EX-99.2 3 ex992ifs12312024.htm EX-99.2 Document


INVESTOR FINANCIAL SUPPLEMENT
December 31, 2024
thehartfordlogo.jpg

Measures used in these financial statements and exhibits that are not based on generally accepted accounting principles ("non-GAAP") are denoted with an asterisk (*) the first time they appear in this document. These measures are defined within the Discussion of Non-GAAP and Other Financial Measures section and are reconciled to the most directly comparable generally accepted accounting principles ("GAAP") measure herein.


THE HARTFORD FINANCIAL SERVICES GROUP, INC.
As of January 29, 2025
Address:
One Hartford Plaza  A.M. Best  Standard & Poor’s  Moody’s
Hartford, CT 06155Insurance Financial Strength Ratings:      
Hartford Fire Insurance Company  A+  A+  A1
Hartford Life and Accident Insurance Company  A+  A+  A1
Navigators Insurance CompanyA+A+NR
- Hartford Fire Insurance Company ratings are on positive outlook at Standard and Poor's and Moody's and on stable outlook at A.M. Best
- Hartford Life and Accident Insurance Company ratings are on positive outlook at Standard and Poor's and on stable outlook at A.M. Best and Moody’s
Internet address:- Navigators Insurance Company ratings are on positive outlook at Standard and Poor's and on stable outlook at A.M. Best
http://www.thehartford.comNR - Not Rated
Other Ratings:      
Contact:Senior debt  a-BBB+Baa1
Susan Spivak BernsteinJunior subordinated debenturesbbbBBB-Baa2
Senior Vice PresidentPreferred stockbbbBBB-Baa3
Investor Relations
Phone (860) 547-6233- The Hartford Financial Services Group, Inc. senior debt, junior subordinated debentures, and preferred stock are on positive outlook at A.M. Best, Standard and Poor’s and Moody’s
TRANSFER AGENT
Stockholder correspondence should be mailed to:Overnight correspondence should be mailed to:
ComputershareComputershare
P.O. Box 505000462 South 4th Street, Suite 1600
Louisville, KY 40233Louisville, KY 40202
    
Common stock and preferred stock of The Hartford Financial Services Group, Inc. are traded on the New York Stock Exchange under the symbols “HIG” and "HIG PR G", respectively. This report is for information purposes only. It should be read in conjunction with documents filed by The Hartford Financial Services Group, Inc. with the U.S. Securities and Exchange Commission, including, without limitation, the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.


THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTOR FINANCIAL SUPPLEMENT
TABLE OF CONTENTS


THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATED FINANCIAL RESULTS
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
HIGHLIGHTS
Net income$853 $767 $738 $753 $771 $651 $547 $535 $3,111 $2,504 
Net income available to common stockholders [1]$848 $761 $733 $748 $766 $645 $542 $530 $3,090 $2,483 
Core earnings*$865 $752 $750 $709 $935 $708 $588 $536 $3,076 $2,767 
Total revenues$6,879 $6,751 $6,486 $6,419 $6,400 $6,168 $6,049 $5,910 $26,535 $24,527 
Total assets$80,917 $81,219 $79,046 $77,710 $76,780 $74,516 $73,895 $74,249 
PER SHARE AND SHARES DATA
Basic earnings per common share
Net income available to common stockholders$2.93 $2.60 $2.48 $2.51 $2.55 $2.12 $1.75 $1.69 $10.51 $8.09 
Core earnings*$2.99 $2.57 $2.54 $2.38 $3.11 $2.32 $1.90 $1.71 $10.47 $9.01 
Diluted earnings per common share
Net income available to common stockholders$2.88 $2.56 $2.44 $2.47 $2.51 $2.09 $1.73 $1.66 $10.35 $7.97 
Core earnings*$2.94 $2.53 $2.50 $2.34 $3.06 $2.29 $1.88 $1.68 $10.30 $8.88 
Weighted average common shares outstanding (basic)289.3 292.6 295.5 298.1 300.3 304.6 309.4 314.0 293.9 307.1 
Dilutive effect of stock compensation4.9 4.9 4.4 4.5 4.8 4.4 3.9 4.6 4.7 4.4 
Weighted average common shares outstanding and dilutive potential common shares (diluted)294.2 297.5 299.9 302.6 305.1 309.0 313.3 318.6 298.6 311.5 
Common shares outstanding287.6 290.8 294.0 296.8 298.5 302.4 307.1 311.8 
Book value per common share$56.03 $57.34 $52.20 $50.99 $50.23 $44.13 $45.00 $44.92 
Per common share impact of accumulated other comprehensive income [2]10.03 6.89 10.43 10.10 9.54 13.82 11.47 10.44 
Book value per common share (excluding AOCI)*$66.06 $64.23 $62.63 $61.09 $59.77 $57.95 $56.47 $55.36 
Book value per diluted share$55.09 $56.39 $51.43 $50.23 $49.43 $43.50 $44.43 $44.27 
Per diluted share impact of AOCI9.86 6.78 10.28 9.95 9.40 13.62 11.33 10.28 
Book value per diluted share (excluding AOCI)*$64.95 $63.17 $61.71 $60.18 $58.83 $57.12 $55.76 $54.55 
Common shares outstanding and dilutive potential common shares292.5 295.7 298.4 301.3 303.3 306.8 311.0 316.4 
RETURN ON COMMON STOCKHOLDER'S EQUITY ("ROE") [3]
Net income available to common stockholders' ROE ("Net income ROE")19.9 %20.0 %19.8 %18.5 %17.5 %17.7 %14.4 %12.8 %
Core earnings ROE*16.7 %17.4 %17.4 %16.6 %15.8 %14.9 %13.6 %14.3 %
[1]Net income available to common stockholders includes the impact of preferred stock dividends.
[2]Accumulated other comprehensive income ("AOCI") represents net of tax unrealized gain (loss) on fixed maturities, net gain (loss) on cash flow hedging instruments, foreign currency translation adjustments, liability for future policy benefits adjustments, and pension and other postretirement benefit plan adjustments.
[3]For reconciliation of Net income ROE to Core earnings ROE, see Appendix beginning on page 33.

1
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Earned premiums$5,809 $5,734 $5,578 $5,446 $5,433 $5,310 $5,220 $5,063 $22,567 $21,026 
Fee income354 347 339 333 323 330 328 319 1,373 1,300 
Net investment income714 659 602 593 653 597 540 515 2,568 2,305 
Net realized gains (losses) (17)(13)(59)28 (27)(90)(64)(7)(61)(188)
Other revenues19 24 26 19 18 21 25 20 88 84 
Total revenues 6,879 6,751 6,486 6,419 6,400 6,168 6,049 5,910 26,535 24,527 
Benefits, losses and loss adjustment expenses3,779 3,823 3,661 3,611 3,633 3,543 3,580 3,482 14,874 14,238 
Amortization of deferred policy acquisition costs ("DAC")591 585 561 545 534 517 502 491 2,282 2,044 
Insurance operating costs and other expenses 1,367 1,323 1,285 1,283 1,214 1,226 1,225 1,216 5,258 4,881 
Interest expense50 49 50 50 49 50 50 50 199 199 
Amortization of other intangible assets18 18 17 18 18 18 17 18 71 71 
Restructuring and other costs [1]— 1 — 1 2 1 3 — 2 6 
Total benefits, losses and expenses5,805 5,799 5,574 5,508 5,450 5,355 5,377 5,257 22,686 21,439 
Income before income taxes1,074 952 912 911 950 813 672 653 3,849 3,088 
Income tax expense221 185 174 158 179 162 125 118 738 584 
Net income853 767 738 753 771 651 547 535 3,111 2,504 
Preferred stock dividends 5 6 5 5 5 6 5 5 21 21 
Net income available to common stockholders848 761 733 748 766 645 542 530 3,090 2,483 
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax16 12 58 (30)16 76 53 7 56 152 
Restructuring and other costs, before tax [1]— 1 — 1 2 1 3 — 2 6 
Integration and other non-recurring M&A costs, before tax [2]2 2 2 2 2 2 2 2 8 8 
Change in deferred gain on retroactive reinsurance, before tax [3]4 (26)(37)(24)194 — — — (83)194 
Income tax expense (benefit) [4](5)2 (6)12 (45)(16)(12)(3)3 (76)
Core earnings$865 $752 $750 $709 $935 $708 $588 $536 $3,076 $2,767 
[1]Represents restructuring costs related to the Company's Hartford Next operational transformation and cost reduction plan.
[2]Includes integration costs in connection with the 2019 acquisition of Navigators Group and 2017 acquisition of Aetna's group life and disability business.
[3]For the three and twelve months ended December 31, 2024, the Company recorded amortization of the deferred gain related to the Navigators adverse development cover ("Navigators ADC") of $58 and $145, respectively. In addition, for the three and twelve month periods ended December 31, 2024, the Company ceded, $62 of losses under the asbestos and environmental adverse development cover ("A&E ADC"), which was reflected as an increase to the deferred gain.
[4]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

2
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
OPERATING RESULTS BY SEGMENT
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net income (loss):
Commercial Lines$708 $528 $540 $573 $687 $519 $458 $421 $2,349 $2,085 
Personal Lines154 31 (11)34 34 (12)(60)(1)208 (39)
Property & Casualty Other Operations ("P&C Other Operations")(156)10 11 8 (154)9 9 6 (127)(130)
Property & Casualty ("P&C")706 569 540 615 567 516 407 426 2,430 1,916 
Group Benefits126 156 171 108 176 146 121 92 561 535 
Hartford Funds49 54 44 45 47 41 45 41 192 174 
Sub-total881 779 755 768 790 703 573 559 3,183 2,625 
Corporate (28)(12)(17)(15)(19)(52)(26)(24)(72)(121)
Net income 853 767 738 753 771 651 547 535 3,111 2,504 
Preferred stock dividends5 6 5 5 5 6 5 5 21 21 
Net income available to common stockholders$848 $761 $733 $748 $766 $645 $542 $530 $3,090 $2,483 
Core earnings (loss):
Commercial Lines$665 $534 $551 $546 $723 $542 $493 $436 $2,296 $2,194 
Personal Lines155 33 (4)33 36 (8)(57)— 217 (29)
P&C Other Operations(106)10 14 7 (1)11 10 8 (75)28 
P&C714 577 561 586 758 545 446 444 2,438 2,193 
Group Benefits139 154 178 107 174 170 133 90 578 567 
Hartford Funds51 47 43 41 39 45 44 37 182 165 
Sub-total904 778 782 734 971 760 623 571 3,198 2,925 
Corporate (39)(26)(32)(25)(36)(52)(35)(35)(122)(158)
Core earnings$865 $752 $750 $709 $935 $708 $588 $536 $3,076 $2,767 



3
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING BALANCE SHEETS
 PROPERTY & CASUALTYGROUP BENEFITSHARTFORD
FUNDS		CORPORATE [1]CONSOLIDATED
Dec 31 2024Dec 31 2023Dec 31 2024Dec 31 2023Dec 31 2024Dec 31 2023Dec 31 2024Dec 31 2023Dec 31 2024Dec 31 2023
Investments
Fixed maturities, available-for-sale ("AFS"), at fair value$34,421 $31,408 $7,959 $8,222 $— $— $187 $188 $42,567 $39,818 
Fixed maturities, at fair value using the fair value option254 272 54 55 — — — — 308 327 
Equity securities, at fair value212 456 46 99 109 121 236 188 603 864 
Mortgage loans, net4,751 4,493 1,645 1,594 — — — — 6,396 6,087 
Limited partnerships and other alternative investments3,974 3,770 1,068 1,015 — — — — 5,042 4,785 
Other investments168 162 6 8 52 21 — — 226 191 
Short-term investments2,075 2,127 389 382 291 243 1,313 1,098 4,068 3,850 
Total investments45,855 42,688 11,167 11,375 452 385 1,736 1,474 59,210 55,922 
Cash148 106 26 12 9 7 — 1 183 126 
Restricted cash42 52 9 11 — — — — 51 63 
Accrued investment income352 313 92 89 1 1 5 1 450 404 
Premiums receivable and agents’ balances, net5,390 4,973 608 634 — — — — 5,998 5,607 
Reinsurance recoverables, net [2]6,626 6,602 290 260 — — 224 242 7,140 7,104 
Deferred policy acquisition costs ("DAC")1,206 1,078 33 35 — — — — 1,239 1,113 
Deferred income taxes 746 681 33 13 2 4 448 475 1,229 1,173 
Goodwill778 778 723 723 181 181 229 229 1,911 1,911 
Property and equipment, net778 784 62 57 6 8 42 47 888 896 
Other intangible assets310 340 317 357 10 10 — — 637 707 
Other assets1,411 1,130 142 131 100 88 328 405 1,981 1,754 
Total assets$63,642 $59,525 $13,502 $13,697 $761 $684 $3,012 $2,874 $80,917 $76,780 
Unpaid losses and loss adjustment expenses$36,404 $34,044 $8,206 $8,274 $— $— $— $— $44,610 $42,318 
Reserves for future policy benefits [2]— — 290 312 — — 158 172 448 484 
Other policyholder funds and benefits payable [2]— — 401 408 — — 213 230 614 638 
Unearned premiums9,368 8,561 40 38 — — — — 9,408 8,599 
Debt— — — — — — 4,366 4,362 4,366 4,362 
Other liabilities2,796 2,754 219 220 173 150 1,836 1,928 5,024 5,052 
Total liabilities48,568 45,359 9,156 9,252 173 150 6,573 6,692 64,470 61,453 
Common stockholders' equity, excluding AOCI*16,206 15,322 4,706 4,752 588 534 (2,501)(2,766)18,999 17,842 
Preferred stock— — — — — — 334 334 334 334 
AOCI, net of tax(1,132)(1,156)(360)(307)— — (1,394)(1,386)(2,886)(2,849)
Total stockholders' equity15,074 14,166 4,346 4,445 588 534 (3,561)(3,818)16,447 15,327 
Total liabilities and stockholders' equity$63,642 $59,525 $13,502 $13,697 $761 $684 $3,012 $2,874 $80,917 $76,780 
[1]Corporate includes fixed maturities, short-term investments, investment sales receivable and cash of approximately $1.3 billion and $1.1 billion as of December 31, 2024 and December 31, 2023, respectively, held by the holding company of The Hartford Financial Services Group, Inc. Corporate also includes investments held by Hartford Life and Accident Insurance Company ("HLA") that support reserves for run-off structured settlement and terminal funding agreement liabilities.
[2]Corporate includes retained reserves and reinsurance recoverables for the run-off life and annuity business sold in May 2018.

4
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CAPITAL STRUCTURE
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
DEBT
Senior notes$3,867 $3,866 $3,865 $3,864 $3,863 $3,862 $3,861 $3,859 
Junior subordinated debentures499 499 499 499 499 499 499 499 
Total debt $4,366 $4,365 $4,364 $4,363 $4,362 $4,361 $4,360 $4,358 
STOCKHOLDERS’ EQUITY
Total stockholders’ equity$16,447 $17,008 $15,680 $15,468 $15,327 $13,679 $14,152 $14,340 
Less: Preferred stock334 334 334 334 334 334 334 334 
Less: AOCI(2,886)(2,005)(3,068)(2,997)(2,849)(4,178)(3,524)(3,254)
Common stockholders' equity, excluding AOCI$18,999 $18,679 $18,414 $18,131 $17,842 $17,523 $17,342 $17,260 
CAPITALIZATION
Total capitalization, including AOCI, net of tax$20,813 $21,373 $20,044 $19,831 $19,689 $18,040 $18,512 $18,698 
Total capitalization, excluding AOCI, net of tax*$23,699 $23,378 $23,112 $22,828 $22,538 $22,218 $22,036 $21,952 
DEBT TO CAPITALIZATION RATIOS
Total debt to capitalization, including AOCI21.0 %20.4 %21.8 %22.0 %22.2 %24.2 %23.6 %23.3 %
Total debt to capitalization, excluding AOCI*18.4 %18.7 %18.9 %19.1 %19.4 %19.6 %19.8 %19.9 %
Total debt and preferred stock to capitalization, including AOCI22.6 %22.0 %23.4 %23.7 %23.9 %26.0 %25.4 %25.1 %
Total debt and preferred stock to capitalization, excluding AOCI*19.8 %20.1 %20.3 %20.6 %20.8 %21.1 %21.3 %21.4 %
Total rating agency adjusted debt to capitalization [1] [2]21.8 %21.3 %22.7 %22.9 %23.7 %25.7 %25.0 %24.7 %
FIXED CHARGE COVERAGE RATIOS
Total earnings to total fixed charges [3]17.9:117.3:117.1:117.1:114.6:113.6:112.8:112.6:1
[1]The leverage calculation reflects adjustments, as applicable, related to defined benefit plans' unfunded pension liability, lease liabilities and uncollateralized letters of credit for Lloyd's of London for a total adjustment of $0.3 billion as of December 31, 2024 and 2023.
[2]2024 results reflect 50% equity credit for the Company's outstanding junior subordinated debentures and the Company’s outstanding preferred stock based on the rating agency methodology. 2023 results reflect 25% equity credit for the Company's outstanding junior subordinated debentures and 50% equity credit for the Company’s outstanding preferred stock based on the rating agency methodology in place as of December 31, 2023.
[3]Calculated as year to date total earnings divided by year to date total fixed charges. Total earnings represent income before income taxes and total fixed charges (excluding the impact of preferred stock dividends), less undistributed earnings from limited partnerships and other alternative investments. Total fixed charges include interest expense, preferred stock dividends, interest factor attributable to rent expense, capitalized interest and amortization of debt issuance costs.

5
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
STATUTORY CAPITAL TO GAAP STOCKHOLDERS’ EQUITY RECONCILIATION
DECEMBER 31, 2024

P&C GROUP BENEFITS
U.S. statutory net income [1][2]$2,112 $576 
U.S. statutory capital [2][3][4]$13,294 $2,708 
U.S. GAAP adjustments [2]:
DAC1,158 33 
Non-admitted deferred tax assets [5]231 154 
Deferred taxes [6](225)(297)
Goodwill111 723 
Other intangible assets20 317 
Non-admitted assets other than deferred taxes805 108 
Asset valuation and interest maintenance reserve— 259 
Benefit reserves(65)417 
Unrealized gains (losses) on investments(1,390)(871)
Deferred gain on retroactive reinsurance agreements [7](901)— 
Other, net922 795 
U.S. GAAP stockholders’ equity of U.S. insurance entities [2]13,960 4,346 
U.S. GAAP stockholders’ equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition of Navigators Group1,114 — 
Total U.S. GAAP stockholders’ equity$15,074 $4,346 
[1]Statutory net income is for the year ended December 31, 2024.
[2]Excludes insurance operations based in the U.K.
[3]For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital."
[4]The statutory capital for property and casualty insurance subsidiaries in this table does not include the value of an intercompany note owed by Hartford Holdings, Inc. ("HHI") to Hartford Fire Insurance Company.
[5]Represents the limitations on the recognition of deferred tax assets under U.S. statutory accounting principles ("U.S. STAT").
[6]Represents the tax timing differences between U.S. GAAP and U.S. STAT.
[7]Represents the deferred gain on retroactive reinsurance associated with U.S. entities for losses ceded to the Navigators and A&E ADCs that is recognized within a special category of surplus under U.S. STAT but is recorded within other liabilities under U.S. GAAP.



6
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 
 AS OF
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net unrealized gain (loss) on fixed maturities, AFS$(1,539)$(671)$(1,732)$(1,642)$(1,482)$(2,948)$(2,277)$(2,008)
Unrealized loss on fixed maturities, AFS with allowance for credit losses ("ACL")
(6)(5)(7)(7)(8)(9)(10)(13)
Net gains on cash flow hedging instruments40 33 30 21 21 27 31 48 
Total net unrealized gain (loss)(1,505)(643)(1,709)(1,628)(1,469)(2,930)$(2,256)$(1,973)
Foreign currency translation adjustments29 41 35 36 37 35 36 33 
Liability for future policy benefits adjustments33 19 35 30 25 47 32 27 
Pension and other postretirement plan adjustments(1,443)(1,422)(1,429)(1,435)(1,442)(1,330)(1,336)(1,341)
Total AOCI$(2,886)$(2,005)$(3,068)$(2,997)$(2,849)$(4,178)$(3,524)$(3,254)


7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
INCOME STATEMENTS
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Written premiums
$4,045 $4,245 $4,453 $4,206 $3,770 $3,872 $3,979 $3,856 $16,949 $15,477 
Change in unearned premium reserve(164)111 483 345 (72)137 333 351 775 749 
Earned premiums 4,209 4,134 3,970 3,861 3,842 3,735 3,646 3,505 16,174 14,728 
Fee income 19 19 19 19 18 18 17 18 76 71 
Losses and loss adjustment expenses
Current accident year before catastrophes2,426 2,464 2,347 2,300 2,306 2,255 2,216 2,085 9,537 8,862 
Current accident year catastrophes [1]80 247 280 161 81 184 226 185 768 676 
Prior accident year development [2]101 (50)(115)(56)92 (43)(39)— (120)10 
Total losses and loss adjustment expenses2,607 2,661 2,512 2,405 2,479 2,396 2,403 2,270 10,185 9,548 
Amortization of DAC583 577 552 536 526 509 493 482 2,248 2,010 
Insurance operating costs689 669 655 642 596 601 616 604 2,655 2,417 
Amortization of other intangible assets8 8 7 8 8 8 7 8 31 31 
Dividends to policyholders 10 10 9 10 8 16 7 8 39 39 
Underwriting gain*331 228 254 279 243 223 137 151 1,092 754 
Net investment income562 518 471 459 505 460 415 392 2,010 1,772 
Net realized gains (losses)(9)(34)(61)13 (54)(45)(57)(23)(91)(179)
Net servicing and other income (expense)2 — 5 2 2 5 7 6 9 20 
Income before income taxes886 712 669 753 696 643 502 526 3,020 2,367 
Income tax expense180 143 129 138 129 127 95 100 590 451 
Net income706 569 540 615 567 516 407 426 2,430 1,916 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax6 33 62 (15)45 35 48 23 86 151 
Integration and other non-recurring M&A costs, before tax2 2 2 2 1 1 2 — 8 4 
Change in deferred gain on retroactive reinsurance, before tax [2]4 (26)(37)(24)194 — — — (83)194 
Income tax expense (benefit) [3](4)(1)(6)8 (49)(7)(11)(5)(3)(72)
Core earnings$714 $577 $561 $586 $758 $545 $446 $444 $2,438 $2,193 
ROE
Net income available to common stockholders [4] 20.5 %19.9 %19.9 %18.5 %17.5 %17.6 %13.8 %12.8 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses, excluded from core earnings, before tax0.8 %1.1 %1.2 %1.1 %1.5 %1.1 %1.8 %3.3 %
Integration and other non-recurring M&A costs, before tax0.1 %0.1 %0.1 %0.1 %— %0.1 %0.1 %0.1 %
Change in deferred gain on retroactive reinsurance, before tax [2](0.7 %)1.0 %1.3 %1.6 %1.9 %2.5 %2.3 %2.2 %
Income tax benefit [3]— %(0.4 %)(0.5 %)(0.6 %)(0.7 %)(0.8 %)(0.9 %)(1.3 %)
Impact of AOCI, excluded from core earnings ROE(2.3 %)(2.7 %)(3.1 %)(2.6 %)(2.9 %)(4.3 %)(2.6 %)(1.6)%
Core earnings [4]18.4 %19.0 %18.9 %18.1 %17.3 %16.2 %14.5 %15.5 %
[1]The three months ended December 31, 2024 included $68 of losses, net of reinsurance, from Hurricane Milton, including $55 in Commercial Lines and $13 in Personal Lines. The year ended December 31, 2024 included $121 of losses, net of reinsurance, from Hurricane Helene, including $79 in Commercial Lines and $42 in Personal Lines.
[2]Refer to [3] on page 2 for more information about the change in deferred gain on retroactive reinsurance.
[3]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[4]Net income ROE and Core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Property & Casualty.

8
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
INCOME STATEMENTS (CONTINUED)


Prior accident year development included the following unfavorable (favorable) reserve development:
 THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Workers’ compensation$(70)$(69)$(52)$(67)$(62)$(61)$(52)$(61)$(258)$(236)
Workers' compensation discount accretion10 11 11 12 10 10 11 11 44 42 
General liability130 32 32 17 2 11 16 12 211 41 
Marine— — (8)7 (1)— (2)1 (1)(2)
Package business— (5)(1)— (6)(10)(3)(5)(6)(24)
Commercial property— (2)(2)(3)(9)2 (5)5 (7)(7)
Professional liability(20)— (2)(5)1 — (3)— (27)(2)
Bond(34)— (22)— (39)— 12 — (56)(27)
Assumed reinsurance— — 15 9 15 2 15 2 24 34 
Automobile liability - Commercial Lines21 16 10 — 14 — 6 — 47 20 
Automobile liability - Personal Lines(17)— (13)— — — — — (30)— 
Homeowners(13)(5)(10)— (7)— 2 (1)(28)(6)
Net asbestos and environmental reserves [1]141 — — — — — — — 141 — 
Catastrophes(49)— (38)— (43)— (44)— (87)(87)
Uncollectible reinsurance(19)— — — — 1 4 8 (19)13 
Other reserve re-estimates, net [2]17 (2)2 (2)23 2 4 28 15 57 
Prior accident year development before change in deferred gain97 (24)(78)(32)(102)(43)(39)— (37)(184)
Change in deferred gain on retroactive reinsurance included in other liabilities [1][3] 4 (26)(37)(24)194 — — — (83)194 
Total prior accident year development$101 $(50)$(115)$(56)$92 $(43)$(39)$— $(120)$10 
[1]A&E reserves were reviewed in fourth quarter 2024 and 2023, resulting in an increase in reserves before ADC reinsurance of $203 and $194, respectively, for which $62 and $194 was recorded as a deferred gain on retroactive reinsurance and not included in the Company’s core earnings. Any net adverse loss development above the treaty limit, including $141 recognized in the three months ended December 31, 2024, is reflected in the Company's core earnings. For 2024 and 2023, the total A&E reserve development included an increase in asbestos reserves of $167 and $156, respectively, and an increase in environmental reserves of $36 and $38, respectively.
[2]Other reserve re-estimates for the three months ended December 31, 2024 and 2023 primarily included increases in unallocated loss adjustment expense ("ULAE") reserves of $28 and $23, respectively, within P&C Other Operations driven by the increase in gross A&E reserves discussed in [1] above. The years ended December 31, 2024 and 2023 also included an increase (decrease) of $(32) and $22, respectively, in automobile physical damage reserves within Personal Lines.
[3]Refer to [3] on page 2 for more information about the change in deferred gain on retroactive reinsurance.


9
'THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
UNDERWRITING RATIOS
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
UNDERWRITING GAIN$331 $228 $254 $279 $243 $223 $137 $151 $1,092 $754 
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio61.9 64.4 63.3 62.3 64.5 64.1 65.9 64.8 63.0 64.8 
Expense ratio [1]29.9 29.9 30.1 30.2 28.9 29.5 30.1 30.7 30.0 29.8 
Policyholder dividend ratio0.2 0.2 0.2 0.3 0.2 0.4 0.2 0.2 0.2 0.3 
Combined ratio92.1 94.5 93.6 92.8 93.7 94.0 96.2 95.7 93.2 94.9 
Current accident year catastrophes and prior accident year development(4.3)(4.8)(4.2)(2.7)(4.5)(3.7)(5.1)(5.3)(4.0)(4.7)
Underlying combined ratio*87.8 89.7 89.5 90.1 89.2 90.3 91.1 90.4 89.2 90.2 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio*57.6 59.6 59.1 59.6 60.0 60.4 60.8 59.5 59.0 60.2 
Current accident year catastrophes1.9 6.0 7.1 4.2 2.1 4.9 6.2 5.3 4.7 4.6 
Prior accident year development [2]2.4 (1.2)(2.9)(1.5)2.4 (1.2)(1.1)— (0.7)0.1 
Total loss and loss adjustment expense ratio61.9 64.4 63.3 62.3 64.5 64.1 65.9 64.8 63.0 64.8 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.
[2]Refer to [3] on page 2 for more information about the change in deferred gain on retroactive reinsurance.



10
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
INCOME STATEMENTS
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Written premiums$3,174 $3,275 $3,540 $3,362 $2,990 $3,003 $3,177 $3,109 $13,351 $12,279 
Change in unearned premium reserve(129)26 419 314 (48)52 291 343 630 638 
Earned premiums 3,303 3,249 3,121 3,048 3,038 2,951 2,886 2,766 12,721 11,641 
Fee income10 11 11 11 10 11 10 10 43 41 
Losses and loss adjustment expenses
Current accident year before catastrophes1,849 1,862 1,750 1,725 1,704 1,669 1,638 1,564 7,186 6,575 
Current accident year catastrophes [1]67 155 155 109 60 115 123 138 486 436 
Prior accident year development [2](58)(36)(81)(56)(118)(46)(38)(23)(231)(225)
Total losses and loss adjustment expenses1,858 1,981 1,824 1,778 1,646 1,738 1,723 1,679 7,441 6,786 
Amortization of DAC516 512 489 476 468 451 436 424 1,993 1,779 
Insurance operating costs 505 497 484 487 452 460 469 456 1,973 1,837 
Amortization of other intangible assets8 7 7 7 8 7 7 7 29 29 
Dividends to policyholders10 10 9 10 8 16 7 8 39 39 
Underwriting gain416 253 319 301 466 290 254 202 1,289 1,212 
Net investment income479 442 402 391 435 395 364 338 1,714 1,532 
Net realized gains (losses)(3)(32)(50)12 (48)(38)(51)(19)(73)(156)
Other income (expense) [3](1)(1)(1)(2)(3)2 — — (5)(1)
Income before income taxes891 662 670 702 850 649 567 521 2,925 2,587 
Income tax expense183 134 130 129 163 130 109 100 576 502 
Net income708 528 540 573 687 519 458 421 2,349 2,085 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax2 31 50 (13)41 29 43 19 70 132 
Integration and other non-recurring M&A costs, before tax [3]2 2 2 2 1 1 2 — 8 4 
Change in deferred gain on retroactive reinsurance, before tax [2](58)(26)(37)(24)— — — — (145)— 
Income tax expense (benefit) [4]11 (1)(4)8 (6)(7)(10)(4)14 (27)
Core earnings$665 $534 $551 $546 $723 $542 $493 $436 $2,296 $2,194 
[1]Refer to [1] on page 8 for information about catastrophe losses related to Hurricane Milton and Hurricane Helene.
[2]Refer to [3] on page 2 for information about the change in deferred gain on retroactive reinsurance on the Navigators ADC.
[3]Includes Navigators Group integration costs.
[4]Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

11
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
INCOME STATEMENTS (CONTINUED)



Prior accident year development included the following unfavorable (favorable) reserve development:
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Workers’ compensation$(70)$(69)$(52)$(67)$(62)$(61)$(52)$(61)$(258)$(236)
Workers' compensation discount accretion10 11 11 12 10 10 11 11 44 42 
General liability130 32 32 17 2 11 16 12 211 41 
Marine— — (8)7 (1)— (2)1 (1)(2)
Package business— (5)(1)— (6)(10)(3)(5)(6)(24)
Commercial property— (2)(2)(3)(9)2 (5)5 (7)(7)
Professional liability(20)— (2)(5)1 — (3)— (27)(2)
Bond(34)— (22)— (39)— 12 — (56)(27)
Assumed reinsurance— — 15 9 15 2 15 2 24 34 
Automobile liability21 16 10 — 14 — 6 — 47 20 
Catastrophes(34)— (33)— (43)— (40)— (67)(83)
Uncollectible reinsurance— — — (7)— (2)4 5 (7)7 
Other reserve re-estimates, net(3)7 8 5 — 2 3 7 17 12 
Prior accident year development before change in deferred gain— (10)(44)(32)(118)(46)(38)(23)(86)(225)
Change in deferred gain on retroactive reinsurance included in other liabilities [1](58)(26)(37)(24)— — — — (145)— 
Total prior accident year development$(58)$(36)$(81)$(56)$(118)$(46)$(38)$(23)$(231)$(225)
[1]Includes amortization of the deferred gain on retroactive reinsurance related to the Navigators ADC.


12
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
UNDERWRITING RATIOS 
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
UNDERWRITING GAIN$416 $253 $319 $301 $466 $290 $254 $202 $1,289 $1,212 
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio56.3 61.0 58.4 58.3 54.2 58.9 59.7 60.7 58.5 58.3 
Expense ratio [1]30.8 30.9 31.1 31.5 30.2 30.7 31.3 31.7 31.1 31.0 
Policyholder dividend ratio0.3 0.3 0.3 0.3 0.3 0.5 0.2 0.3 0.3 0.3 
Combined ratio [2]87.4 92.2 89.8 90.1 84.7 90.2 91.2 92.7 89.9 89.6 
Current accident year catastrophes and prior accident year development(0.2)(3.7)(2.4)(1.8)1.9 (2.3)(3.0)(4.2)(2.0)(1.8)
Underlying combined ratio 87.1 88.6 87.4 88.4 86.6 87.8 88.3 88.5 87.9 87.8 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio56.0 57.3 56.1 56.6 56.1 56.6 56.8 56.5 56.5 56.5 
Current accident year catastrophes2.0 4.8 5.0 3.6 2.0 3.9 4.3 5.0 3.8 3.7 
Prior accident year development(1.8)(1.1)(2.6)(1.8)(3.9)(1.6)(1.3)(0.8)(1.8)(1.9)
Total loss and loss adjustment expense ratio56.3 61.0 58.4 58.3 54.2 58.9 59.7 60.7 58.5 58.3 
COMBINED RATIOS BY LINE OF BUSINESS
SMALL COMMERCIAL
Combined ratio83.8 91.6 88.7 89.0 84.0 87.7 90.8 90.8 88.2 88.2 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(1.2)(6.4)(6.1)(3.8)(3.4)(3.2)(5.7)(6.2)(4.3)(4.6)
Prior accident year development4.1 4.1 4.2 4.3 5.2 5.2 4.5 4.9 4.2 5.0 
Underlying combined ratio 86.7 89.3 86.8 89.6 85.8 89.7 89.7 89.5 88.1 88.6 
MIDDLE & LARGE COMMERCIAL
Combined ratio93.9 97.0 95.9 94.0 89.3 94.5 93.6 97.6 95.2 93.7 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(0.5)(3.5)(4.8)(3.6)(0.1)(4.5)(3.8)(5.0)(3.1)(3.3)
Prior accident year development(3.3)(3.3)(1.4)(1.2)1.2 (1.8)(1.1)(2.7)(2.3)(1.1)
Underlying combined ratio90.2 90.2 89.6 89.2 90.3 88.1 88.7 89.9 89.8 89.3 
GLOBAL SPECIALTY
Combined ratio [2]84.7 87.4 83.4 87.8 79.6 88.9 87.3 88.7 85.8 86.0 
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(5.4)(3.8)(3.5)(3.3)(2.0)(4.3)(2.6)(3.1)(4.0)(3.0)
Prior accident year development4.3 1.7 5.3 0.7 5.3 (0.3)0.3 (0.4)3.0 1.3 
Underlying combined ratio83.6 85.3 85.2 85.3 82.9 84.3 85.0 85.2 84.8 84.3 
[1]Integration and transaction costs related to the acquisition of Navigators Group are not included in the expense ratio.
[2]The three and twelve months ended December 31, 2024 included a change in deferred gain on retroactive reinsurance related to the Navigators ADC of $58 and $145 representing a benefit of 1.8 and 1.1 points for the Commercial Lines combined ratio and 6.3 and 4.1 points for the global specialty combined ratio for the three and twelve month periods, respectively.

13
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMMERCIAL LINES
SUPPLEMENTAL DATA
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
WRITTEN PREMIUMS
Small Commercial$1,330 $1,347 $1,373 $1,425 $1,220 $1,228 $1,266 $1,319 $5,475 $5,033 
Middle & Large Commercial1,059 1,117 1,140 1,016 1,010 1,031 1,013 935 4,332 3,989 
Middle Market900 962 993 872 860 900 881 796 3,727 3,437 
National Accounts and Other159 155 147 144 150 131 132 139 605 552 
Global Specialty [1]769 797 1,013 907 748 730 885 842 3,486 3,205 
U.S.533 544 595 505 495 500 551 468 2,177 2,014 
International123 102 125 106 122 96 121 99 456 438 
Global Re113 151 293 296 131 134 213 275 853 753 
Other16 14 14 14 12 14 13 13 58 52 
Total$3,174 $3,275 $3,540 $3,362 $2,990 $3,003 $3,177 $3,109 $13,351 $12,279 
EARNED PREMIUMS
Small Commercial$1,355 $1,323 $1,284 $1,248 $1,251 $1,221 $1,190 $1,139 $5,210 $4,801 
Middle & Large Commercial1,069 1,065 1,021 996 989 955 948 914 4,151 3,806 
Middle Market918 921 879 864 851 829 806 785 3,582 3,271 
National Accounts and Other151 144 142 132 138 126 142 129 569 535 
Global Specialty [1]865 847 802 789 786 761 735 700 3,303 2,982 
U.S.547 540 514 503 500 501 484 463 2,104 1,948 
International115 113 108 105 108 104 108 99 441 419 
Global Re203 194 180 181 178 156 143 138 758 615 
Other14 14 14 15 12 14 13 13 57 52 
Total$3,303 $3,249 $3,121 $3,048 $3,038 $2,951 $2,886 $2,766 $12,721 $11,641 
COMMERCIAL LINES STATISTICAL PREMIUM INFORMATION
Small Commercial
Net New Business Premium$264 $278 $291 $268 $216 $220 $237 $242 $1,101 $915 
Renewal Written Price Increases7.2 %6.5 %6.4 %5.7 %5.8 %4.8 %4.2 %3.8 %6.4 %4.6 %
Policy Count Retention84 %84 %84 %85 %85 %85 %85 %86 %84 %85 %
Policies in Force (in thousands)1,570 1,558 1,537 1,512 1,492 1,479 1,461 1,439 
Middle Market [2]
Net New Business Premium$180 $176 $187 $174 $168 $137 $164 $148 $717 $617 
Renewal Written Price Increases6.5 %6.9 %6.9 %7.2 %7.4 %7.8 %7.1 %6.5 %6.9 %7.2 %
Premium Retention83 %84 %85 %83 %84 %82 %83 %82 %84 %83 %
Global Specialty
Gross New Business Premium [3]
$224 $233 $264 $223 $230 $216 $246 $191 $944 $883 
Renewal Written Price Increases [4]5.7 %5.6 %6.1 %5.8 %4.7 %3.8 %5.0 %3.9 %5.8 %4.4 %
[1]U.S. business includes a small amount of business issued by U.S. insurance entities to U.S. policyholders with international-based exposures. International represents Navigators Group business written in either Lloyd's market or other international markets, which includes U.S.-based exposures.
[2]Except for net new business premium, metrics for Middle Market exclude loss sensitive and programs businesses.
[3]Excludes Global Re and is before ceded reinsurance.
[4]Excludes Global Re, offshore energy policies, credit and political risk insurance policies, political violence and terrorism policies, and any business under which the managing agent of our Lloyd's Syndicate 1221 delegates underwriting authority to coverholders and other third parties.

14

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
INCOME STATEMENTS
 THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Written premiums$871 $970 $913 $844 $780 $869 $802 $747 $3,598 $3,198 
Change in unearned premium reserve(35)85 64 31 (24)85 42 8 145 111 
Earned premiums906 885 849 813 804 784 760 739 3,453 3,087 
Fee income 9 8 8 8 8 7 7 8 33 30 
Losses and loss adjustment expenses
Current accident year before catastrophes577 602 597 575 602 586 578 521 2,351 2,287 
Current accident year catastrophes [1]13 92 125 52 21 69 103 47 282 240 
Prior accident year development (53)(14)(34)(7)(7)1 (3)20 (108)11 
Total losses and loss adjustment expenses537 680 688 620 616 656 678 588 2,525 2,538 
Amortization of DAC67 65 63 60 58 58 57 58 255 231 
Insurance operating costs182 169 169 153 148 138 145 145 673 576 
Amortization of other intangible assets— 1 — 1 — 1 — 1 2 2 
Underwriting gain (loss)129 (22)(63)(13)(10)(62)(113)(45)31 (230)
Net investment income64 58 50 50 52 47 34 38 222 171 
Net realized gains (losses)(5)(2)(8)1 (5)(5)(5)(1)(14)(16)
Net servicing and other income (expense)3 5 6 4 5 3 7 6 18 21 
Income (loss) before income taxes191 39 (15)42 42 (17)(77)(2)257 (54)
Income tax expense (benefit)37 8 (4)8 8 (5)(17)(1)49 (15)
Net income (loss)154 31 (11)34 34 (12)(60)(1)208 (39)
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses (gains), excluded from core earnings, before tax3 2 9 (2)3 5 4 1 12 13 
Income tax expense (benefit) [2](2)— (2)1 (1)(1)(1)— (3)(3)
Core earnings (loss)$155 $33 $(4)$33 $36 $(8)$(57)$— $217 $(29)
[1]Refer to [1] on page 8 for information about catastrophe losses related to Hurricane Milton and Hurricane Helene.
[2]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.

15
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
INCOME STATEMENTS (CONTINUED)


Prior accident year development included the following unfavorable (favorable) reserve development:
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Automobile liability$(17)$— $(13)$— $— $— $— $— $(30)$— 
Homeowners(13)(5)(10)— (7)— 2 (1)(28)(6)
Catastrophes(15)— (5)— — — (4)— (20)(4)
Uncollectible reinsurance— — — — — 1 — — — 1 
Other reserve re-estimates, net [1](8)(9)(6)(7)— — (1)21 (30)20 
Total prior accident year development$(53)$(14)$(34)$(7)$(7)$1 $(3)$20 $(108)$11 
[1]Other reserve re-estimates, net includes an increase (decrease) in automobile physical damage reserves of $(8) and $(32) for the three and twelve months ended December 31, 2024 and $0 and $22 for the three and twelve months ended December 31, 2023, respectively.

16
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
UNDERWRITING RATIOS
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
UNDERWRITING GAIN (LOSS)$129 $(22)$(63)$(13)$(10)$(62)$(113)$(45)$31 $(230)
UNDERWRITING RATIOS
Loss and loss adjustment expense ratio59.3 76.8 81.0 76.3 76.6 83.7 89.2 79.6 73.1 82.2 
Expense ratio26.5 25.6 26.4 25.3 24.6 24.2 25.7 26.5 26.0 25.2 
Combined ratio85.8 102.5 107.4 101.6 101.2 107.9 114.9 106.1 99.1 107.5 
Current accident year catastrophes and prior accident year development4.4 (8.8)(10.7)(5.5)(1.7)(8.9)(13.2)(9.1)(5.1)(8.2)
Underlying combined ratio90.2 93.7 96.7 96.1 99.5 99.0 101.7 97.0 94.1 99.3 
Loss and loss adjustment expense ratio
Underlying loss and loss adjustment expense ratio63.7 68.0 70.3 70.7 74.9 74.7 76.1 70.5 68.1 74.1 
Current accident year catastrophes1.4 10.4 14.7 6.4 2.6 8.8 13.6 6.4 8.2 7.8 
Prior accident year development(5.8)(1.6)(4.0)(0.9)(0.9)0.1 (0.4)2.7 (3.1)0.4 
Total loss and loss adjustment expense ratio59.3 76.8 81.0 76.3 76.6 83.7 89.2 79.6 73.1 82.2 
PRODUCT
Automobile
Combined ratio98.3 105.7 105.4 103.9 113.7 110.8 116.4 110.2 103.3 112.8 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes— (5.8)(3.6)(1.0)(0.2)(2.3)(3.8)(1.1)(2.6)(1.8)
Prior accident year development4.7 1.6 3.1 1.6 0.1 — (0.8)(4.0)2.8 (1.1)
Underlying combined ratio103.0 101.5 104.9 104.4 113.5 108.5 111.8 105.1 103.4 109.8 
Homeowners
Combined ratio57.8 94.7 114.5 96.2 72.7 101.4 115.1 96.8 90.1 96.4 
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes(4.8)(21.0)(40.4)(18.7)(8.0)(23.1)(35.5)(17.8)(20.9)(21.1)
Prior accident year development8.6 1.7 3.7 (0.5)2.7 (0.3)(0.1)(0.1)3.5 0.6 
Underlying combined ratio61.7 75.4 77.8 77.0 67.3 78.1 79.6 78.9 72.7 75.9 


17
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
SUPPLEMENTAL DATA

 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
DISTRIBUTION
WRITTEN PREMIUMS
AARP Direct$711 $811 $776 $724 $663 $754 $698 $648 $3,022 $2,763 
AARP Agency75 73 63 61 60 57 52 50 272 219 
Other Agency80 82 70 55 52 53 48 44 287 197 
Other5 4 4 4 5 5 4 5 17 19 
Total$871 $970 $913 $844 $780 $869 $802 $747 $3,598 $3,198 
EARNED PREMIUMS
AARP Direct$767 $755 $730 $702 $697 $681 $659 $640 $2,954 $2,677 
AARP Agency68 62 58 56 55 50 51 49 244 205 
Other Agency69 62 56 51 47 47 45 45 238 184 
Other2 6 5 4 5 6 5 5 17 21 
Total$906 $885 $849 $813 $804 $784 $760 $739 $3,453 $3,087 
PRODUCT LINE
WRITTEN PREMIUMS
Automobile$590 $649 $617 $600 $545 $596 $543 $529 $2,456 $2,213 
Homeowners281 321 296 244 235 273 259 218 1,142 985 
Total$871 $970 $913 $844 $780 $869 $802 $747 $3,598 $3,198 
EARNED PREMIUMS
Automobile$627 $616 $592 $566 $561 $541 $523 $509 $2,401 $2,134 
Homeowners279 269 257 247 243 243 237 230 1,052 953 
Total$906 $885 $849 $813 $804 $784 $760 $739 $3,453 $3,087 


18
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PERSONAL LINES
SUPPLEMENTAL DATA (CONTINUED)
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
STATISTICAL PREMIUM INFORMATION (YEAR OVER YEAR)
Net New Business Premium
Automobile$77 $83 $82 $72 $65 $61 $52 $46 $314 $224 
Homeowners$59 $60 $47 $34 $25 $25 $22 $21 $200 $93 
Renewal Written Price Increases
Automobile19.1 %20.7 %23.4 %25.5 %21.8 %19.6 %13.7 %9.9 %22.1 %16.3 %
Homeowners13.9 %15.1 %14.9 %15.2 %14.6 %14.0 %14.4 %13.9 %14.8 %14.2 %
Policy Count Retention
Automobile81 %81 %83 %84 %85 %85 %86 %85 %83 %85 %
Homeowners83 %83 %84 %84 %85 %84 %84 %84 %84 %84 %
Effective Policy Count Retention
Automobile80 %80 %79 %79 %81 %82 %83 %84 %80 %83 %
Homeowners83 %83 %83 %83 %84 %83 %84 %84 %83 %84 %
Policies in Force (in thousands)
Automobile1,171 1,193 1,214 1,233 1,257 1,270 1,287 1,305 
Homeowners712 707 702 701 704 712 723 731 



19
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
P&C OTHER OPERATIONS
INCOME STATEMENTS
 
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Losses and loss adjustment expenses
Prior accident year development [1] [2]$212 $— $— $7 $217 $2 $2 $3 $219 $224 
Total losses and loss adjustment expenses212 — — 7 217 2 2 3 219 224 
Insurance operating costs2 3 2 2 (4)3 2 3 9 4 
Underwriting loss(214)(3)(2)(9)(213)(5)(4)(6)(228)(228)
Net investment income19 18 19 18 18 18 17 16 74 69 
Net realized losses(1)— (3)— (1)(2)(1)(3)(4)(7)
Other expense— (4)— — — — — — (4)— 
Income (loss) before income taxes(196)11 14 9 (196)11 12 7 (162)(166)
Income tax expense (benefit)(40)1 3 1 (42)2 3 1 (35)(36)
Net income (loss)(156)10 11 8 (154)9 9 6 (127)(130)
Adjustments to reconcile net income (loss) to core earnings (loss):
Net realized losses excluded from core earnings, before tax1 — 3 — 1 1 1 3 4 6 
Change in deferred gain on retroactive reinsurance, before tax62 — — — 194 — — — 62 194 
Income tax expense (benefit) [3](13)— — (1)(42)1 — (1)(14)(42)
Core earnings (loss)$(106)$10 $14 $7 $(1)$11 $10 $8 $(75)$28 
[1]Refer to [1] on page 9 for discussion related to prior year development on A&E reserves and the related deferred gain on retroactive reinsurance for the three months ended December 31, 2024 and 2023.
[2]Refer to [2] on page 9 for a discussion of an increase in ULAE reserves for the three months ended December 31, 2024 and 2023.
[3]Represents federal income tax expense (benefit) related to before tax items not included in core earnings (loss).

20

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
GROUP BENEFITS
INCOME STATEMENTS
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Earned premiums$1,600 $1,600 $1,608 $1,585 $1,591 $1,575 $1,574 $1,558 $6,393 $6,298 
Fee income56 55 57 54 56 54 56 51 222 217 
Net investment income130 119 112 114 125 121 113 110 475 469 
Net realized gains (losses)(16)— (9)1 — (31)(19)5 (24)(45)
Total revenues1,770 1,774 1,768 1,754 1,772 1,719 1,724 1,724 7,066 6,939 
Benefits, losses and loss adjustment expenses1,169 1,161 1,147 1,204 1,152 1,146 1,175 1,210 4,681 4,683 
Amortization of DAC8 8 9 9 8 8 9 9 34 34 
Insurance operating costs and other expenses424 401 387 397 381 372 381 380 1,609 1,514 
Amortization of other intangible assets10 10 10 10 10 10 10 10 40 40 
Total benefits, losses and expenses1,611 1,580 1,553 1,620 1,551 1,536 1,575 1,609 6,364 6,271 
Income before income taxes159 194 215 134 221 183 149 115 702 668 
Income tax expense33 38 44 26 45 37 28 23 141 133 
Net income126 156 171 108 176 146 121 92 561 535 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax15 (1)9 (1)(2)28 16 (5)22 37 
Integration and other non-recurring M&A costs, before tax— — — — 1 1 — 2 — 4 
Income tax expense (benefit) [1](2)(1)(2)— (1)(5)(4)1 (5)(9)
Core earnings$139 $154 $178 $107 $174 $170 $133 $90 $578 $567 
Margin
Net income margin7.1 %8.8 %9.7 %6.2 %9.9 %8.5 %7.0 %5.3 %7.9 %7.7 %
Core earnings margin*7.8 %8.7 %10.0 %6.1 %9.8 %9.8 %7.6 %5.2 %8.2 %8.1 %
ROE
Net income available to common stockholders [2]15.5 %17.7 %18.0 %16.1 %15.4 %15.9 %13.0 %11.9 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses, excluded from core earnings, before tax0.7 %0.2 %1.1 %1.3 %1.2 %1.3 %1.5 %3.1 %
Integration and other non-recurring M&A costs, before tax— %— %0.1 %0.1 %0.1 %0.2 %0.2 %0.2 %
Income tax expense (benefit) [1](0.1 %)(0.1 %)(0.3 %)(0.3 %)(0.3 %)(0.2 %)(0.4 %)(0.7 %)
Impact of AOCI, excluded from core earnings ROE(1.7 %)(2.2 %)(2.5 %)(2.1 %)(2.1 %)(3.4 %)(1.8 %)(0.9 %)
Core earnings [2]14.4 %15.6 %16.4 %15.1 %14.3 %13.8 %12.5 %13.6 %
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[2]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Group Benefits.

21

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
GROUP BENEFITS
SUPPLEMENTAL DATA
 
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
PREMIUMS
Fully insured ongoing premiums
Group disability$845 $835 $837 $836 $845 $827 $822 $814 $3,353 $3,308 
Group life 651 658 663 645 647 640 650 643 2,617 2,580 
Other [1]104 107 107 104 98 102 102 100 422 402 
Total fully insured ongoing premiums1,600 1,600 1,607 1,585 1,590 1,569 1,574 1,557 6,392 6,290 
Total buyouts [2]— — 1 — 1 6 — 1 1 8 
Total premiums$1,600 $1,600 $1,608 $1,585 $1,591 $1,575 $1,574 $1,558 $6,393 $6,298 
SALES (GROSS ANNUALIZED NEW PREMIUMS)
Fully insured ongoing sales
Group disability$37 $53 $37 $247 $43 $83 $77 $209 $374 $412 
Group life23 32 51 154 21 45 60 227 260 353 
Other [1]8 20 13 43 7 15 14 38 84 74 
Total fully insured ongoing sales68 105 101 444 71 143 151 474 718 839 
Total buyouts [2]— — 1 — 1 6 — 1 1 8 
Total sales$68 $105 $102 $444 $72 $149 $151 $475 $719 $847 
RATIOS, EXCLUDING BUYOUTS
Group disability loss ratio66.9 %67.9 %67.1 %70.1 %63.6 %67.3 %67.0 %70.4 %68.0 %67.1 %
Group life loss ratio79.9 %77.5 %74.9 %82.6 %83.0 %80.2 %84.1 %86.7 %78.7 %83.5 %
Total loss ratio70.6 %70.2 %68.9 %73.5 %69.9 %70.2 %72.1 %75.2 %70.8 %71.8 %
Expense ratio [3]26.7 %25.3 %24.4 %25.4 %24.2 %24.0 %24.5 %24.7 %25.4 %24.3 %
[1]Includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.
[2]Takeover of open claim liabilities and other non-recurring premium amounts.
[3]Integration and transaction costs related to the acquisition of Aetna's U.S. group life and disability business are not included in the expense ratio.

22

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
HARTFORD FUNDS
INCOME STATEMENTS
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Investment management fees $208 $202 $195 $191 $183 $189 $186 $182 $796 $740 
Shareowner servicing fees 23 23 21 21 21 21 21 21 88 84 
Other revenue44 43 42 42 42 42 41 41 171 166 
Net realized gains (losses)(3)7 3 5 8 (4)1 5 12 10 
Total revenues 272 275 261 259 254 248 249 249 1,067 1,000 
Sub-advisory expense76 73 71 69 67 67 66 65 289 265 
Employee compensation and benefits33 31 32 35 30 28 29 34 131 121 
Distribution and service77 75 74 73 70 73 73 73 299 289 
General, administrative and other24 29 26 26 29 27 24 26 105 106 
Total expenses 210 208 203 203 196 195 192 198 824 781 
Income before income taxes62 67 58 56 58 53 57 51 243 219 
Income tax expense13 13 14 11 11 12 12 10 51 45 
Net income49 54 44 45 47 41 45 41 192 174 
Adjustments to reconcile net income to core earnings:
Net realized losses (gains), excluded from core earnings, before tax3 (7)(3)(5)(8)4 (1)(5)(12)(10)
Income tax expense (benefit) [1](1)— 2 1 — — — 1 2 1 
Core earnings$51 $47 $43 $41 $39 $45 $44 $37 $182 $165 
Daily average Hartford Funds AUM$142,230 $137,888 $134,064 $131,648 $124,676 $128,786 $127,540 $127,084 $136,477 $127,019 
Return on assets (bps, net of tax) [2]
Net income13.8 15.7 13.1 13.7 15.1 12.7 14.1 12.9 14.1 13.7 
Core earnings*14.3 13.6 12.8 12.5 12.5 14.0 13.8 11.6 13.3 13.0 
ROE
Net income available to common stockholders [3]43.4 %44.1 %42.2 %43.6 %43.9 %44.9 %44.9 %42.7 %
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax(2.8 %)(5.5 %)(2.9 %)(2.5 %)(2.6 %)(2.4 %)(1.1 %)2.7 %
Income tax expense (benefit) [1]0.5 %0.7 %0.7 %0.3 %0.3 %0.5 %(0.3 %)(1.1 %)
Impact of AOCI, excluded from core earnings ROE(1.4 %)(1.5 %)(1.6 %)(1.7 %)(1.8 %)(2.5 %)(1.9 %)(1.5 %)
Core earnings [3]39.7 %37.8 %38.4 %39.7 %39.8 %40.5 %41.6 %42.8 %
[1]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.
[2]Represents annualized earnings divided by daily average assets under management ("AUM"), as measured in basis points ("bps") which represents one hundredth of one percent.
[3]Net income ROE and core earnings ROE are calculated by allocating a portion of debt, interest expense, preferred stock and preferred stock dividends accounted for within Corporate to Hartford Funds.



23
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
HARTFORD FUNDS
ASSET VALUE ROLLFORWARD
ASSETS UNDER MANAGEMENT BY ASSET CLASS
THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Equity Funds
Beginning balance $87,271 $83,212 $83,337 $79,352 $74,306 $78,951 $76,132 $73,782 $79,352 $73,782 
Sales3,682 3,364 3,612 3,428 3,077 3,096 3,447 4,202 14,086 13,822 
Redemptions(4,787)(4,298)(4,831)(5,488)(5,303)(4,366)(4,145)(5,221)(19,404)(19,035)
Net flows(1,105)(934)(1,219)(2,060)(2,226)(1,270)(698)(1,019)(5,318)(5,213)
Change in market value and other (2,166)4,993 1,094 6,045 7,272 (3,375)3,517 3,369 9,966 10,783 
Ending balance$84,000 $87,271 $83,212 $83,337 $79,352 $74,306 $78,951 $76,132 $84,000 $79,352 
Fixed Income Funds
Beginning balance $19,347 $17,825 $17,201 $16,773 $15,941 $16,149 $16,399 $15,861 $16,773 $15,861 
Sales3,229 1,905 1,569 1,822 1,553 1,160 1,216 1,521 8,525 5,450 
Redemptions(1,290)(1,150)(1,080)(1,497)(1,692)(1,127)(1,468)(1,372)(5,017)(5,659)
Net flows1,939 755 489 325 (139)33 (252)149 3,508 (209)
Change in market value and other (227)767 135 103 971 (241)2 389 778 1,121 
Ending balance$21,059 $19,347 $17,825 $17,201 $16,773 $15,941 $16,149 $16,399 $21,059 $16,773 
Multi-Strategy Investments Funds [1]
Beginning balance$19,425 $18,807 $19,268 $19,292 $18,573 $19,764 $19,941 $19,975 $19,292 $19,975 
Sales455 400 472 387 416 354 402 516 1,714 1,688 
Redemptions(834)(902)(930)(954)(1,134)(968)(918)(892)(3,620)(3,912)
Net flows(379)(502)(458)(567)(718)(614)(516)(376)(1,906)(2,224)
Change in market value and other (534)1,120 (3)543 1,437 (577)339 342 1,126 1,541 
Ending balance$18,512 $19,425 $18,807 $19,268 $19,292 $18,573 $19,764 $19,941 $18,512 $19,292 
Exchange-Traded Funds ("ETF") AUM
Beginning balance$4,323 $3,842 $3,753 $3,899 $3,362 $3,243 $3,036 $2,854 $3,899 $2,854 
Net flows341 256 103 (209)120 222 210 67 491 619 
Change in market value and other(181)225 (14)63 417 (103)(3)115 93 426 
Ending balance$4,483 $4,323 $3,842 $3,753 $3,899 $3,362 $3,243 $3,036 $4,483 $3,899 
Mutual Fund and ETF AUM
Beginning balance$130,366 $123,686 $123,559 $119,316 $112,182 $118,107 $115,508 $112,472 $119,316 $112,472 
Sales - mutual fund7,366 5,669 5,653 5,637 5,046 4,610 5,065 6,239 24,325 20,960 
Redemptions - mutual fund(6,911)(6,350)(6,841)(7,939)(8,129)(6,461)(6,531)(7,485)(28,041)(28,606)
Net flows - ETF341 256 103 (209)120 222 210 67 491 619 
Net flows - mutual fund and ETF796 (425)(1,085)(2,511)(2,963)(1,629)(1,256)(1,179)(3,225)(7,027)
Change in market value and other (3,108)7,105 1,212 6,754 10,097 (4,296)3,855 4,215 11,963 13,871 
Ending balance128,054 130,366 123,686 123,559 119,316 112,182 118,107 115,508 128,054 119,316 
Third-party life and annuity separate account AUM11,544 12,073 11,832 12,083 11,709 11,011 11,799 11,672 11,544 11,709 
Hartford Funds AUM$139,598 $142,439 $135,518 $135,642 $131,025 $123,193 $129,906 $127,180 $139,598 $131,025 
[1]Includes balanced, allocation, and alternative investment products.

24

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CORPORATE
INCOME STATEMENTS 
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Fee income [1]$10 $10 $10 $10 $9 $10 $11 $9 $40 $39 
Other revenue— 1 1 — — 1 — 1 2 2 
Net investment income16 17 14 16 17 12 8 10 63 47 
Net realized gains (losses)11 14 8 9 19 (10)11 6 42 26 
Total revenues37 42 33 35 45 13 30 26 147 114 
Benefits, losses and loss adjustment expenses [2]3 1 2 2 2 1 2 2 8 7 
Insurance operating costs and other expenses [1] [3]17 12 11 14 17 27 11 13 54 68 
Interest expense50 49 50 50 49 50 50 50 199 199 
Restructuring and other costs— 1 — 1 2 1 3 — 2 6 
Total expenses70 63 63 67 70 79 66 65 263 280 
Loss before income taxes(33)(21)(30)(32)(25)(66)(36)(39)(116)(166)
Income tax benefit(5)(9)(13)(17)(6)(14)(10)(15)(44)(45)
Net loss(28)(12)(17)(15)(19)(52)(26)(24)(72)(121)
Preferred stock dividends5 6 5 5 5 6 5 5 21 21 
Net loss available to common stockholders(33)(18)(22)(20)(24)(58)(31)(29)(93)(142)
Adjustments to reconcile net loss available to common stockholders to core loss:
Net realized losses (gains), excluded from core earnings, before tax(8)(13)(10)(9)(19)9 (10)(6)(40)(26)
Restructuring and other costs, before tax— 1 — 1 2 1 3 — 2 6 
Income tax expense (benefit) [4]2 4 — 3 5 (4)3 — 9 4 
Core loss$(39)$(26)$(32)$(25)$(36)$(52)$(35)$(35)$(122)$(158)
[1]Includes investment management fees and expenses related to managing third-party assets.
[2]Includes benefits, losses and loss adjustment expenses for run-off structured settlement and terminal funding agreement liabilities.
[3]Insurance operating costs and other expenses for the twelve months ended December 31, 2023, includes a $14 capital-based state tax expense covering several years recorded in the 2023 period.
[4]Represents federal income tax expense (benefit) related to before tax items not included in core earnings.


25

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT INCOME BEFORE TAX
CONSOLIDATED
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$533 $533 $496 $483 $466 $433 $411 $395 $2,045 $1,705 
Tax-exempt38 37 41 43 44 47 49 50 159 190 
Total fixed maturities571 570 537 526 510 480 460 445 2,204 1,895 
Equity securities15 5 6 9 14 9 9 13 35 45 
Mortgage loans70 68 65 63 61 59 58 57 266 235 
Limited partnerships and other alternative investments [2]79 37 16 16 82 72 32 26 148 212 
Other [3]6 1 1 6 8 (1)4 (2)14 9 
Subtotal741 681 625 620 675 619 563 539 2,667 2,396 
Investment expense(27)(22)(23)(27)(22)(22)(23)(24)(99)(91)
Total net investment income$714 $659 $602 $593 $653 $597 $540 $515 $2,568 $2,305 
Annualized investment yield, before tax [4]4.7 %4.4 %4.1 %4.1 %4.5 %4.2 %3.9 %3.7 %4.3 %4.1 %
Annualized limited partnerships and other alternative investment yield, before tax [4]6.4 %3.0 %1.3 %1.3 %7.0 %6.3 %2.9 %2.5 %3.0 %4.8 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]*4.6 %4.5 %4.4 %4.3 %4.3 %4.1 %4.0 %3.8 %4.4 %4.0 %
Annualized investment yield, net of tax [4]3.8 %3.5 %3.3 %3.3 %3.7 %3.4 %3.1 %3.0 %3.5 %3.3 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]*3.7 %3.6 %3.5 %3.5 %3.5 %3.3 %3.2 %3.0 %3.6 %3.2 %
Average reinvestment rate [5]5.7 %5.5 %6.4 %6.1 %6.3 %6.0 %5.3 %5.8 %5.9 %5.8 %
Average sales/maturities yield [6]5.4 %4.4 %4.9 %5.0 %4.8 %4.5 %4.1 %4.2 %5.0 %4.4 %
Portfolio duration (in years) [7]3.8 3.9 3.9 4.0 3.8 4.1 4.0 4.0 3.8 3.8 
[1]Includes income on short-term investments.
[2]Within Property & Casualty, other alternative investments include an insurer-owned life insurance policy, which is primarily invested in private equity funds and fixed income.
[3]Includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.
[4]Represents annualized net investment income divided by the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value.
[5]Represents the annualized yield on fixed maturities and mortgage loans that were purchased during the respective period. Excludes U.S. Treasury securities and cash equivalents.
[6]Represents the annualized yield on fixed maturities and mortgage loans that were sold, matured, or redeemed, including calls and paydowns, during the respective period. Excludes U.S. Treasury securities and cash equivalents.
[7]Excludes certain short-term investments.

26
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT INCOME BEFORE TAX
PROPERTY & CASUALTY
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$421 $420 $389 $373 $359 $333 $316 $304 $1,603 $1,312 
Tax-exempt29 28 29 32 33 34 37 37 118 141 
Total fixed maturities450 448 418 405 392 367 353 341 1,721 1,453 
Equity securities8 3 3 6 6 6 7 9 20 28 
Mortgage loans52 51 49 46 45 43 42 41 198 171 
Limited partnerships and other alternative investments [2]65 31 16 15 71 60 26 21 127 178 
Other [3]8 2 2 8 9 — 5 (2)20 12 
Subtotal583 535 488 480 523 476 433 410 2,086 1,842 
Investment expense(21)(17)(17)(21)(18)(16)(18)(18)(76)(70)
Total net investment income$562 $518 $471 $459 $505 $460 $415 $392 $2,010 $1,772 
Annualized investment yield, before tax [4]4.8 %4.5 %4.2 %4.1 %4.6 %4.3 %3.9 %3.6 %4.4 %4.1 %
Annualized limited partnerships and other alternative investment yield, before tax [4]6.7 %3.2 %1.6 %1.6 %7.7 %6.7 %3.0 %2.5 %3.3 %5.1 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.6 %4.6 %4.4 %4.3 %4.3 %4.0 %4.0 %3.7 %4.5 %4.0 %
Annualized investment yield, net of tax [4]3.8 %3.6 %3.4 %3.3 %3.7 %3.5 %3.1 %3.0 %3.5 %3.3 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.7 %3.7 %3.5 %3.5 %3.5 %3.2 %3.2 %3.0 %3.6 %3.2 %
Average reinvestment rate [5]5.7 %5.5 %6.4 %6.1 %6.3 %6.0 %5.3 %5.8 %5.9 %5.8 %
Average sales/maturities yield [6]5.6 %4.5 %4.9 %4.9 %4.9 %4.5 %4.1 %4.2 %5.1 %4.4 %
Portfolio duration (in years) [7]3.7 3.7 3.8 3.8 3.6 3.9 3.8 3.9 3.7 3.6 
Footnotes [1] through [7] are explained on page 26.

27
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT INCOME BEFORE TAX
GROUP BENEFITS
 THREE MONTHS ENDEDYEAR ENDED
 Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net Investment Income (Loss)
Fixed maturities [1]
Taxable$96 $94 $92 $93 $92 $86 $85 $81 $375 $344 
Tax-exempt8 7 10 10 10 10 11 12 35 43 
Total fixed maturities104 101 102 103 102 96 96 93 410 387 
Equity securities2 1 1 1 1 3 1 2 5 7 
Mortgage loans18 17 16 17 16 16 16 16 68 64 
Limited partnerships and other alternative investments [2]14 6 — 1 11 12 6 5 21 34 
Other [3](2)(1)(1)(2)(1)— (1)— (6)(2)
Subtotal136 124 118 120 129 127 118 116 498 490 
Investment expense(6)(5)(6)(6)(4)(6)(5)(6)(23)(21)
Total net investment income$130 $119 $112 $114 $125 $121 $113 $110 $475 $469 
Annualized investment yield, before tax [4]4.5 %4.1 %3.9 %3.9 %4.2 %4.1 %3.9 %3.8 %4.1 %4.0 %
Annualized limited partnerships and other alternative investment yield, before tax [4]5.2 %2.3 %— %0.4 %4.4 %4.8 %2.5 %2.5 %2.0 %3.7 %
Annualized investment yield, before tax, excluding limited partnership and other alternative investments [4]4.4 %4.3 %4.3 %4.2 %4.2 %4.1 %4.0 %3.9 %4.3 %4.0 %
Annualized investment yield, net of tax [4]3.6 %3.3 %3.1 %3.1 %3.4 %3.3 %3.1 %3.0 %3.3 %3.2 %
Annualized investment yield, net of tax, excluding limited partnership and other alternative investments [4]3.5 %3.4 %3.4 %3.4 %3.4 %3.3 %3.2 %3.1 %3.4 %3.3 %
Average reinvestment rate [5]5.8 %5.9 %6.6 %6.4 %6.2 %5.9 %5.3 %6.0 %6.1 %5.9 %
Average sales/maturities yield [6]4.8 %4.3 %4.8 %5.2 %4.6 %4.8 %4.3 %4.4 %4.8 %4.5 %
Portfolio duration (in years) [7]4.9 5.0 4.9 5.1 4.9 5.1 4.9 4.8 4.9 4.9 
Footnotes [1] through [7] are explained on page 26.

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THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NET INVESTMENT INCOME
CONSOLIDATED
THREE MONTHS ENDEDYEAR ENDED
Net Investment Income by SegmentDec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net Investment Income
Commercial Lines$479 $442 $402 $391 $435 $395 $364 $338 $1,714 $1,532 
Personal Lines64 58 50 50 52 47 34 38 222 171 
P&C Other Operations19 18 19 18 18 18 17 16 74 69 
Total Property & Casualty562 518 471 459 505 460 415 392 2,010 1,772 
Group Benefits130 119 112 114 125 121 113 110 475 469 
Hartford Funds6 5 5 4 6 4 4 3 20 17 
Corporate16 17 14 16 17 12 8 10 63 47 
Total net investment income by segment$714 $659 $602 $593 $653 $597 $540 $515 $2,568 $2,305 
THREE MONTHS ENDEDYEAR ENDED
Net Investment Income from Limited Partnerships and Other Alternative InvestmentsDec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Total Property & Casualty$65 $31 $16 $15 $71 $60 $26 $21 $127 $178 
Group Benefits14 6 — 1 11 12 6 5 21 34 
Total net investment income from limited partnerships and other alternative investments [1]$79 $37 $16 $16 $82 $72 $32 $26 $148 $212 
[1]Amounts are included above in total net investment income by segment.


29
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMPONENTS OF NET REALIZED GAINS (LOSSES)
CONSOLIDATED
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net Realized Gains (Losses)
Gross gains on sales of fixed maturities
$8 $12 $6 $5 $4 $6 $3 $17 $31 $30 
Gross losses on sales of fixed maturities
(50)(62)(75)(11)(62)(27)(21)(39)(198)(149)
Equity securities [1](3)27 14 35 46 (13)10 35 73 78 
Net credit losses on fixed maturities, AFS— — (1)(1)(1)(5)(3)(5)(2)(14)
Change in ACL on mortgage loans— — — 3 (5)(5)(5)— 3 (15)
Other net gains (losses) [2]28 10 (3)(3)(9)(46)(48)(15)32 (118)
 Total net realized gains (losses)(17)(13)(59)28 (27)(90)(64)(7)(61)(188)
Net realized losses (gains), included in core earnings, before tax [3]1 1 1 2 11 14 11 — 5 36 
 Total net gains (losses) excluded from core earnings, before tax(16)(12)(58)30 (16)(76)(53)(7)(56)(152)
Income tax benefit (expense) related to net realized gains (losses) excluded from core earnings3 4 12 (7)5 15 10 3 12 33 
 Total net realized gains (losses) excluded from core earnings, after tax$(13)$(8)$(46)$23 $(11)$(61)$(43)$(4)$(44)$(119)
[1]Includes all changes in fair value and trading gains and losses for equity securities.
[2]Includes changes in value of fair value option securities and non-qualifying derivatives, including credit derivatives, interest rate derivatives used to manage duration, and equity derivatives. Also includes periodic net coupon settlements on credit derivatives, which are included in core earnings, as well as transactional foreign currency revaluation.
[3]Represents net periodic settlements on credit derivatives.

30
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMPOSITION OF INVESTED ASSETS
CONSOLIDATED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023
 Amount [1]PercentAmountPercentAmountPercentAmountPercentAmount [1]Percent
Total investments$59,210 100.0 %$59,350 100.0 %$56,890 100.0 %$56,107 100.0 %$55,922 100.0 %
Asset-backed securities$3,937 9.3 %$3,512 8.2 %$3,014 7.4 %$3,499 8.5 %$3,320 8.3 %
Collateralized loan obligations3,250 7.6 %3,563 8.3 %3,514 8.6 %3,168 7.8 %3,090 7.8 %
Commercial mortgage-backed securities2,736 6.4 %2,857 6.7 %2,942 7.2 %3,050 7.4 %3,125 7.8 %
Corporate20,636 48.5 %20,558 48.0 %19,493 47.8 %18,657 45.7 %17,866 44.9 %
Foreign government/government agencies480 1.1 %541 1.3 %546 1.3 %548 1.3 %562 1.4 %
Municipal5,304 12.5 %5,654 13.2 %5,294 13.0 %5,941 14.6 %6,039 15.2 %
Residential mortgage-backed securities5,230 12.3 %5,123 12.0 %4,787 11.7 %4,473 11.0 %4,287 10.8 %
U.S. Treasuries994 2.3 %985 2.3 %1,224 3.0 %1,504 3.7 %1,529 3.8 %
Total fixed maturities, AFS [2]$42,567 100.0 %$42,793 100.0 %$40,814 100.0 %$40,840 100.0 %$39,818 100.0 %
U.S. government/government agencies$4,937 11.6 %$4,815 11.2 %$4,770 11.7 %$4,846 11.9 %$4,776 12.0 %
AAA7,166 16.8 %7,127 16.7 %6,413 15.7 %6,838 16.7 %7,055 17.7 %
AA7,484 17.6 %7,713 18.0 %7,283 17.8 %7,578 18.5 %7,270 18.3 %
A10,933 25.7 %10,994 25.7 %10,785 26.4 %10,488 25.7 %9,828 24.7 %
BBB9,722 22.8 %9,677 22.6 %9,204 22.6 %9,264 22.7 %9,198 23.1 %
BB1,777 4.2 %1,768 4.2 %1,649 4.1 %1,234 3.0 %1,139 2.9 %
B542 1.3 %693 1.6 %701 1.7 %580 1.5 %539 1.3 %
CCC5 — %5 — %8 — %11 — %12 — %
CC & below1 — %1 — %1 — %1 — %1 — %
Total fixed maturities, AFS [2]$42,567 100.0 %$42,793 100.0 %$40,814 100.0 %$40,840 100.0 %$39,818 100.0 %
[1]Amount represents the value at which the assets are presented in the Consolidating Balance Sheets (page 4).
[2]Fixed maturities, at fair value using the fair value option are not included.

31
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTED ASSET EXPOSURES
DECEMBER 31, 2024
Cost or
Amortized Cost		Fair ValuePercent of Total
Invested Assets
Top Ten Corporate Fixed Maturity, AFS and Equity Exposures by Sector
Financial services$6,636 $6,419 10.8 %
Technology and communications2,868 2,718 4.6 %
Consumer non-cyclical2,641 2,518 4.3 %
Utilities2,464 2,305 3.9 %
Capital goods1,769 1,714 2.9 %
Consumer cyclical1,600 1,546 2.6 %
Energy1,400 1,351 2.3 %
Basic industry1,110 1,072 1.8 %
Transportation930 877 1.5 %
Other740 719 1.2 %
Total$22,158 $21,239 35.9 %
Top Ten Exposures by Issuer [1]
NextEra Energy Inc.$252 $242 0.4 %
Morgan Stanley247 239 0.4 %
Government of Canada194 193 0.3 %
Hyundai Motor Company193 183 0.3 %
Entergy Corporation187 173 0.3 %
Penske Corporation171 170 0.3 %
Bank of America Corporation178 169 0.3 %
Goldman Sachs Group Inc.185 168 0.3 %
Enterprise Holdings Inc.168 167 0.3 %
SPCC Funding I LLC160 161 0.3 %
Total$1,935 $1,865 3.2 %
[1]Includes corporate bonds, municipal bonds, bonds issued by foreign government/government agencies, and equity securities excluding mutual funds.

32

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
APPENDIX
BASIS OF PRESENTATION AND DEFINITIONS
All amounts are in millions, except for per share and ratio information, unless otherwise stated. Amounts presented throughout this document have been rounded for presentation purposes.
The Hartford Financial Services Group, Inc. (the "Company", "we", or "our") currently conducts business principally in five reportable segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations ("P&C Other Operations"), Group Benefits and Hartford Funds, as well as a Corporate category.
Property & Casualty ("P&C") businesses consist of three reportable segments: Commercial Lines, Personal Lines and P&C Other Operations. Commercial Lines provides workers’ compensation, property, automobile, general liability, umbrella, package business, professional liability, bond, marine, livestock, accident and health, and assumed reinsurance to businesses in the United States ("U.S.") and internationally. Commercial Lines generally consists of products written for small businesses, middle market companies as well as national and multi-national accounts, largely distributed through retail agents and brokers, wholesale agents and global and specialty insurance and reinsurance brokers. Small commercial and middle market lines within middle & large commercial are generally referred to as standard commercial lines. Global specialty provides a variety of customized insurance products, including reinsurance. Personal Lines provides standard automobile, homeowners and personal umbrella coverages to individuals across the U.S., including a special program designed exclusively for members of AARP. P&C Other Operations includes certain property and casualty operations, managed by the Company, that have discontinued writing new business and includes substantially all of the Company's asbestos and environmental exposures.
Group Benefits provides employers and associations with group life, accident and disability coverage, along with other products and services, including voluntary benefits, and group retiree health.
Hartford Funds offers investment products for retail and retirement accounts and provides investment management, distribution and administrative services such as product design, implementation and oversight. This business also manages a portion of the mutual funds which support third-party life and annuity separate accounts.
The Company includes in the Corporate category reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, capital raising activities (including equity financing, debt financing and related interest expense), transaction expenses incurred in connection with an acquisition, certain M&A costs, purchase accounting adjustments related to goodwill, and other expenses not allocated to the reportable segments. Corporate also includes investment management fees and expenses related to managing third-party assets.
Certain operating and statistical measures for P&C Commercial Lines and Personal Lines have been incorporated herein to provide supplemental data that indicates current trends in the Company's business. These measures include net new business premium, gross new business premium, renewal written price increases, policy count retention, effective policy count retention, premium retention, and policies in-force.
•Net new business premium represents the amount of premiums charged, after ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Net new business premium plus renewal written premium equals total written premium.
•Gross new business premium represents the amount of premiums charged, before ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Gross new business premium plus gross renewal written premium less ceded reinsurance equals total written premium. For global specialty, gross new business premium is used by management, as it is thought to be more indicative of new business growth trends, in part because global specialty includes the Global Re assumed reinsurance book of business.
•Renewal written price increases for Commercial Lines represents the combined effect of rate changes and individual risk pricing decisions per unit of exposure since the prior year on policies that renewed and includes amount of insurance, which is a component of change in exposure and offsets increases in loss cost trends due to inflation. For Personal Lines, renewal written price increases represents the total change in premium per policy since the prior year on those policies that renewed and includes the combined effect of rate changes, amount of insurance and other changes in exposure. For Personal Lines, other changes in exposure include, but are not limited to, the effect of changes in number of drivers, vehicles and incidents, as well as changes in customer policy elections, such as deductibles and limits.
•Policy count retention represents the number of renewal policies issued during the current year period divided by the new and renewal policies issued in the prior period.
•Effective policy count retention represents the number of policies expected to renew in the current year period, based on contract effective dates, divided by the new and renewal policies effective in the prior period.
•Premium retention for middle and large commercial, represents the ratio of prior period premiums that were successfully renewed divided by premiums associated with policies available for renewal in the current period. Premium retention excludes premium amounts from annual audits, renewal written price increases and changes in exposure, including amount of insurance. Premium Retention statistics are subject to change from period to period based on a number of factors, including the effect of subsequent cancellations and non-renewals.
•Policies-in-force represents the number of policies with coverage in effect as of the end of the period. The number of policies in force is a growth measure used for Personal Lines as well as small commercial within Commercial Lines and is affected by both new business growth and policy count retention.
The Company, along with others in the property and casualty insurance industry, uses underwriting ratios as measures of performance. The loss and loss adjustment expense ratio is the ratio of losses and loss adjustment expenses to earned premiums. The expense ratio is the ratio of underwriting expenses less fee income to earned premiums. Underwriting expenses included in the expense ratio consist of amortization of deferred policy acquisition costs and insurance operating costs and expenses, including certain centralized services and bad debt expense, but excluding integration and other non-recurring M&A costs. The policyholder dividend ratio is the ratio of policyholder dividends to earned premiums. The combined ratio is the sum of the loss and loss adjustment expense ratio, the expense ratio and the policyholder dividend ratio. These ratios are relative measurements that describe the related cost of losses, expenses and policyholder dividends for every $100 of earned premiums. A combined ratio below 100 demonstrates underwriting profit; a combined ratio above 100 demonstrates underwriting losses. The current accident year catastrophe ratio (a component of the loss ratio) represents the ratio of catastrophe losses and loss adjustment expenses incurred in the current accident year to earned premiums. The prior accident year loss and loss adjustment expense ratio (a component of the loss 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.
A catastrophe is a severe loss, resulting from natural or man-made events, including risks such as fire, earthquake, windstorm, explosion, terrorist attack, civil unrest and similar events. Each catastrophe has unique characteristics and the events are unpredictable as to timing or loss amount. Catastrophe losses are not included in either earnings or in losses and loss adjustment expense reserves prior to occurrence of the catastrophe event. The Company believes that a discussion of the effect of catastrophes is meaningful for investors to understand the variability of periodic earnings. For U.S. events, a catastrophe is an event that causes $25 or more in industry insured property losses and affects a significant number of property and casualty policyholders and insurers, as defined by the Property Claim Service office of Verisk. For

33
international events, the Company's approach is similar, informed, in part, by how Lloyd's of London defines major losses and, consistent with that definition, incurred losses arising from the Ukraine conflict have been accounted for as catastrophe losses. The Company does not treat incurred benefits and losses arising from the COVID-19 pandemic as catastrophe losses.

The Company, along with others in the insurance industry, use loss and expense ratios as measures of the Group Benefits segment's performance. The loss ratio is the ratio of benefits, losses and loss adjustment expenses, excluding those related to buyout premiums, to premiums and other considerations, excluding buyout premiums. The expense ratio is the ratio of insurance operating costs and other expenses (excluding integration and other non-recurring M&A costs) to premiums and other considerations, excluding buyout premiums. Buyout premiums represent takeover of open claim liabilities and other non-recurring premium amounts.
The Hartford Funds segment provides supplemental data on sales, redemptions, net flows and account value that indicate current trends in that segment.
DISCUSSION OF NON-GAAP AND OTHER FINANCIAL MEASURES
The Company uses non-GAAP and other financial measures in this Investor Financial Supplement to assist investors in analyzing the Company's operating performance. Because the Company's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing the Company's non-GAAP and other financial measures to those of other companies. Non-GAAP measures are indicated with an asterisk the first time they appear in this document.
Core earnings- The Hartford uses the non-GAAP measure core earnings as an important measure of the Company’s operating performance. The Hartford believes that core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance and financial services businesses that may be obscured by including the net effect of certain items. Therefore, the following items are excluded from core earnings:
•Certain realized gains and losses - Generally realized gains and losses are primarily driven by investment decisions and external economic developments, the nature and timing of which are unrelated to the insurance and underwriting aspects of our business. Accordingly, core earnings excludes the effect of all realized gains and losses that tend to be highly variable from period to period based on capital market conditions. The Hartford believes, however, that some realized gains and losses are integrally related to our insurance operations, so core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives. These net realized gains and losses are directly related to an offsetting item included in the income statement such as net investment income.
•Restructuring and other costs - Costs incurred as part of a restructuring plan are not a recurring operating expense of the business.
•Loss on extinguishment of debt - Largely consisting of make-whole payments or tender premiums upon paying debt off before maturity, these losses are not a recurring operating expense of the business.
•Gains and losses on reinsurance transactions - Gains or losses on reinsurance, such as those entered into upon sale of a business or to reinsure loss reserves, are not a recurring operating expense of the business.
•Integration and other non-recurring M&A costs - These costs, including transaction costs incurred in connection with an acquired business, are incurred over a short period of time and do not represent an ongoing operating expense of the business.
•Change in loss reserves upon acquisition of a business - These changes in loss reserves are excluded from core earnings because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition.
•Deferred gain resulting from retroactive reinsurance and subsequent changes in the deferred gain - Retroactive reinsurance agreements economically transfer risk to the reinsurers and excluding the deferred gain on retroactive reinsurance and related amortization of the deferred gain from core earnings provides greater insight into the economics of the business.
•Change in valuation allowance on deferred taxes related to non-core components of before tax income - These changes in valuation allowances are excluded from core earnings because they relate to non-core components of before tax income, such as tax attributes like capital loss carryforwards.
•Results of discontinued operations - These results are excluded from core earnings for businesses sold or held for sale because such results could obscure the ability to compare period over period results for our ongoing businesses.
In addition to the above components of net income available to common stockholders that are excluded from core earnings, preferred stock dividends declared, which are excluded from net income, are included in the determination of core earnings. Preferred stock dividends are a cost of financing more akin to interest expense on debt and are expected to be a recurring expense as long as the preferred stock is outstanding.
Net income (loss) and net income (loss) available to common stockholders are the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) or net income (loss) available to common stockholders and does not reflect the overall profitability of the Company’s business. Therefore, The Hartford believes that it is useful for investors to evaluate net income (loss), net income (loss) available to common stockholders, and core earnings when reviewing the Company’s performance. A reconciliation of net income (loss) available to common stockholders to core earnings is set forth on page 2.

34

Core earnings per share- This is a non-GAAP per share measure calculated using the non-GAAP financial measure core earnings rather than the GAAP measure net income. The Company believes that core earnings per share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per share is the most directly comparable U.S. GAAP measure. Core earnings per share should not be considered as a substitute for net income (loss) available to common stockholders per share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per share and core earnings per share when reviewing our performance. A reconciliation of net income (loss) available to common stockholders per share to core earnings per share is set forth below.
BASIC EARNINGS PER SHARE
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net Income available to common stockholders per share
$2.93 $2.60 $2.48 $2.51 $2.55 $2.12 $1.75 $1.69 $10.51 $8.09 
Adjustments made to reconcile net income available to common stockholders per share to core earnings per share:
Net realized losses (gains), excluded from core earnings, before tax
0.06 0.04 0.20 (0.10)0.05 0.25 0.17 0.02 0.19 0.49 
Restructuring and other costs, before tax— — — — 0.01 — 0.01 — 0.01 0.02 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.03 
Change in deferred gain on retroactive reinsurance, before tax
0.01 (0.09)(0.13)(0.08)0.65 — — — (0.28)0.63 
Income tax expense (benefit) on items excluded from core earnings
(0.02)0.01 (0.02)0.04 (0.16)(0.06)(0.04)(0.01)0.01 (0.25)
Core earnings per share$2.99 $2.57 $2.54 $2.38 $3.11 $2.32 $1.90 $1.71 $10.47 $9.01 
Core earnings per diluted share-This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the GAAP measure net income. The Company believes that core earnings per diluted share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per diluted common share is the most directly comparable GAAP measure. Core earnings per diluted share should not be considered as a substitute for net income (loss) available to common stockholders per diluted common share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per diluted common share and core earnings per diluted share when reviewing the Company's performance. A reconciliation of net income available to common stockholders per diluted share to core earnings per diluted share is set forth below.
DILUTED EARNINGS PER SHARE
THREE MONTHS ENDED
YEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net Income available to common stockholders per diluted share$2.88 $2.56 $2.44 $2.47 $2.51 $2.09 $1.73 $1.66 $10.35 $7.97 
Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share:
Net realized losses (gains), excluded from core earnings, before tax0.05 0.04 0.19 (0.10)0.05 0.25 0.17 0.02 0.19 0.49 
Restructuring and other costs, before tax— — — — 0.01 — 0.01 — 0.01 0.02 
Integration and other non-recurring M&A costs, before tax
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.03 
Change in deferred gain on retroactive reinsurance, before tax
0.01 (0.09)(0.12)(0.08)0.64 — — — (0.28)0.62 
Income tax expense (benefit) on items excluded from core earnings
(0.01)0.01 (0.02)0.04 (0.16)(0.06)(0.04)(0.01)— (0.25)
Core earnings per diluted share
$2.94 $2.53 $2.50 $2.34 $3.06 $2.29 $1.88 $1.68 $10.30 $8.88 
Book value per diluted share (excluding AOCI)-This is a non-GAAP per share measure that is calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure. Reconciliations of book value per common share and book value per diluted share to book value per common share, excluding AOCI and book value per diluted share, excluding AOCI, are set forth on page 1.

35

Core Earnings Return on Equity- The Company provides different measures of the return on stockholders' equity (ROE). Core earnings ROE is calculated based on non-GAAP financial measures. Core earnings ROE is calculated by dividing (a) the non-GAAP measure core earnings for the prior four fiscal quarters by (b) the non-GAAP measure average common stockholders' equity, excluding AOCI. Net income ROE is the most directly comparable U.S. GAAP measure. The Company excludes AOCI in the calculation of core earnings ROE to provide investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to the Company's business operations. The Company provides to investors return on equity measures based on its non-GAAP core earnings financial measure for the reasons set forth in the core earnings definition. A reconciliation of Net income (loss) ROE to Core earnings ROE is set forth below:
 
LAST TWELVE MONTHS ENDED
 
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023
Net income ROE19.9 %20.0 %19.8 %18.5 %17.5 %17.7 %14.4 %12.8 %
Adjustments to reconcile net income (loss) ROE to core earnings ROE:
Net realized losses excluded from core earnings, before tax0.4 %0.4 %0.8 %0.8 %1.1 %0.9 %1.5 %3.3 %
Restructuring and other costs, before tax— %— %— %— %— %0.1 %0.1 %0.1 %
Loss on extinguishment of debt, before tax
— %— %— %— %— %— %— %0.1 %
Integration and other non-recurring M&A costs, before tax
0.1 %0.1 %0.1 %0.1 %0.1 %0.1 %0.1 %0.1 %
Change in deferred gain on retroactive reinsurance, before tax(0.5 %)0.7 %0.9 %1.2 %1.4 %1.8 %1.7 %1.5 %
Income tax benefit on items not included in core earnings— %(0.2 %)(0.4 %)(0.4 %)(0.5 %)(0.6 %)(0.8 %)(1.1 %)
Impact of AOCI, excluded from denominator of core earnings ROE(3.2 %)(3.6 %)(3.8 %)(3.6 %)(3.8 %)(5.1 %)(3.4 %)(2.5 %)
Core earnings ROE16.7 %17.4 %17.4 %16.6 %15.8 %14.9 %13.6 %14.3 %
Common stockholders' equity, excluding AOCI- This non-GAAP measure is calculated as total stockholders' equity less preferred stock and AOCI. Total stockholders' equity is the most directly comparable GAAP measure. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. A reconciliation of common stockholders' equity, excluding AOCI to its most directly comparable GAAP measure, total stockholders' equity, is set forth on page 5.
Total capitalization, excluding AOCI, net of tax- This non-GAAP measure is calculated as total debt plus total stockholders' equity, excluding the impacts of AOCI included in stockholders’ equity. Total capitalization, including AOCI, net of tax is the most directly comparable GAAP measure. Total debt to capitalization ratio excluding, AOCI is calculated by dividing total debt to total capitalization excluding, AOCI, net of tax. The Company provides this measure to enable investors to analyze the Company’s financial leverage. The Company believes that excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Reconciliations of capitalization metrics, are set forth on page 5.

36

Underwriting gain (loss)- The Hartford's management evaluates profitability of the Commercial and Personal Lines segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is a before tax non-GAAP measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable GAAP measure. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities. Reconciliations of net income (loss) to underwriting gain (loss) for the Company's P&C businesses are set forth below.
Underlying underwriting gain (loss)- This non-GAAP measure of underwriting profitability represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. The most directly comparable GAAP measure is net income (loss). The Company believes underlying underwriting gain (loss) is important to understand the Company’s periodic earnings because the volatile and unpredictable nature (i.e., the timing and amount) of catastrophes and prior accident year reserve development could obscure underwriting trends. The changes to loss reserves upon acquisition of a business are also excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. Reconciliation of net income (loss) to underlying underwriting gain (loss) for the Company's P&C businesses are set forth below.
PROPERTY & CASUALTY
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net income$706 $569 $540 $615 $567 $516 $407 $426 $2,430 $1,916 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(562)(518)(471)(459)(505)(460)(415)(392)(2,010)(1,772)
Net realized losses (gains)9 34 61 (13)54 45 57 23 91 179 
Net servicing and other income(2)— (5)(2)(2)(5)(7)(6)(9)(20)
Income tax expense 180 143 129 138 129 127 95 100 590 451 
Underwriting gain331 228 254 279 243 223 137 151 1,092 754 
Current accident year catastrophes80 247 280 161 81 184 226 185 768 676 
Prior accident year development101 (50)(115)(56)92 (43)(39)— (120)10 
Underlying underwriting gain$512 $425 $419 $384 $416 $364 $324 $336 $1,740 $1,440 
COMMERCIAL LINES
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net income$708 $528 $540 $573 $687 $519 $458 $421 $2,349 $2,085 
Adjustments to reconcile net income to underlying underwriting gain:
Net investment income(479)(442)(402)(391)(435)(395)(364)(338)(1,714)(1,532)
Net realized losses (gains)3 32 50 (12)48 38 51 19 73 156 
Other expense (income)1 1 1 2 3 (2)— — 5 1 
Income tax expense183 134 130 129 163 130 109 100 576 502 
Underwriting gain416 253 319 301 466 290 254 202 1,289 1,212 
Current accident year catastrophes67 155 155 109 60 115 123 138 486 436 
Prior accident year development(58)(36)(81)(56)(118)(46)(38)(23)(231)(225)
Underlying underwriting gain$425 $372 $393 $354 $408 $359 $339 $317 $1,544 $1,423 


37
PERSONAL LINES
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net income (loss)$154 $31 $(11)$34 $34 $(12)$(60)$(1)$208 $(39)
Adjustments to reconcile net income (loss) to underlying underwriting gain (loss):
Net investment income(64)(58)(50)(50)(52)(47)(34)(38)(222)(171)
Net realized losses (gains)5 2 8 (1)5 5 5 1 14 16 
Net servicing and other income(3)(5)(6)(4)(5)(3)(7)(6)(18)(21)
Income tax expense (benefit)37 8 (4)8 8 (5)(17)(1)49 (15)
Underwriting gain (loss)129 (22)(63)(13)(10)(62)(113)(45)31 (230)
Current accident year catastrophes13 92 125 52 21 69 103 47 282 240 
Prior accident year development(53)(14)(34)(7)(7)1 (3)20 (108)11 
Underlying underwriting gain (loss)$89 $56 $28 $32 $4 $8 $(13)$22 $205 $21 
P&C OTHER OPERATIONS
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net income (loss)$(156)$10 $11 $8 $(154)$9 $9 $6 $(127)$(130)
Adjustments to reconcile net income (loss) to underlying underwriting loss:
Net investment income(19)(18)(19)(18)(18)(18)(17)(16)(74)(69)
Net realized losses1 — 3 — 1 2 1 3 4 7 
Other expense— 4 — — — — — — 4 — 
Income tax expense (benefit)(40)1 3 1 (42)2 3 1 (35)(36)
Underwriting loss(214)(3)(2)(9)(213)(5)(4)(6)(228)(228)
Prior accident year development212 — — 7 217 2 2 3 219 224 
Underlying underwriting gain (loss)$(2)$(3)$(2)$(2)$4 $(3)$(2)$(3)$(9)$(4)
Underlying combined ratio-This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business. Combined ratio is the most directly comparable GAAP measure. The Company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year loss and loss adjustment expense reserve development. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of the combined ratio to the underlying combined ratio for Property & Casualty, Commercial Lines, and Personal Lines is set forth on pages 10, 13 and 17, respectively.

38
Underlying loss and loss adjustment expense ratio- This non-GAAP financial measure is the cost of non-catastrophe loss and loss adjustment expenses incurred in the current accident year divided by earned premiums. The loss and loss adjustment expense ratio is the most directly comparable GAAP measure. Management believes that the underlying loss and loss adjustment expense ratio is a performance measure that is useful to investors as it removes the impact of volatile and unpredictable catastrophe losses and prior accident year development ("PYD"). A reconciliation of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio for Property & Casualty, Commercial Lines, and Personal Lines is set forth below.
PROPERTY & CASUALTY
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Loss and loss adjustment expense ratio61.9 64.4 63.3 62.3 64.5 64.1 65.9 64.8 63.0 64.8 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(4.3)(4.8)(4.2)(2.7)(4.5)(3.7)(5.1)(5.3)(4.0)(4.7)
Underlying loss and loss adjustment expense ratio57.6 59.6 59.1 59.6 60.0 60.4 60.8 59.5 59.0 60.2 
COMMERCIAL LINES
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Loss and loss adjustment expense ratio56.3 61.0 58.4 58.3 54.2 58.9 59.7 60.7 58.5 58.3 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development(0.2)(3.7)(2.4)(1.8)1.9 (2.3)(3.0)(4.2)(2.0)(1.8)
Underlying loss and loss adjustment expense ratio56.0 57.3 56.1 56.6 56.1 56.6 56.8 56.5 56.5 56.5 
PERSONAL LINES
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Loss and loss adjustment expense ratio59.3 76.8 81.0 76.3 76.6 83.7 89.2 79.6 73.1 82.2 
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development4.4 (8.8)(10.7)(5.5)(1.7)(8.9)(13.2)(9.1)(5.1)(8.2)
Underlying loss and loss adjustment expense ratio63.7 68.0 70.3 70.7 74.9 74.7 76.1 70.5 68.1 74.1 

39

Core earnings margin- The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Group Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized gains (losses). Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of Group Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized gains (losses) as well as other items excluded in the calculation of core earnings. Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Group Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin is set forth below.
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Net income margin7.1 %8.8 %9.7 %6.2 %9.9 %8.5 %7.0 %5.3 %7.9 %7.7 %
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses (gains), before tax0.8 %(0.1 %)0.4 %(0.1 %)(0.1 %)1.5 %0.8 %(0.3 %)0.4 %0.4 %
Integration and other non-recurring M&A costs, before tax— %— %— %— %0.1 %0.1 %— %0.1 %— %0.1 %
Income tax expense (benefit)(0.1 %)— %(0.1 %)— %(0.1 %)(0.3 %)(0.2 %)0.1 %(0.1 %)(0.1 %)
Core earnings margin7.8 %8.7 %10.0 %6.1 %9.8 %9.8 %7.6 %5.2 %8.2 %8.1 %
Return on Assets ("ROA"), Core Earnings- The Company uses this non-GAAP financial measure to evaluate, and believes is an important measure of, the Hartford Funds segment’s operating performance. ROA, core earnings is calculated by dividing annualized core earnings by a daily average AUM. ROA is the most directly comparable U.S. GAAP measure. The Company believes that ROA, core earnings, provides investors with a valuable measure of the performance of the Hartford Funds segment because it reveals trends in our business that may be obscured by the effect of items excluded in the calculation of core earnings. ROA, core earnings, should not be considered as a substitute for ROA and does not reflect the overall profitability of our Hartford Funds business. Therefore, the Company believes it is important for investors to evaluate both ROA, and ROA, core earnings when reviewing the Hartford Funds segment performance. A reconciliation of ROA to ROA, core earnings is set forth below.
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Return on Assets ("ROA") 13.8 15.7 13.1 13.7 15.1 12.7 14.1 12.9 14.1 13.7 
Adjustments to reconcile ROA to ROA, core earnings:
Effect of net realized losses (gains), excluded from core earnings, before tax0.8 (2.1)(0.9)(1.5)(2.6)1.3 (0.3)(1.6)(0.8)(0.8)
Effect of income tax expense (benefit)(0.3)— 0.6 0.3 — — — 0.3 — 0.1 
Return on Assets ("ROA"), core earnings 14.3 13.6 12.8 12.5 12.5 14.0 13.8 11.6 13.3 13.0 


40

Net investment income excluding limited partnerships and other alternative investments- This non-GAAP measure is the amount of net investment income, on a Consolidated, P&C or Group Benefits level earned from invested assets, excluding the net investment income related to limited partnerships and other alternative investments. The Company believes that net investment income, excluding limited partnerships and other alternative instruments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative instruments. Net investment income is the most directly comparable GAAP measure. A reconciliation of net investment income to net investment income, excluding limited partnerships and other alternative investments is set forth below.
CONSOLIDATED
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Total net investment income$714 $659 $602 $593 $653 $597 $540 $515 $2,568 $2,305 
Adjustment for income from limited partnerships and other alternative investments(79)(37)(16)(16)(82)(72)(32)(26)(148)(212)
Net investment income excluding limited partnerships and other alternative investments$635 $622 $586 $577 $571 $525 $508 $489 $2,420 $2,093 
PROPERTY & CASUALTY
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Total net investment income$562 $518 $471 $459 $505 $460 $415 $392 $2,010 $1,772 
Adjustment for income from limited partnerships and other alternative investments(65)(31)(16)(15)(71)(60)(26)(21)(127)(178)
Net investment income excluding limited partnerships and other alternative investments$497 $487 $455 $444 $434 $400 $389 $371 $1,883 $1,594 
GROUP BENEFITS
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Total net investment income$130 $119 $112 $114 $125 $121 $113 $110 $475 $469 
Adjustment for income from limited partnerships and other alternative investments(14)(6)— (1)(11)(12)(6)(5)(21)(34)
Net investment income excluding limited partnerships and other alternative investments$116 $113 $112 $113 $114 $109 $107 $105 $454 $435 

41

Annualized investment yield, excluding limited partnerships and other alternative investments-This non-GAAP measure is calculated as (a) the annualized net investment income, on a Consolidated, P&C or Group Benefits level, excluding limited partnerships and other alternative investments, divided by (b) the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value and limited partnerships and other alternative investments. The Company believes that annualized investment yield, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Annualized investment yield is the most directly comparable GAAP measure. A reconciliation of annualized investment yield to annualized investment yield, excluding limited partnerships and other alternative investments is set forth below.
CONSOLIDATED
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Annualized investment yield4.7 %4.4 %4.1 %4.1 %4.5 %4.2 %3.9 %3.7 %4.3 %4.1 %
Adjustment for income from limited partnerships and other alternative investments(0.1 %)0.1 %0.3 %0.2 %(0.2 %)(0.1 %)0.1 %0.1 %0.1 %(0.1 %)
Annualized investment yield excluding limited partnerships and other alternative investments4.6 %4.5 %4.4 %4.3 %4.3 %4.1 %4.0 %3.8 %4.4 %4.0 %
PROPERTY & CASUALTY
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Annualized investment yield4.8 %4.5 %4.2 %4.1 %4.6 %4.3 %3.9 %3.6 %4.4 %4.1 %
Adjustment for income from limited partnerships and other alternative investments(0.2 %)0.1 %0.2 %0.2 %(0.3 %)(0.3 %)0.1 %0.1 %0.1 %(0.1 %)
Annualized investment yield excluding limited partnerships and other alternative investments4.6 %4.6 %4.4 %4.3 %4.3 %4.0 %4.0 %3.7 %4.5 %4.0 %
GROUP BENEFITS
THREE MONTHS ENDEDYEAR ENDED
Dec 31 2024Sept 30 2024Jun 30 2024Mar 31 2024Dec 31 2023Sept 30 2023Jun 30 2023Mar 31 2023Dec 31 2024Dec 31 2023
Annualized investment yield4.5 %4.1 %3.9 %3.9 %4.2 %4.1 %3.9 %3.8 %4.1 %4.0 %
Adjustment for income from limited partnerships and other alternative investments(0.1 %)0.2 %0.4 %0.3 %— %— %0.1 %0.1 %0.2 %— %
Annualized investment yield excluding limited partnerships and other alternative investments4.4 %4.3 %4.3 %4.2 %4.2 %4.1 %4.0 %3.9 %4.3 %4.0 %

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