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April 24, 2025 Reinsurance

First Quarter 2025 Investor Financial Supplement

U.S. Markets via PUBT

The Hartford Insurance Group, Inc.

Address:

One Hartford Plaza

Hartford, CT 06155

Internet address:

http://www.thehartford.com

Contact:

Kate Jorens

SVP, Treasurer & Head of Investor Relations

Phone (860) 547-4066

As of April 23, 2025
	A.M. Best	Standard & Poor's	Moody's
Insurance Financial Strength Ratings:
Hartford Fire Insurance Company	A+	A+	A1
Hartford Life and Accident Insurance Company	A+	A+	A1
Navigators Insurance Company	A+	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
Navigators Insurance Company ratings are on positive outlook at Standard and Poor's and on stable outlook at A.M. Best

NR - Not Rated

Other Ratings:
Senior debt	a-	BBB+	Baa1
Junior subordinated debentures	bbb	BBB-	Baa2
Preferred stock	bbb	BBB-	Baa3

The Hartford Insurance 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: Computershare

P.O. Box 505000 Louisville, KY 40233

Overnight correspondence should be mailed to: Computershare

462 South 4th Street, Suite 1600 Louisville, KY 40202

Common stock and preferred stock of The Hartford Insurance Group, Inc. (formerly 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 Insurance 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.

Consolidated

Property & Casualty

Employee Benefits

Hartford Funds

Corporate

Investments

Appendix

The Hartford Insurance Group, Inc.

Investor Financial Supplement

Table of Contents

Consolidated Financial Results Consolidated Statements of Operations Operating Results by Segment Consolidating Balance Sheets Capital Structure

Statutory Capital to GAAP Stockholders' Equity Reconciliation Accumulated Other Comprehensive Income (Loss)

Property & Casualty Income Statements

Property & Casualty Income Statements (Continued) Property & Casualty Underwriting Ratios Business Insurance Income Statements Business Insurance Income Statements (Continued) Business Insurance Underwriting Ratios Business Insurance Supplemental Data

Personal Insurance Income Statements

Personal Insurance Income Statements (Continued) Personal Insurance Underwriting Ratios Personal Insurance Supplemental Data

Personal Insurance Supplemental Data (Continued) P&C Other Operations Income Statements

Income Statements

Supplemental Data

Income Statements

Asset Value Rollforward - Assets Under Management By Asset Class

Income Statements

Investment Income Before Tax - Consolidated

Investment Income Before Tax - Property & Casualty

Investment Income Before Tax - Employee Benefits

Net Investment Income

Components of Net Realized Gains (Losses)

Composition of Invested Assets

Invested Asset Exposures

Basis of Presentation and Definitions

Discussion of Non-GAAP Financial Measures

Table of Contents

The Hartford Insurance Group, Inc.

Consolidated Financial Results

				Three Months Ended
		Mar 31		Dec 31	Sept 30			Jun 30		Mar 31
		2025		2024		2024		2024		2024
Highlights
Net income	$	630	$	853	$	767	$	738	$	753
Net income available to common stockholders [1]	$	625	$	848	$	761	$	733	$	748
Core earnings*	$	639	$	865	$	752	$	750	$	709
Total revenues	$	6,810	$	6,879	$	6,751	$	6,486	$	6,419
Total assets	$82,307		$80,917		$81,219		$79,046		$77,710
Per Share and Shares Data
Basic earnings per common share
Net income available to common stockholders	$	2.18	$	2.93	$	2.60	$	2.48	$	2.51
Core earnings*	$	2.23	$	2.99	$	2.57	$	2.54	$	2.38
Diluted earnings per common share
Net income available to common stockholders	$	2.15	$	2.88	$	2.56	$	2.44	$	2.47
Core earnings*	$	2.20	$	2.94	$	2.53	$	2.50	$	2.34
Weighted average common shares outstanding (basic)		286.6		289.3		292.6		295.5		298.1
Dilutive effect of stock compensation		4.2		4.9		4.9		4.4		4.5
Weighted average common shares outstanding and dilutive potential common shares (diluted)		290.8		294.2		297.5		299.9		302.6
Common shares outstanding		285.1		287.6		290.8		294.0		296.8
Book value per common share	$	57.91	$	56.03	$	57.34	$	52.20	$	50.99
Per common share impact of accumulated other comprehensive income [2]		9.05		10.03		6.89		10.43		10.10
Book value per common share (excluding AOCI)*	$	66.96	$	66.06	$	64.23	$	62.63	$	61.09
Book value per diluted share	$	57.07	$	55.09	$	56.39	$	51.43	$	50.23
Per diluted share impact of AOCI		8.92		9.86		6.78		10.28		9.95
Book value per diluted share (excluding AOCI)*	$	65.99	$	64.95	$	63.17	$	61.71	$	60.18
Common shares outstanding and dilutive potential common shares		289.3		292.5		295.7		298.4		301.3
Retuon Common Stockholders' Equity ("ROE") [3]
Net income available to common stockholders' ROE ("Net income ROE")		18.8%		19.9%		20.0%		19.8%		18.5%
Core earnings ROE*		16.2%		16.7%		17.4%		17.4%		16.6%

Net income available to common stockholders includes the impact of preferred stock dividends.
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.
For reconciliation of Net income ROE to Core earnings ROE, see Appendix beginning on page33.

Table of Contents

The Hartford Insurance Group, Inc.

Consolidated Statements of Operations

				Three Months Ended
		Mar 31		Dec 31	Sept 30			Jun 30		Mar 31
		2025		2024		2024		2024		2024
Earned premiums	$	5,835	$	5,809	$	5,734	$	5,578	$	5,446
Fee income		346		354		347		339		333
Net investment income		656		714		659		602		593
Net realized gains (losses)		(49)		(17)		(13)		(59)		28
Other revenues		22		19		24		26		19
Total revenues		6,810		6,879		6,751		6,486		6,419
Benefits, losses and loss adjustment expenses		4,000		3,779		3,823		3,661		3,611
Amortization of deferred policy acquisition costs ("DAC")		607		591		585		561		545
Insurance operating costs and other expenses		1,352		1,367		1,323		1,285		1,283
Interest expense		50		50		49		50		50
Amortization of other intangible assets		18		18		18		17		18
Restructuring and other costs [1]		-		-		1		-		1
Total benefits, losses and expenses		6,027		5,805		5,799		5,574		5,508
Income before income taxes		783		1,074		952		912		911
Income tax expense		153		221		185		174		158
Net income		630		853		767		738		753
Preferred stock dividends		5		5		6		5		5
Net income available to common stockholders		625		848		761		733		748
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses (gains), excluded from core earnings, before tax		47		16		12		58		(30)
Restructuring and other costs, before tax [1]		-		-		1		-		1
Integration and other non-recurring M&A costs, before tax [2]		2		2		2		2		2
Change in deferred gain on retroactive reinsurance, before tax [3]		(32)		4		(26)		(37)		(24)
Income tax expense (benefit) [4]		(3)		(5)		2		(6)		12
Core earnings	$	639	$	865	$	752	$	750	$	709

Represents restructuring costs related to the Company's Hartford Next operational transformation and cost reduction plan.
Includes integration costs in connection with the 2019 acquisition of Navigators Group.
For the three months ended March 31, 2025 and 2024, the Company recorded amortization of the deferred gain related to the Navigators adverse development cover ("Navigators ADC") of $32 and $24, respectively.
Primarily represents federal income tax expense (benefit) related to before tax items not included in core earnings.

Table of Contents

The Hartford Insurance Group, Inc.

Operating Results By Segment

				Three Months Ended
		Mar 31	Dec 31		Sept 30		Jun 30			Mar 31
		2025		2024		2024		2024		2024
Net income (loss):
Business Insurance	$	477	$	708	$	528	$	540	$	573
Personal Insurance		5		154		31		(11)		34
Property & Casualty Other Operations ("P&C Other Operations")		13		(156)		10		11		8
Property & Casualty ("P&C")		495		706		569		540		615
Employee Benefits		133		126		156		171		108
Hartford Funds		43		49		54		44		45
Sub-total		671		881		779		755		768
Corporate		(41)		(28)		(12)		(17)		(15)
Net income		630		853		767		738		753
Preferred stock dividends		5		5		6		5		5
Net income available to common stockholders	$	625	$	848	$	761	$	733	$	748
Core earnings (loss):
Business Insurance	$	471	$	665	$	534	$	551	$	546
Personal Insurance		6		155		33		(4)		33
P&C Other Operations		13		(106)		10		14		7
P&C		490		714		577		561		586
Employee Benefits		136		139		154		178		107
Hartford Funds		44		51		47		43		41
Sub-total		670		904		778		782		734
Corporate		(31)		(39)		(26)		(32)		(25)
Core earnings	$	639	$	865	$	752	$	750	$	709

Table of Contents

The Hartford Insurance Group, Inc.

Consolidating Balance Sheets

Property &

Casualty

		Mar 31	Dec 31
Investments		2025	2024
Investments
Fixed maturities, available-for-sale ("AFS"), at fair value	$	35,946	$ 34,421
Fixed maturities, at fair value using the fair value option		227	254
Equity securities, at fair value		145	212
Mortgage loans, net		4,735	4,751
Limited partnerships and other alternative investments		4,055	3,974
Other investments		173	168
Short-term investments		1,625	2,075
Total investments		46,906	45,855
Cash		129	148
Restricted cash		68	42
Accrued investment income		358	352
Premiums receivable and agents' balances, net		5,750	5,390
Reinsurance recoverables, net [2]		6,669	6,626
Deferred policy acquisition costs ("DAC")		1,252	1,206
Deferred income taxes		657	746
Goodwill		778	778
Property and equipment, net		800	778
Other intangible assets		302	310
Other assets		1,404	1,411
Total assets	$	65,073	$ 63,642
Unpaid losses and loss adjustment expenses	$	37,105	$ 36,404
Reserves for future policy benefits [2]		-	-
Other policyholder funds and benefits payable [2]		-	-
Unearned premiums		9,836	9,368
Debt		-	-
Other liabilities		2,615	2,796
Total liabilities		49,556	48,568
Common stockholders' equity, excluding AOCI*		16,406	16,206
Preferred stock		-	-
AOCI, net of tax		(889)	(1,132)
Total stockholders' equity		15,517	15,074
Total liabilities and stockholders' equity	$	65,073	$ 63,642

Employee Benefits					Hartford Funds					Corporate [1]
	Mar 31	Dec 31			Mar 31	Dec 31				Mar 31	Dec 31
	2025		2024		2025		2024			2025		2024
$	8,072	$	7,959	$	-	$	-	$		186	$	187
	53		54		-		-			-		-
	30		46		111		109			226		236
	1,621		1,645		-		-			-		-
	1,094		1,068		-		-			-		-
	6		6		48		52			-		-
	174		389		306		291			1,261		1,313
	11,050		11,167		465		452			1,673		1,736
	-		26		9		9			-		-
	10		9		-		-			-		-
	100		92		-		1			3		5
	636		608		-		-			-		-
	296		290		-		-			220		224
	35		33		-		-			-		-
	2		33		1		2			438		448
	723		723		181		181			229		229
	62		62		6		6			41		42
	307		317		10		10			-		-
	163		142		106		100			468		328
$	13,384	$	13,502	$	778	$	761		$	3,072	$	3,012
$	8,161	$	8,206	$	-	$	-		$	-	$	-
	291		290		-		-			158		158
	402		401		-		-			209		213
	38		40		-		-			-		-
	-		-		-		-			4,368		4,366
	179		219		188		173			1,913		1,836
	9,071		9,156		188		173			6,648		6,573
	4,610		4,706		590		588			(2,516)		(2,501)
	-		-		-		-			334		334
	(297)		(360)		-		-			(1,394)		(1,394)
	4,313		4,346		590		588			(3,576)		(3,561)
$	13,384	$	13,502	$	778	$	761		$	3,072	$	3,012

Consolidated

Mar 31	Dec 31
2025	2024

44,204 $ 42,567
280 308
512 603

6,356 6,396

5,149 5,042

227 226

3,366 4,068

60,094 59,210

450
6,386 5,998
7,185 7,140
1,287 1,239
1,098 1,229
1,911 1,911

2,141 1,981

82,307 $ 80,917
45,266 $ 44,610
449 448
611 614
9,874 9,408
4,368 4,366
4,895 5,024
65,463 64,470

19,090 18,999

334 334

(2,580) (2,886)

16,844	16,447
$ 82,307	$ 80,917

Corporate includes fixed maturities, short-term investments, investment sales receivable and cash of approximately $1.3 billion as of March 31, 2025 and December 31, 2024, respectively, held by the holding company of The Hartford Insurance 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.
Corporate includes retained reserves and reinsurance recoverables for the run-off life and annuity business sold in May 2018.

Table of Contents

The Hartford Insurance Group, Inc.

Capital Structure

		Mar 31		Dec 31		Sept 30		Jun 30		Mar 31
Debt		2025		2024		2024		2024		2024
Debt
Senior notes	$	3,869	$	3,867	$	3,866	$	3,865	$	3,864
Junior subordinated debentures		499		499		499		499		499
Total debt	$	4,368	$	4,366	$	4,365	$	4,364	$	4,363
Stockholders' Equity
Total stockholders' equity	$	16,844	$	16,447	$	17,008	$	15,680	$	15,468
Less: Preferred stock		334		334		334		334		334
Less: AOCI		(2,580)		(2,886)		(2,005)		(3,068)		(2,997)
Common stockholders' equity, excluding AOCI	$	19,090	$	18,999	$	18,679	$	18,414	$	18,131
Capitalization
Total capitalization, including AOCI, net of tax	$	21,212	$	20,813	$	21,373	$	20,044	$	19,831
Total capitalization, excluding AOCI, net of tax*	$	23,792	$	23,699	$	23,378	$	23,112	$	22,828
Debt to Capitalization Ratios
Total debt to capitalization, including AOCI		20.6%		21.0%		20.4%		21.8%		22.0%
Total debt to capitalization, excluding AOCI*		18.4%		18.4%		18.7%		18.9%		19.1%
Total debt and preferred stock to capitalization, including AOCI		22.2%		22.6%		22.0%		23.4%		23.7%
Total debt and preferred stock to capitalization, excluding AOCI*		19.8%		19.8%		20.1%		20.3%		20.6%
Total rating agency adjusted debt to capitalization [1] [2]		21.5%		21.8%		21.3%		22.7%		22.9%
Fixed Charge Coverage Ratios
Total earnings to total fixed charges [3]		14.7:1		17.9:1		17.3:1		17.1:1		17.1:1

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 March 31, 2025 and 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.
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.

Table of Contents

The Hartford Insurance Group, Inc. .

Statutory Capital To GAAP Stockholders' Equity Reconciliation

March 31, 2025

U.S. statutory net income [1][2]	P&C		Employee Benefits
U.S. statutory net income [1][2]	$	436	$	134
U.S. statutory capital [2][3][4]	$	13,418	$	2,609
U.S. GAAP adjustments [2]:
DAC		1,201		35
Non-admitted deferred tax assets [5]		240		156
Deferred taxes [6]		(325)		(329)
Goodwill		112		723
Other intangible assets		18		307
Non-admitted assets other than deferred taxes		844		113
Asset valuation and interest maintenance reserve		-		260
Benefit reserves		(63)		423
Unrealized losses on investments		(1,118)		(585)
Deferred gain on retroactive reinsurance agreements [7]		(876)		-
Other, net		929		601
U.S. GAAP stockholders' equity of U.S. insurance entities [2]		14,380		4,313
U.S. GAAP stockholders' equity of international subsidiaries as well as goodwill and other intangible assets related to the acquisition		1,137		-
of Navigators Group		1,137		-
Total U.S. GAAP stockholders' equity	$	15,517	$	4,313

Statutory net income is for the three months ended March 31, 2025.
Excludes insurance operations based in the U.K.
For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital."
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.
Represents the limitations on the recognition of deferred tax assets under U.S. statutory accounting principles ("U.S. STAT").
Represents the tax timing differences between U.S. GAAP and U.S. STAT.
Represents the deferred gain on retroactive reinsurance associated with U.S. entities for losses ceded to the Navigators and asbestos and environmental adverse development cover ("A&E ADC") agreements that is recognized within a special category of surplus under U.S. STAT but is recorded within other liabilities under U.S. GAAP.

Table of Contents

The Hartford Insurance Group, Inc.

Accumulated Other Comprehensive Income (Loss)

						As Of
		Mar 31		Dec 31	Sept 30			Jun 30		Mar 31
Net unrealized gain (loss) on fixed maturities, AFS		2025		2024		2024		2024		2024
Net unrealized gain (loss) on fixed maturities, AFS	$	(1,237)	$	(1,539)	$	(671)	$	(1,732)	$	(1,642)
Unrealized loss on fixed maturities, AFS with allowance for credit losses ("ACL")		(6)		(6)		(5)		(7)		(7)
Net gains on cash flow hedging instruments		40		40		33		30		21
Total net unrealized gain (loss)		(1,203)		(1,505)		(643)		(1,709)		(1,628)
Foreign currency translation adjustments		29		29		41		35		36
Liability for future policy benefits adjustments		30		33		19		35		30
Pension and other postretirement plan adjustments		(1,436)		(1,443)		(1,422)		(1,429)		(1,435)
Total AOCI	$	(2,580)	$	(2,886)	$	(2,005)	$	(3,068)	$	(2,997)

Attachments

Disclaimer

The Hartford Insurance Group Inc. published this content on April 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2025 at 20:18 UTC.

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