	527	10	209,973
2025	—	—	460	9	175,456
Total	—	—	1,529	—	—

• This section is a header for Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 182}.

Accident Year	2023	2024	2025
2023	513	541	539
2024	—	497	516
2025	—	—	419
Total	—	—	1,474

Homeowners

• This section is a header for Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 183}.

Accident Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	IBNR Reserves	Claims Reported
2016 $	669	$ 673	$ 663	$ 658	$ 658	$ 658	$ 658	$ 658	$ 658	$ 659	—	119,822
2017	—	866	889	884	783	775	774	771	769	765	1	124,787
2018	—	—	903	910	673	642	639	645	642	637	3	102,929
2019	—	—	—	501	475	470	468	467	465	465	1	84,823
2020	—	—	—	—	525	512	513	505	499	495	2	88,571
2021	—	—	—	—	—	502	501	491	485	484	3	77,362
2022	—	—	—	—	—	—	499	507	498	493	4	64,195
2023	—	—	—	—	—	—	—	584	573	567	15	68,778
2024	—	—	—	—	—	—	—	—	605	571	48	62,535
2025	—	—	—	—	—	—	—	—	—	708	139	51,005

• This section is a header for Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 183}.

Accident Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
2016	481	621	640	649	653	655	656	657	658	658
2017	—	538	747	795	757	761	762	761	763	764
2018	—	—	484	712	616	619	627	626	628	629
2019	—	—	—	318	425	445	458	460	463	464
2020	—	—	—	—	335	454	478	486	490	492
2021	—	—	—	—	—	305	440	464	473	477
2022	—	—	—	—	—	—	298	453	476	483
2023	—	—	—	—	—	—	—	390	521	542
2024	—	—	—	—	—	—	—	—	367	500
2025	—	—	—	—	—	—	—	—	—	464
Total	—	—	—	—	—	—	—	—	—	5,473

Property and casualty reserves, including IBNR

• The Company estimates ultimate losses and allocated loss adjustment expenses ("ALAE") by accident year ^{p. 183}.
• IBNR represents the excess of estimated ultimate loss reserves over case reserves ^{p. 183}.
• The process of estimating ultimate losses and loss adjustment expenses is an integral part of the Company's reserve setting ^{p. 183}.
• Reserves for ALAE and ULAE are generally established separately from reserves for losses ^{p. 183}.
• Reserves for losses are set by line of business within reportable segments ^{p. 183}.
• Case reserves are established by a claims handler for each individual claim and adjusted as new information becomes available ^{p. 183}.
• Long-tail lines of business are those for which reported losses emerge over a long period, such as workers' compensation, general liability, and professional liability ^{p. 183}.
• Short-tail lines of business are those for which reported losses emerge more quickly, such as homeowners, commercial property, and automobile physical damage ^{p. 183}.
• For short-tail lines, emergence of paid loss and case reserves is credible and indicative of ultimate losses ^{p. 183}.
• For long-tail lines, emergence of paid losses and case reserves is less credible in early periods after an accident year and may not be indicative of ultimate losses ^{p. 183}.
• The Company's reserving actuaries regularly review reserves for current and prior accident years using the most current claim data ^{p. 183}.
• A variety of actuarial methods and judgments are used for most lines of business to select estimates of ultimate losses and loss adjustment expenses ^{p. 183}.
• Reserve selections incorporate input from claims personnel, pricing actuaries, and operating management regarding reported loss cost trends and other factors ^{p. 184}.
• For both short-tail and long-tail lines, an expected loss ratio ("ELR") is used to record initial reserves ^{p. 184}.
• The ELR is determined by starting with the average loss ratio of recent prior accident years and adjusting for expected changes to earned pricing, loss frequency and severity, mix of business, ceded reinsurance, and other factors ^{p. 184}.
• For short-tail lines, IBNR for the current accident year ("CAY") gives weight to both the initial ELR multiplied by earned premium approach and a loss development approach ^{p. 184}.
• For long-tail lines, IBNR reserves for the current accident year are initially recorded as the product of the ELR for the period and the earned premium for the period, less reported losses for the period ^{p. 184}.
• For certain short-tailed lines (commercial property, homeowners, automobile physical damage), IBNR amounts in loss development triangles are negative in some accident years due to anticipated salvage and subrogation recoveries on paid losses ^{p. 184}.
• As losses emerge or develop, reserving actuaries use other methods to estimate ultimate unpaid losses, including paid and reported loss development methods, frequency/severity techniques, and the Bornhuetter-Ferguson method ^{p. 184}.
• The methods given more weight vary based on accident year maturity, business mix, and internal/external influences on claims experience ^{p. 184}.
• Paid development and reported development techniques are used for most lines, with more weight given to reported development for some long-tailed lines like general liability ^{p. 184}.
• For long-tailed lines, the Company relies on the ELR method for immature accident years ^{p. 184}.
• Frequency/severity techniques are predominantly used for professional liability and also for automobile liability ^{p. 184}.
• The Berquist-Sherman technique is used for automobile liability, marine, and assumed reinsurance ^{p. 184}.
• For most lines, reserves for ALAE are analyzed using paid development techniques and an analysis of the relationship between ALAE and loss payments ^{p. 184}.
• For most lines acquired through the Navigators Group book of business, loss and ALAE are reviewed on a combined basis ^{p. 184}.
• Reserves for ULAE are determined using the expected cost per claim year and anticipated claim closure pattern, as well as the ratio of paid ULAE to paid losses ^{p. 184}.
• The recorded reserve for losses and loss adjustment expenses represents the Company's best estimate of the ultimate settlement amount ^{p. 184}.
• The best estimate is selected after considering estimates from various actuarial methods, giving more weight to those deemed more predictive ^{p. 184}.
• The Company does not produce a statistical range or confidence interval of reserve estimates ^{p. 184}.
• The selected best estimate may differ from the midpoint of various actuarial estimates because methods with more credibility are given greater weight ^{p. 184}.

Cumulative number of reported claims

• For most property and casualty lines, claim counts represent the number of claim features on a reported claim, where a claim feature is each separate coverage for each claimant affected by the claim event ^{p. 184}.
• For example, one car accident resulting in two bodily injury claims and one automobile damage liability claim would be counted as three claims within the personal automobile liability triangle ^{p. 184}.
• A fire impacting one commercial building may result in multiple claim features due to potential claims for business interruption, structural damage, and loss of physical contents ^{p. 184}.
• Claim features that result in no paid losses are included in reported claim counts ^{p. 184}.
• For some property and casualty lines (e.g., marine and assumed reinsurance), a claim count represents each reported claim regardless of the number of features ^{p. 184}.
• For assumed bordereau business and business written on binders, one claim count is posted for each bordereau received, which could account for multiple claims ^{p. 184}.

Reserve Line	1st Year	2nd Year	3rd Year	4th Year	5th Year	6th Year	7th Year	8th Year	9th Year	10th Year
Workers' compensation	14.9%	18.6%	12.2%	8.3%	5.8%	4.0%	2.8%	2.1%	1.5%	1.6%
General liability	2.4%	8.3%	12.0%	16.7%	14.9%	12.8%	9.6%	7.8%	6.2%	3.7%
Marine	22.6%	31.5%	15.8%	7.9%	7.2%	5.6%	0.8%	-%	(1.6%)	0.7%
Package business	35.1%	22.2%	9.8%	9.3%	6.6%	4.4%	3.8%	1.7%	1.0%	1.1%
Commercial property	49.7%	31.8%	7.3%	4.3%	1.2%	1.6%	0.2%	0.1%	(0.2%)	-%
Commercial automobile liability	13.3%	19.3%	20.7%	17.3%	12.1%	6.8%	5.0%	1.5%	0.5%	0.1%
Commercial automobile physical damage	80.7%	14.7%	0.4%	—	—	—	—	—	—	—
Professional liability	5.3%	16.7%	15.9%	11.9%	9.7%	10.0%	8.1%	2.5%	0.9%	0.7%
Bond	10.2%	27.7%	11.8%	6.7%	1.3%	(0.7%)	(0.3%)	(2.8%)	(0.4%)	(4.9%)
Assumed Reinsurance	23.4%	32.4%	14.7%	7.3%	5.7%	3.2%	(0.5%)	(0.2%)	(0.3%)	0.1%
Personal automobile liability	32.4%	34.8%	16.5%	8.0%	3.6%	1.3%	0.9%	0.2%	0.1%	0.1%
Personal automobile physical damage	93.3%	4.4%	(0.2%)	—	—	—	—	—	—	—
Homeowners	67.7%	26.3%	2.1%	0.7%	0.7%	0.3%	0.2%	0.2%	0.1%	0.1%

• Negative percentages are generally due to salvage, subrogation, or other recoveries ^{p. 185}.

Group Life, Disability and Accident Products

• This section is a header for Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses ^{p. 185}.

—	2025	2024	2023
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$ 8,206	$ 8,274	$ 8,160
Reinsurance recoverables	282	254	245
Beginning liabilities for unpaid losses and loss adjustment expenses, net	7,924	8,020	7,915
Provision for unpaid losses and loss adjustment expenses	—	—	—
Current incurral year	5,194	5,195	5,145
Prior year's discount accretion	198	194	193
Prior incurral year development [1]	-556	-561	-502
Total provision for unpaid losses and loss adjustment expenses [2]	4,836	4,828	4,836
Payments	—	—	—
Current incurral year	-2,778	-2,735	-2,575
Prior incurral years	-2,151	-2,189	-2,156
Total payments	-4,929	-4,924	-4,731
Ending liabilities for unpaid losses and loss adjustment expenses, net	7,831	7,924	8,020
Reinsurance recoverables	282	282	254
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$ 8,113	$ 8,206	$ 8,274

• Prior incurral year development represents the change in estimated ultimate incurred losses and loss adjustment expenses for prior incurral years on a discounted basis ^{p. 185}.
• Unallocated loss adjustment expenses included USD 173m, USD 175m, and USD 182m for the years ended December 31, 2025, 2024, and 2023, respectively ^{p. 185}.
• These ULAE amounts are recorded in insurance operating costs and other expenses in the Consolidated Statements of Operations ^{p. 185}.

—	2025	2024	—	2023
Liability for unpaid losses and loss adjustment expenses, at undiscounted amounts	$ 8,095	$	8,111	$ 8,150
Amount of discount	-1,245	—	-1,196	-1,166
Carrying value of liability for unpaid losses and loss adjustment expenses	$	6,850 $	6,915	$ 6,984
Weighted average discount rate	3.5%	—	3.3%	3.2%
Range of discount rate	2.1% -	8.0%	2.1% - 8.0%	2.1% - 8.0%

• Reserves are discounted at rates in effect at the time claims were incurred, ranging from 2.1% for life and disability reserves acquired from Aetna (based on November 1, 2017 acquisition date interest rates) to 8.0% for the Company's pre-acquisition reserves for incurral year 1990 ^{p. 186}.
• Discount rates vary by product ^{p. 186}.
• Prior year's discount accretion has been calculated as the average reserve balance of discounted reserves for the year multiplied by the weighted average discount rate ^{p. 186}.

2025 re-estimates of prior incurral year reserves

• Group disability prior period reserve estimates decreased by approximately USD 466m ^{p. 186}.
• This decrease was driven by favorable long-term disability claim recoveries, lower than prior assumptions for paid family and medical leave incidence, and a higher than expected New York paid family leave risk adjustment benefit ^{p. 186}.

Group life and accident (including group life premium

• Prior period reserve estimates decreased by approximately USD 90m ^{p. 186}.
• This decrease was 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 ^{p. 186}.

2024 re-estimates of prior incurral year reserves

• Group disability prior period reserve estimates decreased by approximately USD 483m ^{p. 186}.
• This decrease was largely driven by long-term disability claim incidence lower than prior assumptions, favorable recoveries on prior incurral year claims, and a favorable change in the recovery rate assumption ^{p. 186}.
• Prior period reserve estimates decreased by approximately USD 80m ^{p. 186}.
• This decrease was largely driven by favorable mortality emergence and continued low incidence in group life premium waiver ^{p. 186}.

2023 re-estimates of prior incurral year reserves

• Group disability prior period reserve estimates decreased by approximately USD 457m ^{p. 186}.
• This decrease was largely driven by group long-term disability claim incidence lower than prior assumptions and strong recoveries on prior incurral year claims ^{p. 186}.
• Prior period reserve estimates decreased by approximately USD 36m ^{p. 186}.
• This decrease was largely driven by continued low incidence in group life premium waiver ^{p. 186}.
• Supplemental Accident & Health prior period reserve estimates decreased by approximately USD 9m ^{p. 186}.
• This decrease was driven by lower than previously expected claim incidence ^{p. 186}.

Reserve Line	Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance			Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance	Discount	Subtotal Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance	Reinsurance and Other Recoverables	Liability for Unpaid Losses and Loss Adjustment Expenses
—	Cumulative Incurred for Incurral Years Displayed in Triangles	Cumulative Paid for Incurral Years Displayed in Triangles	Unpaid for Incurral Years not Displayed in Triangles	—	—	—	—	—
Group long-term disability	$ 14,558	$ (8,346)	$ 1,354	$ 191	$ (1,175)	$ 6,582	$ 274	$ 6,856
Group life and accident, excluding premium waiver	6,157	-5,635	126	5	-11	642	1	643
Group short-term disability	—	—	160	9	—	169	—	169
Group life premium waiver	—	—	448	9	-59	398	2	400
Group supplemental health	—	—	40	—	—	40	5	45
Total Employee Benefits	$ 20,715	$ (13,981)	$ 2,128	$ 214	$ (1,245)	$ 7,831	$ 282	$ 8,113

• The loss triangles present historical loss development for incurred and paid claims by the incurral year ^{p. 187}.
• Triangles are limited to a maximum of ten years for which claims incurred typically remain outstanding ^{p. 187}.
• Short-tail lines, which generally expect claims to be paid within a few years, display three years of claim development ^{p. 187}.

Group Long-Term Disability

• This section is a header for Undiscounted Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 187}.

Incurral Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	IBNR Reserves	Claims Reported
2016 $	1,651	1,481	1,468	1,437	1,417	1,409	1,401	1,400	1,407	1,400	—	33,348
2017	—	1,597	1,413	1,358	1,316	1,304	1,296	1,289	1,294	1,287	—	30,946
2018	—	—	1,647	1,387	1,309	1,277	1,276	1,271	1,279	1,275	—	28,438
2019	—	—	—	1,650	1,424	1,327	1,284	1,287	1,277	1,274	—	27,490
2020	—	—	—	—	1,686	1,407	1,323	1,282	1,260	1,247	—	25,872
2021	—	—	—	—	—	1,768	1,521	1,417	1,351	1,324	—	27,165
2022	—	—	—	—	—	—	1,842	1,566	1,452	1,389	2	26,003
2023	—	—	—	—	—	—	—	1,988	1,700	1,629	7	28,328
2024	—	—	—	—	—	—	—	—	1,960	1,732	50	28,922
2025	—	—	—	—	—	—	—	—	—	2,001	977	17,982
Total	—	—	—	—	—	—	—	—	—	14,558	—	—

• Changes in reserve development evident in the incurred loss triangles differ from prior accident year development recorded by the Company in the reserve rollforward ^{p. 187}.
• This difference is because the triangles are presented on an undiscounted basis and exclude ULAE ^{p. 187}.

Incurral Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
2016 $	112 $	479 $	705 $	819 $	907 $	981 $	1,043 $	1,100 $	1,144 $	1,183
2017	—	109	452	658	757	842	911	970	1,017	1,057
2018	—	—	105	447	639	743	827	897	954	1,001
2019	—	—	—	101	454	650	751	832	895	944
2020	—	—	—	—	100	458	663	767	839	899
2021	—	—	—	—	—	101	493	720	820	892
2022	—	—	—	—	—	—	101	496	719	824
2023	—	—	—	—	—	—	—	116	562	806
2024	—	—	—	—	—	—	—	—	129	604
2025	—	—	—	—	—	—	—	—	—	136

Group Life and Accident, excluding Premium Waiver

• This section is a header for Undiscounted Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 188}.

Incurral Year	For the years ended December 31, (Unaudited)			IBNR Reserves	Claims Reported
—	2023	2024	2025	—	—
2023 $	2,108	$ 2,092	$ 2,090	$ 12	75,942
2024	—	2,065	2,028	23	80,529
2025	—	—	2,039	353	70,011

• This section is a header for Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance ^{p. 188}.

Incurral Year	For the years ended December 31,
—	(Unaudited) 2023	2024	2025
2023 $	1,572	2,053	2,070
2024	—	1,576	1,992
2025	—	—	1,573

Group life, disability and accident reserves, including IBNR

• The majority of Employee Benefits' reserves are for LTD claimants who are known to be disabled and currently receiving benefits ^{p. 188}.
• A Disabled Life Reserve ("DLR") is calculated for each LTD claim ^{p. 188}.
• The DLR for each claim is the expected present value of all estimated future benefit payments ^{p. 188}.
• The DLR includes estimates of claim recovery, investment yield, and offsets from other income (e.g., Social Security benefits, workers' compensation) ^{p. 188}.
• Estimated future benefit payments represent the monthly income benefit paid until recovery, death, or expiration of benefits ^{p. 188}.
• Claim recoveries are estimated based on claim characteristics (age, diagnosis) and represent benefits expected to terminate (e.g., claimant returning to work) ^{p. 188}.
• The DLR also includes a liability for payments to claimants not yet approved for LTD ^{p. 188}.
• For unapproved claims, the present value of future benefits is reduced for the likelihood of claim denial based on Company experience ^{p. 188}.
• For claims recently closed due to recovery, a portion of the DLR is retained for the possibility of claim reopening upon further evidence of disability ^{p. 188}.
• A reserve for estimated unpaid claim expenses is included in the DLR ^{p. 188}.
• For incurral years with IBNR claims, estimates of ultimate losses are made by applying completion factors to the dollar amount of claims reported or expected, depending on the market segment ^{p. 188}.
• IBNR represents estimated ultimate losses less both DLR and cumulative paid amounts for all reported claims ^{p. 188}.
• Completion factors are derived using standard actuarial techniques with triangles displaying historical claim count emergence by incurral month ^{p. 188}.
• These estimates are reviewed for reasonableness and adjusted for current trends and other factors expected to change claim emergence ^{p. 188}.
• The IBNR includes an estimate of unpaid claim expenses, including a provision for the cost of initial claim setup once reported ^{p. 188}.
• For all products, including LTD, there is a period (generally 2-12 months) where emerged claim information for an incurral year is not credible enough for an IBNR projection ^{p. 189}.
• In these cases, ultimate losses and allocated loss adjustment expenses are estimated using earned premium multiplied by an expected loss ratio ^{p. 189}.
• The Company also records reserves for future death benefits under group term life policies that provide for premium waivers in case of disability after an elimination period (typically nine months) ^{p. 189}.
• The death benefit reserve for these group life premium waiver claims is estimated for a known disabled claimant as the present value of expected future cash outflows (e.g., lump sum face amount at death plus claim expenses) ^{p. 189}.
• Separate estimates are made for claimant recovery (no death benefit payable) and death before recovery or benefit expiry (death benefit payable) ^{p. 189}.
• The IBNR for premium waiver death benefits is estimated with standard actuarial development methods ^{p. 189}.
• The Company also records reserves for group term life, accidental loss of life and severe injury, short-term disability, and other group products with short claim payout periods ^{p. 189}.
• For these products, reserves are determined using paid or reported actuarial development methods ^{p. 189}.
• The resulting claim triangles produce a completion pattern and estimate of ultimate loss ^{p. 189}.
• IBNR for these lines equals estimated ultimate losses and loss adjustment expenses less paid or reported claims, depending on the development method used ^{p. 189}.
• Estimates are reviewed for reasonableness and adjusted for current trends or other factors affecting the development pattern ^{p. 189}.
• For group life, disability, and accident coverages, claim counts include approved, pending approval, and terminated claims, and exclude denied claims ^{p. 189}.
• Due to the nature of the claims, one claimant represents one event ^{p. 189}.

—	1st Year	2nd Year	3rd Year	4th Year	5th Year	6th Year	7th Year	8th Year	9th Year	10th Year
Group long-term disability	7.7%	27.7%	15.9%	7.9%	6.2%	5.2%	4.3%	3.8%	3.1%	2.8%
Group life and accident, excluding premium waiver	76.7%	21.8%	0.8%	—	—	—	—	—	—	—

• This section is a header for Note 11 - Reserve for Future Policy Benefits for The Hartford Insurance Group, Inc. ^{p. 190}.

11. Reserve for Future Policy Benefits

Rollforward of Reserve for Future Policy Benefits

For the year ended December 31,
2025	2024	2023

—	Payout Annuities	Life Conversions	Paid-up Life	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	$	45	—	$	49	—	$	47	—
Balance, ending of the period	$	43	—	$	45	—	$	49	—
Present Value of Expected Future Policy Benefits	—	—	—	—	—	—	—	—	—
Beginning balance at single-A rate	$ 128	$ 106	$ 168	$ 137	$ 113	$ 185	$ 140	$ 112	$ 192
Beginning adjustment for changes in single-A rate	—	-15	-33	7	-11	-32	4	-14	-39
Beginning balance at original discount rate	128	121	201	130	124	217	136	126	231
Effect of changes in cash flow assumptions	—	—	1	2	2	—	-2	—	—
Effect of actual variances from expected experience	-1	4	—	1	3	-1	1	7	-1
Adjusted beginning balance	127	125	202	133	129	216	135	133	230
Interest accrual and other	5	20	6	7	20	7	7	20	8
Benefit Payments	-12	-26	-19	-12	-28	-22	-12	-29	-21
Ending balance at original discount rate	120	119	189	128	121	201	130	124	217
Ending adjustment for changes in single-A rate	3	-15	-24	—	-15	-33	7	-11	-32

Ending balance at single-A rate	$ 123	$ 104	$ 165	$ 128	$ 106	$ 168	$ 137	$ 113	$ 185
Weighted-average duration of the reserve for future policy benefits (years)	9.3	11.0	6.1	9.2	11.0	6.3	9.0	12.2	6.4

Net Reserve for Future Policy Benefits

—	2025	2024	2023
Payout Annuities	$ 123	$ 128	$ 137
Life Conversions	61	61	64
Paid-up Life	165	168	185
Deferred Profit Liability	17	17	20
Other	78	74	78
Total	$ 444	$ 448	$ 484

• This section is a header for Note 11 - Reserve for Future Policy Benefits for The Hartford Insurance Group, Inc. ^{p. 191}.

Undiscounted Expected Future Gross Premiums and Benefit Payments

—	2025	—	—	2023
Payout Annuities [1]	—	—	—	—
Expected future benefit payments	$	237 $	256 $	257
Life Conversions	—	—	—	—
Expected future gross premiums	$	99 $	106 $	114
Expected future benefit payments	$	188 $	198 $	204
Paid-up Life [1]	—	—	—	—
Expected future benefit payments	$	241 $	260 $	281

• Payout Annuities and Paid-up Life have no expected future gross premiums ^{p. 191}.

Weighted-Average Interest Rates

—	2025	2024	2023
Payout Annuities	—	—	—
Interest accretion rate	5.6%	5.6%	5.6%
Current discount rate	5.3%	5.5%	5.0%
Life Conversions	—	—	—
Interest accretion rate	4.3%	4.3%	4.2%
Current discount rate	5.5%	5.6%	5.1%
Paid-up Life	—	—	—
Interest accretion rate	2.9%	2.9%	2.9%
Current discount rate	4.8%	5.3%	5.0%

• The Company completed a review of cash flow assumptions in Q3 2025, 2024, and 2023, resulting in immaterial changes to the reserve for future policy benefits ^{p. 191}.
• For payout annuities and paid-up life, the net effect of updating cash flow assumptions was offset by a corresponding impact to the deferred profit liability ^{p. 191}.
• Gross premiums and interest accretion recognized on long-duration insurance policies for the years ended December 31, 2025, 2024, and 2023, were immaterial ^{p. 191}.

12. Other Policyholder Funds and Benefits Payable

• Other policyholder funds and benefits payable were USD 612m, USD 614m, and USD 638m as of December 31, 2025, 2024, and 2023, respectively ^{p. 191}.
• These amounts included universal life long-duration contracts of USD 196m, USD 206m, and USD 223m, as well as policyholder balances related to short-duration contracts of USD 416m, USD 408m, and USD 415m ^{p. 191}.
• The universal life long-duration contracts presented were economically ceded to Prudential as part of the sale of the Company's former individual life business, which closed in 2013 ^{p. 191}.

Universal Life Long Duration Contracts Rollforward

—	2025	2024	2023
Balance, beginning of year	$ 206	$ 223	$ 232
Premiums Received	12	13	14
Policy Charges	-19	-23	-21
Surrenders and Withdrawals	-5	-5	-6
Benefit Payments	-6	-9	-6
Interest Credited	8	7	10
Balance, End of Year	$ 196	$ 206	$ 223
Weighted-average crediting rate	4.3%	4.3%	4.2%
Net Amount at Risk [1]	$ 750	$ 824	$ 917
Cash Surrender Value	$ 194	$ 205	$ 221

• Net amount at risk is defined as the current death benefit in excess of the current account value as of the balance sheet date ^{p. 191}.
• As of December 31, 2025, 2024, and 2023, universal life contracts of USD 195m, USD 205m, and USD 222m, respectively, had crediting rates at their guaranteed minimums ranging from 4%-5% ^{p. 191}.

13. Debt

• The Company's long-term debt securities are issued by Hartford Insurance Group, Inc. ("HIG Holding Company") ^{p. 192}.
• These securities are unsecured obligations of HIG Holding Company ^{p. 192}.
• They rank on a parity with all other unsecured and unsubordinated indebtedness of HIG Holding Company ^{p. 192}.
• Debt is carried net of discount and issuance cost ^{p. 192}.

Long-term Debt by Issuance

—	2025	2024
Revolving Credit Facilities	$ —	$ —
Senior Notes and Debentures	—	—
2.8% Notes, due 2029	600	600
5.95% Notes, due 2036	300	300
6.625% Notes, due 2040	295	295
6.1% Notes, due 2041	409	409
6.625% Notes, due 2042	178	178
4.3% Notes, due 2043	300	300
4.4% Notes, due 2048	500	500
3.6% Notes, due 2049	800	800
2.9% Notes, due 2051	600	600
Junior Subordinated Debentures	—	—
3-Month term SOFR + 0.26161% + 2.125% Notes, due 2067 [1]	500	500
Total Notes and Debentures	4,482	4,482
Unamortized discount and debt issuance cost [2]	-111	-116
Total Debt	4,371	4,366
Less: Current maturities	—	—
Long-Term Debt	$ 4,371	$ 4,366

• The Company has an interest rate swap agreement expiring February 15, 2027 ^{p. 192}.
• This agreement effectively converts variable interest payments based on 3-month term Secured Overnight Financing Rate ('SOFR') plus a spread adjustment of 0.26161% plus 2.125% for this debenture ^{p. 192}.
• The amount includes unamortized discount of USD 66 as of December 31, 2025, and USD 68 as of December 31, 2024, on the 6.1% Notes due 2041 ^{p. 192}.
• The effective interest rate on the 6.1% senior notes due 2041 is 7.9% ^{p. 192}.
• The effective interest rate on the remaining notes does not materially differ from the stated rate ^{p. 192}.
• On September 23, 2024, the Company filed an automatic shelf registration statement (Registration No. 333-282288) with the SEC ^{p. 192}.
• This registration statement is for the potential offering and sale of debt and equity securities ^{p. 192}.
• The registration statement allows for the offering of debt securities, junior subordinated debt securities, guarantees, preferred stock, common stock, depositary shares, warrants, stock purchase contracts, and stock purchase units ^{p. 192}.
• As The Hartford is a well-known seasoned issuer, the registration statement became effective immediately upon filing ^{p. 192}.
• The Hartford may offer and sell an unlimited amount of securities under this registration statement during its three-year life ^{p. 192}.

Junior Subordinated Debentures

• As of December 31, 2025 and 2024, the Company has USD 500m of callable junior subordinated debentures outstanding ^{p. 192}.
• These debentures have a final maturity on February 12, 2067 ^{p. 192}.
• Interest is payable quarterly in arrears at a variable rate that resets quarterly ^{p. 192}.
• The USD 500m junior subordinated debentures due 2067 are unsecured, subordinated, and junior in right of payment and upon liquidation to all of the Company's existing and future senior indebtedness ^{p. 192}.
• The debentures are effectively subordinated to all of the Company's subsidiaries' existing and future indebtedness and other liabilities, including obligations to policyholders ^{p. 192}.
• The debentures do not limit the Company's or its subsidiaries' ability to incur additional debt, including debt that ranks senior in right of payment and upon liquidation ^{p. 192}.
• The Company has the right to defer interest payments for up to ten consecutive years without triggering an event of default ^{p. 192}.
• Deferred interest will continue to accrue and will accrue additional interest at the then applicable interest rate ^{p. 192}.
• If interest payments are deferred, the Company generally may not make payments on or redeem or purchase any shares of its capital stock or any debt securities or guarantees that rank equally with or junior to the debentures, with limited exceptions ^{p. 192}.
• The Company may elect to redeem the USD 500m junior subordinated debentures due 2067 in whole or in part for the principal amount plus accrued and unpaid interest to the redemption date ^{p. 192}.
• In connection with the debenture offering, the Company entered into a Replacement Capital Covenant ("RCC") for the benefit of holders of designated series of the Company's indebtedness, initially the 4.3% notes due 2043 ^{p. 192}.
• Under the RCC terms, if the Company redeems the debenture before February 12, 2047 (or earlier termination of the RCC), it can only do so with proceeds from the sale of qualifying replacement securities ^{p. 192}.

Long-term Debt Maturities (at par value) as of December 31, 2025

2026 - Current maturities	$ -
2027	$ -
2028	$ -
2029	$ 600
2030	$ -
Thereafter	$ 3,882

• The Hartford has a senior unsecured revolving credit facility of USD 750m, including USD 100m available to support letters of credit (the "Credit Facility") ^{p. 193}.
• On September 24, 2025, The Hartford amended and restated the Credit Facility, extending its term through September 24, 2030 ^{p. 193}.
• Revolving loans under the Credit Facility may be in multiple currencies ^{p. 193}.
• U.S. dollar loans will bear interest at a floating rate equivalent to an indexed rate plus a basis point spread based on The Hartford's credit rating ^{p. 193}.
• U.S. dollar loans will mature no later than September 24, 2030 ^{p. 193}.
• Letters of credit bear a fee based on The Hartford's credit rating and expire no later than September 24, 2031 ^{p. 193}.
• The Credit Facility requires the Company to maintain a minimum consolidated net worth of USD 12.7bn, excluding AOCI ^{p. 193}.
• It also limits the ratio of senior debt to capitalization to 35%, excluding AOCI, and includes other customary covenants ^{p. 193}.
• The Credit Facility is for general corporate purposes ^{p. 193}.
• As of December 31, 2025 and 2024, no borrowings were outstanding and no letters of credit were issued under the Credit Facility ^{p. 193}.
• The Company was in compliance with all financial covenants of the Credit Facility as of December 31, 2025 and 2024 ^{p. 193}.
• The Hartford has a committed credit facility agreement with a syndicate of lenders (the "Lloyd's Facility") ^{p. 193}.
• On October 21, 2024, The Hartford amended and restated the Lloyd's Facility ^{p. 193}.
• The purpose of the Lloyd's Facility is to issue letters of credit that may be treated as Funds at Lloyd's ("FAL") ^{p. 193}.
• These letters of credit support underwriting capacity provided by The Hartford Corporate Underwriters Limited to Lloyd's syndicate 1221 for the 2025 and 2026 underwriting years of account (and prior open years) ^{p. 193}.
• The amended and restated Lloyd's Facility has two tranches ^{p. 193}.
  • One tranche extends a USD 74m commitment ^{p. 193}.
  • The other tranche extends a GBP 74m commitment (USD 100m as of December 31, 2025) ^{p. 193}.
• The term of the facility is two years ^{p. 193}.
• As of December 31, 2025, letters of credit with an aggregate face amount of USD 74m and GBP 74m (or USD 100m) were outstanding under the Lloyd's Facility ^{p. 193}.
• As of December 31, 2024, letters of credit with an aggregate face amount of USD 74m and GBP 79m (or USD 99m) were outstanding under the Lloyd's Facility ^{p. 193}.
• The Lloyd's Facility contains financial covenants regarding The Hartford's consolidated net worth and financial leverage ^{p. 193}.
• As of December 31, 2025, The Hartford was in compliance with all financial covenants of the Lloyd's Facility ^{p. 193}.
• The Company's subsidiaries, Hartford Fire Insurance Company ('Hartford Fire') and Hartford Life and Accident Insurance Company ("HLA"), are members of the Federal Home Loan Bank of Boston ("FHLBB") ^{p. 193}.
• FHLBB membership allows these subsidiaries access to collateralized advances, which can be short- or long-term with fixed or variable rates ^{p. 193}.
• FHLBB membership required the purchase of member stock and requires additional member stock ownership of 3% or 4% of any amount borrowed ^{p. 193}.
• The amount of advances that can be taken is limited to a percentage of the fair value of eligible collateral assets ^{p. 193}.
• In its consolidated balance sheets, The Hartford presents the liability for advances based on fund use ^{p. 193}.
  • Advances for general corporate purposes are presented in short- or long-term debt ^{p. 193}.
  • Advances to earn incremental investment income are presented in other liabilities ^{p. 193}.
• Prior to October 1, 2025, the Connecticut Insurance Department ("CID") permitted Hartford Fire to pledge up to USD 1.4bn and HLA to pledge up to USD 0.6bn in qualifying assets without prior approval to secure FHLBB advances ^{p. 193}.
• The pledge limit was determined quarterly based on statutory admitted assets and capital and surplus of Hartford Fire and HLA, respectively ^{p. 193}.
• Effective October 1, 2025, the Company is no longer subject to the CID hypothecation limit or approval related to FHLBB advances ^{p. 193}.
• The Company's pledge capacity is now subject to FHLB's collateral eligibility requirements, which may be amended at their discretion ^{p. 193}.
• Based on these requirements, the Company estimates that Hartford Fire can pledge up to USD 2.6bn and HLA can pledge up to USD 2.2bn to secure FHLBB advances ^{p. 193}.
• As of December 31, 2025 and 2024, there were no advances outstanding under the FHLBB facility ^{p. 193}.

14. Commitments and Contingencies

• Loss recording: A loss is recorded if it is probable and reasonably estimable ^{p. 194}.
• Liability establishment: Management establishes liabilities at its 'best estimate' ^{p. 194}.
• Liability range: If no single number within a range of possible losses is more probable, the Company records the estimated liability at the low end of the range ^{p. 194}.

Litigation

• Claims litigation: The Hartford is involved in claims litigation in the ordinary course of business, acting as a liability insurer or defending coverage and benefits claims ^{p. 194}.
• Accounting for litigation: Such activity is accounted for through the establishment of unpaid loss and loss adjustment expense reserves ^{p. 194}.
• Expected liability (ordinary-course claims): Management expects the ultimate liability for ordinary-course claims litigation, after considering provisions for potential losses and defense costs, will not be material to the consolidated financial condition, results of operations, or cash flows, subject to uncertainties related to sexual molestation and abuse claims and Run-off Asbestos and Environmental Claims ^{p. 194}.
• Other actions: The Hartford is also involved in individual and class actions, some asserting substantial claims ^{p. 194}.
• Individual actions: These may include claims of bad faith, unfair/improper business practices, and requests for punitive damages ^{p. 194}.
• Putative class actions: Plaintiffs may seek certification for state or national classes, alleging underpayment of claims or improper sales/underwriting practices for various insurance policies (e.g., personal/commercial automobile and property) ^{p. 194}.
• Expected liability (other actions): Management expects the ultimate liability for such lawsuits, after considering provisions for estimated losses, will not be material to the consolidated financial condition ^{p. 194}.
• Litigation unpredictability: Due to large or indeterminate amounts sought and the inherent unpredictability of litigation, outcomes in certain matters could materially adversely affect the Company's results of operations or cash flows in particular quarterly or annual periods ^{p. 194}.

Run-off Asbestos and Environmental Claims

• A&E claims: The Company continues to receive Asbestos and Environmental (A&E) claims ^{p. 194}.
• Asbestos claims: Primarily relate to bodily injuries from contact with asbestos or products allegedly containing asbestos ^{p. 194}.
• Environmental claims: Primarily relate to pollution and associated clean-up costs ^{p. 194}.
• Exposure period: The vast majority of the Company's A&E exposure relates to accident years prior to 1986, reported in Property & Casualty Other Operations ("Run-off A&E") ^{p. 194}.
• Post-1986 exposure: Since 1986, the Company has written asbestos and environmental exposures under general liability policies and pollution liability under homeowners policies, reported in Business Insurance and Personal Insurance segments, respectively ^{p. 194}.
• Pre-1986 insurance contracts: Prior to 1986, the Company wrote primary policies, excess and umbrella policies, and acted as a reinsurer for A&E claims ^{p. 194}.
• Uncertainty in A&E reserves: Significant uncertainty limits the ability of insurers and reinsurers to estimate ultimate reserves for unpaid gross losses and expenses related to A&E claims ^{p. 194}.
• Variability of estimates: The degree of variability in gross reserve estimates for A&E exposures is significantly greater than for traditional exposures ^{p. 194}.
• Asbestos reserve uncertainty factors: Factors include inadequate loss development patterns, expanding theories of liability, new targets, major litigation risks, and inconsistent/emerging legal doctrines regarding claims and coverage obligations ^{p. 194}.
• Changes in asbestos claims: Insurers, including the Company, have experienced significant changes in the rate of asbestos claims, claim experience of insureds, and claim values, making future exposure predictions uncertain ^{p. 194}.
• Bankruptcy proceedings: Plaintiffs and insureds have used bankruptcy proceedings, including 'pre-packaged' bankruptcies, to accelerate and increase loss payments by insurers ^{p. 194}.
• New claim classes: Some policyholders have asserted new classes of claims for coverages where aggregate limits of liability may not apply ^{p. 194}.
• Further uncertainties: Include insolvencies of other carriers and insureds, and unanticipated developments regarding reinsurance recovery for A&E claims ^{p. 194}.
• Management belief: Management believes these issues are not likely to be resolved soon ^{p. 194}.
• Environmental reserve uncertainty factors: Factors include expanding theories of liability and damages, emerging risks from products/substances (e.g., PFAS), major litigation risks, inconsistent/emerging legal doctrines on coverage, and the scope/complexity of required remediation ^{p. 194}.
• Reinsurance claims reporting pattern: The reporting pattern for assumed reinsurance claims, including A&E, is much longer than for direct claims ^{p. 194}.
• Delay in reinsurance reporting: The delay in reporting reinsurance claims and exposures adds to the uncertainty of estimating related reserves ^{p. 195}.
• Legal/legislative environment: It is not possible to predict changes in the legal and legislative environment and their effect on future A&E claims development ^{p. 195}.
• Actuarial tools for A&E: Actuarial tools and techniques used for traditional insurance exposures are less precise for A&E exposures ^{p. 195}.
• Estimation method: The Company primarily relies on exposure-based analysis to estimate ultimate A&E costs, both gross and net of reinsurance ^{p. 195}.
• Evaluation of A&E exposures: New account information is regularly evaluated to assess potential A&E exposures ^{p. 195}.
• Supplementary analysis: Exposure-based analysis is supplemented with evaluations of historical direct net loss and expense paid/reported experience, and net loss and expense paid/reported experience by calendar/report year, to assess emerging trends ^{p. 195}.
• Run-off A&E reserves (2025): As of December 31, 2025, the Company reported net asbestos and environmental reserves of USD 267, net of losses ceded to the A&E ADC with NICO ^{p. 195}.
• Deferred gain: The Company recorded a deferred gain of USD 850 within other liabilities for losses economically ceded to NICO, with benefit recognition in later periods ^{p. 195}.
• Reserve appropriateness: The Company believes its current Run-off A&E reserves are appropriate, but significant uncertainties limit the ability to estimate ultimate reserves ^{p. 195}.
• Potential for additional liability: Ultimate liabilities could exceed currently recorded reserves, and any additional liability, though not reasonably estimable now, could be material to consolidated operating results or liquidity ^{p. 195}.
• A&E ADC reinsurance agreement: Reinsures substantially all A&E reserve development for 2016 and prior accident years, including Run-off A&E and A&E reserves in Business Insurance and Personal Insurance ^{p. 195}.
• A&E ADC coverage limit: The A&E ADC has a coverage limit of USD 1.5bn above the Company's existing net A&E reserves of approximately USD 1.7bn as of December 31, 2016 ^{p. 195}.
• Cumulative adverse development: The Company has incurred cumulative adverse development of USD 1.5bn on A&E reserves ceded under the A&E ADC treaty, leaving no remaining coverage for future adverse net reserve development ^{p. 195}.
• Excess adverse development: Cumulative adverse development of A&E claims for accident years 2016 and prior exceeding the treaty limit, including USD 165m recognized in 2025, are absorbed as a charge to earnings by the Company ^{p. 195}.
• Future charges: The effect of future charges could be material to the Company's consolidated operating results or liquidity ^{p. 195}.
• A&E ADC information: More information on the A&E ADC is in Note 10, Reserve for Unpaid Losses and Loss Adjustment Expenses ^{p. 195}.

Unfunded Commitments

• Outstanding commitments (2025): As of December 31, 2025, the Company has outstanding commitments totaling USD 4.7bn ^{p. 195}.
• Limited partnerships and alternative investments: USD 2.5bn is committed to fund limited partnerships and other alternative investments, which may be called by the partnership during the commitment period ^{p. 195}.
• Funding discretion: Funding of purchase investments in limited partnerships and other alternative investments is at the discretion of the general partner or manager and may be called at any time ^{p. 195}.
• Private debt and equity securities/tax credits: USD 1.5bn of outstanding commitments relate to various funding obligations associated with private debt and equity securities, as well as tax credits ^{p. 195}.
• Mortgage loans: The remaining outstanding commitments of USD 685m relate to mortgage loans ^{p. 195}.
• Cancellable mortgage loan commitments: Of the total USD 4.7bn in outstanding commitments, USD 221m are related to mortgage loan commitments that the Company can cancel unconditionally ^{p. 195}.

Guaranty Funds and Other Insurancerelated Assessments

• Guaranty fund membership: Insurers licensed to transact certain classes of insurance are required to become members of a guaranty fund in all states ^{p. 195}.
• Guaranty fund assessments: In most states, in the event of an insurer's insolvency, a guaranty fund may assess its members to pay covered claims of the insolvent insurers ^{p. 195}.
• Assessment basis: Assessments are based on each member's proportionate share of written premiums in the state for the relevant insurance classes ^{p. 195}.
• Assessment limits: Assessments are generally limited to 1% or 2% of premiums written per year, depending on the state ^{p. 195}.
• Assessment recovery: Some states permit member insurers to recover assessments through surcharges on policyholders or premium tax offsets, while others permit recovery through the rate filing process ^{p. 195}.
• Accrual of liabilities: Liabilities for guaranty fund and other insurance-related assessments are accrued when probable, reasonably estimable, and when the obligating event has occurred ^{p. 195}.
• Discounting: Liabilities for guaranty funds and other insurance-related assessments are not discounted ^{p. 195}.
• Balance sheet inclusion: These liabilities are included as part of other liabilities in the Consolidated Balance Sheets ^{p. 195}.
• Liability balance (2025): As of December 31, 2025, the liability balance was USD 76m ^{p. 195}.
• Liability balance (2024): As of December 31, 2024, the liability balance was USD 70m ^{p. 195}.
• Premium tax offsets (2025 & 2024): As of December 31, 2025 and 2024, there were no premium tax offsets related to guaranty fund or other insurance-related assessments for both periods ^{p. 195}.
• Derivative agreement provisions: Certain derivative agreements contain provisions tied to the financial strength ratings of the individual legal entity ^{p. 195}.
• Termination rights: If a legal entity's financial strength falls below certain ratings, counterparties could terminate agreements and demand immediate settlement of outstanding derivative positions ^{p. 195}.

Note 14 - Commitments and Contingencies

• Settlement amount determination:

 > "The settlement amount is determined by netting the derivative positions transacted under each agreement." p. 196

• Impact of termination rights: If termination rights are exercised, it could impact the legal entity's ability to conduct hedging activities by increasing costs and decreasing counterparties' willingness to transact ^{p. 196}.
• Aggregate fair value of derivative instruments (2025): As of December 31, 2025, the aggregate fair value of all derivative instruments with credit-risk-related contingent features in a net liability position was USD 56m ^{p. 196}.
• Collateral posted: The legal entities have posted collateral of USD 49m in the normal course of business ^{p. 196}.
• Downgrade impact (2025): Based on derivative contractual terms as of December 31, 2025, a downgrade by Moody's or S&P would not require additional assets to be posted as collateral ^{p. 196}.
• Potential for change: This requirement could change due to changes in hedging activities or negotiated contractual terms ^{p. 196}.
• Nature of additional collateral: If required, additional collateral would primarily be in the form of U.S. Treasury bills, U.S. Treasury notes, and government agency securities ^{p. 196}.

Guarantees

• Indemnification agreements: In the ordinary course of selling businesses or entities, the Company has agreed to indemnify purchasers for losses arising from breaches of representations and warranties or covenants and obligations ^{p. 196}.
• Obligation limitations: These obligations are typically subject to time limitations defined by contract or law ^{p. 196}.
• Maximum potential obligation: The maximum potential obligation may be subject to contractual limitations, or such limitations may not be specified or applicable ^{p. 196}.
• Expected payments: The Company does not expect to make any material payments on these guarantees ^{p. 196}.
• Carried liabilities: The Company is not carrying any material liabilities associated with these guarantees ^{p. 196}.
• Guaranteed contractual claims: The Hartford has guaranteed the timely payment of contractual claims under certain life, accident and health, and annuity contracts issued by its former life and annuity business ^{p. 196}.

15. Equity

Equity Repurchase Program

• In July 2024, the Board of Directors approved a share repurchase authorization for up to USD 3.3bn, effective from August 1, 2024, to December 31, 2026 ^{p. 196}.
• As of December 31, 2025, the Company had USD 1.55bn remaining for equity repurchases under this program ^{p. 196}.
• The Hartford's previous USD 3.0bn equity repurchase program, authorized in August 2022, expired on December 31, 2024 ^{p. 196}.
• The Company repurchased common stock under these programs: USD 1.6bn (12.9 million shares) in 2025, USD 1.5bn (14.4 million shares) in 2024, and USD 1.4bn (19.2 million shares) in 2023 ^{p. 196}.
• From January 1, 2026, through February 19, 2026, the Company repurchased USD 247m (1.8 million common shares) under the USD 3.3bn repurchase program ^{p. 196}.
• The Talcott Guarantees cover contractual obligations issued between 1990 and 1997, with no limitation on maximum potential future payments ^{p. 196}.
• Upon the sale of the life and annuity business in May 2018, the purchaser indemnified the Company for any liability arising under the Talcott Guarantees ^{p. 196}.
• The liability for credit losses (LCL) for Talcott Guarantees is calculated based on the estimated amount payable, probability of default, and loss given default ^{p. 196}.
• Probability of default is assigned by the credit rating of the issuing insurance company, based on historical industry defaults for similar durations ^{p. 196}.
• Loss given default factors are based on historical annuity policyholder recoveries from insolvent estate assets, as annuities represent the majority of contracts ^{p. 196}.
• The Company's exposure is expected to run off over a period including more than one economic cycle ^{p. 196}.
• The LCL evaluation considers the current economic environment and macroeconomic scenarios, similar to the ACL estimation for mortgage loans ^{p. 196}.
• In 2023, the LCL decreased from USD 22m to USD 9m, primarily due to an upgrade of Talcott's credit rating and a decrease in the estimated amount payable ^{p. 196}.
• In 2024, the LCL decreased to USD 7m, primarily due to an improvement in Talcott's assumed liquidation rate and a decrease in the estimated amount payable ^{p. 196}.
• During 2025, the LCL increased to USD 8m, primarily due to an increase in Talcott's assumed liquidation rate, partially offset by a decrease in the estimated amount payable ^{p. 196}.
• The Company has never experienced a loss on financial guarantees similar to the Talcott Guarantees and believes the risk of loss is remote ^{p. 196}.
• The timing of share repurchases depends on factors including market price, capital position, financial strength/credit ratings, blackout periods, and other considerations ^{p. 196}.
• The Company accrued USD 13m in excise taxes on share repurchases as of December 31, 2025, and USD 12m as of December 31, 2024, partially reduced by share issuances ^{p. 196}.
• These excise taxes are reported in other liabilities on the Company's Consolidated Balance Sheets ^{p. 196}.

Preferred Stock

• The Company has 13.8 million outstanding depositary shares, each representing 1/1000th interest in a share of its 6.0% Series G non-cumulative perpetual preferred stock ('Preferred Stock') ^{p. 196}.
• The liquidation preference for the Preferred Stock is USD 25,000 per share, equivalent to USD 25.00 per depositary share ^{p. 197}.
• The Preferred Stock is perpetual and has no maturity date ^{p. 197}.
• Dividends are recorded when declared and are payable quarterly in arrears on the 15th day of February, May, August, and November ^{p. 197}.
• If a dividend is not declared and paid on the Preferred Stock for the latest completed dividend period, no dividends may be paid or declared on The Hartford's common stock, and The Hartford may not purchase, redeem, or acquire its common stock ^{p. 197}.
• The Preferred Stock is redeemable at the Company's option, in whole or in part, at a redemption price of USD 25,000 per share, plus unpaid dividends for the current dividend period ^{p. 197}.

Statutory Results

• The U.S. domestic insurance subsidiaries of The Hartford prepare their statutory financial statements in conformity with statutory accounting practices (SAP) ^{p. 197}.
• SAP vary materially from U.S. GAAP ^{p. 197}.
• Prescribed SAP include NAIC publications, state laws, regulations, and general administrative rules ^{p. 197}.
• Differences between SAP and U.S. GAAP vary between domestic and foreign jurisdictions ^{p. 197}.
• Principal differences include: SAP does not reflect deferred policy acquisition costs, limits deferred income taxes, recognizes deferred gain on retroactive reinsurance in a special surplus account, predominantly uses NAIC-prescribed interest rate and mortality assumptions for life benefit reserves, generally carries bonds at amortized cost, and presents insurance assets and liabilities net of reinsurance ^{p. 197}.
• For reporting purposes, statutory capital and surplus is collectively referred to as "statutory capital" ^{p. 197}.

U.S. Statutory Net Income

—	2025	2024	2023
Employee Benefits Insurance Subsidiary	$ 566	$ 576	$ 592
Property and Casualty Insurance Subsidiaries	2,870	2,112	1,887
Total	$ 3,436	$ 2,688	$ 2,479

U.S. Statutory Capital

—	2025	2024
Employee Benefits Insurance Subsidiary	$ 2,674	$ 2,708
Property and Casualty Insurance Subsidiaries	14,437	13,294
Total	$ 17,111	$ 16,002

Regulatory Capital Requirements

• The Company's U.S. insurance companies' states of domicile impose Risk-Based Capital (RBC) requirements ^{p. 197}.
• RBC requirements measure the minimum statutory capital appropriate for an insurance company based on its size and risk profile ^{p. 197}.
• Companies below specific trigger points are classified into levels requiring corrective action ^{p. 197}.
• All of the Company's operating insurance subsidiaries had RBC ratios in excess of the minimum required levels ^{p. 197}.
• Regulatory authorities in international jurisdictions where the Company operates also establish minimum solvency requirements ^{p. 197}.
• All of the Company's international insurance subsidiaries expect to maintain capital levels in excess of the minimum required by applicable regulatory authorities ^{p. 197}.

Dividend Restrictions

• Dividends to HIG Holding Company from its insurance subsidiaries are restricted by insurance regulation ^{p. 197}.
• The Company's principal insurance subsidiaries are domiciled in the United States and the United Kingdom ^{p. 197}.
• Dividend payments by Connecticut-domiciled insurers are limited by insurance holding company laws ^{p. 197}.
• These laws require notice and approval from the state insurance commissioner for dividends exceeding the greater of (i) 10% of statutory policyholder surplus as of December 31 of the preceding year or (ii) net income for the preceding year ^{p. 197}.
• If a dividend from a Connecticut-domiciled insurer exceeds its earned surplus, prior approval from the Connecticut Insurance Commissioner is required ^{p. 197}.
• Property casualty insurers domiciled in New York, including NIC and Navigators Specialty Insurance Company ("NSIC"), generally cannot pay dividends out of earned surplus in any twelve-month period exceeding the lesser of (i) 10% of statutory policyholders' surplus or (ii) 100% of adjusted net investment income, without notice and approval ^{p. 197}.
• Corporate members of Lloyd's Syndicates may pay dividends to their parent to the extent of available profits distributed from the syndicate, in excess of the FAL capital requirement and subject to UK Company Law restrictions ^{p. 197}.
• The FAL (Funds at Lloyd's) is determined based on the syndicate's Solvency Capital Requirement ("SCR") under Solvency II and a Lloyd's specific economic capital assessment ^{p. 197}.
• Insurers domiciled in the United Kingdom may pay dividends from statutory profits subject to UK Company law and Solvency II restrictions ^{p. 197}.
• Insurance holding company laws in other jurisdictions generally contain similar, or more restrictive, limitations on dividend payments ^{p. 198}.
• The Company also considers expected earnings and capitalization of subsidiaries, regulatory capital requirements, liquidity requirements, and state deposit requirements when determining dividends ^{p. 198}.
• In 2025, HIG Holding Company received dividends of USD 592m from HLA, USD 161m from Hartford Funds, and USD 43m from other non-insurance subsidiaries ^{p. 198}.
• HIG Holding Company also received USD 1.7bn of net dividends from P&C subsidiaries in 2025 ^{p. 198}.
• This P&C dividend figure excludes USD 75m of P&C dividends subsequently contributed to P&C subsidiaries and USD 107m of P&C dividends related to interest payments on an intercompany note owed by Hartford Holdings, Inc. ("HHI") to Hartford Fire Insurance Company ^{p. 198}.

16. Income Taxes

Income Tax Expense

• The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions ^{p. 198}.
• Income before income taxes from domestic operations was USD 4,618m in 2025, USD 3,758m in 2024, and USD 3,042m in 2023 ^{p. 198}.
• Income before income taxes from foreign operations was USD 142m in 2025, USD 91m in 2024, and USD 46m in 2023 ^{p. 198}.
• Property and casualty insurance subsidiaries have a regulatory dividend capacity of USD 2.5bn for 2026 ^{p. 198}.
• HIG Holding Company expects to receive approximately USD 2.2bn in net dividends after considering state deposit and regulatory capital requirements, contributions to P&C subsidiaries, and interest on intercompany notes ^{p. 198}.
• HLA has a regulatory dividend capacity of USD 589m in 2026, with approximately USD 580m of dividends expected in 2026 ^{p. 198}.
• There are no current restrictions on HIG Holding Company's ability to pay dividends to its stockholders ^{p. 198}.

Restricted Net Assets

• As of December 31, 2025, the Company's insurance subsidiaries had net assets of USD 16.9bn, determined in accordance with U.S. GAAP, that were restricted from payment to the HIG Holding Company without prior regulatory approval ^{p. 198}.

—	2025	2024	2023
Income tax expense (benefit)	—	—	—
Current - U.S. federal	$ 795	$ 783	$ 582
Foreign	20	2	—
Total current	815	785	582
Deferred - U.S. federal	87	-57	6
Foreign	22	10	-4
Total deferred	109	-47	2
Total income tax expense	$ 924	$ 738	$ 584

Income Tax Rate Reconciliation

	December 31, 2025		For the years ended December 31, 2024		December 31, 2023
—	Amount	Percent	Amount	Percent	Amount	Percent
Tax provision at U.S. federal statutory rate	$ 1,000	21 %	$ 808	21 %	$ 648	21 %
Foreign tax effects	8	— %	-8	— %	-12	-1%
Effect of cross-border tax laws	2	— %	—	— %	2	— %
Tax credits	-36	-1%	-12	-1%	-11	— %
Nontaxable or nondeductible items	—	—	—	—	—	—
Nontaxable net investment income	-30	-1%	-40	-1%	-41	-1%
Other	-12	— %	-8	— %	-6	— %
Changes in unrecognized tax benefits	-8	— %	-2	— %	4	— %
Provision for income taxes	$ 924	19 %	$ 738	19 %	$ 584	19 %

• Current income tax receivable was USD 75m as of December 31, 2025, and USD 12m as of December 31, 2024, included in other assets in the Consolidated Balance Sheets ^{p. 199}.

Income Taxes Paid

—	For the years ended December 31,
—	2025	2024	2023
Income Taxes Paid:	—	—	—
U.S. Federal	$ 844	$ 810	$ 622
Foreign	19	2	—

• The Company predominantly pays non-income state taxes as a percentage of premiums written, accounted for as policy acquisition costs ^{p. 199}.
• State income taxes are deemed immaterial, so the provision for income tax expense and the income tax rate reconciliation reflect only federal and foreign income taxes ^{p. 199}.
• State income tax expenses and payments were USD 6m in 2025, USD 4m in 2024, and USD 3m in 2023 ^{p. 199}.

Deferred Taxes

• Deferred tax assets and liabilities on the consolidated balance sheets represent tax consequences of differences between financial reporting and tax basis of assets and liabilities ^{p. 199}.
• The Hartford has not recorded state deferred taxes, including net deferred tax assets from state operating loss carryforwards, due to not expecting to earn state taxable income to utilize such benefits ^{p. 199}.

Deferred Tax Assets (Liabilities)

—	2025	2024
Deferred tax assets	—	—
Loss reserves and tax discount	$ 587	$ 550
Unearned premium reserve and other underwriting related reserves	556	517
Employee benefits	206	181
Net unrealized losses on investments	170	394
Net operating loss carryover	25	41
Total deferred tax assets	1,544	1,683
Valuation allowance	—	—
Deferred tax assets, net of valuation allowance	1,544	1,683
Deferred tax liabilities	—	—
Deferred acquisition costs	-200	-183
Investment-related items	-242	-167
Other depreciable and amortizable assets	-192	-91
Other	-9	-13
Total deferred tax liabilities	-643	-454
Net deferred tax asset	$ 901	$ 1,229

• A deferred tax valuation allowance has not been recorded because the Company believes its deferred tax assets are more likely than not to be realized ^{p. 199}.
• Management's assessment considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences and carryovers, ability to hold assets to recovery, taxable income in open carry back years, and other prudent and feasible tax planning strategies ^{p. 199}.

Uncertain Tax Positions

Rollforward of Unrecognized Tax Benefits

—	2025	2024	2023
Balance, beginning of period	$ 24	$ 26	$ 22
Gross increases - tax positions in current period	6	3	5
Gross decreases - tax positions in current period	—	-1	—
Lapse of statute of limitations	-14	-4	-1
Balance, end of period	$ 16	$ 24	$ 26

• The entire amount of unrecognized tax benefits, if recognized, would affect the effective tax rate in the period of release ^{p. 199}.

Other Tax Matters

• H.R.1, known as the 'One Big Beautiful Bill Act', was signed into law on July 4, 2025 ^{p. 199}.
• This act is a comprehensive budget reconciliation package consolidating public policy priorities across taxation, healthcare, social safety nets, immigration, and education ^{p. 199}.
• Changes in H.R.1 do not currently have a material impact on the Company's results of operations and are not expected to in future periods ^{p. 199}.
• The federal statute of limitations for the Company is closed through the 2021 tax year, except for Navigators' pre-acquisition 2019 tax period ^{p. 199}.
• Management believes adequate provision has been made for potential adjustments from tax examinations and other tax-related matters for all open tax years ^{p. 199}.
• The Company classifies interest and penalties as income tax expense in the Consolidated Financial Statements ^{p. 199}.
• The Company recognized net interest (income)/expenses of USD (10)m in 2025, USD 1m in 2024, and USD 2m in 2023 for interest and penalties ^{p. 199}.
• The Company does not believe it would be subject to any penalties in any open tax years and has not recorded an accrual for penalties ^{p. 199}.

—	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	1,069	4	-16	16	-11	-98	964
Amounts reclassified from AOCI	68	—	-14	—	—	32	86
OCI, before tax	1,137	4	-30	16	-11	-66	1,050
Income tax benefit (expense)	-239	-1	6	-3	2	14	-221
OCI, net of tax	898	3	-24	13	-9	-52	829
Ending balance	$ (641)	$ (3)	$ 16	$ 42	$ 24	$ (1,495)	$ (2,057)

• Changes in AOCI, Net of Tax for the Year Ended December 31, 2024 ^{p. 200}.

—	Changes in Net Unrealized Gain (Loss) on Fixed Maturities, AFS	Changes in Unrealized Losses on Fixed Maturities, AFS with ACL	Changes in Net Gain (Loss) on Cash Flow Hedging Instruments	Changes in Foreign Currency Translation Adjustments	Changes in Liability for Future Policy Benefits Adjustments	Changes in Pension and Other Postretirement Plan Adjustments	Changes in AOCI, net of tax
Beginning balance	$ (1,482)	$ (8)	$ 21	$ 37	$ 25	$ (1,442)	$ (2,849)
OCI before reclassifications	-241	2	27	-10	10	-34	-246
Amounts reclassified from AOCI	169	1	-3	—	—	32	199
OCI, before tax	-72	3	24	-10	10	-2	-47
Income tax benefit (expense)	15	-1	-5	2	-2	1	10
OCI, net of tax	-57	2	19	-8	8	-1	-37

• Changes in AOCI, Net of Tax for the Year ended December 31, 2023 ^{p. 200}.

—	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	$ (2,594)	$ (7)	$ 40	$ 31	$ 35	$ (1,346)	$ (3,841)
OCI before reclassifications	1,275	-5	-25	8	-13	-148	1,092
Amounts reclassified from AOCI	133	4	1	—	—	27	165
OCI, before tax	1,408	-1	-24	8	-13	-121	1,257
Income tax benefit (expense)	-296	—	5	-2	3	25	-265
OCI, net of tax	1,112	-1	-19	6	-10	-96	992
Ending balance	$ (1,482)	$ (8)	$ 21	$ 37	$ 25	$ (1,442)	$ (2,849)

• Note 17 - Accumulated Other Comprehensive Income (Loss) ^{p. 201}.

Reclassifications from AOCI

—	For the year ended December 31, 2025	For the year ended December 31, 2024 For ended 31,	year December 2023 Affected Line Item in the Consolidated Statement of Operations
Net Unrealized Gain (Loss) on Fixed Maturities, AFS	—	—	—
Fixed maturities, AFS	$ (68) $	(169) $	(133) Net realized gains (losses)
—	-68	-169	(133) Total before tax
—	-14	-35	(28) Income tax expense

—	$ (54) $	(134) $	(105) Net income
Unrealized Loss on Fixed Maturities, AFS with ACL	—	—	—
Fixed maturities, AFS	$ - $	(1) $	(4) Net realized gains (losses)
—	-	-1	(4) Total before tax
—	-	-	(1) Income tax expense

—	$ - $	(1) $	(3) Net income
Net Gain (Loss) on Cash Flow Hedging Instruments	—	—	—
Interest rate swaps	12	16	15 Interest expense
Foreign currency swaps	10	12	10 Net investment income
—	14	3	(1) Total before tax
—	3	1	- Income tax expense

—	$ 11 $	2 $	(1) Net income
Pension and Other Postretirement Plan Adjustments	—	—	—
Amortization of prior service credit	$ 7 $	7 $	7 Insurance operating costs and other expenses
Amortization of actuarial loss	-39	-39	(34) Insurance operating costs and other expenses
—	-32	-32	(27) Total before tax
—	-7	-7	- Income tax expense

• Note 18 - Employee Benefit Plans ^{p. 202}.

18. Employee Benefit Plans

Investment and Savings Plan

• The Hartford Investment and Savings Plan allows substantially all U.S. employees to invest designated contributions, including up to 10% in a fund of The Hartford's common stock ^{p. 202}.
• Company contributions to the Investment and Savings Plan include a non-elective contribution of 2.0% of eligible compensation and a dollar-for-dollar matching contribution up to 6.0% of employee contributions ^{p. 202}.
• The Hartford Excess Savings Plan is a non-qualified plan providing dollar-for-dollar matching contributions for employee compensation exceeding the eligible amount in the tax-qualified Investment and Savings Plan ^{p. 202}.
• Eligible compensation for both plans includes overtime and bonuses but is limited to USD 1 annually when combined ^{p. 202}.
• Total cost to The Hartford for these plans was approximately USD 183m in 2025, USD 193m in 2024, and USD 163m in 2023 ^{p. 202}.
• Defined contribution pension plans for international subsidiaries cost The Hartford USD 3m for each of the years ended December 31, 2025, 2024, and 2023 ^{p. 202}.

Postretirement Benefit Plans

• The Hartford Retirement Plan for U.S. Employees (U.S. Pension Plan) is a U.S. qualified defined benefit pension plan covering most U.S. employees hired before January 1, 2013 ^{p. 202}.
• Non-qualified pension plans and a Canadian defined benefit pension plan are maintained to provide retirement benefits exceeding Internal Revenue Code limitations, collectively referred to as "Other Pension Plans" ^{p. 202}.
• U.S. Pension Plan benefit formulas are frozen: a final average pay formula (accruals ceased December 31, 2008) and a cash balance formula (accruals ceased December 31, 2012, but interest continues to accrue) ^{p. 202}.
• Vesting credit continues to be earned by participants as of December 31, 2012, if they remain employed ^{p. 202}.
• Cash balance plan interest crediting rate is the greater of the average annual yield on 10-year U.S. Treasury Securities (published in December of the prior year) or 3.3% ^{p. 202}.
• Non-qualified excess pension benefit plans, The Hartford Excess Pension Plan I and The Hartford Excess Pension Plan II, are also frozen ^{p. 202}.
• Group Retiree Health Plan provides health care and life insurance benefits for eligible retired employees ^{p. 202}.
• Company contributions for health care benefits depend on the retiree's retirement date and years of service ^{p. 202}.
• A defined dollar cap limits average Company contributions for certain retirees ^{p. 202}.
• Health care obligations are partially prefunded where tax-effective ^{p. 202}.
• For retirees 65 and older in the Retiree PPO Medical Plan, the Company funds medical and dental benefits via Health Reimbursement Account contributions, allowing access to exchange plans, effective January 1, 2017 ^{p. 202}.
• Company-subsidized retiree medical, dental, and life insurance benefits were eliminated for employees hired on or after January 1, 2002, effective January 1, 2002 ^{p. 202}.
• Subsidized coverage for postretirement medical, dental, and life insurance was also eliminated for employees who retired on or after January 1, 2014 ^{p. 202}.

Assumptions

• Accounting principles for pension and other postretirement obligations require significant assumptions to calculate liabilities and expenses ^{p. 202}.
• Key economic assumptions impacting pension and postretirement expense are the discount rate and the expected long-term rate of return on plan assets ^{p. 202}.
• Discount rate is determined using a yield curve based on high-quality fixed income investments grouped by duration, using the above mean average for each group ^{p. 202}.
• Appropriate discount rates as of December 31, 2025, were 5.44% for the U.S. Pension Plan and 5.25% for other postretirement obligations ^{p. 202}.
• Expected long-term rate of return considers current market yields and forecasted investment returns over the plan's life, as well as funded status, investment volatility, duration, and total returns related to the pension obligation ^{p. 202}.
• U.S. Pension Plan asset allocation assumption for 2025 and 2024 was approximately 81% in fixed income securities and 19% in nonfixed income investments (global equities and limited partnerships) ^{p. 202}.
• Other postretirement plan asset allocation assumption for 2025 and 2024 was 100% in fixed income securities ^{p. 202}.
• Long-term rate of return assumption for 2025 was 6.40% for the U.S. Pension Plan and 4.80% for other postretirement obligations ^{p. 202}.
• Long-term rate of return assumption for 2024 was 5.90% for the U.S. Pension Plan and 4.50% for other postretirement obligations ^{p. 202}.
• For 2026 expense determination, the Company assumed an 81% allocation to fixed income securities and 19% to non-fixed income investments for the pension plan, resulting in an expected long-term rate of return of 6.40% for the U.S. Pension Plan ^{p. 203}.
• Assets of the postretirement plan were depleted as of December 31, 2025 ^{p. 203}.

—	2025	2024	2023
Weighted Average Assumptions used to determine benefit obligations	—	—	—
Discount rate:	—	—	—
U.S. Pension Plan	5.44%	5.65%	5.15%
Other Pension Plans	5.34%	5.59%	5.14%
Other postretirement benefits	5.25%	5.56%	5.13%
Interest crediting rate on cash balance plan	4.54%	4.30%	4.36%
Weighted Average Assumptions used to determine net periodic benefit costs:	—	—	—
Discount rate:	—	—	—
U.S. Pension Plan	5.65%	5.15%	5.43%
Other Pension Plans	5.59%	5.13%	5.40%
Other postretirement benefits	5.56%	5.13%	5.39%
Expected long-term rate of return on plan assets:	—	—	—
U.S. Pension Plan	6.40%	5.90%	6.10%
Other Pension Plans	4.30%	4.00%	4.40%
Other postretirement benefits	4.80%	4.50%	4.50%
Assumed Health Care Cost Trend Rates	—	—	—
Pre-65 health care cost trend rate	6.80%	6.50%	8.00%
Post-65 health care cost trend rate	N/A	N/A	N/A
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.00%	4.00%	4.50%
Year that the rate reaches the ultimate trend rate	2047	2045	2038

Obligations and Funded Status

• The following tables reconcile beginning and ending balances of benefit obligations and fair value of plan assets, and the funded status of defined benefit pension and postretirement health care and life insurance benefit plans ^{p. 203}.
• Information is presented for the qualified U.S. Pension Plan, Other Pension Plans (non-qualified and Canadian), and other postretirement benefits ^{p. 203}.

Note 18 - Employee Benefit Plans

• The Hartford Insurance Group, Inc. ^{p. 204}
• Notes to Consolidated Financial Statements (continued) ^{p. 204}

	U.S. Pension Plan		Other Pension Plans		Total Pension Plans		Other Postretirement Benefits
—	2025	2024	2025	2024	2025	2024	2025	2024
Change in Benefit Obligation	—	—	—	—	—	—	—	—
Benefit obligation — beginning of year	$ 3,075	$ 3,269	$ 313	$ 334	$ 3,388	$ 3,603	$ 122	$ 138
Service cost	2	2	—	—	2	2	—	—
Interest cost	158	160	16	16	174	176	6	7
Plan participants' contributions	—	—	—	—	—	—	6	7
Actuarial loss (gain)	3	-9	4	2	7	-7	-2	-3
Changes in assumptions	71	-146	8	-12	79	-158	3	-4
Benefits paid [1]	-203	-201	-28	-27	-231	-228	-19	-23
Benefit obligation — end of year [2]	$ 3,106	$ 3,075	$ 313	$ 313	$ 3,419	$ 3,388	$ 116	$ 122
Change in Plan Assets	—	—	—	—	—	—	—	—
Fair value of plan assets — beginning of year	$ 3,387	$ 3,562	$ 9	$ 11	$ 3,396	$ 3,573	$ 8	$ 18
Actual return on plan assets	236	34	—	—	236	34	—	—
Employer contributions [3]	—	—	1	—	1	—	5	6
Plan participants' contributions [3]	—	—	—	—	—	—	6	7
Benefits paid [1]	-203	-201	-1	-1	-204	-202	-19	-23
Expenses paid	-4	-8	—	—	-4	-8	—	—
Foreign exchange adjustment	—	—	—	-1	—	-1	—	—
Fair value of plan assets — end of year	$ 3,416	$ 3,387	$ 9	$ 9	$ 3,425	$ 3,396	$ —	$ 8
Funded status — end of year	$ 310	$ 312	$ (304)	$ (304)	$ 6	$ 8	$ (116)	$ (114)
Amounts Recognized in the Consolidated Balance Sheets	—	—	—	—	—	—	—	—
Other assets	$ 310	$ 312	$ —	$ —	$ 310	$ 312	$ —	$ —
Other liabilities	$ —	$ —	$ (304)	$ (304)	$ (304)	$ (304)	$ (116)	$ (114)

• Other postretirement benefits paid represent payments from plan assets for non-key employee postretirement medical benefits, Company assets, and plan participants' contributions ^{p. 204}.
• Accumulated Benefit Obligation equals the Projected Benefit Obligation as of December 31, 2025, and 2024 ^{p. 204}.
• Employer and plan participants' contributions for Other postretirement benefits represent funding from Company and plan participant assets ^{p. 204}.
• Changes in assumptions for the U.S. Pension Plan in 2025 included a USD 69m increase in benefit obligation due to a decrease in the discount rate from 5.65% (December 31, 2024) to 5.44% (December 31, 2025) ^{p. 204}.
• Changes in assumptions for the U.S. Pension Plan in 2024 included a USD 145m decrease in benefit obligation due to an increase in the discount rate from 5.15% (December 31, 2023) to 5.65% (December 31, 2024) ^{p. 204}.
• Changes in assumptions for Other Pension Plans in 2025 included an USD 8m increase in benefit obligation due to a decrease in the discount rate from 5.59% (December 31, 2024) to 5.34% (December 31, 2025) ^{p. 204}.
• Changes in assumptions for Other Pension Plans in 2024 included a USD 12m decrease in benefit obligation due to an increase in the discount rate from 5.14% (December 31, 2023) to 5.59% (December 31, 2024) ^{p. 204}.
• Cash balance plan pension benefit obligation within the U.S. Pension Plan was USD 321m as of December 31, 2025, and USD 332m as of December 31, 2024 ^{p. 204}.
• Fair value of assets for total pension plans excludes USD 287m (2025) and USD 245m (2024) held in rabbi trusts for Other Pension Plans ^{p. 204}.
• Company contributions to these rabbi trusts were USD 1m in 2025 and USD 0m in 2024 ^{p. 204}.
• Rabbi trust assets do not qualify as plan assets but are available to pay benefits and are accessible by the Company's general creditors in insolvency ^{p. 204}.
• Rabbi trusts' assets consist of equity and fixed income investments ^{p. 204}.
• If rabbi trust assets were included, total pension plan assets would have been USD 3,712m (2025) and USD 3,641m (2024), and the funded status would have been USD 293m (2025) and USD 253m (2024) ^{p. 204}.
• Net periodic cost (benefit) for pension plans (U.S. Pension Plan and Other Pension Plans) is recognized in insurance operating costs and other expenses in the Consolidated Statement of Operations ^{p. 204}.

Net Periodic Cost (Benefit)

	Pension Benefits			Other Postretirement Benefits
—	2025	2024	2023	2025	2024	2023
Service cost	$ 2	$ 2	$ 3	$ —	$ —	$ —
Interest cost	174	176	180	6	7	7
Expected return on plan assets	-243	-230	-235	—	-1	-1
Amortization of prior service credit	—	—	—	-7	-7	-7
Amortization of actuarial loss	34	34	29	5	5	5
Net periodic cost (benefit)	$ (33)	$ (18)	$ (23)	$ 4	$ 4	$ 4

Amounts Recognized in Other Comprehensive Income (Loss)

	Pension Benefits			Other Postretirement Benefits
—	2025	2024	2023	2025	2024	2023
Amortization of actuarial loss	$ 34	34	29	$ 5	5	5
Amortization of prior service credit	—	—	—	-7	-7	-7
Net actuarial gain (loss)	-97	-41	-142	-1	7	-6
Prior service cost (credit)	—	—	—	—	—	—
Total	$ (63)	-7	-113	$ (3)	5	-8

• Amounts in Accumulated Other Comprehensive Income (Loss), before tax, are not yet recognized as components of Net Periodic Benefit Cost ^{p. 205}.

	Pension Benefits			Other Postretirement Benefits
—	2025	2024	2023	2025	2024	2023
Net loss	$ (1,847)	$ (1,784)	$ (1,777)	$ (72)	$ (76)	$ (88)
Prior service credit	—	—	—	26	33	40
Total	$ (1,847)	$ (1,784)	$ (1,777)	$ (46)	$ (43)	$ (48)

• Actuarial net losses in AOCI exceeding 10% of the greater of the benefit obligation or market-related value of plan assets are amortized to expense over the average future life expectancy of plan participants ^{p. 205}.

Pension Plan Assets

Investment Strategy and Target Allocation

• U.S. Pension Plan investment strategy aims for total returns sufficient to fund current and future benefit obligations within prudent risk and diversification levels ^{p. 205}.
• The Hartford's Pension Investment Committee oversees asset management for the U.S. Pension Plan, establishing objectives, setting policy, selecting options and providers, reviewing asset allocation, and monitoring performance ^{p. 205}.
• A de-risking glide path has been adopted by the Pension Investment Committee to reduce target allocation to equity and limited partnerships and increase fixed income as the U.S. Pension Plan's funded status improves ^{p. 205}.
• Asset allocation decisions are considered the most important factor for the U.S. Pension Plan's long-term performance ^{p. 205}.

Target Asset Allocation Ranges

	Pension Plans		Other Postretirement Plan
—	Minimum	Maximum	Minimum	Maximum
Equity securities	— %	20 %	— %	— %
Fixed income securities	75 %	95 %	100 %	100 %
Limited partnerships	— %	25 %	— %	— %

• Market performance divergence and changes in the glide path may cause asset allocation to deviate from desired ranges ^{p. 205}.
• Asset allocation mix is reviewed periodically ^{p. 206}.
• If rebalancing is needed, future portfolio additions and withdrawals are used first to bring allocation within tactical ranges before shifting assets ^{p. 206}.
• U.S. Pension Plan invests in multiple asset classes, including publicly traded fixed income and equities, private fixed income, commercial mortgage loans, and limited partnerships ^{p. 206}.
• Investment portfolios are primarily managed by affiliated managers ^{p. 206}.
• U.S. Treasury bond futures contracts and STRIPS, along with other investments, are used in a duration overlay program to match U.S. Pension Plan asset duration to benefit obligation duration ^{p. 206}.

Pension Plan Assets at Fair Value

Asset Category	As of December 31, 2025				As of December 31, 2024
—	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Short-term investments:	$ 163	$ —	$ —	163	$ 164	$ —	$ —	164
Fixed Income Securities:	—	—	—	—	—	—	—	—
Corporate	—	1,596	29	1,625	—	1,586	33	1,619
RMBS	—	97	—	97	—	105	—	105
U.S. Treasuries	7	448	—	455	8	278	—	286
Foreign government	—	8	1	9	—	9	9	18
CMBS	—	20	3	23	—	28	1	29
Other fixed income [1]	—	146	—	146	—	162	—	162
Mortgage Loans	—	—	102	102	—	—	131	131
Equity Securities:	—	—	—	—	—	—	—	—
Domestic	16	—	—	16	14	4	—	18
International	—	15	—	15	—	37	—	37
Total pension plan assets at fair value, in the fair value hierarchy [2]	186	2,330	135	2,651	186	2,209	174	2,569
Other Investments, at net asset value [3]:	—	—	—	—	—	—	—	—
Limited partnerships	—	—	—	739	—	—	—	778
Total pension plan assets at fair value	$ 186	$ 2,330	$ 135	$ 3,390	$ 186	$ 2,209	$ 174	$ 3,347

• Includes ABS, municipal bonds, and CLOs ^{p. 206}.
• Excludes USD 35m (2025) and USD 49m (2024) of investment receivables net of investment payables from disclosure, as they are trade receivables where carrying amount approximates fair value ^{p. 206}.
• Investments measured at net asset value per share or equivalent are not classified in the fair value hierarchy ^{p. 206}.
• Fair value level 3 roll forwards for U.S. Pension Plan Assets are provided for assets with significant unobservable inputs ^{p. 206}.
• Level 3 classification applies when there are no observable markets or significant inputs are based on the U.S. Pension Plan's own assumptions ^{p. 206}.
• Gains and losses in Level 3 tables include changes due to both observable and unobservable factors ^{p. 206}.

Assets	Corporate	Foreign government	Mortgage loans	CMBS	Totals
Fair Value as of January 1, 2025	$ 33	$ 9	$ 131	$ 1	174
Realized gains (losses), net	—	-2	—	—	-2
Changes in unrealized gains, net	3	2	6	—	11
Purchases	2	—	—	—	2
Sales	-11	-8	-35	—	-54
Transfers into Level 3 [1]	2	—	—	2	4
Transfers out of Level 3 [1]	—	—	—	—	—
Fair Value as of December 31, 2025	$ 29	$ 1	$ 102	$ 3	135
Fair Value as of January 1, 2024	$ 36	$ 10	$ 143	$ 1	190
Realized gains, net	—	—	—	—	—
Changes in unrealized gains (losses), net	—	-1	1	—	—
Purchases	5	—	—	—	5
Sales	-8	—	-13	—	-21
Transfers into Level 3 [1]	—	—	—	—	—
Transfers out of Level 3 [1]	—	—	—	—	—
Fair Value as of December 31, 2024	$ 33	$ 9	$ 131	$ 1	174

• Transfers into and out of Level 3 are mainly due to the availability of market observable information and re-evaluation of pricing observability ^{p. 207}.
• Less than USD 1m of Company common stock was in the U.S. Pension Plan's assets as of December 31, 2025, and 2024, as part of a passively managed indexing strategy ^{p. 207}.

Other Postretirement Plan Assets at Fair Value

• The other postretirement plan held USD 8m of short-term investments classified as Level 1 as of December 31, 2024 ^{p. 207}.
• No remaining assets were in the other postretirement plan as of December 31, 2025 ^{p. 207}.

Concentration of Risk

• The Pension Plan maintains a list of permissible and prohibited investments to minimize risk ^{p. 207}.
• Concentration limits and investment quality requirements are imposed on permissible investment options ^{p. 207}.
• Permissible investments include U.S. equity, international equity, limited partnership, and fixed income investments, including derivative instruments ^{p. 207}.
• Permissible derivative instruments include futures contracts, options, swaps, currency forwards, caps, or floors, used for risk control or return enhancement, not leverage ^{p. 207}.
• Prohibited securities include shares or fixed income instruments issued by The Hartford (except passively managed equity), short sales in long-only portfolios, nonderivative securities with margin use, leveraged floaters, inverse floaters, money market obligations, natural resource real properties, and precious metals ^{p. 207}.
• The Pension Plan has no material concentration risk to a single issuer, except for U.S. government and certain U.S. government agency securities backed by full faith and credit ^{p. 207}.

Expected Employer Contributions

• The Company has no required minimum funding contribution for the U.S. qualified defined benefit pension plan in 2026 ^{p. 207}.
• The Company has not determined the extent of contributions to the U.S. qualified defined benefit pension plan in 2026 ^{p. 207}.
• The funded status of the U.S. qualified defined benefit pension plan will be monitored in 2026 to make this determination ^{p. 207}.

Benefit Payments

• Amounts of Benefits Expected to be Paid over the next ten years from Pension and Other Postretirement Plans as of December 31, 2025 ^{p. 207}.

—	Pension Benefits		Other Postretirement Benefits
2026	$	258	$	14
2027	—	260	—	12
2028	—	265	—	11
2029	—	273	—	10
2030	—	264	—	10
2031 - 2035	—	1,303	—	44
Total	$	2,623	$	101

• Note 19 - Stock Compensation Plans ^{p. 208}.
• The Hartford Insurance Group, Inc. ^{p. 208}.
• Notes to Consolidated Financial Statements (continued) ^{p. 208}.

19. Stock Compensation Plans

• The Company issues shares for stock-based compensation from authorized but unissued shares, treasury shares, or shares purchased in the open market ^{p. 208}.
• In 2025, 2024, and 2023, the Company issued shares from treasury for stock-based compensation ^{p. 208}.
• Stock compensation is measured at the grant date based on estimated fair value and recognized as expense on a straight-line basis, net of estimated forfeitures, over the requisite service period ^{p. 208}.
• Stock-based compensation expense is included in insurance operating costs and other expenses in the consolidated statement of operations ^{p. 208}.

Stock-Based Compensation Expense

—	2025	2024	2023
Stock-based compensation plans expense	$ 141	$ 133	$ 125
Income tax benefit	-22	-21	-22
Excess tax benefit on awards vested, exercised and expired	-16	-21	-12
Total stock-based compensation plans expense, net of tax	$ 103	$ 91	$ 91

• The Company did not capitalize any cost of stock-based compensation ^{p. 208}.
• As of December 31, 2025, the total compensation cost related to non-vested awards not yet recognized was USD 84, expected to be recognized over a weighted average period of 2 years ^{p. 208}.

Stock Plan

• Future stock-based awards may be granted under The Hartford's 2025 Long Term Incentive Stock Plan (the "Stock Incentive Plan") ^{p. 208}.
• The Stock Incentive Plan allows awards in the form of non-qualified or incentive stock options (qualifying under Section 422 of the Internal Revenue Code), stock appreciation rights, performance shares, restricted stock or restricted stock units, or other stock-based awards ^{p. 208}.
• The maximum number of shares that may be issued to Company employees and third-party service providers during the 10-year duration of the Stock Incentive Plan is 8,500,000 shares, plus any shares forfeited after February 28, 2025, and any shares used for tax withholding purposes ^{p. 208}.
• If an award under an earlier incentive stock plan is forfeited, terminated, surrendered, exchanged, expires unexercised, or settled in cash (including for tax withholding) or for a net issuance of fewer shares, those shares become available for awards under the Stock Incentive Plan and are added to the maximum limit ^{p. 208}.
• As of December 31, 2025, 8,684,883 shares were available for future issuance under the Stock Incentive Plan ^{p. 208}.
• Fair values of awards granted under the Stock Incentive Plan are measured at the grant date and expensed ratably over vesting periods, generally three years ^{p. 208}.
• For stock awards to retirement-eligible employees, the Company recognizes expense over a shorter period than the stated vesting period due to accelerated vesting upon retirement, making the vesting period non-substantive ^{p. 208}.

Stock Option Awards

• Under the Stock Incentive Plan, options granted have an exercise price at least equal to the closing stock price on the New York Stock Exchange on the grant date ^{p. 208}.
• The maximum term for an option is 10 years ^{p. 208}.
• Options generally become exercisable over three years, starting one year from the grant date ^{p. 208}.
• The Company uses a hybrid lattice/Monte-Carlo based option valuation model (the 'Plan Valuation Model') to incorporate early exercise possibilities and historical termination and exercise experience ^{p. 208}.
• The Plan Valuation Model uses ranges of assumptions for inputs, including implied volatilities from exchange-traded options, historical stock volatility, and other factors for the term structure of volatility ^{p. 208}.
• The Company uses historical data to estimate option exercise and employee termination within the Plan Valuation Model ^{p. 208}.
• The model accommodates variations in employee preference and risk-tolerance by segregating the grantee pool into behavioral cohorts and conducting individual fair valuations ^{p. 208}.
• The expected term of options is derived from the Plan Valuation Model output ^{p. 208}.
• The risk-free rate for periods within the option's contractual life is based on the U.S. Constant Maturity Treasury yield curve at the time of grant ^{p. 208}.

5 ──

• Aggregate intrinsic value represents the value of the Company's closing stock price on the last trading day of the period exceeding the exercise price, multiplied by outstanding or exercisable options ^{p. 209}.
• The aggregate intrinsic value excludes stock options with zero or negative intrinsic value ^{p. 209}.
• The weighted average grant-date fair value per share of options granted was USD 34.33 in 2025, USD 25.77 in 2024, and USD 21.09 in 2023 ^{p. 209}.
• The Hartford received cash from exercised stock options of USD 36 in 2025, USD 92 in 2024, and USD 47 in 2023 ^{p. 209}.
• The Hartford recognized tax benefits on stock options exercised of USD 2 in 2025, USD 4 in 2024, and USD 3 in 2023 ^{p. 209}.
• The total intrinsic value of options exercised was USD 52 in 2025, USD 99 in 2024, and USD 35 in 2023 ^{p. 209}.

Stock Options Valuation Assumptions

—	2025	2024	2023
Expected dividend yield	1.6%	1.8%	2.0%
Expected annualized spot volatility	22.8 % - 24.7%	19.2 % - 22.7%	24.5 % - 26.0%
Weighted average annualized volatility	24.1%	21.7%	25.4%
Risk-free spot rate	4.0 % - 4.3%	4.3 % - 5.5%	3.8 % - 5.1%
Expected term	7.5 years	7.4 years	6.7 years

Non-qualified Stock Option Activity Under the Stock Incentive Plan

—	Number of Options (in thousands)	Weighted Average Exercise Price
Outstanding at beginning of year	4,518 $	60.51
Granted	273 $	116.41
Exercised	(705) $	51.46
Forfeited	(60) $	105.89

Expired	— $	—	—	—
Outstanding at end of year	4,026 $	65.21	5.0 $	292
Outstanding, fully vested and expected to vest	4,010 $	65.07	5.0 $	292
Exercisable at end of year	3,489 $	59.85	4.5 $	272

Share Awards

• Share awards granted under the Stock Incentive Plan include restricted stock units and performance shares ^{p. 209}.
• Performance shares become payable within a range of 0% to 200% of initially granted shares, based on specific performance goals achieved over a three-year period ^{p. 209}.
• Performance share awards not dependent on market conditions are valued at the closing stock price on the New York Stock Exchange on the grant date ^{p. 209}.
• Stock compensation expense for performance share awards without market conditions is based on a current estimate of expected vesting awards and may change during the performance period ^{p. 209}.
• Other performance share awards or portions thereof have a market condition based on the Company's total stockholder return relative to a pre-determined peer group as of December 31 at the end of the three-year performance period ^{p. 209}.
• Stock compensation expense for performance share awards with market conditions is based on the number of awards expected to vest as estimated at the grant date and does not change with performance estimate changes ^{p. 209}.
• The Company uses a risk-neutral Monte-Carlo Plan Valuation Model for these awards, incorporating time to maturity, implied volatilities of the Company and peer companies, correlations, and interest rates ^{p. 209}.

Assumptions for Total Stockholder Return Performance Shares

—	2025	2024	2023
Volatility of common stock	22.3%	21.7%	33.0%
Average volatility of peer companies	20.0 % - 46.0%	20.0 % - 33.0%	26.0 % - 41.0%
Average correlation coefficient of peer companies	53.0%	42.0%	52.0%
Risk-free spot rate	4.0%	4.4%	4.4%
Term	3.0 years	3.0 years	3.0 years

Total Share Awards

Non-vested Share Award Activity Under the Stock Incentive Plan

	Restricted Stock Units		Performance Shares
—	Number of Shares (in thousands)	Weighted-Average Grant-Date Fair Value	Number of Shares (in thousands)	Weighted-Average Grant date Fair Value
Non-vested shares For the year ended December 31, 2025	—	—	—	—
Non-vested at beginning of year	2,678 $	80.36	594 $	95.49
Granted	771 $	117.21	355 $	122.37
Performance based adjustment, net	—	—	185 $	86.59
Vested	(982) $	70.28	(435) $	86.07
Forfeited	(103) $	93.18	(67) $	112.09
Non-vested at end of year	2,364 $	96.01	632 $	112.70

• As of December 31, 2025, there were 84 thousand non-vested dividend equivalent shares related to restricted stock units, compared to 107 thousand as of December 31, 2024 ^{p. 210}.
• As of December 31, 2025 and 2024, there were 14 thousand non-vested dividend equivalent shares related to performance shares ^{p. 210}.
• Dividend equivalent shares are subject to the same vesting terms as restricted stock units and performance shares ^{p. 210}.
• The weighted average grant-date fair value per share of restricted stock units granted was USD 117.21 in 2025, USD 96.34 in 2024, and USD 77.72 in 2023 ^{p. 210}.
• The weighted average grant-date fair value per share of performance shares granted was USD 122.37 in 2025, USD 103.08 in 2024, and USD 85.69 in 2023 ^{p. 210}.
• The total fair value of shares vested was USD 171 in 2025, USD 186 in 2024, and USD 154 in 2023, based on actual or estimated performance factors ^{p. 210}.
• The Company did not make cash payments in settlement of stock compensation during 2025, 2024, and 2023 ^{p. 210}.

Subsidiary Stock Plan

• The Hartford has a subsidiary stock-based compensation plan similar to the Stock Incentive Plan, but awards non-public subsidiary stock ^{p. 210}.
• The Company recognized stock-based compensation plan expense of USD 12 for the subsidiary stock plan in 2025, 2024, and 2023 ^{p. 210}.
• Upon employee vesting of subsidiary stock, the Company recognizes a noncontrolling equity interest ^{p. 210}.
• Employees are restricted from selling vested subsidiary stock to anyone other than the Company, and the Company has discretion on repurchase amounts ^{p. 210}.
• Subsidiary stock is classified as equity because it is not mandatorily redeemable ^{p. 210}.
• The Company repurchased subsidiary stock of USD 12 in 2025, USD 10 in 2024, and USD 11 in 2023 ^{p. 210}.

Employee Stock Purchase Plan

• The Company sponsors The Hartford Employee Stock Purchase Plan ("ESPP") ^{p. 210}.
• Under the ESPP, eligible employees purchase common stock at a 5% discount of the market price on the last trading day of the offering period ^{p. 210}.
• The ESPP is a non-compensatory plan ^{p. 210}.
• Employees purchase a variable number of shares through payroll deductions elected at the beginning of the offering period ^{p. 210}.
• The Company may sell up to 15,400,000 shares to eligible employees under the ESPP ^{p. 210}.
• As of December 31, 2025, 2,893,304 shares were available for future issuance under the ESPP ^{p. 210}.
• Shares sold under the ESPP were 120,805 in 2025, 141,500 in 2024, and 194,561 in 2023 ^{p. 210}.
• The Hartford received cash from sales under the ESPP of USD 15 in 2025, USD 14 in 2024, and USD 13 in 2023 ^{p. 210}.

20. Leases

• The Hartford has operating leases for real estate and equipment ^{p. 211}.
• The right-of-use asset was USD 159 as of December 31, 2025, and USD 140 as of December 31, 2024, included in property and equipment, net, in the Consolidated Balance Sheets ^{p. 211}.
• The lease liability was USD 169 as of December 31, 2025, and USD 145 as of December 31, 2024, included in other liabilities in the Consolidated Balance Sheets ^{p. 211}.
• Variable lease costs include changes in interest rates on variable rate leases, primarily for automobiles ^{p. 211}.

Components of Lease Expense

—	2025	2024	2023
Operating lease cost	$ 37	$ 35	$ 36
Short-term lease cost	1	1	—
Variable lease cost	1	1	-2
Sublease income	-2	-3	-4
Total lease costs included in insurance operating costs and other expenses	$ 37	$ 34	$ 30

• This section contains no extractable facts ^{p. 211}.

Supplemental Operating Lease Information

—	2025	2024	2023
Operating cash flows for operating leases (for the twelve months ended)	$ 32	$ 33	$ 37
Right-of-use asset obtained in exchange for new operating lease liabilities	40	25	40
Weighted-average remaining lease term in years for operating leases	6 years	6 years	7 years
Weighted-average discount rate for operating leases	4.6%	4.3%	4.0%

Maturities of Operating Lease Liabilities as of December 31, 2025

—	Operating Leases
2026	$	37
2027	—	37
2028	—	33
2029	—	29
2030	—	21
Thereafter	—	35
Total lease payments	—	192
Less: Discount on lease payments to present value	—	23
Total lease liability	$	169

• This section contains no extractable facts ^{p. 212}.

21. Restructuring and Other Costs

• The Company announced an operational transformation and cost reduction plan called Hartford Next on July 30, 2020 ^{p. 212}.
• Hartford Next aimed to reduce annual insurance operating costs and other expenses ^{p. 212}.
• This reduction was to be achieved through headcount reduction, investment in IT to enhance capabilities, and other activities ^{p. 212}.
• Termination benefits related to workforce reductions and professional fees are included in restructuring and other costs in the Consolidated Statement of Operations ^{p. 212}.
• Unpaid restructuring costs are included in other liabilities in the Company's Consolidated Balance Sheets ^{p. 212}.
• For the year ended December 31, 2023, the severance benefits accrual was reduced by USD 6m due to higher than expected voluntary attrition ^{p. 212}.
• There was no liability for restructuring and other costs as of December 31, 2025, and 2024 ^{p. 212}.
• The Hartford Next program is substantially complete ^{p. 212}.
• The Company may incur additional costs related to real estate temporarily idled as part of Hartford Next ^{p. 212}.
• Total restructuring and other costs, excluding additional real estate costs, are approximately USD 127m before tax ^{p. 212}.
• These costs have been recognized in the Corporate category for segment reporting ^{p. 212}.

Restructuring and Other Costs, Before Tax

—	Incurred in the Year Ended December 31, 2023	Incurred in the Year Ended December 31, 2024	Incurred in the Year Ended December 31, 2025	Cumulative Incurred in the Year Ended December 31, 2025	Total Amount Expected to be Incurred
Severance benefits	-6	- $	- $	35 $	35
IT costs	5	-	-	25	25
Professional fees and other expenses	7	2	-	67	67
Total restructuring and other costs, before tax	6	2 $	- $	127 $	127

• Note 21 covers Restructuring and Other Costs ^{p. 212}.
• Part IV - Schedule I. Summary of Investments - Other Investments in Affiliates ^{p. 212}.
• The Hartford Insurance Group, Inc. is referenced ^{p. 213}.

Schedule I

Summary of Investments - Other Than Investments in Affiliates

• All figures are in millions ^{p. 213}.

Type of Investment	As of December 31, 2025
—	Cost	Fair Value	Amount at which shown on Balance Sheet
Fixed Maturities	—	—	—
Bonds and notes	—	—	—
U.S. government and government agencies and authorities (guaranteed and sponsored)	$ 6,253	$ 5,929	$ 5,929
States, municipalities and political subdivisions	4,831	4,652	4,652
Foreign governments	440	447	447
Public utilities	2,793	2,716	2,716
All other corporate bonds	20,512	20,360	20,360
All other mortgage-backed and asset-backed securities	12,042	11,937	11,937
Total fixed maturities, available-for-sale	46,871	46,041	46,041
Fixed maturities, at fair value using fair value option	199	168	168
Equity Securities [1]	—	—	—
Common stocks	—	—	—
Industrial, miscellaneous and all other	369	470	470
Non-redeemable preferred stocks	22	22	22
Total equity securities [1]	391	492	492
Mortgage loans [2]	6,886	6,607	6,837
Other investments	279	262	262
Short-term investments	4,353	4,353	4,353
Limited partnerships and other alternative investments [3]	5,804	—	5,804
Total investments	$ 64,783	—	$ 63,957

• Cost of equity securities represents original cost ^{p. 213}.
• Cost of mortgage loans excludes the ACL of USD 49m ^{p. 213}.
• Further information on mortgage loans is in Schedule V - Valuation and Qualifying Accounts ^{p. 213}.
• Cost of limited partnerships and other alternative investments is presented as carrying value, primarily accounted for under the equity method ^{p. 213}.
• Part IV - Schedule II. Condensed Financial Information of the Hartford Insurance Group, Inc. ^{p. 214}.

The Hartford Insurance Group, Inc. Schedule II

• This section presents Condensed Financial Information of The Hartford Insurance Group, Inc. (Registrant) ^{p. 214}.
• All figures are in millions ^{p. 214}.

Condensed Balance Sheets	As of December 31,
—	2025	2024
Assets	—	—
Fixed maturities, available-for-sale, at fair value (amortized cost of $22 and $24)	$ 18	$ 20
Limited partnerships and other alternative investments	115	—
Short-term investments	1,476	1,290
Cash	—	—
Investment in affiliates	23,466	21,177
Deferred income taxes	442	432
Unamortized issue costs	2	1
Investment income due and accrued	1	1
Other assets	409	409

Total assets	$ 25,929	$ 23,330
Liabilities	—	—
Net payable to affiliates	$ 2,024	$ 1,967
Long-term debt	4,371	4,366
Other liabilities	555	550
Total liabilities	6,950	6,883
Stockholders' Equity	—	—
Preferred stock	334	334
Common stock	3	3
Additional paid-in capital	549	578
Retained Earnings	24,739	21,531
Treasury Stock	-4,589	-3,113
Accumulated other comprehensive income (loss), net of tax	-2,057	-2,886
Total stockholders' equity	18,979	16,447

• The condensed financial statements should be read with the Consolidated Financial Statements and Notes ^{p. 214}.
• Part IV - Schedule II. Condensed Financial Information of the Hartford Insurance Group, Inc. ^{p. 216}.
• The Hartford Insurance Group, Inc. is referenced ^{p. 216}.

Schedule II

• This section presents Condensed Financial Information of The Hartford Insurance Group, Inc. (continued) (Registrant) ^{p. 216}.

For the years ended December 31,
2025	2024	2023

Net investment income	$ 44	$ 47	$ 33
Net realized gains	—	4	—
Other revenues	13	—	—
Total revenues	57	51	33
Interest expense	199	199	199
Other expense (income)	-1	-3	7
Total expenses	198	196	206
Loss before income taxes and earnings of subsidiaries	-141	-145	-173
Income tax benefit	-57	-44	-67
Loss before earnings of subsidiaries	-84	-101	-106
Earnings of subsidiaries	3,920	3,212	2,610
Net income	3,836	3,111	2,504
Other comprehensive income (loss) - parent company:	—	—	—
Change in net gain or loss on cash-flow hedging instruments	-10	-3	-7
Change in net unrealized gain or loss on fixed maturities	1	—	1
Change in pension and other postretirement plan adjustments	-50	-5	-89
Other comprehensive income (loss), net of taxes before other comprehensive income of subsidiaries	-59	-8	-95
Other comprehensive income (loss) of subsidiaries	888	-29	1,087
Total other comprehensive income (loss)	829	-37	992

• The condensed financial statements should be read with the Consolidated Financial Statements and Notes ^{p. 216}.
• Part IV - Schedule II. Condensed Financial Information of the Hartford Insurance Group, Inc. ^{p. 217}.
• The Hartford Insurance Group, Inc. is referenced ^{p. 217}.
• This section presents Condensed Financial Information of The Hartford Insurance Group, Inc. (continued) (Registrant) ^{p. 217}.
• All figures are in millions ^{p. 217}.

Condensed Statements of Cash Flows	For the years ended December 31,
—	2025	2024	2023
Operating Activities	—	—	—
Net income	$ 3,836	$ 3,111	$ 2,504
Dividends received from subsidiaries	1,946	1,587	1,594
Equity in net income of subsidiaries	-3,920	-3,212	-2,610
Net realized gains	—	-4	—
Change in operating assets and liabilities	85	132	75
Cash provided by operating activities	1,947	1,614	1,563
Investing Activities	—	—	—
Net payments for short-term investments	-186	-250	-208
Proceeds from the sale/maturity/prepayment of:	—	—	—
Fixed maturities, available-for-sale	2	4	97
Payments for the purchase of:	—	—	—
Limited partnerships and other alternative investments	-115	—	—
Net payments for derivatives	-11	2	-8
Capital returned from subsidiaries	613	704	503
Cash provided by investing activities	303	460	384
Financing Activities	—	—	—
Treasury stock acquired, including related excise tax paid	-1,615	-1,514	-1,400
Net issuance (return of) shares under incentive and stock compensation plans, including related excise tax benefit	-18	22	6
Dividends paid on common shares	-596	-561	-532
Dividends paid on preferred shares	-21	-21	-21
Cash used for financing activities	-2,250	-2,074	-1,947
Net increase (decrease) in cash	—	—	—
Cash — beginning of period	—	—	—
Cash — end of period	$ —	$ —	$ —
Supplemental Disclosure of Cash Flow Information	—	—	—
Interest Paid	$ 206	$ 211	$ 209

• The condensed financial statements should be read with the Consolidated Financial Statements and Notes ^{p. 217}.
• Part IV - Schedule III. Supplementary Insurance Information ^{p. 218}.

The Hartford Insurance Group, Inc. Schedule III

Supplementary Insurance Information

• All figures are in millions ^{p. 218}.

Segment/Category	Deferred Policy Acquisition Costs	Unpaid Losses and Loss Adjustment Expenses	Reserve for Future Policy Benefits	—	Unearned Premiums Policyholder Funds and Benefits Payable	Other
As of December 31, 2025	—	—	—	—	—	—
Business Insurance	$ 1,192	$ 33,175	$	- $	8,277 $	-
Personal Insurance	117	2,275	—	-	1,733	-
Property & Casualty Other Operations	-	2,705	—	-	2	-
Employee Benefits	38	8,113	—	291	41	409
Hartford Funds	-	-	—	-	-	-
Total Reportable Segments	1,347	46,268	—	291	10,053	409
Corporate	-	-	—	153	-	203
Consolidated	$ 1,347	$ 46,268	$	444 $	10,053 $	612
As of December 31, 2024	—	—	—	—	—	—
Business Insurance	$ 1,093	$	31,381 $	- $	7,638 $	-
Personal Insurance	113	2,239	—	-	1,728	-
Property & Casualty Other Operations	-	—	2,784	-	2	-
Employee Benefits	33	8,206	—	290	40	401
Hartford Funds	-	—	-	-	-	-
Total Reportable Segments	1,239	44,610	—	290	9,408	401
Corporate	-	-	—	158	-	213
Consolidated	$ 1,239	$	44,610 $	448 $	9,408 $	614

• Part IV - Schedule III. Supplementary Insurance Information ^{p. 219}.
• The Hartford Insurance Group, Inc. is referenced ^{p. 219}.

Schedule III

Supplementary Insurance Information (continued)

• All figures are in millions ^{p. 219}.

Segment/Category	Earned Premiums, Fee Income and Other	Net Investment Income	Benefits, Losses and Loss Adjustment Expenses	Amortization of Deferred Policy Acquisition Costs	Insurance Operating Costs and Other Expenses [1]	Net Written Premiums [2]
For the year December 31, 2025	—	—	—	—	—	—
Business Insurance	$ 13,931	$ 1,967	$ 7,889	$ 2,201	$ 2,225	$ 14,456
Personal Insurance	3,845	256	2,455	282	791	3,730
Property & Casualty Other Operations	—	76	196	—	9	—
Employee Benefits	6,645	533	4,692	33	1,715	—
Hartford Funds	1,077	21	—	—	844	—
Total Reportable Segments	25,498	2,853	15,232	2,516	5,584	18,186
Corporate	59	58	6	—	270	—

Consolidated	$ 25,557	$ 2,911	$ 15,238	$ 2,516	$ 5,854	$ 18,186
For the year December 31, 2024	—	—	—	—	—	—
Business Insurance	$ 12,765	$ 1,714	$ 7,441	$ 1,993	$ 2,047	$ 13,351
Personal Insurance	3,571	222	2,525	255	742	3,598
Property & Casualty Other Operations	—	74	219	—	13	—
Employee Benefits	6,615	475	4,681	34	1,649	—
Hartford Funds	1,035	20	—	—	824	—
Total Reportable Segments	23,986	2,505	14,866	2,282	5,275	16,949
Corporate	42	63	8	—	255	—

Consolidated	$ 24,028	$ 2,568	$ 14,874	$ 2,282	$ 5,530	$ 16,949
For the year December 31, 2023	—	—	—	—	—	—
Business Insurance	$ 11,683	$ 1,532	$ 6,786	$ 1,779	$ 1,907	$ 12,279
Personal Insurance	3,198	171	2,538	231	638	3,198
Property & Casualty Other Operations	—	69	224	—	4	—
Employee Benefits	6,515	469	4,683	34	1,554	—
Hartford Funds	973	17	—	—	781	—
Total Reportable Segments	22,369	2,258	14,231	2,044	4,884	15,477
Corporate	41	47	7	—	273	—

• Included items are interest expense, loss on extinguishment of debt, restructuring and other costs, loss on reinsurance transaction, and amortization of intangible assets ^{p. 219}.
• Life insurance is excluded pursuant to Regulation S-X ^{p. 219}.
• Part IV - Schedule IV. Reinsurance ^{p. 220}.

The Hartford Insurance Group, Inc. Schedule IV Reinsurance

• All figures are in millions ^{p. 220}.

—	Gross Amount	Ceded Amount	Assumed From Other Companies	Net Amount	Percentage of Amount Assumed to Net
For the year ended December 31, 2025	—	—	—	—	—
Life insurance in-force	$ 1,300,138	$ 21,895	$ 16,998	$ 1,295,241	1 %
Insurance revenues	—	—	—	—	—
Property and casualty insurance	$ 18,344	$ 1,879	$ 1,143	$ 17,608	6 %
Life insurance and annuities	2,559	34	58	2,583	2 %
Accident and health insurance	4,054	79	87	4,062	2 %
Total insurance revenues	$ 24,957 $	1,992	$ 1,288	$ 24,253	5 %
For the year ended December 31, 2024	—	—	—	—	—
Life insurance in-force	$ 1,301,304	$ 35,266	$ 25,362	$ 1,291,400	2 %
Insurance revenues	—	—	—	—	—
Property and casualty insurance	$ 16,915	$ 1,742	$ 1,001	$ 16,174	6 %
Life insurance and annuities	2,582	41	76	2,617	3 %
Accident and health insurance	3,994	86	90	3,998	2 %
Total insurance revenues	$ 23,491	$ 1,869	$ 1,167	$ 22,789	5 %
For the year ended December 31, 2023	—	—	—	—	—
Life insurance in-force	$ 1,275,984	$ 33,009	$ 23,605	$ 1,266,580	2 %
Insurance revenues	—	—	—	—	—
Property and casualty insurance	$ 15,514	$ 1,612	$ 826	$ 14,728	6 %
Life insurance and annuities	2,540	33	76	2,583	3 %
Accident and health insurance	3,905	71	98	3,932	2 %
Total insurance revenues	$ 21,959 $	1,716	$ 1,000	$ 21,243	5 %

• Part IV - Schedule V. Valuation and Qualifying Accounts ^{p. 221}.
• This section presents The Hartford Insurance Group, Inc. Schedule V Valuation and Qualifying Accounts ^{p. 221}.
• All figures are in millions ^{p. 221}.

—	—	Balance January 1,	Increase (decrease) in Costs and Expenses	Write-offs/ Payments/ Other	Balance December 31,
2025	—	—	—	—	—
ACL on fixed maturities, available-for-sale	$	16	3	-3	16
ACL on mortgage loans	$	44	6	-1	49
ACL on premiums receivable and agents' balances	$	117	96	-71	142
Allowance for uncollectible reinsurance	$	75	5	-11	69

Valuation allowance for deferred taxes	$	—	—	—	—
2024	—	—	—	—	—
ACL on fixed maturities, available-for-sale	$	21	2	-7	16
ACL on mortgage loans	$	51	-3	-4	44
ACL on premiums receivable and agents' balances	$	109	65	-57	117
2023	—	—	—	—	—
ACL on fixed maturities, available-for-sale	$	12	14	-5	21
ACL on mortgage loans	$	36	15	—	51
ACL on premiums receivable and agents' balances	$	109	50	-50	109

• Part IV - Exhibits ^{p. 222}.
• This section presents The Hartford Insurance Group, Inc. For the Fiscal Year Ended December 31, 2025 Form 10-K Exhibits Index ^{p. 222}.
• The attached exhibits are those required by Item 601 of Regulation S-K ^{p. 222}.

Exhibit No.	Description	Form	File No.	Exhibit No.	Filing Date
2.01	Purchase and Sale Agreement by and among Massachusetts Mutual Life Insurance Company, Hartford Life, Inc. and The Hartford Insurance Group, Inc., f/k/a The Hartford Financial Services Group, Inc., ("The Hartford") dated as of September 4, 2012.	10-Q	001-13958	2.01	11/01/2012
2.02	Purchase and Sale Agreement by and among Hartford Life, Inc., Prudential Financial, Inc. and The Hartford dated as of September 27, 2012.	10-Q	001-13958	2.02	11/01/2012
2.03	Stock and Asset Purchase Agreement dated December 3, 2017 by and between The Hartford, Hartford Holdings, Inc. Hopmeadow Acquisition, Inc. Hopmeadow Holdings, LP and Hopmeadow Holdings GP LLC.	8-K	001-13958	2.01	12/04/2017
2.04	Master Transaction Agreement by and between Hartford Life & Accident Insurance Company, a subsidiary of The Hartford, and Aetna Inc. dated as of October 22, 2017.	8-K	001-13958	2.01	10/23/2017
2.05	Commitment Agreement by and between The Hartford, The Prudential Insurance Company of America and State Street Global Advisors Trust Company, as the Independent Fiduciary of The Hartford Retirement Plan for U.S. Employees, dated as of June 23, 2017.†	10-Q	001-13958	2.01	07/27/2017
2.06	Agreement and Plan of Merger, dated as of August 22, 2018, by and among The Navigators Group, Inc., The Hartford and Renato Acquisition Co.	8-K/A	001-13958	2.1	08/22/2018
3.01	Amended and Restated Certificate of Incorporation of The Hartford, as filed with the Delaware Secretary of State on February 6, 2025.	8-K	001-13958	3.01	02/06/2025
3.02	Certificate of Designations with respect to the Series G Preferred Stock of the Company, dated October 30, 2018.	8-K	001-13958	3.1	11/05/2018
3.03	Amended and Restated By-laws of The Hartford, effective February 6, 2025.	8-K	001-13958	3.1	02/06/2025
4.01	Senior Indenture, dated as of March 9, 2004, between The Hartford and JPMorgan Chase Bank, as Trustee.	8-K	001-13958	4.1	03/12/2004
4.02	Junior Subordinated Indenture, dated as of February 12, 2007, between The Hartford, and Wilmington Trust Company (as successor to LaSalle Bank, National Association), as Trustee.	8-K	001-13958	4.01	02/16/2007
4.03	Senior Indenture, dated as of April 11, 2007, between The Hartford and The Bank of New York Trust Company, N.A., as Trustee.	S-3ASR	333-142044	4.03	04/11/2007
4.04	Junior Subordinated Indenture, dated as of June 6, 2008, between The Hartford and The Bank of New York Trust Company, N.A., as Trustee.	8-K	001-13958	4.1	06/06/2008
4.05	First Supplemental Indenture, dated as of June 6, 2008, between The Hartford and The Bank of New York Trust Company, N.A., as Trustee.	8-K	001-13958	4.2	06/06/2008
4.06	Third Supplemental Indenture, dated as of April 5, 2012, between The Hartford and The Bank of New York Mellon Trust Company, N.A., as Trustee.	8-K/A	001-13958	4.3	04/06/2012
4.07	First Supplemental Indenture, dated as of August 9, 2013, between The Hartford and The Bank of New York Mellon Trust Company, N.A., as Trustee.	S-3ASR	333-190506	4.07	08/09/2013
4.08	Replacement Capital Covenant dated as of February 15, 2017.	8-K	001-13958	4.01	02/15/2017
4.09	Form of Series G Preferred Stock Certificate (included as Exhibit A to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on November 5, 2018).	8-K	001-13958	3.1	11/05/2018

• Part IV - Exhibits ^{p. 223}.

Exhibit No.	Description	Incorporated by Reference
—	—	Form	File No.	Exhibit No.	Filing Date
4.10	Deposit Agreement, dated November 6, 2018, among the Company, Computershare Inc. and Computershare Trust Company, N.A., collectively as depositary, and the holders from time to time of the depositary receipts described therein.	8-K	001-13958	4.2	11/06/2018
4.11	Form of Depositary Receipt (included as Exhibit A to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on November 6, 2018)	8-K	001-13958	4.3	11/06/2018
4.12	Second Supplemental Indenture, dated as of August 19, 2019, between The Hartford and The Bank of New York Mellon Trust Company, N.A., as Trustee	8-K	001-13958	4.3	08/19/2019
4.13	Third Supplemental Indenture, dated as of September 21, 2021, between The Hartford and The Bank of New York Mellon Trust Company, N.A., as Trustee.	8-K	001-13958	4.4	09/21/2021
4.14	Description of Securities	—	—	—	—
10.01	Aggregate Excess of Loss Reinsurance Agreement by and between Hartford Fire Insurance Company, First State Insurance Company, New England Insurance Company, New England Reinsurance Corporation, Hartford Accident and Indemnity Company, Hartford Casualty Insurance Company, Hartford Fire Insurance Company, Hartford Insurance Company of Illinois, Hartford Insurance Company of the Midwest, Hartford Insurance Company of the Southeast, Hartford Lloyd's Insurance Company, Hartford Underwriters Insurance Company, Nutmeg Insurance Company, Pacific Insurance Company, Limited, Property and Casualty Insurance Company of Hartford, Sentinel Insurance Company, Ltd., Trumbull Insurance Company, Twin City Fire Insurance Company (collectively, the "Reinsured") and National Indemnity Company (the "Reinsurer") dated as of December 30, 2016.††	10-K	001-13958	10.01	02/18/2022
10.02	Second Amended and Restated Credit Agreement dated September 24, 2025, among The Hartford, as borrower, Bank of America, N.A., as administrative agent and the other parties signatory thereto.	10-Q	001-13958	10.01	10/27/2025
*10.03	The Hartford Deferred Restricted Stock Unit Plan, as amended.	10-K	001-13958	10.12	02/24/2006
*10.04	Form of Key Executive Employment Protection Agreement between The Hartford and certain executive officers of The Hartford, as amended.	10-K	001-13958	10.06	02/12/2009
*10.05	The Hartford Deferred Compensation Plan, as amended December 20, 2012.	10-K	001-13958	10.18	03/01/2013
*10.06	The Hartford Excess Pension Plan II, as amended January 1, 2013.	10-K	001-13958	10.19	03/01/2013
*10.07	The Hartford Excess Savings Plan IA, as amended effective May 28, 2013.	8-K	001-13958	10.01	07/29/2013
*10.08	The Hartford 2014 Incentive Stock Plan, as amended effective October 2, 2023.	10-K	001-13958	10.09	02/23/2024
*10.09	The Hartford Protection Agreement between The Hartford and Christopher Swift, effective June 9, 2014.	10-Q	001-13958	10.03	07/30/2014
*10.10	The Hartford 2014 Incentive Stock Plan Administrative Rules Relating to Awards for Non-Employee Directors.	10-K	001-13958	10.06	02/27/2015
*10.11	The Hartford 2014 Incentive Stock Plan Form of Non-Employee Directors Award Agreement.	10-Q	001-13958	10.01	07/27/2015
*10.12	The Hartford 2014 Incentive Stock Plan Forms of Individual Award Agreements.	10-Q	001-13958	10.02	04/26/2018
*10.13	The Hartford Annual Incentive Plan, as amended October 2, 2023.	10-K	001-13958	10.14	02/23/2024
*10.14	Amendment to The Hartford Excess Savings Plan IA	10-Q	001-13958	10.01	11/04/2019
*10.15	The Hartford 2020 Incentive Stock Plan, as amended effective October 2, 2023.	10-K	001-13958	10.16	02/23/2024
*10.16	The Hartford 2020 Stock Incentive Plan Forms of Individual Award Agreements, as amended.	10-Q	001-13958	10.01	04/24/2025
*10.17	The Hartford 2020 Stock Incentive Plan Administrative Rules Relating to Awards for Non-Employee Directors.	10-K	001-13958	10.25	02/19/2021
*10.18	The Hartford 2020 Stock Incentive Plan Form of Non-Employee Directors Award Agreement.	10-K	001-13958	10.26	02/19/2021
*10.19	Amendment to The Hartford Excess Pension Plan II.	10-K	001-13958	10.22	02/18/2022

• Part IV - Exhibits ^{p. 224}.

Exhibit No. Description		Form	File No.	Exhibit No.	Filing Date
*10.20	The Hartford Senior Executive Officer Severance Pay Plan (Tier 1), as amended and restated, effective October 2, 2023.	10-K	001-13958	10.21	02/23/2024
*10.21	The Hartford Senior Executive Officer Severance Pay Plan (Tier 2), as amended and restated, effective October 2, 2023.	10-K	001-13958	10.22	02/23/2024
*10.22	The Hartford 2025 Long Term Incentive Stock Plan, effective March 21, 2025.	10-Q	001-13958	10.02	10/27/2025
*10.23	The Hartford 2025 Long Term Incentive Stock Plan Forms for Individual Award Agreements.	10-Q	001-13958	10.03	10/27/2025
*10.24	The Hartford 2025 Long Term Incentive Stock Plan Forms for Non-Employee Directors.	10-Q	001-13958	10.04	10/27/2025
*10.25	The Hartford 2025 Long Term Incentive Stock Plan Administrative Rules Relating to Awards for Non-Employee Directors.	—	—	—	—
19.01	The Hartford Insider Trading Policy.	—	—	—	—
21.01	Subsidiaries of The Hartford.	—	—	—	—
23.01	Consent of Deloitte & Touche LLP to the incorporation by reference into The Hartford's Registration Statements on Form S-8 and Form S-3 of the reports of Deloitte & Touche LLP contained in this Form 10-K is filed herewith.	—	—	—	—
24.01	Power of Attorney.	—	—	—	—
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.	—	—	—	—
97.01	The Hartford Clawback Policy.	10-K	001-13958	97.01	02/23/2024
101.INS	Inline 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.	—	—	—	—
104.01	Cover Page Interactive Data File - formatted in Inline XBRL and included as Exhibit 101	—	—	—	—

• This includes a management contract, compensatory plan or arrangement ^{p. 224}.
• Exhibits marked with ** were filed with the Securities and Exchange Commission as an exhibit to this report ^{p. 224}.
• Exhibits marked with † have certain portions omitted due to a Securities and Exchange Commission Order Granting Confidential Treatment Under the Securities Exchange Act of 1934, dated August 7, 2017 ^{p. 224}.
• Exhibits marked with †† have certain portions omitted pursuant to Section (b)(10)(iv) of Item 601 of Regulation S-K ^{p. 224}.
• The registrant agrees to furnish a copy of the †† exhibit to the Securities and Exchange Commission upon request ^{p. 224}.
• The date of the report is February 20, 2026 ^{p. 225}.

Signatures

• The report was signed on behalf of The Hartford Insurance Group, Inc. by Allison G. Niderno, Senior Vice President and Controller (Chief accounting officer and duly authorized signatory) ^{p. 225}.
• The report was signed by specified persons on behalf of the registrant in indicated capacities and dates, pursuant to the Securities Exchange Act of 1934 ^{p. 226}.

Signature	Title	Date
/s/ Christopher J. Swift	Chairman, Chief Executive Officer and Director	February 20, 2026
Christopher J. Swift	(Principal Executive Officer)	—
/s/ Beth A. Costello	Executive Vice President and Chief Financial Officer	February 20, 2026
Beth A. Costello	(Principal Financial Officer)	—
/s/ Allison G. Niderno	Senior Vice President and Controller	February 20, 2026
Allison G. Niderno	(Principal Accounting Officer)	—
*	Director	February 20, 2026
Thomas Bartlett (footnote: Director February 20, 2026 Thomas Bartlett.)	Director	February 20, 2026
Larry D. De Shon	—	—
*	Director	February 20, 2026
Carlos Dominguez	—	—
*	Director	February 20, 2026
Trevor Fetter	—	—
*	Director	February 20, 2026
Donna James	—	—
*	Director	February 20, 2026
Annette Rippert (footnote: Director February 20, 2026 Thomas Bartlett.)	Director	February 20, 2026
Teresa W. Roseborough (footnote: Director February 20, 2026 Thomas Bartlett.)	Director	February 20, 2026
Virginia P. Ruesterholz (footnote: Director February 20, 2026 Thomas Bartlett.)	Director	February 20, 2026
Matthew E. Winter	—	—
*	Director	February 20, 2026
Kathleen Winters	—	—
/s/ Donald C. Hunt	—	—
Donald C. Hunt	—	—

• As of December 31, 2025, The Hartford Insurance Group, Inc. (the 'Company') had three classes of securities registered under Section 12 of the Securities Exchange Act of 1934: Common Stock, par value USD 0.01 per share; 6.10% Notes due 2041; and Depositary Shares each representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value USD 0.01 per share ^{p. 227}.
• References to 'Company,' 'we,' 'us,' and 'our' refer to The Hartford Insurance Group, Inc. and not its subsidiaries ^{p. 227}.
• References to 'The Hartford' refer to The Hartford Insurance Group, Inc. and its subsidiaries collectively ^{p. 227}.

Description of Common Stock

• The description of Common Stock, par value USD 0.01 per share, is a summary and is qualified by reference to the Amended and Restated Certificate of Incorporation and Amended and Restated By-Laws ^{p. 227}.

Authorized Shares

• The Company has the authority to issue 1,500,000,000 shares of Common Stock, with a par value of USD 0.01 per share, under its Certificate of Incorporation ^{p. 227}.

Dividend Rights

• Holders of Common Stock are entitled to receive dividends as declared by the board of directors from legally available funds, subject to the rights of any outstanding preferred stock ^{p. 227}.

6 ──

• Holders of Common Stock have no preference, conversion, exchange, sinking fund, or redemption rights ^{p. 227}.
• Holders of Common Stock are not entitled to preemptive rights or to purchase their pro rata share of any offering of shares ^{p. 227}.
• Holders of Common Stock generally have no appraisal rights, except in certain limited transactions ^{p. 227}.
• Under Delaware law, stockholders are generally not liable for the Company's debts or obligations ^{p. 227}.

No Preemptive and/or Other Similar Rights

Voting rights

• Holders of Common Stock are entitled to one vote per share on all matters voted on by stockholders ^{p. 227}.
• Common Stock does not have cumulative voting rights ^{p. 227}.
• Holders of outstanding Common Stock have the exclusive right to notice of stockholders' meetings and the exclusive power to vote ^{p. 227}.

Liquidation rights

• Upon liquidation, dissolution, or winding up, after preferred stockholders are paid in full, the remaining net assets are distributed pro rata to Common Stock holders ^{p. 227}.

Certain Anti-Takeover Effects

• Certain provisions of the DGCL, Certificate of Incorporation, and By-Laws may have anti-takeover effects ^{p. 227}.
• The board of directors can issue preferred stock in one or more classes or series without stockholder approval, determining the number of shares and their rights ^{p. 227}.
• Stockholder action can only be taken at annual or special meetings, not by written consent ^{p. 228}.
• Special meetings can be called by the chairman, a majority of the board, or stockholders holding at least 25% of outstanding Common Stock, subject to conditions ^{p. 228}.
• Only business specified in the notice of a special meeting may be considered ^{p. 228}.
• Bylaws establish advance notice procedures for director nominations or matters proposed at stockholder meetings ^{p. 228}.
• The number of directors can be set by board resolution, between 3 and 25 ^{p. 228}.
• Newly created directorships or vacancies can be filled by a majority vote of directors then in office ^{p. 228}.
• Holders of Common Stock do not have cumulative voting rights in director elections ^{p. 228}.
• The Company is subject to Section 203 of the DGCL, which restricts business combinations with interested stockholders for three years ^{p. 228}.
• A business combination with an interested stockholder is permitted if approved by the board before the person becomes an interested stockholder ^{p. 228}.
• A business combination is permitted if the interested stockholder owns 85% or more of voting stock upon consummation, excluding shares owned by director-officers and certain employee stock plans ^{p. 228}.
• A business combination is permitted if approved by the board and at least two-thirds of outstanding voting stock (excluding interested stockholder's shares) at a stockholders' meeting, on or after the person becomes an interested stockholder ^{p. 228}.
• An "interested stockholder" is defined as any person (or affiliates/associates) owning 15% or more of the outstanding voting stock ^{p. 228}.
• An "interested stockholder" also includes an affiliate or associate who owned 15% or more of voting stock within the three-year period prior to determination ^{p. 228}.

Listing

• The Notes were issued under the 2004 Indenture, which allows for debt securities to be issued in series ^{p. 228}.
• The 2004 Indenture and Notes are governed by New York law ^{p. 228}.
• The 2004 Indenture does not limit the amount of debt securities that can be issued ^{p. 228}.
• The Company may re-open the Notes series on identical terms (except issuance date, interest accrual date, and first interest payment date) without holder consent, subject to tax limitations ^{p. 228}.
• Common Stock is listed on the NYSE under the symbol 'HIG' ^{p. 228}.

Description of Notes

• The description of the 6.10% Notes due 2041 ('Notes') is a summary and is qualified by reference to the indenture dated March 9, 2004, between the Company and JPMorgan Chase Bank, N.A., as trustee ^{p. 228}.
• Additional notes may be consolidated with and increase the aggregate principal amount of the Notes ^{p. 229}.

Maturity, Interest and Principal

• The Notes were initially issued with an aggregate principal amount of USD 408,774,000 ^{p. 229}.
• The Notes will mature on October 1, 2041 ^{p. 229}.
• The Notes bear interest from October 10, 2006, at a fixed rate of 6.10% per annum ^{p. 229}.
• Interest is paid semi-annually in arrears on April 1 and October 1, starting April 1, 2007 ^{p. 229}.
• Interest is paid to record holders on the preceding March 15 or September 15 ^{p. 229}.
• Interest is computed on a 360-day year consisting of twelve 30-day months ^{p. 229}.

Optional Redemption

• > We may redeem the Notes at our option, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed; or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate (as defined in the 2004 Indenture) plus 20 basis points. In addition, we will pay accrued and unpaid interest to the date of redemption. ^{p. 229}
• The Notes are not redeemable at the option of the holder prior to maturity ^{p. 229}.
• The Notes do not benefit from any sinking fund ^{p. 229}.

Defeasance and Covenant Defeasance

• > The 2004 Indenture provides that we may discharge all of our obligations, other than as to transfers and exchanges and certain other specified obligations, under the Notes at any time. This procedure is referred to as 'defeasance.' ^{p. 229}
• The Company may also be released from obligations related to 'Limitation upon Liens' and 'Consolidation, Merger and Sale of Assets' and other obligations through 'covenant defeasance' ^{p. 229}.
• Defeasance or covenant defeasance requires an irrevocable deposit with the trustee of money or U.S. government obligations sufficient to pay principal, premium, and interest on outstanding debt securities ^{p. 229}.

Limitations upon Liens

• The 2004 Indenture generally prohibits the Company and its restricted subsidiaries from creating or permitting any lien on property or assets, or selling/transferring income/revenues, except for liens existing prior to the 2004 Indenture's execution date ^{p. 229}.

General Exceptions

• The restriction on creating liens does not apply to liens on property acquired, constructed, or improved after the 2004 Indenture's execution, if created to secure the purchase price or cost of improvement, and not extending to other property ^{p. 229}.
• The restriction on creating liens does not apply to liens existing on property of a company merged with or acquired by the Company or its restricted subsidiaries, provided the lien does not extend to other property ^{p. 229}.
• The restriction on creating liens does not apply to pledges or deposits to secure workers' compensation or insurance premiums, or in connection with tenders, bids, contracts (excluding money payment contracts), or leases ^{p. 229}.
• The restriction on creating liens does not apply to pledges or liens on assets as security for taxes or other governmental charges, or security required by law or regulation for business transactions ^{p. 229}.
• The restriction on creating liens does not apply to liens necessary to secure a stay of legal or equitable process in good faith contested proceedings ^{p. 229}.
• The restriction on creating liens does not apply to liens required for legal or equitable proceedings initiated by the Company or its restricted subsidiaries to enforce rights or obtain remedies ^{p. 230}.
• The restriction on creating liens does not apply to liens required for orders or decrees in such proceedings, or contests of taxes or governmental charges ^{p. 230}.
• The restriction on creating liens does not apply to deposits or security given to governmental agencies to maintain self-insurance or participate in funds for workers' compensation, unemployment insurance, old age pensions, social security, or other benefits ^{p. 230}.
• The restriction on creating liens does not apply to mechanics', carriers', workmen's, repairmen's, or other like liens arising in the ordinary course of business for obligations not overdue or contested in good faith ^{p. 230}.
• The restriction on creating liens does not apply to liens on property in favor of the United States or its agencies to secure partial, progress, or advance payments under contracts ^{p. 230}.
• The restriction on creating liens does not apply to liens securing indebtedness of restricted subsidiaries to the Company or another restricted subsidiary ^{p. 230}.
• The restriction on creating liens does not apply to liens affecting property of the Company or restricted subsidiaries securing indebtedness of the United States or a state (or agency) for pollution control or abatement programs meeting environmental criteria ^{p. 230}.
• The restriction on creating liens does not apply to the renewal, extension, replacement, or refunding of permitted mortgages, pledges, liens, deposits, charges, or other encumbrances, provided the outstanding amount is not increased ^{p. 230}.

Exceptions for Specified Amount of Indebtedness

• The Company and its restricted subsidiaries may create liens otherwise subject to restrictions, provided the aggregate principal amount of secured indebtedness does not exceed 10% of consolidated net tangible assets immediately after creation ^{p. 230}.

Consolidation, Merger and Sale of Assets

• > We will not consolidate with or merge into any other person or convey, transfer or lease our assets substantially as an entirety to any person, and no person may consolidate with or merge into us, unless: ^{p. 230}
• The Company must be the surviving company in any merger or consolidation ^{p. 230}.
• If the Company merges or conveys assets, the successor must be an entity organized under U.S. law and assume the Company's obligations relating to the Notes ^{p. 230}.
• Immediately after the transaction, there must be no event of default or event that would become a default ^{p. 230}.
• Other conditions described in the 2004 Indenture must be met ^{p. 230}.
• This covenant does not apply to the direct or indirect conveyance, transfer, or lease of stock, assets, or liabilities of wholly-owned subsidiaries to the Company or other wholly-owned subsidiaries ^{p. 230}.
• This covenant does not apply to recapitalization transactions, changes of control, or highly leveraged transactions unless structured as a merger, consolidation, or conveyance of substantially all assets ^{p. 230}.

Events of Default

• Events of default for the Notes include: default for 30 days in interest payment; default in principal or premium payment when due; default in performance of covenant or warranty for 60 days after written notice; certain bankruptcy, insolvency, or reorganization events; or any other event described in applicable board resolution or supplemental indenture ^{p. 230}.
• > We are required to furnish the trustee annually with a certificate as to the fulfillment of our obligations under the 2004 Indenture. ^{p. 230}
• The trustee may withhold notice of default to Note holders, except for principal or interest payments, if it deems it in the holders' interest ^{p. 230}.

Effect of an Event of Default

• If an event of default occurs (excluding certain bankruptcy events), the trustee or holders of at least 25% of outstanding Notes may declare the principal amount due immediately ^{p. 231}.
• A declaration of acceleration can be rescinded by holders of a majority of Notes before judgment or decree for payment ^{p. 231}.
• In case of certain bankruptcy events, the principal amount of all outstanding Notes automatically becomes due immediately ^{p. 231}.
• The trustee is not obligated to exercise rights or powers without reasonable security or indemnity against fees, costs, expenses, and liabilities ^{p. 231}.
• Holders of a majority in aggregate principal amount of the Notes can direct the trustee's actions regarding remedies or powers ^{p. 231}.

Modification and Waiver

Modification

• The Company and the trustee can modify the 2004 Indenture with consent of holders of a majority in aggregate principal amount of the Notes ^{p. 231}.
• No modification can change the stated maturity or interest installment of any Note without the consent of each affected holder ^{p. 231}.
• No modification can reduce the principal amount, interest rate, redemption premium, or amount provable in bankruptcy, or adversely affect repayment rights, without the consent of each affected holder ^{p. 231}.
• No modification can change the place of payment or currency without the consent of each affected holder ^{p. 231}.
• No modification can impair a holder's right to sue for payment on or after maturity or redemption date without the consent of each affected holder ^{p. 231}.
• No modification can reduce the percentage of holders needed to modify the Indenture, waive compliance, or reduce quorum/voting requirements without the consent of each affected holder ^{p. 231}.
• No modification can modify these provisions or those related to debt collection in default, waiver of past defaults, or certain covenants, except to increase the required percentage or restrict further modification without consent of all affected holders ^{p. 231}.

Waiver

• Holders of a majority in aggregate principal amount of outstanding Notes can waive compliance with certain restrictive covenants of the 2004 Indenture ^{p. 231}.
• Holders of at least a majority in aggregate principal amount of outstanding Notes can generally waive past defaults and their consequences, except for defaults in principal, premium, or interest payments, or covenants that require individual holder consent for modification ^{p. 231}.

Ranking

• The Notes are unsecured senior indebtedness and rank equally with all other unsecured and unsubordinated indebtedness ^{p. 231}.

Trustee

• JPMorgan Chase Bank, N.A. is the trustee under the 2004 Indenture, with duties and responsibilities specified in the Trust Indenture Act of 1939 ^{p. 232}.
• The trustee is not required to expend its own funds or incur financial liability if repayment or indemnity is not reasonably assured ^{p. 232}.
• The trustee acts as depositary for funds, makes loans to, and performs other services for the Company and its subsidiaries in the normal course of business ^{p. 232}.

Description of Depositary Shares

• The description of Depositary Shares, each representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G ('Series G Preferred Stock'), is a summary ^{p. 232}.
• The description is qualified by reference to the Deposit Agreement, dated November 6, 2018, between the Company and Computershare Inc. and Computershare Trust Company, N.A. (the 'Depositary') ^{p. 232}.

Dividends and Other Distributions

• The Depositary will distribute cash dividends or other cash distributions from deposited Series G Preferred Stock to record holders of Depositary Shares proportionally ^{p. 232}.
• The Depositary will distribute non-cash property to record holders unless proportional distribution is not feasible, in which case it may sell the property with Company approval and distribute net proceeds ^{p. 232}.
• Record dates for dividends and other matters for Depositary Shares are the same as for Series G Preferred Stock ^{p. 232}.
• Distributions to holders of Depositary Shares will be reduced by amounts withheld for taxes or governmental charges ^{p. 232}.

Redemption of the Depositary Shares

• If Series G Preferred Stock represented by Depositary Shares is redeemed, a corresponding number of Depositary Shares will be redeemed ^{p. 232}.
• The redemption price per Depositary Share will be 1/1,000th of the redemption price per Series G Preferred Stock, plus any payable dividends ^{p. 232}.
• The Depositary will redeem Depositary Shares representing redeemed Series G Preferred Stock on the same redemption date ^{p. 232}.
• For partial redemptions, Depositary Shares will be selected pro rata or by lot (or according to DTC procedures for global depositary receipts) ^{p. 232}.
• Depositary Shares will be redeemed only in increments of 1,000 shares and integral multiples thereof ^{p. 232}.
• Notice of redemption will be mailed to holders of Depositary Shares 30 to 60 days prior to the redemption date ^{p. 232}.

Voting of the Depositary Shares

• The Depositary will transmit meeting notices for Series G Preferred Stock holders to record holders of Depositary Shares ^{p. 232}.
• Each record holder of Depositary Shares can instruct the Depositary to vote the corresponding Series G Preferred Stock ^{p. 232}.
• Each Depositary Share is entitled to 1/1,000th of a vote, but the Depositary can only vote whole shares of Series G Preferred Stock ^{p. 232}.
• The Company will take reasonable actions to enable the Depositary to vote as instructed ^{p. 232}.
• If the Depositary does not receive specific instructions, it will not vote the Series G Preferred Stock represented by those Depositary Shares ^{p. 232}.

Description of Series G Preferred Stock

• The description of Series G Preferred Stock is a summary and is qualified by reference to the Certificate of Incorporation and Certificate of Designations ^{p. 233}.
• The Company has 50,000,000 shares of authorized preferred stock ^{p. 233}.
• The board of directors can issue preferred stock in classes or series without stockholder approval, determining their rights and provisions ^{p. 233}.
• The Series G Preferred Stock represented by Depositary Shares are part of a single series of 13,800 shares ^{p. 233}.
• The Company may issue additional Series G Preferred Stock without notice or consent from existing holders ^{p. 233}.
• Series G Preferred Stock ranks senior to junior stock and equally with other preferred stock series (except senior series with consent) regarding dividends and liquidation distributions ^{p. 233}.
• Dividends, redemption price, and liquidation distributions are payable only from lawfully available funds ^{p. 233}.
• Series G Preferred Stock was fully paid and nonassessable when issued ^{p. 233}.
• Holders of Series G Preferred Stock do not have preemptive or subscription rights ^{p. 233}.
• Series G Preferred Stock is not convertible or exchangeable for other stock or securities ^{p. 233}.
• Series G Preferred Stock has no stated maturity and is not subject to any sinking fund, retirement fund, or purchase fund ^{p. 233}.
• Dividends on Series G Preferred Stock are not mandatory ^{p. 233}.
• Holders are entitled to receive non-cumulative cash dividends, if declared by the board, quarterly in arrears on the 15th day of February, May, August, and November ^{p. 233}.
• If additional Series G Preferred Stock is issued, dividends may accrue from the original issue date or another specified date ^{p. 233}.
• Payment dates are subject to adjustment for business days ^{p. 233}.
• A "dividend period" is from, and including, a dividend payment date to, but excluding, the next dividend payment date ^{p. 233}.
• The initial dividend period commenced on the original issue date and ended on February 15, 2019 ^{p. 233}.
• Dividends are payable to record holders as they appear on the books on the applicable record date, which is the 15th calendar day before the dividend payment date or another date fixed by the board (not more than 60 nor less than 10 days prior) ^{p. 233}.
• Dividend record dates apply regardless of whether they are business days ^{p. 233}.
• Dividends are calculated on a 360-day year consisting of twelve 30-day months ^{p. 233}.
• If a dividend payment date is not a business day, payment will be made on the next business day without interest for delay ^{p. 233}.
• Dividends on Series G Preferred Stock are not cumulative; undeclared dividends for a period will not accrue or be paid later ^{p. 233}.
• As long as Series G Preferred Stock is outstanding, and full dividends for the latest completed period on Series G Preferred Stock and parity stock have not been paid, no dividend shall be paid or declared on Common Stock or junior stock (except stock dividends) ^{p. 234}.
• No Common Stock or other junior stock shall be purchased, redeemed, or acquired for consideration during such a dividend period (with exceptions for reclassification, exchange, or use of proceeds from contemporaneous junior stock sales) ^{p. 234}.
• "Junior stock" means Common Stock and any other stock class or series ranking junior to Series G Preferred Stock regarding dividends and/or liquidation distributions ^{p. 234}.
• "Parity stock" means any stock class or series ranking equally with Series G Preferred Stock regarding dividends and liquidation distributions ^{p. 234}.
• The Company currently has no junior stock other than Common Stock, no parity stock, and no senior preferred stock outstanding ^{p. 234}.
• If dividends are not paid in full on Series G Preferred Stock or parity stock, declared dividends on both will be pro rata based on accrued but unpaid dividends ^{p. 234}.
• Subject to the foregoing, dividends may be declared and paid on Common Stock and other junior stock from legally available funds, and Series G Preferred Stock will not participate ^{p. 234}.
• Dividends on Series G Preferred Stock will not be declared, paid, or set aside if it would cause the Company to fail to comply with applicable laws, rules, and regulations, including capital adequacy guidelines ^{p. 234}.
• Upon liquidation, dissolution, or winding-up, holders of Series G Preferred Stock and parity stock are entitled to receive USD 25,000 per share (equivalent to USD 25.00 per Depositary Share), plus declared and unpaid dividends, before distributions to Common Stock or junior stock holders ^{p. 234}.
• Holders of Series G Preferred Stock are not entitled to other amounts after receiving their full liquidation preference ^{p. 234}.
• If assets are insufficient to pay liquidation preferences in full, amounts will be paid pro rata to holders of Series G Preferred Stock and parity stock ^{p. 234}.
• "Liquidation preference" includes declared but unpaid dividends (and accrued cumulative dividends for cumulative stock) ^{p. 234}.
• After full payment of liquidation preference to Series G Preferred Stock and parity stock holders, other stock holders receive remaining assets according to their rights ^{p. 234}.
• Merger, consolidation, or sale of substantially all assets does not constitute liquidation, dissolution, or winding-up ^{p. 234}.
• Series G Preferred Stock is not subject to mandatory redemption, sinking fund, retirement fund, or purchase fund ^{p. 235}.
• The Company may redeem Series G Preferred Stock at its option:
  • In whole, but not in part, prior to November 15, 2023, within 90 days of a "rating agency event," at a redemption price of USD 25,500 per share (USD 25.50 per Depositary Share), plus accrued but undeclared dividends ^{p. 235}.
  • In whole, but not in part, prior to November 15, 2023, within 90 days of a "regulatory capital event," at a redemption price of USD 25,000 per share (USD 25.00 per Depositary Share), plus accrued but undeclared dividends ^{p. 235}.
  • In whole or in part, on or after November 15, 2023, at a redemption price of USD 25,000 per share (USD 25.00 per Depositary Share), plus accrued but undeclared dividends ^{p. 235}.
• Declared but unpaid dividends payable on a redemption date after the dividend record date will be paid to the record holder on the dividend record date, not the holder receiving the redemption price ^{p. 235}.
• Holders of Series G Preferred Stock do not have the right to require redemption or repurchase ^{p. 235}.
• A "rating agency event" occurs if a nationally recognized statistical rating organization amends its criteria for equity credit, resulting in a shorter period for a particular equity credit level or a lower equity credit assigned to Series G Preferred Stock ^{p. 235}.
• A "regulatory capital event" means the Company becomes subject to capital adequacy supervision by a capital regulator, and the guidelines would not qualify the aggregate liquidation preference of Series G Preferred Stock as capital ^{p. 235}.
• A "capital regulator" is any governmental agency, instrumentality, or standard-setting organization with group-wide oversight of the Company's regulatory capital, including FIO, NAIC, or state insurance regulators ^{p. 235}.
• Notice of redemption for Series G Preferred Stock will be given by first-class mail to record holders 30 to 90 days prior to the redemption date ^{p. 235}.
• If Series G Preferred Stock is held in book-entry form through DTC, notice may be given as permitted by DTC ^{p. 235}.
• Each redemption notice will include the redemption date, number of shares to be redeemed, redemption price, and place for surrendering certificates ^{p. 235}.
• After notice and funds set aside for redemption, dividends cease to accrue, Series G Preferred Stock is no longer outstanding, and all rights terminate except the right to receive the redemption price ^{p. 235}.
• For partial redemptions, Series G Preferred Stock will be selected pro rata or by lot (or according to DTC procedures for global securities) ^{p. 236}.
• Redemption of Series G Preferred Stock may be subject to prior approval from the capital regulator and satisfaction of conditions if it is treated as "Tier 1 capital" ^{p. 236}.
• Holders of Series G Preferred Stock generally have no voting rights, except as provided ^{p. 236}.
• If dividends on Series G Preferred Stock have not been declared and paid for six or more dividend payments ("Nonpayment"), holders, along with other voting preferred stock holders, can vote for two additional members to the board of directors ("Preferred Stock Directors") ^{p. 236}.
• The election of Preferred Stock Directors must not violate NYSE corporate governance requirements for a majority of independent directors ^{p. 236}.
• The number of directors on the board automatically increases by two in such an event ^{p. 236}.
• New directors are elected at a special meeting requested by holders of at least 20% of Series G Preferred Stock or other voting preferred stock (unless within 90 days of the next annual/special meeting) ^{p. 236}.
• These voting rights continue until dividends on Series G Preferred Stock and voting preferred stock for at least four consecutive dividend periods following the Nonpayment have been fully paid ^{p. 236}.
• "Voting preferred stock" means other preferred stock ranking equally with Series G Preferred Stock regarding dividends or liquidation assets, and having similar exercisable voting rights ^{p. 236}.
• Voting determination for Series G Preferred Stock and other voting preferred stock is based on their liquidation amounts ^{p. 236}.
• If dividends for at least four consecutive dividend periods following a Nonpayment are paid, voting rights are divested, and the term of office of Preferred Stock Directors terminates, reducing the board by two ^{p. 236}.
• Any dividend paid after the regular payment date for a period can be counted towards the four dividend periods ^{p. 236}.
• A Preferred Stock Director can be removed without cause by holders of a majority of outstanding Series G Preferred Stock and other voting preferred stock (voting as a class) ^{p. 236}.
• A vacancy in the office of a Preferred Stock Director (after initial election) can be filled by written consent of the remaining Preferred Stock Director or by a vote of holders of a majority of outstanding Series G Preferred Stock and other voting preferred stock ^{p. 236}.
• Each Preferred Stock Director is entitled to one vote per director ^{p. 236}.
• As long as Series G Preferred Stock is outstanding, the Company will not amend its Certificate of Incorporation or Certificate of Designations to authorize or increase stock ranking senior to Series G Preferred Stock without affirmative vote or consent of at least two-thirds of outstanding Series G Preferred Stock and other voting preferred stock ^{p. 236}.
• The Company will not amend its Certificate of Incorporation or Certificate of Designations to materially and adversely affect the special rights, preferences, privileges, and voting powers of Series G Preferred Stock without affirmative vote or consent of at least two-thirds of outstanding Series G Preferred Stock and other voting preferred stock ^{p. 237}.
• The Company will not consummate a binding share exchange or reclassification involving Series G Preferred Stock or a merger/consolidation unless the Series G Preferred Stock remains outstanding or is converted into preference securities of the surviving entity with not materially less favorable rights ^{p. 237}.
• An increase in authorized or issued Series G Preferred Stock or other equally or junior ranking preferred stock will not be deemed to materially and adversely affect the rights of Series G Preferred Stock ^{p. 237}.
• If an amendment, alteration, repeal, share exchange, reclassification, merger, or consolidation affects one or more, but not all, series of voting preferred stock, only the materially and adversely affected series will vote as a class ^{p. 237}.
• The Company may supplement terms of Series G Preferred Stock to cure ambiguities, defects, inconsistencies, or make provisions not inconsistent with the Certificate of Designations, without holder consent, if it does not adversely affect rights ^{p. 237}.
• These voting provisions do not apply if all outstanding Series G Preferred Stock has been redeemed or called for redemption with proper notice and sufficient funds set aside ^{p. 237}.
• The Depositary Shares are listed on the NYSE under the symbol 'HIG-PRG' ^{p. 237}.

ADMINISTRATIVE RULES

RELATING TO AWARDS FOR NON-EMPLOYEE DIRECTORS

• The Hartford 2025 Long Term Incentive Stock Plan ('Plan') for Non-Employee Directors is administered by the Compensation and Management Development Committee ('Compensation Committee') ^{p. 238}.
• All terms and conditions of the Plan apply to awards, unless otherwise provided by the Rules ^{p. 238}.
• An annual award of RSUs is automatically made to each Non-Employee Director, in an amount determined by the Nominating and Corporate Governance Committee ('Nominating Committee') ^{p. 238}.
• The grant date for annual RSU awards is the first day of the next scheduled trading window following the Annual Meeting at which the Non-Employee Director is elected or re-elected ^{p. 238}.
• The amount of RSUs granted is determined by dividing the dollar amount of the annual award by the Fair Market Value of one Share on the grant date ^{p. 238}.
• The restriction period for RSUs generally lapses on the earlier of the last day of the Board service year or the first anniversary of the award grant date ^{p. 238}.
• RSUs vest upon retirement from the Board, death, total disability (as determined by the Compensation Committee), resignation under special circumstances with Compensation Committee consent, or a Change of Control ^{p. 238}.
• In a Change of Control as described in Section 11(d)(iii) or 11(d)(iv) of the Plan, if a Non-Employee Director's service terminates involuntarily after stockholder approval but before consummation, the termination date is deemed the day after consummation ^{p. 238}.
• RSUs are forfeited only when the Compensation Committee determines ^{p. 238}.
• Shares related to vested RSUs are delivered to the Non-Employee Director within 60 days of the vesting date, unless an election is made under Rule 6 ^{p. 238}.
• Dividend Equivalents are credited to RSU accounts for all RSUs from the grant date to the payment date ^{p. 238}.
• Dividend Equivalents are subject to the same terms and conditions as RSUs and are deemed reinvested in RSUs based on the Fair Market Value on the dividend payment date ^{p. 238}.
• A Non-Employee Director elected after the Annual Meeting receives a prorated annual RSU award for the portion of the Board service year ^{p. 239}.
• The number of prorated RSUs is determined by dividing the dollar value of the prorated award by the Fair Market Value of one Share on the grant date (first day of next trading window after election) ^{p. 239}.
• A Non-Employee Director may elect to receive fully-vested RSUs in lieu of all or part of the annual Board cash retainer, Committee Chair retainer, and Presiding Director retainer ^{p. 239}.
• This election must be made before the first day of the calendar year in which the Board service year begins, or before the start of Board service for those starting after the calendar year begins ^{p. 239}.
• Such RSUs are granted on the first day of the next scheduled trading window after the retainer would have been payable in cash ^{p. 239}.
• The number of RSUs is determined by dividing the dollar amount of elected cash retainers by the Fair Market Value of one Share on the first day of the applicable trading window ^{p. 239}.
• Shares related to RSUs credited under Rule 6 are delivered within 60 days of the Non-Employee Director's Board service termination ^{p. 239}.
• A Non-Employee Director may elect to defer receipt of all or part of the annual equity retainer (RSUs) until Board service terminates ^{p. 239}.
• This deferral election must be made before the first day of the calendar year in which the Board service year begins, or before the start of Board service for those starting after the calendar year begins ^{p. 239}.
• Such an election does not extend the RSU restriction period; the award vests as provided in Rule 3 ^{p. 239}.
• Shares related to deferred RSUs are delivered within 60 days of the Non-Employee Director's Board service termination ^{p. 239}.

POLICY STATEMENT

• The Hartford Insurance Group, Inc. ('Company' or 'The Hartford') adopted an Insider Trading Policy to govern securities sales/purchases by the Company, its directors, officers, and employees, in compliance with securities laws ^{p. 240}.

32 ──

• The Insider Trading Policy applies to the Company, its directors, officers, employees, certain beneficial owners of Company securities, including immediate family members, and other identified individuals ('Covered Person') ^{p. 240}.

POLICY SCOPE

POLICY PURPOSE

• The Policy's purpose is to promote compliance with securities laws for Covered Persons' securities transactions ^{p. 240}.
• "Securities" includes preferred and common stock and debt securities issued by the Company or its subsidiaries ^{p. 240}.
• Covered Persons must not misuse material, non-public information when buying or selling Company securities ^{p. 240}.
• The Policy does not restrict ordinary purchases or sales of Company securities if the Covered Person does not possess material non-public information and the transaction is not speculative or short-term ^{p. 240}.
• Examples of ordinary transactions include buying/selling shares in a brokerage account, changing 401(k) investment options, or selling shares from the Employee Stock Purchase Plan ^{p. 240}.
• "Insiders" (employees notified of this status) are deemed to possess material, nonpublic information at specific times and are prohibited from buying or selling Company securities during those times ^{p. 240}.

POLICY

• No director, officer, or employee shall disclose or use confidential information gained through their position for trading, personal profit, or the advantage of others ^{p. 240}.
• The document is Company Confidential and cannot be reproduced, published, or used without permission from The Hartford ^{p. 240}.

The Hartford Insurance Group, Inc. Insider Trading Policy

• Covered Persons are prohibited from buying or selling Company securities while aware of material, non-public information, with exceptions for certain transactions and Rule 10b5-1 Plans ^{p. 241}.
• Covered Persons may not pass material non-public information to others or make unauthorized disclosures/use, regardless of profit intent ^{p. 241}.
• Covered Persons are prohibited from buying or selling securities of other companies while aware of material, non-public information gained through their position with The Hartford ^{p. 241}.
• Covered Persons may not pass material non-public information about another company to others or make unauthorized disclosures/use, regardless of profit intent, if gained through their position with The Hartford ^{p. 241}.
• Information immaterial to The Hartford may be material to another company (e.g., a strategic transaction evaluation) ^{p. 241}.
• Violation of this Policy can lead to disciplinary action, including employment termination, and civil/criminal prosecution for securities law violations ^{p. 241}.

Material Information

• Information is material if it is reasonably likely to be considered important by an investor in making an investment decision, or if it is likely to affect the market price of the security ^{p. 241}.
• Material information can be positive or negative ^{p. 241}.
• Examples of potentially material information include: earnings results/guidance, accounting actions materially impacting earnings, strategic plans, M&A, significant litigation exposure, cybersecurity incidents, developments with major customers/partners, significant regulatory actions, changes in senior leadership, tender offers, securities sales, shareholder activism, stock splits, dividend changes, and impending bankruptcy/liquidity problems ^{p. 241}.
• If uncertain about materiality, information should be presumed material ^{p. 241}.

Non-Public Information

• Information is non-public unless it has been made available to the general public ^{p. 242}.
• Information is considered public if it is in a press release via a national news wire service, in an SEC filing, or posted on the Company's website, and a full trading day has elapsed since its release ^{p. 242}.

Quarterly Blackout Periods

• "Pre-Clearance Insiders" include all directors, Tier 1 and Tier 2 officers, and other employees designated by the General Counsel ^{p. 242}.
• "Insiders" include Pre-Clearance Insiders and all employees involved in preparing/reviewing the Company's financial and periodic reports ^{p. 242}.
• Insiders are prohibited from trading Company securities (except for Excepted Transactions) during a "Quarterly Blackout Period" ^{p. 242}.
• A Quarterly Blackout Period begins on the 15th day of the third month of the fiscal quarter and ends at market open on the second trading day after public release of financial results ^{p. 242}.
• The list of Insiders is regularly updated by the Company's General Counsel ^{p. 242}.

Pre-Clearance of Transactions

• Pre-Clearance Insiders must obtain written pre-clearance from the Law Department's Securities and Corporate Governance Unit ('SCG Unit') for any Company securities transaction (excluding Excepted Transactions and Rule 10b5-1 Plan Transactions) ^{p. 242}.
• Officers subject to Section 16 filing requirements or reporting directly to the CEO must provide written notice to the Corporate Secretary and CEO before conducting transactions or entering Rule 10b5-1 plans ^{p. 242}.
• Once pre-clearance is granted, a Pre-Clearance Insider has until the earlier of five business days or the start of the next Quarterly Blackout Period to trade ^{p. 242}.
• If a trade does not occur within this period, re-clearance is required ^{p. 242}.
• After pre-clearance, the Pre-Clearance Insider must independently determine they do not possess material, non-public information before trading ^{p. 242}.
• Confidential circumstances may lead to denial or revocation of clearance ^{p. 242}.

Change to Insider Status

• If an Insider is removed from the list due to job change or termination during a Quarterly Blackout Period, they remain subject to the trading prohibition until the period ends ^{p. 243}.
• If a Pre-Clearance Insider (not a Section 16 Officer) is removed outside a Quarterly Blackout Period, they must continue to obtain pre-clearance until the earlier of the next trading window or written notice from the SCG Unit ^{p. 243}.
• If a Section 16 Officer is removed, they must continue to obtain pre-clearance for 90 days from the removal date ^{p. 243}.

Event-Specific Blackout Periods

• The Company may impose "Event-Specific Blackout Periods" for employees involved in special projects with material non-public information (e.g., cybersecurity incidents) ^{p. 243}.
• Such employees are prohibited from trading securities of The Hartford and any other specified company ^{p. 243}.
• If an employee subject to an Event-Specific Blackout Period terminates employment or job duties change, they remain subject to the trading prohibition until the earlier of the end of the blackout period (as determined by General Counsel) or 180 days from termination ^{p. 243}.

EXCEPTED TRANSACTIONS

• The following transactions are exempt from the Policy, including Blackout Periods and Pre-Clearance requirements:
  • Exercises of options granted under Company stock option plans and associated sales for tax withholding ^{p. 243}.
  • Purchases from routine payroll deduction contributions to the Company's Investment and Savings Plan (401(k)) or excess savings plans ^{p. 244}.
  • Reinvestment of dividends under the Company's Automatic Dividend Reinvestment and Cash Payment Plan ^{p. 244}.
  • Purchases from routine payroll deduction contributions to the Company's Employee Stock Purchase Plan, and automatic dividend reinvestment under the plan ^{p. 244}.
  • Terminating an election to participate in the Employee Stock Purchase Plan ^{p. 244}.
  • Gifts or charitable donations of equity securities, unless the recipient intends immediate sale ^{p. 244}.
• Interfund transfers, loans, or withdrawals involving the Company Stock Fund in any plans are not exempt ^{p. 244}.
• Increasing the contribution amount to the Company Stock Fund by changing fund allocations is not exempt ^{p. 244}.
• Increasing the percentage of salary contributed to any plans is exempt ^{p. 244}.

SPECIAL AND PROHIBITED TRANSACTIONS

• The Company considers short-term or speculative transactions in its securities improper ^{p. 244}.
• Covered Persons are prohibited from day-trading Company securities ^{p. 244}.
• Covered Persons are prohibited from engaging in short sales of Company securities ^{p. 244}.
• Covered Persons are prohibited from engaging in hedging, monetization, derivative, and similar transactions ^{p. 245}.
• Insiders are prohibited, and other employees discouraged, from holding Company securities in a margin account or pledging them as collateral for a loan ^{p. 245}.
• The Company discourages placing standing and limit orders on Company securities (except under approved Rule 10b5-1 Plans) ^{p. 245}.
• Pre-clearance approvals for standing and limit orders are valid for five business days or until the start of a Quarterly Blackout Period, whichever is sooner ^{p. 245}.
• Insiders are prohibited, and other employees discouraged, from holding Company securities in a managed account ^{p. 245}.

RULE 10b5-1 PLANS

• Pre-Clearance Insiders may implement pre-planned trading plans ('Rule 10b5-1 Plans') under Rule 10b5-1 of the Securities Exchange Act of 1934 ^{p. 246}.
• The General Counsel establishes policies and procedures for Rule 10b5-1 Plans ^{p. 246}.
• Transactions under Rule 10b5-1 Plans are not subject to this Policy, provided they comply with Company policies and procedures ^{p. 246}.

BENEFICIAL OWNERSHIP

• The Policy extends to a director's, officer's, and employee's spouse, minor children, and any other person or entity if the director, officer, or employee has a direct or indirect financial interest in Company securities owned by them ^{p. 246}.
• A financial interest is presumed if another person is a relative and shares the home of a director, officer, or employee ^{p. 246}.

WHERE TO GO WITH QUESTIONS AND CONCERNS

• Questions about the Policy should be directed to a member of the Law Department's SCG Unit ^{p. 246}.

Organizational List - Domestic and Foreign Subsidiaries

• The Hartford Insurance Group, Inc. has numerous subsidiaries, including:
  • 1stAgChoice, Inc. (South Dakota) ^{p. 247}
  • Access CoverageCorp, Inc. (North Carolina) ^{p. 247}
  • Access CoverageCorp Technologies, Inc. (North Carolina) ^{p. 247}
  • Business Management Group, Inc. (Connecticut) ^{p. 247}
  • Cervus Claim Solutions, LLC (Delaware) ^{p. 247}
  • First State Insurance Company (Connecticut) ^{p. 247}
  • Hart Re Group, L.L.C. (Connecticut) ^{p. 247}
  • Hartford Accident and Indemnity Company (Connecticut) ^{p. 247}
  • Hartford Administrative Services Company (Minnesota) ^{p. 247}
  • Hartford Asia Limited (Hong Kong) ^{p. 247}
  • Hartford Casualty General Agency, Inc. (Texas) ^{p. 247}
  • Hartford Casualty Insurance Company (Indiana) ^{p. 247}
  • Hartford Corporate Underwriters Limited (United Kingdom) ^{p. 247}
  • Hartford Fire General Agency, Inc. (Texas) ^{p. 247}
  • Hartford Fire Insurance Company (Connecticut) ^{p. 247}
  • Hartford Funds Distributors, LLC (Delaware) ^{p. 247}
  • Hartford Funds Management Company, LLC (Delaware) ^{p. 247}
  • Hartford Funds Management Group, Inc. (Delaware) ^{p. 247}
  • Hartford Global Services Private Limited (India) ^{p. 247}
  • Hartford Holdings, Inc. (Delaware) ^{p. 247}
  • Hartford Insurance Company of Illinois (Illinois) ^{p. 247}
  • Hartford Insurance Company of the Midwest (Indiana) ^{p. 247}
  • Hartford Insurance Company of the Southeast (Connecticut) ^{p. 247}
  • Hartford Integrated Technologies, Inc. (Connecticut) ^{p. 247}
  • Hartford Investment Management Company (Delaware) ^{p. 247}
  • Hartford Life and Accident Insurance Company (Connecticut) ^{p. 247}
  • Hartford Lloyd's Corporation (Texas) ^{p. 247}
  • Hartford Lloyd's Insurance Company (Partnership) (Texas) ^{p. 247}
  • Hartford Management (UK) Limited (United Kingdom) ^{p. 247}
  • Hartford Productivity Services, LLC (Delaware) ^{p. 247}
  • Hartford of the Southeast General Agency, Inc. (Texas) ^{p. 247}
  • Hartford of Texas General Agency, Inc. (Texas) ^{p. 247}
  • Hartford Residual Market, L.L.C. (Connecticut) ^{p. 247}
  • Hartford Singapore Pte. Ltd. (Singapore) ^{p. 247}
  • Hartford Specialty Insurance Services of Texas, LLC (Texas) ^{p. 247}
  • Hartford STAG Ventures LLC (Delaware) ^{p. 247}
  • Hartford Strategic Investments, Inc. (Delaware) ^{p. 247}
  • Hartford Underwriters General Agency, Inc. (Texas) ^{p. 247}
  • Hartford Underwriters Insurance Company (Connecticut) ^{p. 247}
  • Hartford Underwriting Agency Limited (United Kingdom) ^{p. 247}
  • Heritage Holdings, Inc. (Connecticut) ^{p. 247}
  • Heritage Reinsurance Company, Ltd. (Bermuda) ^{p. 247}
  • HLA LLC (Connecticut) ^{p. 247}
  • Horizon Management Group, LLC (Delaware) ^{p. 247}
  • HRA Brokerage Services, Inc. (Connecticut) ^{p. 247}
  • Lattice Strategies LLC (Delaware) ^{p. 247}
  • Maxum Casualty Insurance Company (Connecticut) ^{p. 247}
  • Maxum Indemnity Company (Connecticut) ^{p. 247}
  • Maxum Specialty Services Corporation (Georgia) ^{p. 247}
  • Millennium Underwriting Limited (United Kingdom) ^{p. 247}
  • MPC Resolution Company LLC (Delaware) ^{p. 247}
  • Navigators Holdings (UK) Limited (United Kingdom) ^{p. 247}
  • Navigators Insurance Company (New York) ^{p. 247}
  • Navigators Management Company, Inc. (New York) ^{p. 247}

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

• > We consent to the incorporation by reference in the following registration statements on Form S-3 and Form S-8 of our reports dated February 20, 2026, relating to the financial statements of The Hartford Insurance Group, Inc. and its subsidiaries (the 'Company') and the effectiveness of the Company's internal control over financial reporting appearing in this Annual Report on Form 10-K of The Hartford Insurance Group, Inc. for the year ended December 31, 2025. ^{p. 249}

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

• The report was signed by Deloitte & Touche LLP in Hartford, Connecticut, on February 20, 2026 ^{p. 249}.

POWER OF ATTORNEY

• Power of Attorney: Beth A. Costello, Donald C. Hunt, Allison G. Niderno, and Terence Shields are appointed as attorneys-in-fact and agents for The Hartford Insurance Group, Inc. ^{p. 250}
• Purpose: To execute and file the Annual Report on Form 10-K for the year ended December 31, 2025, and any amendments, with the Securities and Exchange Commission. ^{p. 250}
• Authority: Each attorney-in-fact has full power of substitution and resubstitution to perform all necessary acts. ^{p. 250}
• Condition: The powers granted are effective only upon the Company's Board of Directors approving the form, substance, and filing of the Annual Report. ^{p. 250}
• Execution Date: February 18, 2026. ^{p. 250}

Form S-3 Registration No.	Form S-8 Registration Nos.
333-282288	333-105707
—	333-49170
—	333-105706
—	333-34092
—	033-80665
—	333-12563
—	333-125489
—	333-157372
—	333-160173
—	333-168537
—	333-197671
—	333-240245
—	333-289002

• Certification: Christopher J. Swift, Chairman and Chief Executive Officer of The Hartford Insurance Group, Inc., provides certification pursuant to 18 U.S.C. Section 1350 as enacted by Section 302 of the Sarbanes-Oxley Act of 2002. ^{p. 251}
• Review: Swift has reviewed the Annual Report on Form 10-K. ^{p. 251}
• Accuracy: Based on his knowledge, the report contains no untrue statement of a material fact or omission of a material fact that would make statements misleading. ^{p. 251}
• Fair Presentation: Based on his knowledge, the financial statements and other financial information fairly present the financial condition, results of operations, and cash flows of the registrant. ^{p. 251}
• Responsibility: Swift and the other certifying officer are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)). ^{p. 251}
• Disclosure Controls Design: Disclosure controls and procedures were designed under supervision to ensure material information is known to them, particularly during report preparation. ^{p. 251}
• Internal Control Design: Internal control over financial reporting was designed under supervision to provide reasonable assurance regarding financial reporting reliability and financial statement preparation in accordance with GAAP. ^{p. 251}
• Effectiveness Evaluation: The effectiveness of disclosure controls and procedures was evaluated, and conclusions are presented in the report as of the end of the period. ^{p. 251}
• Internal Control Changes: Any change in internal control over financial reporting during the most recent fiscal quarter (fourth fiscal quarter for annual report) that materially affected or is reasonably likely to materially affect internal control over financial reporting has been disclosed. ^{p. 251}
• Disclosures to Auditors/Audit Committee: Based on the most recent evaluation of internal control over financial reporting, Swift and the other certifying officer have disclosed to auditors and the audit committee: ^{p. 251}
  • Deficiencies: All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information. ^{p. 251}
  • Fraud: Any fraud, material or not, involving management or employees with a significant role in internal control over financial reporting. ^{p. 251}
• Certification Date: February 20, 2026. ^{p. 251}
• Certifying Officer: Christopher J. Swift, Chairman and Chief Executive Officer. ^{p. 251}
• Certification: Beth A. Costello, Executive Vice President and Chief Financial Officer of The Hartford Insurance Group, Inc., provides certification pursuant to 18 U.S.C. Section 1350 as enacted by Section 302 of the Sarbanes-Oxley Act of 2002. ^{p. 252}
• Review: Costello has reviewed the Annual Report on Form 10-K. ^{p. 252}
• Accuracy: Based on her knowledge, the report contains no untrue statement of a material fact or omission of a material fact that would make statements misleading. ^{p. 252}
• Fair Presentation: Based on her knowledge, the financial statements and other financial information fairly present the financial condition, results of operations, and cash flows of the registrant. ^{p. 252}
• Responsibility: Costello and the other certifying officer are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)). ^{p. 252}
• Disclosure Controls Design: Disclosure controls and procedures were designed under supervision to ensure material information is known to them, particularly during report preparation. ^{p. 252}
• Internal Control Design: Internal control over financial reporting was designed under supervision to provide reasonable assurance regarding financial reporting reliability and financial statement preparation in accordance with GAAP. ^{p. 252}
• Effectiveness Evaluation: The effectiveness of disclosure controls and procedures was evaluated, and conclusions are presented in the report as of the end of the period. ^{p. 252}
• Internal Control Changes: Any change in internal control over financial reporting during the most recent fiscal quarter (fourth fiscal quarter for annual report) that materially affected or is reasonably likely to materially affect internal control over financial reporting has been disclosed. ^{p. 252}
• Disclosures to Auditors/Audit Committee: Based on the most recent evaluation of internal control over financial reporting, Costello and the other certifying officer have disclosed to auditors and the audit committee: ^{p. 252}
  • Deficiencies: All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information. ^{p. 252}
  • Fraud: Any fraud, material or not, involving management or employees with a significant role in internal control over financial reporting. ^{p. 252}
• Certification Date: February 20, 2026. ^{p. 252}
• Certifying Officer: Beth A. Costello, Executive Vice President and Chief Financial Officer. ^{p. 252}

AS ENACTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

• Certification: Christopher J. Swift certifies the Annual Report on Form 10-K for the period ended December 31, 2025, pursuant to 18 U.S.C. section 1350 as enacted by section 906 of the Sarbanes-Oxley Act of 2002. ^{p. 253}
• Compliance: The Report fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934. ^{p. 253}
• Fair Presentation: The information in the Report fairly presents, in all material respects, the financial condition and results of operations of The Hartford Insurance Group, Inc. ^{p. 253}
• Certification Date: February 20, 2026. ^{p. 253}
• Certifying Officer: Christopher J. Swift, Chairman and Chief Executive Officer. ^{p. 253}
• Certification: Beth A. Costello certifies the Annual Report on Form 10-K for the period ended December 31, 2025, pursuant to 18 U.S.C. section 1350 as enacted by section 906 of the Sarbanes-Oxley Act of 2002. ^{p. 254}
• Compliance: The Report fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934. ^{p. 254}
• Fair Presentation: The information in the Report fairly presents, in all material respects, the financial condition and results of operations of The Hartford Insurance Group, Inc. ^{p. 254}
• Certification Date: February 20, 2026. ^{p. 254}
• Certifying Officer: Beth A. Costello, Executive Vice President and Chief Financial Officer. ^{p. 254}

/s/ Christopher J. Swift	/s/ Donna James
/s/ Beth A. Costello	/s/ Annette Rippert
Beth A. Costello	Annette Rippert
/s/ Allison G. Niderno	/s/ Teresa W. Roseborough
Allison G. Niderno	Teresa W. Roseborough
/s/ Thomas Bartlett	/s/ Virginia P. Ruesterholz
Thomas Bartlett	Virginia P. Ruesterholz
/s/ Larry D. De Shon	/s/ Matthew E. Winter
Larry D. De Shon	Matthew E. Winter
/s/ Carlos Dominguez	/s/ Kathleen Winters
Carlos Dominguez	Kathleen Winters
/s/ Trevor Fetter	—
Trevor Fetter	—

Abbreviations

• AARP: American Association of Retired Persons
• ABS: Asset-Backed Securities
• ACL: Allowance for Credit Losses
• ADC: Adverse Development Cover
• AFS: Available-For-Sale
• AI: Artificial Intelligence
• ALAE: Allocated Loss Adjustment Expenses
• AM: A.M. Best
• AOCI: Accumulated Other Comprehensive Income (Loss)
• AUM: Assets Under Management
• BSA: Boy Scouts of America
• CAD: Canadian Dollar
• CAT: Catastrophe
• CAY: Current Accident Year
• CHRO: Chief Human Resources Officer
• CID: Connecticut Insurance Department
• CIO: Chief Information Officer
• CISO: Chief Information Security Officer
• CLO: Collateralized Loan Obligation
• CMBS: Commercial Mortgage-Backed Securities
• CODM: Chief Operating Decision Maker
• COSO: Committee of Sponsoring Organizations
• COVID: Coronavirus Disease
• CPO: Chief Privacy Officer
• CRO: Chief Risk Officer
• CTE: Chronic Traumatic Encephalopathy
• DAC: Deferred Policy Acquisition Costs
• DGCL: Delaware General Corporation Law
• DLR: Disabled Life Reserve
• DSCR: Debt Service Coverage Ratio
• DTC: Depository Trust Company
• EADC: Environmental Adverse Development Cover
• ELR: Expected Loss Ratio
• EPSC: Executive Privacy & Security Council
• ERCC: Enterprise Risk and Capital Committee
• ERG: Employee Resource Groups
• ERISA: Employee Retirement Income Security Act
• ERM: Enterprise Risk Management
• ESPP: Employee Stock Purchase Plan
• ETF AUM: Exchange-Traded Fund Assets Under Management
• ETF: Exchange-Traded Fund
• ETFAUM: Exchange-Traded Fund Assets Under Management
• EU GDPR: European Union General Data Protection Regulation
• FAL: Funds at Lloyd's
• FASB: Financial Accounting Standards Board
• FCA: Financial Conduct Authority
• FHCF: Florida Hurricane Catastrophe Fund
• FHLB: Federal Home Loan Bank
• FHLBB: Federal Home Loan Bank of Boston
• FIO: Federal Insurance Office
• FVO: Fair Value Option
• GAAP: Generally Accepted Accounting Principles
• GBP: Great British Pound
• GDP: Gross Domestic Product
• GP LLC: General Partner Limited Liability Company
• HHI: Hartford Holdings, Inc.
• HIG PR: The Hartford Financial Services Group, Inc. Preferred Stock
• HIG: The Hartford Financial Services Group, Inc.
• HIMCO: Hartford Investment Management Company
• HLA LLC: Hartford Life and Accident Limited Liability Company
• HLA: Hartford Life and Accident Insurance Company
• HRA: Hartford Reinsurance Abroad
• IBNR: Incurred But Not Reported
• IFS: Insurance Financial Strength
• ISDA: International Swaps and Derivatives Association
• IT: Information Technology
• LAE: Loss Adjustment Expenses
• LCL: Liability for Credit Losses
• LLC: Limited Liability Company
• LLP: Limited Liability Partnership
• LP: Limited Partnership
• LTD: Long-Term Disability
• LTV: Loan-To-Value
• NAIC: National Association of Insurance Commissioners
• NIC: Navigators Insurance Company
• NICO ADC: National Indemnity Company Adverse Development Cover
• NICO: National Indemnity Company
• NICOA: National Indemnity Company of America
• NII: Net Investment Income
• NM: Not Meaningful
• NSIC: Navigators Specialty Insurance Company
• NYSE: New York Stock Exchange
• OCI: Other Comprehensive Income
• OTC: Over-The-Counter
• PCAOB ID: Public Company Accounting Oversight Board Identification
• PCAOB: Public Company Accounting Oversight Board
• PFAS: Per- and Polyfluoroalkyl Substances
• PFML: Paid Family and Medical Leave
• PPO: Preferred Provider Organization
• PRA: Prudential Regulatory Authority
• PTO: Paid Time Off
• PYD: Prior Accident Year Development
• RBC: Risk-Based Capital
• RCC: Replacement Capital Covenant
• RMBS: Residential Mortgage-Backed Securities
• ROA: Return on Assets
• ROE: Return on Equity
• RSU: Restricted Stock Unit
• SAP: Statutory Accounting Practices
• SCG: Securities and Corporate Governance
• SCR: Solvency Capital Requirement
• SEC: Securities and Exchange Commission
• SOFR: Secured Overnight Financing Rate
• STAT: Statutory Accounting Principles
• STRIPS: Separate Trading of Registered Interest and Principal of Securities
• TRIPRA: Terrorism Risk Insurance Program Reauthorization Act
• UK FCA: United Kingdom Financial Conduct Authority
• UK PRA: United Kingdom Prudential Regulatory Authority
• UK: United Kingdom
• ULAE: Unallocated Loss Adjustment Expenses
• US: United States
• VIE: Variable Interest Entity
• XBRL: eXtensible Business Reporting Language