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Item 2. Management’s Discussion and Analysis

2026-07-23 compared with 2026-04-23 · 500 added, 424 removed, 1311 unchanged (41% of the section changed)

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The Hartford undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

On June 3, 2026, the Company entered into a definitive agreement to sell Hartford Funds Management Group, Inc.

("Hartford Funds"), a subsidiary of Hartford Holdings, Inc.

For further discussion of this transaction, see Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

Certain reclassifications have been made to historical financial information presented in Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") to conform to the current period presentation.

For discussion of reclassifications and discontinued operations, see Note 1 - Basis of Presentation and Significant Accounting Policies, and Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

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

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Employee Benefits

Hartford Funds

Enterprise Risk Management

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Impact of New Accounting Standards

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

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

Key Performance Measures and Ratios

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Definitions of Non-GAAP and Other Measures and Ratios

Assets Under Management ("AUM")- Include mutual fund and exchange-traded fund ("ETF") assets.

AUM is a measure used by the Company's Hartford Funds segment because a significant portion of the segment’s revenues and expenses are based upon asset values.

These revenues and expenses increase or decrease with a rise or fall in AUM whether caused by changes in the market or through net flows.

Book Value per Diluted Share excluding accumulated other comprehensive income (loss) ("AOCI")- This is a non-GAAP per share measure that i s 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

Index to MD&A

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

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.

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.

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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.

The Hartford believes that core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance businesses that may be obscured by including the net effect of certain items.

Therefore, the following items are excluded from core earnings:

• Certain realized gains and losses - Generally realized gains and losses are primarily driven by investment decisions and external economic developments, the nature and timing of which are unrelated to the insurance and underwriting aspects of our business.

Accordingly, core earnings excludes the effect of all realized gains and losses that tend to be highly variable from period to period based on capital market conditions.

Accordingly, core earnings excludes the effect of realized gains and losses that tend to be highly variable from period to period based on capital market conditions.

The Hartford believes, however, that some realized gains and losses are integrally related to our insurance operations, so core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives.

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Reconciliation of Net Income to Core Earnings

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Net income $ 1,298 $ 995 $ 2,154 $ 1,625

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Adjustments to reconcile net income available to common stockholders to core earnings:

Net realized losses excluded from core earnings, before tax 54 47

Net realized (gains) losses, excluded from core earnings, before tax [1] (40) 19 11 66

Integration and other non-recurring M&A costs, before tax 3 2 4 4

Change in deferred gain on retroactive reinsurance, before tax [2] — (24) (36) (56)

Income tax benefit [2] (4) (3)

Income tax expense (benefit) [3] 7 2 4 (2)

Income from discontinued operations, net of tax (318) (57) (370) (103)

Core earnings $ 945 $ 932 $ 1,757 $ 1,524

[1] During the three months ended March 31, 2026, the Company began collecting recoveries from National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., related to the asbestos and environmental adverse development cover (“A&E ADC”).

As a result, the Company amortized $36 of the deferred gain within benefits, losses and loss adjustment expenses for the period.

As of March 31, 2026 and December 31, 2025, the deferred gain under retroactive reinsurance accounting on the A&E ADC was $814 and $850, respectively, and is included in other liabilities on the Consolidating Balance Sheets.

The Company recorded amortization of the deferred gain related to the Navigators adverse development cover (“Navigators ADC”) of $32 for the three months ended March 31, 2025.

The deferred gain associated with the Navigators ADC was fully amortized as of September 30, 2025.

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

[2] During first quarter 2026, the Company began collecting recoveries from National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., related to the asbestos and environmental adverse development cover (“A&E ADC”) and as a result amortized $36 of the deferred gain within benefits, losses and loss adjustment expenses in the three months ended March 31, 2026.

Subsequently NICO suspended any further payment under the A&E ADC due to a dispute that is the subject of an arbitration proceeding.

The Company recorded amortization of the deferred gain related to the Navigators adverse development cover (“Navigators ADC”) of $24 and $56 for the three and six months ended June 30, 2025, respectively.

For additional information regarding the adverse development cover ("ADC") reinsurance agreement, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

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

Fee Income- Is largely driven from amounts earned as a result of contractually defined percentages of AUM in our Hartford Funds business.

These fees are generally earned on a daily basis.

Therefore, this fee income increases or decreases with the rise or fall in AUM whether caused by changes in the market or through net flows.

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.

Index to MD&A

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

Gross New Business Premium- Represents the amount of premiums charged, before ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term.

Gross new business premium plus gross renewal written premium less ceded reinsurance equals total written premium.

Loss and Loss Adjustment Expense Ratio- A measure of the cost of claims incurred in the calendar year divided by earned premium and includes losses and loss adjustment expenses incurred for both the current and prior accident years.

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Net investment income excluding limited partnerships and other alternative investments- This non-GAAP measure is the amount of net investment income on a consolidated level earned from invested assets, excluding the net investment income related to limited partnerships and other alternative investments.

The Company believes that net investment income excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment

earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments.

The Company believes that net investment income excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments.

Net investment income is the most directly comparable U.S.

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A reconciliation of net investment income to net investment income excluding limited partnerships and other alternative investments - is set forth in the Investment Results section within MD&A.

Mutual Fund and Exchange-Traded Fund Assets- Are owned by the shareowners of those products and not by the Company and, therefore, are not reflected in the Company’s Condensed Consolidated Financial Statements, except in instances where the Company seeds new investment products.

Mutual fund and ETF assets are a measure used by the Company primarily because a significant portion of the Company’s Hartford Funds segment revenues and expenses are based upon asset values.

These revenues and expenses increase or decrease with a rise or fall in AUM whether caused by changes in the market or through net flows.

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.

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Amount of insurance represents the change in the value of the rating base, such as model year/vehicle symbol for automobiles, building replacement costs for property and wage inflation for workers’ compensation.

A number of factors affect renewal written price increases (decreases) including expected loss costs as projected by the Company’s pricing actuaries, rate filings approved by state regulators, risk selection decisions made by the Company’s underwriters and marketplace competition.

the Company’s underwriters and marketplace competition.

Renewal written price changes reflect the property and casualty insurance market cycle.

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Prices tend to decrease when recent loss experience has been favorable or when competition among insurance carriers increases.

Renewal written price

statistics are subject to change from period to period, based on a number of factors, including changes in actuarial estimates and the effect of subsequent cancellations and non-renewals, and modifications made to better reflect ultimate pricing achieved.

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 in the Results of Operations section within MD&A - Hartford Funds.

Renewal written price statistics are subject to change from period to period, based on a number of factors, including changes in actuarial estimates and the effect of subsequent cancellations and non-renewals, and modifications made to better reflect ultimate pricing achieved.

Underlying Combined Ratio- This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business.

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Reconciliation of Net Income to Underwriting Gain (Loss)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Business Insurance

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Net investment income (556) (449) (1,061) (886)

Net realized losses 19 24

Net realized (gains) losses (12) 20 7 44

Other (income) expense 1 1 — 2

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Net income $ 130 $ 91 $ 269 $ 96

Adjustments to reconcile net income to underwriting gain (loss):

Adjustments to reconcile net income to underwriting gain:

Net investment income (67) (58) (129) (115)

Net realized losses 4 2

Net realized (gains) losses (4) 4 — 6

Net servicing and other (income) expense (2) (5) (5) (10)

Income tax expense 33 23 68 23

Underwriting gain (loss) $ 113 $ (55)

Underwriting gain $ 90 $ 55 $ 203 $ —

P&C Other Operations

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Net investment income (22) (19) (42) (37)

Net realized losses 1 —

Net realized (gains) losses (1) 2 — 2

Income tax expense 4 2 15 5

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The Hartford's Operations

The Hartford conducts business principally in five reportable segments including Business Insurance, Personal Insurance, Property & Casualty Other Operations, Employee Benefits and Hartford Funds, as well as a Corporate category.

The Company includes in the Corporate category capital raising activities (including equity financing, debt financing and related interest expense), purchase accounting adjustments related to goodwill, reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, transaction expenses incurred in connection with an acquisition, certain M&A costs, and other expenses not allocated to the reportable segments.

The Hartford conducts business principally in four reportable segments including Business Insurance, Personal Insurance, Property & Casualty Other Operations, and Employee Benefits, as well as a Corporate category.

The Company includes in the Corporate category discontinued operations of the Company's Hartford Funds business, capital raising activities (including equity financing, debt financing and related interest expense), purchase accounting adjustments related to goodwill, reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, transaction expenses incurred in connection with an acquisition, certain M&A costs, and other expenses not allocated to the reportable segments.

Corporate also includes investment management fees and expenses related to managing third-party assets.

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(a) premiums earned for insurance coverage provided to insureds;

(b) management fees on mutual fund and ETF assets;

(d) fees earned for services provided to third parties;

and (e) net realized gains and losses.

(b) net investment income;

and (d) net realized gains and losses.

Premiums charged for insurance coverage are earned principally on a pro rata basis over the terms of the related policies in-force.

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To manage the pricing risk, Employee Benefits generally offers term insurance policies, allowing for the adjustment of rates or policy terms in order to minimize the adverse effect of market trends, loss costs, declining interest rates and other factors.

However, as policies are typically sold with rate guarantees an

average of three years, pricing for the Company’s products could prove to be inadequate if loss and expense trends emerge adversely during the rate guarantee period or if investment returns are lower than expected at the time the products were sold.

However, as policies are typically sold with rate guarantees an average of three years, pricing for the Company’s products could prove to be inadequate if loss and expense trends emerge adversely during the rate guarantee period or if investment returns are lower than expected at the time the products were sold.

For some of its products, the Company is required to obtain approval for its premium rates from state insurance departments.

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In addition to appropriately evaluating and pricing risks, the profitability of the Employee Benefits business depends on other factors, including the Company’s response to pricing decisions and other actions taken by competitors, its ability to offer voluntary products and self-service capabilities, the persistency of its sold business and its ability to manage its expenses which it seeks to achieve through economies of scale and operating efficiencies.

The financial results of the Company’s mutual fund and ETF businesses depend largely on the amount of AUM and the level of fees charged based, in part, on asset share class and fund type.

Changes in AUM are driven by the two main factors of net flows and the market return of the funds, which are heavily influenced by the return realized in the equity and bond markets.

Net flows are comprised of new sales less redemptions by mutual fund and ETF shareowners.

Financial results are highly correlated to the growth in AUM since these funds generally earn fee income on a daily basis.

The investment return, or yield, on invested assets is an important element of the Company’s earnings since insurance products are priced with the assumption that premiums received can be invested for a period of time before benefits, losses and loss adjustment expenses are paid.

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

First Quarter Financial Highlights

Second Quarter Financial Highlights

Net Income Available to Common Stockholders Net Income Available to Common Stockholders per Diluted Share Book Value per Diluted Share

Ý Increased $303 or 31% Ý Increased $1.24 or 36% Ý Increased $3.97 or 6%

+ Lower CAY catastrophe losses + Increase in net income available to common stockholders + Net income in excess of common stockholder dividends

+ Higher net investment income

+ The effect of higher earned premiums + Reduction in outstanding shares due to share repurchases

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

+ Lower group life loss ratio

+ Lower underlying loss and LAE ratio in Personal Insurance - Dilutive effective of share repurchases

- Higher expense ratio in P&C and Employee Benefits

+ Greater income from discontinued operations + Increase in net income available to common stockholders + Net income in excess of common stockholder dividends

+ Higher net investment income + Reduction in outstanding shares due to share repurchases

- Dilutive effective of share repurchases

+ A change from net realized losses to net realized gains - A decrease in AOCI, primarily driven by an increase in net unrealized losses on AFS securities

+ The effect of higher earned premiums

+ Lower underlying loss and LAE ratio in Personal Insurance

- Less favorable P&C prior accident year reserve development

- Higher group disability loss ratio

- Higher underlying loss and LAE ratio in Business Insurance

- Higher expense ratio in P&C

Investment Yield, After Tax Property & Casualty Combined Ratio Employee Benefits Net Income Margin

Ý Increased 20 bps Þ Improved 4.3 points Þ Decreased 1.0 points

+ Higher yield on limited partnerships and other alternative investments + Lower CAY catastrophe losses

Ý Increased 40 bps Ý Deteriorated 2.6 points Þ Decreased 0.8 points

+ Higher yield on limited partnerships and other alternative investments - Less favorable P&C prior accident year reserve development

- Higher group disability loss ratio

+ Lower underlying loss and LAE ratio in Personal Insurance - Higher expense ratio, including higher staffing and technology costs

+ Reinvesting at higher interest rates

- Less favorable P&C prior accident year reserve development + Lower group life loss ratio

- Higher P&C expense ratio, driven by Business Insurance

+ A change from net realized losses to net realized gains

- Higher underlying loss and LAE ratio in Business Insurance

+ Higher net investment income

- Higher expense ratio in P&C + Lower expense ratio

+ Lower underlying loss and LAE ratio in Personal Insurance

Index to MD&A

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Consolidated Results of Operations

Three Months Ended March 31,

2026 2025 Change

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 Change 2026 2025 Change

Earned premiums $ 6,279 $ 5,961 5 % $ 12,424 $ 11,796 5 %

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Net investment income 800 658 22 % 1,534 1,310 17 %

Net realized losses (55) (49) (12 %)

Net realized gains (losses) 64 (19) NM 12 (68) NM

Other revenues 34 30 13 % 61 52 17 %

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Total benefits, losses and expenses 6,032 5,542 9 % 11,982 11,364 5 %

Income before income taxes

Income from continuing operations before income taxes

1,231 1,174 5 % 2,222 1,898 17 %

Income tax expense 251 236 6 % 438 376 16 %

Income from continuing operations, net of tax

980 938 4 % 1,784 1,522 17 %

Income from discontinued operations, net of tax 318 57 NM 370 103 NM

Net income 1,298 995 30 % 2,154 1,625 33 %

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Net income available to common stockholders $ 1,293 $ 990 31 % $ 2,144 $ 1,615 33 %

Three months ended March 31, 2026 compared to 2025

Three months ended June 30, 2026 compared to 2025

Net income available to common stockholders increased by $303, primarily driven by:

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

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

• A $261 increase in income from discontinued operations, net of tax, primarily due to a $251 income tax benefit associated with establishing a deferred tax asset related to the sale of Hartford Funds.

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

• Higher net investment income of $142, before tax, and an increase of $83, before tax, due to a change to net realized gains in the current period from net realized losses in the prior period.

These increases were partially offset by:

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

• A lower P&C underwriting gain of $93, before tax, primarily driven by a lower level of favorable prior accident year reserve development, a higher underlying loss and LAE ratio in Business Insurance, and a higher expense ratio, partially offset by the effect of earned premium growth in Business Insurance and a lower underlying loss and LAE ratio in Personal Insurance;

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

For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment and Corporate Operating Summaries.

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Earned premiums increased by $318 or 5%, primarily due to:

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

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

– For Personal Insurance, earned premium increased primarily due to the effect of earned pricing increases, partially offset by a decline in policies in-force.

• Employee Benefits earned premium increased due to increases in exposure on existing accounts and fully insured ongoing sales across all products.

Fee income increased primarily driven by a $23 increase in Hartford Funds driven by higher daily average assets resulting from an increase in equity market levels, partially offset by net outflows over the preceding twelve-month period.

• An increase in P&C reflecting a 7% increase in Business Insurance, partially offset by a 3% decrease in Personal Insurance.

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

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

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

Net Investment Income

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

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

Net realized losses increased primarily due to:

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

These losses were partially offset by:

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

• Gains on interest rate derivatives in the 2026 period.

[1] Limited partnerships and other alternative investments of $13 and $114 for the three months ended June 30, 2025 and 2026 respectively.

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

Net realized gains compared to net realized losses in the prior year, primarily due to greater appreciation in value of equity securities in the 2026 period, largely driven by a private common stock issuer that completed an initial public offering.

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

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Losses and LAE Incurred for P&C

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

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

– A decrease in CAY catastrophe losses of $237.

Catastrophe losses in the 2026 period included losses from winter storms across several regions, but concentrated in the Northeast region, and to a lesser extent, the Mid Atlantic, South and Southeast regions, as well as losses from tornado, wind and hail events across several regions, but concentrated in the Midwest region.

Catastrophe losses in the 2025 period included $325, net of reinsurance, related to the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events mainly in the Midwest and South regions.

Partially offset by:

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

Benefits, losses and loss adjustment expenses increased $369 due to:

• An increase in Property & Casualty of $226, which was attributable to:

– An increase in P&C CAY loss and LAE before catastrophes of $140, primarily due to the effect of higher earned premiums and a higher underlying loss and LAE ratio in Business Insurance, partially offset by a lower underlying loss and LAE ratio in Personal Insurance;

– Less P&C favorable net prior accident year reserve development of $76, with favorable development in the 2026 period of $111, compared to $187 in the prior year period.

Net favorable prior year reserve development in the 2026 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, Personal Insurance automobile liability and physical damage, bond, and homeowners, partially offset by an increase in reserves for general liability and commercial automobile liability.

Favorable net prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, bond, commercial property, homeowners, and Personal Insurance automobile liability and physical damage.

Also included within net prior accident year reserve development for the three months ended June 30, 2025 was a benefit of $24 related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025.

Losses and LAE Incurred for Employee Benefits

– A decline in P&C net favorable prior accident year reserve development of $81, with favorable development in the 2026 period of $41, compared to $122 in the prior year period.

Favorable prior year reserve development in the 2026 period was primarily driven by decreases in reserves related to workers' compensation and Personal Insurance automobile liability and physical damage and homeowners, partially offset by an increase in reserves for general liability related to exposures from the 1970s and 1980s.

Also included within net prior accident year reserve development for the three months ended March 31, 2026 was a benefit of $36 related to amortization of the A&E ADC deferred gain.

Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, homeowners, and Personal Insurance automobile liability and physical damage.

Also included within net prior accident year reserve development for the three months ended March 31, 2025 was a benefit of $32 related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025.

– An increase in CAY catastrophe losses of $10.

Catastrophe losses in both the 2026 and 2025 periods primarily included losses from tornado, wind and hail events.

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

• Employee Benefits losses and LAE increased $141, primarily due to higher short-term and long-term disability loss ratios driven by increased claim incidence across short and long-term disability and less favorable long-term disability claim recoveries compared with the prior year although in line with long-term expectations.

Amortization of deferred policy acquisition costs increased from the prior year period driven by Business Insurance, reflecting an increase in earned premiums across all lines of business.

Insurance operating costs and other expenses increased due to:

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

• Higher staffing costs, including benefits costs, partly in response to increased business volume;

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

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

Income tax expense increased primarily due to an increase in income before tax.

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

Index to MD&A

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

Income from discontinued operations, net of tax increased primarily related to a $251 income tax benefit associated with the sale of Hartford Funds representing the difference between the tax basis and the U.S.

GAAP carrying value of Hartford Funds.

For further discussion of discontinued operations, see Note 17 – Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

Six months ended June 30, 2026 compared to 2025

Net income available to common stockholders increased by $529 primarily driven by:

• A $267 increase in income from discontinued operations, net of tax, primarily related to a $251 income tax benefit associated with establishing a deferred tax asset related to the sale of Hartford Funds.

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

• Higher net investment income of $224, before tax, and an increase of $80, before tax, due to a change to net realized gains in the current period from net realized losses in the prior period;

• A higher P&C underwriting gain of $109, before tax, primarily driven by lower CAY catastrophe losses, the effect of earned premium growth in Business Insurance, and a lower underlying loss and LAE ratio in Personal Insurance, partially offset by a lower level of favorable prior accident year reserve development, a higher expense ratio, and a higher underlying loss and LAE ratio in Business Insurance.

These increases were partially offset by:

For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment and Corporate Operating Summaries.

Earned Premiums

Earned premiums increased by $628, or 5%, primarily due to:

• An increase in P&C reflecting a 7% increase in Business Insurance, partially offset by a 1% decrease in Personal Insurance.

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

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

Index to MD&A

Part I - Item 2.

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

Net Investment Income

[1] Limited partnerships and other alternative investments of $52 and $189 for the six months ended June 30, 2025 and 2026, respectively.

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

Net realized gains compared to net realized losses in the prior year period, primarily due to greater appreciation in value of equity securities in the 2026 period, predominantly driven by a private common stock issuer that completed an initial public offering.

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

Benefits, Losses and Expenses

Losses and LAE Incurred for P&C

Benefits, losses and loss adjustment expenses increased $367, due to:

• An increase in Property & Casualty of $186, which was attributable to:

– An increase in P&C CAY loss and LAE before catastrophes of $256, primarily due to the effect of higher earned premiums and a higher underlying loss and LAE ratio in Business Insurance, partially offset by a lower underlying loss and LAE ratio in Personal Insurance;

– A decline in P&C favorable net prior accident year reserve development of $157, with favorable development in the 2026 period of $152, compared to $309 in the prior year period.

Net favorable prior year reserve development in the 2026 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, Personal Insurance automobile liability, bond and homeowners, partially offset by an increase in reserves for general liability and commercial automobile liability.

Also included within net prior accident year reserve development for the six months ended June 30, 2026 was a benefit of $36 related to amortization of the A&E ADC deferred gain.

Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, homeowners, commercial property, bond, and Personal Insurance automobile liability and physical damage.

Also included within net prior accident year reserve development for the six months ended June 30, 2025 was a benefit of $56 related to amortization of the Navigators ADC deferred gain, which has been fully amortized as of September 30, 2025.

Partially offset by:

– A decrease in CAY catastrophe losses of $227.

Catastrophe losses in the 2026 period primarily included losses from tornado, wind and hail events and winter storms.

Catastrophe losses in the 2025 period included $313, net of reinsurance, from the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events.

Index to MD&A

Part I - Item 2.

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

Losses and LAE Incurred for Employee Benefits

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

• Employee Benefits losses and LAE increased $180, as higher short-term and long-term disability loss ratios were partially offset by a lower group life loss ratio, reflecting reduced mortality in both term and accidental life products.

The increase in the long-term disability loss ratio was driven by less favorable long-term disability loss trends and an increase in the short-term disability loss ratio due to higher claim incidence, including for paid family and medical leave products, partially offset by continued paid family and medical leave pricing actions.

The increase in the disability loss ratios were driven by increased claim incidence across short and long-term disability and less favorable long-term disability claim recoveries, partially offset by continued paid family and medical leave pricing actions.

Amortization of deferred policy acquisition costs increased from the prior year period driven by Business Insurance, reflecting an increase in earned premiums across all lines of business.

1 unchanged sentence

• Higher staffing costs, including benefits costs, partly in response to increased business volume;

• Higher variable expenses in Hartford Funds;

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

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

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

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

Income tax expense increased primarily due to an increase in income before tax.

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

Income from discontinued operations, net of tax increased primarily due to a $251 income tax benefit associated with the sale of Hartford Funds representing the difference between the tax basis and U.S.

GAAP carrying value of Hartford Funds.

For further discussion of discontinued operations, see Note 17 – Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

Investment Results

Composition of Invested Assets

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Amount Percent Amount Percent

Fixed maturities, AFS, at fair value $ 45,824 71.6 % $ 46,041 72.5 %

Fixed maturities, at fair value using the fair value option 130 0.2 % 168 0.2 %

Fixed maturities, at fair value using the fair value option ("FVO securities") 125 0.2 % 168 0.3 %

Equity securities, at fair value 560 0.9 % 422 0.7 %

5 unchanged sentences

Total investments $ 63,999 100.0 % $ 63,494 100.0 %

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

March 31, 2026 compared to December 31, 2025

Total investments decreased primarily due to a decrease in fixed maturities, AFS, at fair value, partially offset by an increase in mortgage loans and limited partnerships and other alternative investments.

Fixed maturities, AFS, at fair value decreased primarily due to lower valuations as a result of higher interest rates.

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

June 30, 2026 compared to December 31, 2025

Total investments increased primarily due to an increase in mortgage loans and limited partnerships and other alternative investments, partially offset by a decrease in fixed maturities, AFS, at fair value.

Mortgage loans increased primarily due to funding of industrial commercial whole loans.

Limited partnerships and other alternative investments increased primarily driven by higher valuations and additional investments.

Limited partnerships and other alternative investments increased primarily driven by additional investments and higher valuations.

Index to MD&A

1 unchanged sentence

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

Fixed maturities, AFS, at fair value decreased primarily due to lower valuations as a result of higher interest rates.

Net Investment Income

Three Months Ended March 31,

(Before tax) Amount Yield [1] Amount Yield [1]

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(Before tax) Amount Yield [1] Amount Yield [1] Amount Yield [1] Amount Yield [1]

Fixed maturities [2] $ 607 4.8 % $ 581 4.7 % $ 1,214 4.8 % $ 1,151 4.7 %

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[3] Primarily includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.

Three months ended March 31, 2026 compared to the three months ended March 31, 2025

Three and six months ended June 30, 2026 compared to 2025

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

1 unchanged sentence

Average reinvestment rates of fixed maturities and mortgage loans, excluding U.S.

Treasury securities, for the three months ended March 31, 2026 was 5.3%, which was above the average yield of sales and maturities of 4.9% for the same period.

Treasury securities, for both the three and six months ended June 30, 2026 was 5.4%, which was above the average yield of sales and maturities of 4.8%.

Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S.

Treasury securities, for the three months ended March 31, 2025, was 5.6% which was above the average yield of sales and maturities of 4.9% for the same period.

For the 2026 calendar year, we estimate the change in net investment income to increase due to a higher level of invested assets, with the yield on limited partnerships and other alternative investments to be relatively consistent with 2025.

The estimated change in net investment income is subject to variability including the impact of evolving market conditions.

Treasury securities, for the three and six months ended June 30, 2025, were 5.9% and 5.7%, respectively, which were above the average yield of sales and maturities of 4.6% and 4.7%, respectively.

For the 2026 calendar year, we estimate net investment income to increase due to a higher level of invested assets, with the yield on limited partnerships and other alternative investments to be relatively consistent with 2025.

Actual net investment income is subject to variability including the impact of evolving market conditions.

Index to MD&A

Part I - Item 2.

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

Net Realized Gains (Losses)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(Before tax) 2026 2025 2026 2025

5 unchanged sentences

Other, net [4] (31) (20) (54) (47)

Net realized losses $ (55) $ (49)

[1] The change in net unrealized gains on equity securities still held as of the end of period, and included in net realized gains (losses) were $(18) and $(11) for the three months ended March 31, 2026 and 2025, respectively.

Net realized gains (losses) $ 64 $ (19) $ 12 $ (68)

[1] The change in net unrealized gains on equity securities still held as of June 30, 2026, and included in net realized gains were $121 and $104 for the three and six months ended June 30, 2026, respectively.

The change in net unrealized gains on equity securities still held as of June 30, 2025, and included in net realized gains were $27 and $14 for the three and six months ended June 30, 2025, respectively.

[2] See Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments within the Enterprise Risk Management — Investment Portfolio Risk section of this MD&A.

[3] See ACL on Mortgage Loans within the Enterprise Risk Management — Investment Portfolio Risk section of this MD&A.

[4] For the three months ended March 31, 2026 and 2025, includes gains (losses) from transactional foreign currency revaluation of $3 and $(10), respectively, and gains on non-qualifying derivatives of $8 and $0, respectively.

Index to MD&A

Part I - Item 2.

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

Three months ended March 31, 2026

Gross gains and losses on sales were primarily due to sales of tax-exempt municipals and corporate securities.

Equity securities net losses were primarily driven by a decrease in value due to lower equity market levels.

Other, net includes losses of $34 on FVO securities due to a decline in valuation, partially offset by gains of $8 on interest rate derivatives primarily driven by changes in interest rates.

Three months ended March 31, 2025

[4] For the three and six months ended June 30, 2026, includes losses from transactional foreign currency revaluation of $6 and $3, respectively, and losses on non-qualifying derivatives of $13 and $5 , respectively.

For the three and six months ended June 30, 2025, includes losses from transactional foreign currency revaluation of $8 and $18, respectively, and losses on non-qualifying derivatives of $11 and $11 respectively.

Three and six months ended June 30, 2026

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

Equity securities net gains were primarily driven by a private common stock issuer that completed an initial public offering, as well an increase in value due to higher equity market levels.

Other, net losses for the three and six month periods ended June 30, 2026, primarily included losses $3 and $37, respectively, on fixed maturities, at fair value using the fair value option due to a decline in valuation, losses of $13 and $5, respectively, on interest rate derivatives primarily driven by changes in interest rates, and losses of $6 and $3, respectively, on transactional foreign currency revaluation.

Three and six months ended June 30, 2025

Gross gains and losses on sales were primarily due to sales of tax-exempt municipals and corporate securities.

Equity securities net losses were primarily driven by a decrease in value due to lower equity market levels.

Other, net includes losses of $10 on transactional foreign currency revaluation and $7 related to a mortgage loan modification.

Equity securities net gains were primarily driven by an increase in value due to higher equity market levels

Other, net losses for the three and six month periods ended June 30, 2025, primarily included losses of $8 and $18, respectively, on transactional foreign currency revaluation, losses of $13 and $17, respectively, on FVO securities due to a decrease in value, and losses of $10 and $9, respectively, on equity derivatives due to higher equity market levels.

Index to MD&A

16 unchanged sentences

In addition, Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report should be read in conjunction with this section to assist with obtaining an understanding of the underlying accounting policies related to these estimates.

The following discussion updates certain of the Company’s critical accounting estimates as of March 31, 2026.

The following discussion updates certain of the Company’s critical accounting estimates as of June 30, 2026.

Property & Casualty Insurance Product Reserves, Net of Reinsurance

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

March 31, 2026

June 30, 2026

Based on the results of the quarterly reserve review process, the Company determines the appropriate reserve adjustments, if any, to record.

10 unchanged sentences

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

Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Three Months Ended March 31, 2026

Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Six Months Ended June 30, 2026

Business Insurance

21 unchanged sentences

Current Accident Year Catastrophe Losses, Net of Reinsurance

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026 Six Months Ended June 30, 2026

Business Insurance Personal

Insurance Total Business Insurance Personal

Insurance Total

Winter storms 112 21 133

Wind and hail 99 92 191 132 130 262

Winter storms $ (3) $ — $ (3) $ 109 $ 21 $ 130

Other international [1] 16 — 16 16 — 16

Hurricanes and tropical storms 2 1 3 2 1 3

Catastrophes before assumed reinsurance 114 93 207 259 152 411

1 unchanged sentence

Total catastrophe losses $ 129 $ 93 $ 222 $ 300 $ 152 $ 452

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

[2] Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's per occurrence and aggregate property catastrophe treaties.

4 unchanged sentences

Unfavorable (Favorable) Prior Accident Year Development for the

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Business Insurance Personal

3 unchanged sentences

General liability 46 — — 46

Commercial property (11) — — (11)

Bond (32) — — (32)

Automobile liability 26 (24) — 2

Homeowners — (14) — (14)

Catastrophes (37) (13) — (50)

Other reserve re-estimates, net [1] (4) (8) — (12)

Prior accident year development before change in deferred gain

(52) (59) — (111)

Change in deferred gain on retroactive reinsurance included in other liabilities — — — —

Total prior accident year development

$ (52) $ (59) $ — $ (111)

[1] Other reserve re-estimates, net for the three months ended June 30, 2026 includes a favorable change of $(10) in personal automobile physical damage reserves.

Unfavorable (Favorable) Prior Accident Year Development for the

Six Months Ended June 30, 2026

Business Insurance Personal

Insurance Property & Casualty Other Operations Total Property & Casualty Insurance

Workers’ compensation $ (110) $ — $ — $ (110)

Workers’ compensation discount accretion 23 — — 23

General liability 116 — — 116

Marine 4 — — 4

1 unchanged sentence

Professional liability (4) — — (4)

Bond (32) — — (32)

Assumed reinsurance 5 — — 5

1 unchanged sentence

Homeowners — (29) — (29)

Catastrophes (37) (13) — (50)

Other reserve re-estimates, net [1] 2 (13) — (11)

2 unchanged sentences

Total prior accident year development $ (22) $ (94) $ (36) $ (152)

[1] Other reserve re-estimates, net for the three months ended March 31, 2026 includes a favorable change of $(5) in personal automobile physical damage reserves.

[2] The $36 change in deferred gain on retroactive reinsurance for the three months ended March 31, 2026 is related to amortization of the A&E ADC deferred gain under retroactive reinsurance accounting.

[1] Other reserve re-estimates, net for the six months ended June 30, 2026 includes a favorable change of $(15) in personal automobile physical damage reserves.

[2] The $36 change in deferred gain on retroactive reinsurance for the six months ended June 30, 2026 is related to amortization of the A&E ADC deferred gain under retroactive reinsurance accounting.

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

2 unchanged sentences

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

Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Three Months Ended March 31, 2025

Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Six Months Ended June 30, 2025

Business Insurance Personal

21 unchanged sentences

Current Accident Year Catastrophe Losses, Net of Reinsurance

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025 Six Months Ended June 30, 2025

Business Insurance Personal

Insurance Total Business Insurance Personal

Insurance Total

Wildfires [1] 153 118 $ 271

Wind and hail $ 101 $ 101 $ 202 145 162 $ 307

Wildfires [1] (8) (4) (12) 145 114 259

Winter storms (2) 1 (1) 15 9 24

2 unchanged sentences

Total catastrophe losses $ 114 $ 98 $ 212 $ 394 $ 285 $ 679

[1] Catastrophe losses from the January 2025 California Wildfire Event were $325, net of reinsurance, and included losses of $54 in the global assumed reinsurance business.

[1] The three months ended June 30, 2025, included a favorable change in losses of $(12), net of reinsurance, from the January 2025 California Wildfire Event.

For six months ended June 30, 2025, catastrophe losses from the January 2025 California Wildfire Event were $313, net of reinsurance, and included losses of $54 in the global assumed reinsurance business.

[2] Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's aggregate property catastrophe treaty.

4 unchanged sentences

Unfavorable (Favorable) Prior Accident Year Development for the

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Business Insurance Personal

3 unchanged sentences

Commercial property (20) — — (20)

Professional liability (11) — — (11)

Bond (22) — — (22)

Automobile liability — (10) — (10)

Homeowners — (13) — (13)

Catastrophes (28) (11) — (39)

Other reserve re-estimates, net [1] 9 (7) — 2

2 unchanged sentences

Total prior accident year development

[1] Other reserve re-estimates, net for the three months ended March 31, 2025 includes a favorable change of $(12) in personal automobile physical damage reserves.

[2] The $32 change in deferred gain on retroactive reinsurance for the three months ended March 31, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.

$ (146) $ (41) $ — $ (187)

[1] Other reserve re-estimates, net for the three months ended June 30, 2025 includes a favorable change of $(8) in personal automobile physical damage reserves.

[2] The $24 change in deferred gain on retroactive reinsurance for the three months ended June 30, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.

Unfavorable (Favorable) Prior Accident Year Development for the

Six Months Ended June 30, 2025

Business Insurance Personal

Insurance Property & Casualty Other Operations Total Property & Casualty Insurance

Workers’ compensation $ (126) $ — $ — $ (126)

Workers’ compensation discount accretion 23 — — 23

Commercial property (23) — — (23)

Professional liability (11) — — (11)

Bond (22) — — (22)

Automobile liability — (22) — (22)

Homeowners — (31) — (31)

Catastrophes (28) (11) — (39)

Other reserve re-estimates, net [1] 14 (16) — (2)

Prior accident year development before change in deferred gain (173) (80) — (253)

Change in deferred gain on retroactive reinsurance included in other liabilities [2] (56) — — (56)

Total prior accident year development $ (229) $ (80) $ — $ (309)

[1] Other reserve re-estimates, net for the six months ended June 30, 2025 includes a favorable change of $(20) in personal automobile physical damage reserves.

[2] The $56 change in deferred gain on retroactive reinsurance for the six months ended June 30, 2025 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.

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

Evaluation of Goodwill for Impairment

Goodwill balances are reviewed for impairment at least annually, or more frequently if events occur or circumstances change that would indicate that a triggering event for a potential impairment has occurred.

The recognition and measurement of goodwill impairment is based on the excess of the carrying value of the reporting unit over its estimated fair value, up to the amount of the reporting unit’s goodwill.

The estimated fair value of each reporting unit incorporates multiple inputs into discounted cash flow calculations including assumptions that market participants would make in valuing the reporting unit.

Assumptions include projected growth, earnings forecasts, assets under management, and the weighted average cost of capital used for the purposes of discounting.

Decreases in business growth, decreases in earnings projections, and

Index to MD&A

1 unchanged sentence

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

increases in the weighted average cost of capital will all cause a reporting unit’s fair value to decrease, increasing the possibility of impairment.

Upon being classified as held for sale, the Hartford Funds reporting unit goodwill of $272 was tested for impairment.

The fair value of the reporting unit significantly exceeded its carrying value;

therefore, no impairment was recognized.

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

Reportable Segment and Corporate Operating Summaries

1 unchanged sentence

Underwriting Summary

Three Months Ended March 31,

2026 2025 Change

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 Change 2026 2025 Change

Written premiums $ 4,022 $ 3,816 5 % $ 7,926 $ 7,502 6 %

5 unchanged sentences

Current accident year catastrophes [1] 129 114 13 % 300 394 (24) %

Prior accident year development [1] 30 (83) NM

Prior accident year development [1] (52) (146) 64 % (22) (229) 90 %

Total losses and loss adjustment expenses 2,211 1,920 15 % 4,456 4,008 11 %

5 unchanged sentences

Net investment income [2] 556 449 24 % 1,061 886 20 %

Net realized losses [2] (19) (24) 21 %

Other income (expense) [3] 1 (1) NM

Net realized gains (losses) [2] 12 (20) 160 % (7) (44) 84 %

Other income (expense) [3] (1) (1) — % — (2) 100 %

Income before income taxes 883 872 1 % 1,555 1,471 6 %

9 unchanged sentences

Premium Measures

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Small Business:

17 unchanged sentences

Underwriting Ratios

Three Months Ended March 31,

2026 2025 Change

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 Change 2026 2025 Change

Loss and loss adjustment expense ratio 60.4 56.1 4.3 61.6 59.4 2.2

16 unchanged sentences

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

Three months ended March 31, 2026 compared to 2025

Net income increased primarily due to higher net investment income and lower net realized losses.

Three and six months ended June 30, 2026 compared to 2025

Net income for the three and six month periods increased primarily due to higher net investment income, and for the three month period, a change from net realized losses to net realized gains.

The six month period also included lower net realized losses.

For both periods, these favorable impacts were partially offset by lower underwriting gains.

For further discussion of investment results, see MD&A - Investment Results.

Underwriting Gain

Three months ended March 31, 2026 compared to 2025

Underwriting gain decreased slightly due to unfavorable prior accident year development in the current year, higher underwriting expenses, and a slightly higher underlying loss and LAE ratio, largely offset by earned premium growth and lower CAY catastrophe losses.

Expense ratio is generally consistent with the prior year, with staffing costs and investments in our business being partially offset by the impact of earned premium growth.

Three and six months ended June 30, 2026 compared to 2025

Underwriting gain for the three and six month periods decreased due to less favorable prior accident year development in the current year, higher underwriting expenses, and a higher underlying loss and LAE ratio, partially offset by earned premium growth.

For the six month period, these unfavorable impacts were also partially offset by lower CAY catastrophe losses.

Expense ratio for the three and six months ended June 30, 2026 is generally consistent with the prior year, with higher commissions expenses, staffing costs, and technology investments in our business being partially offset by the impact of earned premium growth.

Index to MD&A

2 unchanged sentences

Earned Premiums

[1] Other earned premiums of $16 and $18 for the three months ended March 31, 2025, and 2026, respectively.

[1] Other earned premiums of $16 and $18 for the three months ended June 30, 2025, and 2026, respectively and $32 and $36 for the six months ended June 30, 2025, and 2026, respectively.

Written Premiums

[1] Other written premiums of $16 and $18 for the three months ended March 31, 2025, and 2026, respectively.

Three months ended March 31, 2026 compared to 2025

Earned premiums increased due to written premium increases over the prior twelve months.

Written premiums increased driven by growth across small business, middle & large business and global specialty.

[1] Other written premiums of $16 and $18 for the three months ended June 30, 2025, and 2026, respectively and $32 and $36 for the six months ended June 30, 2025, and 2026, respectively.

Three and six months ended June 30, 2026 compared to 2025

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

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

• Small business written premium increased driven by renewal written price increases in almost all lines, as well as higher new business premium.

1 unchanged sentence

• Middle & large business written premium increased driven by renewal written price increases in almost all lines.

Written premium grew across industry verticals and the large and complex lines, partially offset by decreases in general industries and large property.

• Global specialty written premium increased, driven by growth in the global reinsurance portfolio, primarily within credit risk and specialty casualty.

Excluding global reinsurance, written premium declined modestly, reflecting lower construction-related volumes.

This was partially offset by growth in non-construction new business and renewal pricing increases.

Renewal written price increases were recognized in most lines, though have moderated from the prior year.

• In small business, renewal written price increases were lower than prior year levels overall, with single-digit price increases across package business and automobile.

Written premium grew across industry verticals and the large and complex lines, and for the three months ended, general industries and large property.

For the six months ended, premium growth was partially offset by decreases in general industries and large property.

• Global specialty written premium increased primarily driven by written price increases across most U.S.

Insurance lines.

Written premiums also grew in global reinsurance, primarily in specialty casualty, and for the six months ended, credit risk.

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

• In small business, renewal written price increases were lower than prior year levels overall, with high single-digit price increases in package business and automobile.

Workers' compensation pricing was slightly negative.

• In middle market, renewal written price increases were lower than prior year levels overall, with mid single-digit to low double-digit price increases in most lines.

• In middle market, renewal written price increases were lower than prior year levels overall, with high single-digit price increases in automobile and general liability lines and low single-digit price increases in property.

Workers' compensation pricing was positive.

• In global specialty, renewal written price increases were lower than prior year levels with mid single-digit price increases overall.

• In global specialty, for the three month period, renewal written price increases were higher than prior year levels, and for the six month period, were lower than prior year levels.

Price increases were in the mid single-digits overall with US wholesale in the low double-digits.

Index to MD&A

2 unchanged sentences

Underlying Loss and Loss Adjustment Expense Ratio

Three months ended March 31, 2026 compared to 2025

Underlying Loss and Loss Adjustment Expense Ratio increased primarily due to a slightly higher loss ratio in a few lines.

Three and six months ended June 30, 2026 compared to 2025

Underlying Loss and Loss Adjustment Expense Ratio for the three and six months ended June 30, 2026 increased primarily due to higher non-cat property losses and a change in business mix.

Catastrophes and Unfavorable (Favorable) Prior Accident Year Development

Three months ended March 31, 2026 compared to 2025

Current accident year catastrophe losses for the three months ended March 31, 2026 included losses from winter storms across several regions, but concentrated in the Northeast, and to a lesser extent, the South, Mid Atlantic and Southeast regions, as well as losses from tornado, wind and hail events across several regions, but concentrated in the Midwest region, and to a lesser extent, the South region.

Current accident year catastrophe losses for the three months ended March 31, 2025 included a loss of $207 from the January 2025 California Wildfire Event, as well as tornado, wind and hail events primarily in the South and Midwest regions.

Prior accident year development was net unfavorable for the three months ended March 31, 2026 and included reserve increases for general liability related to exposures from the 1970s and 1980s, partially offset by decreases in workers' compensation.

Prior accident year development was net favorable for the three months ended March 31, 2025 and primarily included reserve decreases for workers' compensation.

Also included is a benefit of $32 related to amortization of the Navigators ADC deferred gain.The Navigators' ADC deferred gain has been fully amortized as of September 30, 2025.

Three and six months ended June 30, 2026 compared to 2025

Current accident year catastrophe losses increased for the three month period and decreased for the six month period.

CAY catastrophe losses for both the three and six months ended June 30, 2026, primarily included losses from tornado, wind and hail events, as well as winter storms for the six month period.

CAY catastrophe losses for the three months ended June 30, 2025 primarily included losses from tornado, wind and hail events.

CAY catastrophe losses for the six months ended June 30, 2025 included a loss of $199, net of reinsurance, from the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events.

Prior accident year development was net favorable for the three and six months ended June 30, 2026 and included reserve decreases related to workers' compensation, catastrophes, and bond, partially offset by an increase in reserves for general liability and commercial automobile liability.

For additional information, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

Prior accident year development was net favorable for the three and six months ended June 30, 2025 and primarily included reserve decreases for workers' compensation, catastrophes, commercial property and bond.

Also included are benefits of $24 and $56 related to amortization of the Navigators ADC deferred gain for the three and six month periods, respectively.

The Navigators' ADC deferred gain has been fully amortized as of September 30, 2025.

For additional information regarding the Navigators ADC reinsurance agreement, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

4 unchanged sentences

Underwriting Summary

Three Months Ended March 31,

2026 2025 Change

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 Change 2026 2025 Change

Written premiums $ 915 $ 980 (7 %) $ 1,777 $ 1,893 (6) %

10 unchanged sentences

Amortization of other intangible assets — — — % 1 1 — %

Underwriting gain (loss) 113 (55) NM

Underwriting gain 90 55 64 % 203 — NM

Net investment income [2] 67 58 16 % 129 115 12 %

Net realized losses [2] (4) (2) (100) %

Net realized gains (losses) [2] 4 (4) NM — (6) 100 %

Net servicing and other income (expense) [3] 2 5 (60 %) 5 10 (50) %

Income before income taxes 174 5 NM

Income tax expense [4] 35 — NM

Net income $ 139 $ 5 NM

Income before income taxes 163 114 43 % 337 119 183 %

Income tax expense [4] 33 23 43 % 68 23 196 %

Net income $ 130 $ 91 43 % $ 269 $ 96 180 %

[1] For additional information on current accident year catastrophes and prior accident year development, see MD&A - Critical Accounting Estimates, Property & Casualty Insurance Product Reserves, Net of Reinsurance and Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

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

[3] Includes servicing revenues of $22 and $20 for the three months ended March 31, 2026 and 2025, respectively.

Includes servicing expenses of $18 and $16 for the three months ended March 31, 2026 and 2025, respectively.

[3] Includes servicing revenues of $25 and $24 for the three months ended June 30, 2026 and 2025, respectively, and $47 and $44 for the six months ended June 30, 2026 and 2025, respectively.

Includes servicing expenses of $21 and $19 for the three months ended June 30, 2026 and 2025, respectively, and $39 and $35 for the six months ended June 30, 2026 and 2025, respectively .

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

Written and Earned Premiums

Three Months Ended March 31,

Written Premiums 2026 2025 Change

Three Months Ended June 30, Six Months Ended June 30,

Written Premiums 2026 2025 Change 2026 2025 Change

Automobile $ 567 $ 633 (10 %) $ 1,132 $ 1,260 (10 %)

9 unchanged sentences

Premium Measures

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

Premium Measures 2026 2025 2026 2025

15 unchanged sentences

Underwriting Ratios

Three Months Ended March 31,

Underwriting Ratios 2026 2025 Change

Three Months Ended June 30, Six Months Ended June 30,

Underwriting Ratios 2026 2025 Change 2026 2025 Change

Loss and loss adjustment expense ratio 63.8 69.0 (5.2) 62.2 73.9 (11.7)

16 unchanged sentences

Product Combined Ratios

Three Months Ended March 31,

2026 2025 Change

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 Change 2026 2025 Change

Combined ratio 88.5 94.0 (5.5) 89.1 93.8 (4.7)

8 unchanged sentences

Underlying combined ratio 73.3 72.7 0.6 72.1 73.9 (1.8)

Three months ended March 31, 2026 compared to 2025

Net income increased, largely driven by a change from an underwriting loss to an underwriting gain.

Underwriting gain (loss)

Three months ended March 31, 2026 compared to 2025

Underwriting gain changed from an underwriting loss, primarily due to lower current accident year catastrophe losses and to an improvement in the underlying loss and LAE ratio.

Expense ratio was flat for the three month period.

Three and six months ended June 30, 2026 compared to 2025

Net income increased for the three and six month periods, largely driven by an increase in underwriting gain, as well as higher net investment income and, in the three month period, a change from net realized capital losses to net realized capital gains.

Underwriting gain

Three and six months ended June 30, 2026 compared to 2025

Underwriting gain increased for the three and six month periods due to lower CAY catastrophe losses, more favorable prior year development, and an improvement in the underlying loss and LAE ratio.

Expense ratio increased for the three and six months ended June 30, 2026 due to the effect of a decrease in earned premium, as well as a higher commission ratio primarily due to business mix.

Index to MD&A

3 unchanged sentences

Written Premiums

Three months ended March 31, 2026 compared to 2025

Earned premiums increased in 2026 due to higher earned premiums in homeowners, partially offset by lower earned premiums in automobile.

Written premiums decreased in 2026 due to lower written premiums in automobile, partially offset by higher written premiums in homeowners.

Renewal written pricing moderated for both automobile and homeowners, primarily in response to moderating loss cost trends.

Effective Policy count retention was relatively stable both for automobile and homeowners in 2026, in response to moderating renewal written pricing increases.

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

Three and six months ended June 30, 2026 compared to 2025

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

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

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

Effective Policy count retention increased for automobile and was relatively stable for homeowners in both the three and six months ended June 30, 2026, in response to moderating renewal written pricing increases.

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

Underlying Loss and Loss Adjustment Expense Ratio

Three months ended March 31, 2026 compared to 2025

Underlying loss and LAE ratio decreased in both automobile and homeowners in 2026, primarily due to the impact of earned pricing increases outpacing loss cost trends, which moderated slightly compared to prior year.

Three and six months ended June 30, 2026 compared to 2025

Underlying loss and LAE ratio decreased for both automobile and homeowners in both the three and six months ended June 30, 2026, primarily due to the impact of earned pricing increases outpacing loss cost trends, which moderated slightly compared to prior year.

The automobile loss cost trend continues to recognize higher attorney representation rates.

3 unchanged sentences

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

Three months ended March 31, 2026 compared to 2025

Current accident year catastrophe losses decreased in the three month period.

CAY catastrophe losses for the three months ended March 31, 2026 included losses from tornado, wind and hail events across several regions, but concentrated in the Midwest region, as well as losses from winter storms across several regions.

CAY catastrophe losses for the three months ended March 31, 2025 included a loss of $118 from the January 2025 California Wildfire Event, as well as tornado, wind and hail events primarily in the Midwest and South regions.

Prior accident year development was favorable for the three month period, primarily driven by lower estimated severity on automobile liability, homeowners, and automobile physical damage.

Prior accident year development was favorable for the three months ended March 31, 2025, primarily driven by lower estimated severity on homeowners, automobile physical damage, and automobile liability.

Three and six months ended June 30, 2026 compared to 2025

Current accident year catastrophe losses decreased in both the three and six months ended June 30, 2026.

CAY catastrophe losses for both the three and six months ended June 30, 2026, primarily included losses from tornado, wind and hail events, as well as winter storms for the six month period.

CAY catastrophe losses for the three months ended June 30, 2025 included losses from tornado, wind and hail events.

CAY catastrophe losses for the six months ended June 30, 2025 included a loss of $114, net of reinsurance, from the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events.

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

Prior accident year development was favorable for the three and six months ended June 30, 2025, primarily driven by lower estimated severity on homeowners, automobile physical damage, automobile liability and catastrophes.

Property & Casualty Other Operations - Results of Operations

Underwriting Summary

Three Months Ended March 31,

2026 2025 Change

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 Change 2026 2025 Change

Losses and loss adjustment expenses

4 unchanged sentences

Net investment income [2] 22 19 16 % 42 37 14 %

Net realized losses [2] (1) — NM

Income before income taxes 53 16 NM

Net realized gains (losses) [2] 1 (2) 150 % — (2) 100 %

Income before income taxes 21 15 40 % 74 31 139 %

Income tax expense [3] 4 2 100 % 15 5 NM

Net income $ 42 $ 13 NM

Net income $ 17 $ 13 31 % $ 59 $ 26 127 %

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

4 unchanged sentences

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

Three months ended March 31, 2026 compared to 2025

Net income increased driven by a change from an underwriting loss to an underwriting gain.

Underwriting gain (loss) changed from a loss to a gain due to a benefit of $36 related to amortization of the A&E ADC deferred gain.

Three and six months ended June 30, 2026 compared to 2025

Net income increased for the three month period, driven by an increase in net investment income and a change from net realized losses to net realized gains.

Net income increased for the six month period, driven by a change from an underwriting loss to an underwriting gain and an increase in net investment income.

Underwriting gain (loss) remained unchanged for the three month period, and changed from a loss to a gain for the six month period due to a benefit of $36 related to amortization of the A&E ADC deferred gain.

For additional information regarding the ADC reinsurance agreement refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

1 unchanged sentence

Operating Summary

Three Months Ended March 31,

2026 2025 Change

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 Change 2026 2025 Change

Premiums and other considerations $ 1,767 $ 1,663 6 % $ 3,490 $ 3,331 5 %

Net investment income [1] 137 118 16 % 268 244 10 %

Net realized losses [1] (11) (4) (175) %

Net realized gains (losses) [1] 9 (16) 156 % (2) (20) 90 %

Total revenues 1,913 1,765 8 % 3,756 3,555 6 %

10 unchanged sentences

Premiums and Other Considerations

Three Months Ended March 31,

2026 2025 Change

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 Change 2026 2025 Change

Fully insured – ongoing premiums $ 1,676 $ 1,602 5 % $ 3,330 $ 3,214 4 %

Buyout premiums 12 — NM

Buyout premiums 35 4 NM 47 4 NM

Fee income 56 57 (2 %) 113 113 — %

5 unchanged sentences

Ratios, Excluding Buyouts

Three Months Ended March 31,

2026 2025 Change

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 Change 2026 2025 Change

Group disability loss ratio 74.8 % 68.5 % 6.3 73.7 % 68.8 % 4.9

2 unchanged sentences

Expense ratio 25.2 % 25.7 % (0.5) 25.9 % 25.5 % 0.4

Three Months Ended March 31,

2026 2025 Change

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 Change 2026 2025 Change

Net income margin 7.7 % 8.5 % (0.8) 7.1 % 8.0 % (0.9)

Adjustments to reconcile net income margin to core earnings margin:

Net realized losses, before tax 0.6 % 0.3 % 0.3

Income tax benefit (0.1 %) (0.1 %) —

Net realized (gains) losses, before tax (0.5 %) 0.8 % (1.3) — % 0.5 % (0.5)

Income tax expense (benefit) 0.1 % (0.1 %) 0.2 — % (0.1 %) 0.1

Impact of excluding buyouts from denominator of core earnings margin 0.1 % — % 0.1 0.1 % — % 0.1

Core earnings margin 7.4 % 9.2 % (1.8) 7.2 % 8.4 % (1.2)

Three months ended March 31, 2026 compared to 2025

Net income decreased primarily due to a higher group disability loss ratio as well as an increase in the expense ratio, partially offset by a lower group life loss ratio and increased net investment income.

Insurance operating costs and other expenses were higher due to higher staffing costs as well as higher technology costs.

Three and six months ended June 30, 2026 compared to 2025

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

For the six month period, net income decreased due to a higher group disability loss ratio, a higher expense ratio, partially offset by a lower group life loss ratio, increased net investment income, and lower net realized losses.

Insurance operating costs and other expenses increased in the three and six month periods due to the impact from higher fully insured ongoing premium, including higher staffing costs, and an increase in technology costs.

Fully Insured Ongoing Premiums

[1] Other of $118 and $135 for the three months ended March 31, 2025 and 2026 respectively, which includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.

Three months ended March 31, 2026 compared to 2025

Fully insured ongoing premiums increased due to higher new business sales across all products, an increase in exposure on existing accounts and persistency in excess of 90%.

Fully insured ongoing sales increased, driven by higher group disability, group life and supplemental health sales.

Group disability sales include the results of two new states implementing paid family and medical leave coverage in 2026.

Index to MD&A

Part I - Item 2.

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

Three months ended March 31, 2026 compared to 2025

Loss ratio improved 0.2 points for the three months ended March 31, 2026, compared to the prior year period driven by a decrease in the group life loss ratio partially offset by a higher group disability loss ratio.

The group life loss ratio decreased 6.7 points driven by lower mortality across both term and accidental life products.

The group disability loss ratio increased 3.7 points due to less favorable long-term disability loss trends and higher claim incidence in short-term disability, including paid family and medical leave, partially offset by continued paid family and medical leave pricing actions.

Expense ratio increased primarily due to higher staffing costs as well as higher technology costs.

Hartford Funds - Results of Operations

Operating Summary

Three Months Ended March 31,

2026 2025 Change

Fee income and other revenue $ 283 $ 260 9 %

Net investment income 5 4 25 %

Net realized losses (3) — NM

Total revenues 285 264 8 %

Operating costs and other expenses 223 209 7 %

Income before income taxes 62 55 13 %

Income tax expense [1] 13 12 8 %

Net income $ 49 $ 43 14 %

Daily average Hartford Funds AUM $ 155,958 $ 141,834 10 %

ROA [2] 12.6 12.1 4 %

Adjustment to reconcile ROA to ROA, core earnings:

Effect of net realized losses excluded from core earnings, before tax 0.8 — NM

Effect of income tax expense (benefit) (0.3) 0.3 NM

ROA, core earnings [2] 13.1 12.4 6 %

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

[2]Represents annualized earnings divided by a daily average of AUM, as measured in basis points.

Index to MD&A

Part I - Item 2.

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

Hartford Funds Segment AUM

Three Months Ended March 31,

2026 2025 Change

Mutual Fund and ETF AUM - beginning of period $ 142,969 $ 128,054 12 %

Sales - Mutual Fund 8,018 7,731 4 %

Redemptions - Mutual Fund (9,285) (9,309) — %

Net flows - ETF 734 146 NM

Net flows - Mutual Fund and ETF (533) (1,432) 63 %

Change in market value and other (2,042) 597 NM

Mutual Fund and ETF AUM - end of period 140,394 127,219 10 %

Third-party life and annuity separate account AUM 10,427 10,879 (4 %)

Hartford Funds AUM - end of period $ 150,821 $ 138,098 9 %

Mutual Fund and ETF AUM by Asset Class

As of March 31,

2026 2025 Change

Equity - Mutual Funds $ 92,364 $ 82,792 12 %

Fixed Income - Mutual Funds 24,073 21,398 13 %

Multi-Strategy Investments - Mutual Funds [1] 17,780 18,321 (3) %

Equity - ETF 2,366 1,884 26 %

Fixed Income - ETF 3,811 2,824 35 %

Mutual Fund and ETF AUM $ 140,394 $ 127,219 10 %

[1]Includes balanced, allocation and alternative investment products.

Three months ended March 31, 2026 compared to 2025

Net income increased for the three months ended March 31, 2026, primarily due to an increase in fee income net of operating costs and other expenses driven by higher daily average AUM, partially offset by net realized losses in the 2026 period.

Hartford Funds AUM

March 31, 2026 compared to 2025

Hartford Funds AUM increased primarily due to an increase in equity market levels, partially offset by net outflows over the preceding twelve month period.

Net outflows were $0.5 billion for the three months ended March 31, 2026 compared to net outflows of $1.4 billion, for the three months ended March 31, 2025.

[1] Other of $120 and $135 for the three months ended June 30, 2025 and 2026 respectively, and $238 and $270 six months ended June 30, 2025 and 2026, respectively which includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.

Three and six months ended June 30, 2026 compared to 2025

Fully insured ongoing premiums in the three and six month periods increased due to higher new business sales across all products, an increase in exposure on existing accounts, and persistency in excess of 90%.

Fully insured ongoing sales increased in the three and six month periods, driven by higher group life, group disability, and supplemental health sales.

Group disability sales include the results of three new states implementing paid family and medical leave coverage in 2026.

Index to MD&A

1 unchanged sentence

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

Three and six months ended June 30, 2026 compared to 2025

Loss ratio increased 3.4 points and 1.6 points for the three months and six months ended June 30, 2026, respectively, compared to the prior year period primarily driven by a higher group disability ratio, partially offset by a lower group life loss ratio.

The group disability loss ratio increased 6.3 points for the three month period, driven by increased claim incidence across short and long-term disability and less favorable long-term disability claim recoveries compared with the prior year although in line with long-term expectations.

The group disability ratio increased 4.9 points for the six month period, driven by increased claim incidence across short and long-term disability products and less favorable long-term disability claim recoveries, partially offset by continued paid family and medical leave pricing actions.

The group life loss ratio decreased 0.1 points and 3.4 points for the three month and six month periods, respectively, due to lower mortality across both term and accidental life products.

Expense ratio decreased for the three months ended June 30, 2026 driven by the impact of earned premium growth and a lower commission ratio, partially offset by higher technology costs.

For the six months ended June 30, 2026, the increase reflects higher staffing and technology costs .

Corporate - Results of Operations

Operating Summary

Three Months Ended March 31,

2026 2025 Change

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 Change 2026 2025 Change

Fee income [1] $ 11 $ 10 10 % $ 21 $ 21 — %

Other revenue 5 1 NM

Other revenue 8 5 60 % 13 6 117 %

Net investment income [2] 18 14 29 % 34 28 21 %

Net realized losses [2] (17) (19) 11 %

Net realized gains [2] 38 23 65 % 21 4 NM

Total revenues 75 52 44 % 89 59 51 %

Benefits, losses and loss adjustment expenses [3] 1 2 (50 %)

Benefits, losses and loss adjustment expenses [3] 2 — NM 3 2 50 %

Insurance operating costs and other expenses [1] 45 18 150 % 64 36 78 %

1 unchanged sentence

Total benefits, losses and expenses 97 68 43 % 167 138 21 %

Loss before income taxes (52) (59) 12 %

Loss from continuing operations before income taxes (22) (16) (38 %) (78) (79) 1 %

Income tax benefit [5] (4) (4) — % (29) (23) (26 %)

Net loss (28) (41) 32 %

Loss from continuing operations, net of tax (18) (12) (50 %) (49) (56) 13 %

Income from discontinued operations, net of tax 318 57 NM 370 103 NM

Net income 300 45 NM 321 47 NM

Preferred stock dividends 5 5 — % 10 10 — %

Net loss available to common stockholders $ (33) $ (46) 28 %

Net income available to common stockholders $ 295 $ 40 NM $ 311 $ 37 NM

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

3 unchanged sentences

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

Net loss available to common stockholders

Three months ended March 31, 2026 compared to 2025

Net loss available to common stockholders for the three months ended March 31, 2026, decreased driven by a higher net tax benefit, including the impact of stock-based compensation awards vesting during the quarter and interest related to income tax refunds, and an increase in other revenues related to valuation appreciation of an investment.

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

Index to MD&A

1 unchanged sentence

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

Net income available to common stockholders

Three and six months ended June 30, 2026 compared to 2025

Net income available to common stockholders increased for the three and six months ended June 30, 2026, primarily driven by increased income from discontinued operations, net of tax, partially offset by a loss on disposal of real estate reported in insurance operating costs and other expenses.

Income from discontinued operations, net of tax increased for the three and six months ended June 30, 2026, due to a $251 income tax benefit associated with the sale of Hartford Funds representing the difference between the tax basis and the U.S.

GAAP carrying value of Hartford Funds.

For further discussion of discontinued operations, see Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

Index to MD&A

Part I - Item 2.

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

Enterprise Risk Management

13 unchanged sentences

Catastrophe insurance risk is the exposure arising from both natural catastrophes (e.g., weather, earthquakes, wildfires, pandemics) and man-made catastrophes (e.g., terrorism, cyber-attacks) that create a concentration or aggregation of loss across the Company's insurance or asset portfolios.

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

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

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

33 unchanged sentences

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

Primary Catastrophe Treaty Reinsurance Coverages as of March 31, 2026 [1]

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

Portion of losses reinsured Portion of losses retained by The Hartford

15 unchanged sentences

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

[2] In addition to the Per Occurrence Property Catastrophe Treaty, for Florida homeowners wind events, The Hartford has purchased the mandatory FHCF reinsurance for the annual period starting June 1, 2025, and will renew for the annual period starting June 1, 2026.

Retention and coverage varies by writing company.

12 unchanged sentences

As such, the Company's principal reinsurance protection against large-scale terrorist attacks is the coverage currently provided through TRIPRA to the end of 2027.

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

Secretary of the Treasury, in consultation with the Secretary of Homeland Security and the Attorney General, for losses that exceed a threshold of industry losses of $200.

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

Homeland Security and the Attorney General, for losses that exceed a threshold of industry losses of $200.

Under the program, in any one calendar year, the federal government will pay a percentage of losses incurred from a certified act of terrorism after an insurer's losses exceed 20% of the Company's eligible direct commercial earned premiums of the prior calendar year up to a combined annual aggregate limit for the federal government and all insurers of $100 billion.

3 unchanged sentences

Reinsurance for Asbestos and Environmental ("A&E") Reserve Development - The Company has an ADC reinsurance agreement in place with NICO, a subsidiary of Berkshire Hathaway Inc., accounted for as retroactive reinsurance.

The agreement covered substantially all A&E reserve development for accident years prior to 2016 up to an aggregate limit of $1.5

Index to MD&A

1 unchanged sentence

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

agreement covered substantially all A&E reserve development for accident years prior to 2016 (the “A&E ADC”) up to an aggregate limit of $1.5 billion.

As the Company had previously ceded all of the available limits under the agreement, there is no remaining limit available as of March 31, 2026.

The Company had previously ceded all available limits under the agreements.

As such, no remaining limit was available under the A&E ADC as of December 31, 2025, and no remaining limit was available under the Navigators' ADC as of December 31, 2023.

As of December 31, 2025, the Company had paid A&E ADC claims in excess of the $1.7 billion attachment point.

During the three months ended March 31, 2026, the Company began collecting recoveries from NICO under the A&E ADC and as a result, amortized $36 of the $850 deferred gain within benefits, losses and loss adjustment expenses in the Condensed Consolidated Statements of Operations.

As of March 31, 2026 and December 31, 2025, the deferred gain on the A&E ADC was $814 and $850, respectively, and is included in other liabilities on the Condensed Consolidated Balance Sheets.

During the first quarter of 2026, NICO suspended payment under the A&E ADC due to a dispute that is the subject of an arbitration proceeding.

During the three months ended March 31, 2026, the Company collected recoveries from NICO under the A&E ADC and as a result, amortized $36 of the $850 deferred gain within benefits, losses and loss adjustment expenses in the Condensed Consolidated Statements of Operations.

Subsequently during the first quarter of 2026, NICO suspended any further payment under the A&E ADC due to a dispute that is the subject of an arbitration proceeding.

The timing of any resolution or outcome of the arbitration is not yet known and there may be impacts to the Company's cash flows or operating results as a result of the dispute.

As of June 30, 2026 and December 31, 2025, the deferred gain on the A&E ADC was $814 and $850, respectively, and is included in other liabilities on the Condensed Consolidated Balance Sheets.

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

57 unchanged sentences

Exposures are tracked on a current and potential basis and aggregated by ultimate parent of the counterparty across investments, reinsurance receivables, insurance products with credit risk, and derivatives.

As of March 31, 2026, the Company had no investment exposure to any credit concentration risk of a single issuer or counterparty greater than 10% of the Company’s stockholders' equity, other than the U.S.

As of June 30, 2026, the Company had no investment exposure to any credit concentration risk of a single issuer or counterparty greater than 10% of the Company’s stockholders' equity, other than the U.S.

government and certain U.S.

47 unchanged sentences

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

Sources of Equity Risk The Company has exposure to equity risk from invested assets, assets that support the Company’s pension plans, and fee income derived from Hartford Funds AUM.

Impact The investment portfolio is exposed to losses from market declines affecting equity securities and derivatives, which could negatively impact the Company's reported earnings.

In addition, investments in limited partnerships and other alternative investments generally have a level of

correlation to domestic equity market levels and can expose the Company to losses in earnings if valuations decline;

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

Impact The investment portfolio is exposed to losses from market declines affecting equity securities and derivatives, which could negatively impact the Company's reported

In addition, investments in limited partnerships and other alternative investments generally have a level of correlation to domestic equity market levels and can expose the Company to losses in earnings if valuations decline;

however, earnings impacts are recognized on a lag as results from private equity investments and other funds are generally reported on a three-month delay.

For assets supporting pension plans, the Company may be required to make additional plan contributions if equity investments in the plan portfolios decline in value.

Hartford Funds earnings are also significantly influenced by the U.S.

and other equity markets.

Generally, declines in equity markets will reduce the value of average daily AUM and the amount of fee income generated from those assets.

Increases in equity markets will generally have the inverse impact.

Management The Company uses various approaches in managing its equity exposure, including limits on the proportion of assets invested in equities, diversification of the equity portfolio, and, at times, hedging of changes in equity indices.

22 unchanged sentences

Fixed Maturities, AFS by Type

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Amortized Cost ACL Gross Unrealized Gains Gross Unrealized Losses Fair Value Percent of Total Fair Value Amortized Cost ACL Gross Unrealized Gains Gross Unrealized Losses Fair Value Percent of Total Fair Value

2 unchanged sentences

CLOs 3,360 (2) 5 (3) 3,360 7.3 % 3,310 (2) 9 (1) 3,316 7.2 %

Commercial Mortgage-Backed Securities ("CMBS")

Agency [1] 1,069 (14) 18 (88) 985 2.1 % 1,192 (14) 19 (87) 1,110 2.4 %

27 unchanged sentences

Fixed Maturities, AFS by Credit Quality

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Amortized Cost Fair Value Percent of Total Fair Value Amortized Cost Fair Value Percent of Total Fair Value

11 unchanged sentences

The following tables present the Company's exposure to CMBS and RMBS by credit quality included in the preceding Fixed Maturities, AFS by Type table.

Exposure to CMBS & RMBS Bonds by Credit Quality as of March 31, 2026

Exposure to CMBS & RMBS Bonds by Credit Quality as of June 30, 2026

AAA AA A BBB BB and Below Total

27 unchanged sentences

A loan participation interest represents a pro-rata share in interest and principal payments generated by the participated loan, and the relationship between the Company as loan originator, lead participant and servicer and the third party as a participant are governed by a participation agreement.

As of March 31, 2026, mortgage loans had an amortized cost of $7.1 billion and carrying value of $7.0 billion, with an ACL of $49.

As of June 30, 2026, mortgage loans had an amortized cost of $7.3 billion and carrying value of $7.3 billion, with an ACL of $49.

As of December 31, 2025, mortgage loans had an amortized cost of $6.9 billion and carrying value of $6.8 billion, with an ACL of $49.

The Company funded $332 of commercial mortgage loans, primarily industrial properties, with a weighted average loan-to-value (“ LTV ”) ratio of 60% and a weighted average yield of 5.7% during the three months ended March 31, 2026.

The Company funded $783 of commercial mortgage loans, primarily industrial properties, with a weighted average loan-to-value (“ LTV ”) ratio of 58% and a weighted average yield of 5.6% during the six months ended June 30, 2026.

The Company continues to originate commercial mortgage loans on institutional-quality properties with strong LTV ratios.

There were no mortgage loans held for sale as of March 31, 2026, or December 31, 2025.

There were no mortgage loans held for sale as of June 30, 2026, or December 31, 2025.

Index to MD&A

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Available-For-Sale Investments in Municipal Bonds

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Amortized Cost Fair Value Weighted Average Credit Quality Amortized Cost Fair Value Weighted Average Credit Quality

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Sales Tax 160 163 AA 165 165 AA

Power 130 122 A+ 137 130 A+

Power 113 108 AA- 137 130 A+

Housing 96 94 AA+ 163 159 AA

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Lease payments may be subject to annual appropriation by the municipality, or the municipality may be obligated to appropriate general tax revenues to make lease payments.

As of March 31, 2026, the largest issuer concentrations were the State of California, the Metropolitan Transportation Authority, and CommonSpirit Health, which each comprised less than 4% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds.

As of June 30, 2026, the largest issuer concentrations were the Metropolitan Transportation Authority, CommonSpirit Health, and the State of California, which each comprised less than 4% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds.

As of December 31, 2025, the largest issuer concentrations were the Metropolitan Transportation Authority, CommonSpirit Health, and the State of California, which each comprised less than 4% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds.

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Limited Partnerships and Other Alternative Investments - Net Investment Income

Three Months Ended March 31,

Amount Yield [1] Amount Yield [1]

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Amount Yield [1] Amount Yield [1] Amount Yield [1] Amount Yield [1]

Real estate joint ventures and funds $ 64 12.6 % $ (14) (3.1 %) $ 42 4.1 % $ (22) (2.4 %)

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Investments in Limited Partnerships and Other Alternative Investments

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Amount Percent Amount Percent

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Fixed Maturities, AFS — Unrealized Loss Aging

The total gross unrealized losses were $1.6 billion as of March 31, 2026, and have increased $221 since December 31, 2025, primarily due to higher interest rates.

As of March 31, 2026, $1.2 billion of the gross unrealized losses were associated with fixed maturities, AFS depressed less than 20% of amortized cost.

The total gross unrealized losses were $1.5 billion as of June 30, 2026, and have increased $121 since December 31, 2025, primarily due to higher interest rates.

As of June 30, 2026, $1.2 billion of the gross unrealized losses were associated with fixed maturities, AFS depressed less than 20% of amortized cost.

The remaining $0.3 billion of gross unrealized losses were associated with fixed maturities, AFS depressed greater than 20%.

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Unrealized Loss Aging for Fixed Maturities, AFS Securities

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Consecutive Months Items Amortized Cost ACL Unrealized Loss Fair Value Items Amortized Cost ACL Unrealized Loss Fair Value

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Unrealized Loss Aging for Fixed Maturities, AFS Continuously Depressed Over 20%

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Consecutive Months Items Amortized Cost ACL Unrealized Loss Fair Value Items Amortized Cost ACL Unrealized Loss Fair Value

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Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments

Three months ended March 31, 2026

The Company recorded no credit losses.

For the three months ended March 31, 2026, there were no unrealized losses on securities with an ACL recognized in other comprehensive income ("OCI").

Three and six months ended June 30, 2026

For the three and six months ended June 30, 2026, the Company recorded no credit losses.

For both periods, there were no unrealized losses on securities with an ACL recognized in other comprehensive income ("OCI").

For further information, refer to Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.

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Future intent-to-sell impairments or credit losses may develop as the result of changes in our intent to sell specific securities that are in an unrealized loss position or if modeling assumptions, such as macroeconomic factors or security specific developments, change unfavorably from our current modeling assumptions, resulting in lower cash flow expectations.

Three months ended March 31, 2025

The Company recorded a reversal of $2, primarily attributable to a decrease in ACL of $3 on one below investment grade corporate issuer, partially offset by a credit loss of $1 related to a CMBS.For the three months ended March 31, 2025 there were no unrealized losses on securities with an ACL recognized in OCI.

Three and six months ended June 30, 2025

For the three months ended June 30, 2025, the Company recorded no credit losses.

For the six months ended June 30, 2025, the Company recorded a net credit loss reversal of $2, primarily attributable to a decrease in ACL of $3 on one below investment grade corporate issuer, partially offset by a credit loss of $1 related to a CMBS.

For the three and six months ended June 30, 2025 there were no unrealized losses on securities with an ACL recognized in OCI.

There were no intent-to-sell impairments.

ACL on Mortgage Loans

Three months ended March 31, 2026 and March 31, 2025

Three and six months ended June 30, 2026 and June 30, 2025

The Company reviews mortgage loans on a quarterly basis to estimate the ACL with changes in the ACL recorded in net realized gains and losses.

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Summary of Capital Resources and Liquidity

Capital available to the HIG Holding Company as of March 31, 2026:

Capital available to the HIG Holding Company as of June 30, 2026:

• Approximately $1.9 billion in fixed maturities, short-term investments, investment sales receivable and cash at the HIG Holding Company;

• A senior unsecured revolving credit facility that provides for borrowing capacity up to $750 of unsecured credit through September 24, 2030.

As of March 31, 2026, there were no borrowings outstanding;

As of June 30, 2026, there were no borrowings outstanding;

• An intercompany liquidity agreement that allows for short-term advances of funds among the HIG Holding Company and certain affiliates of up to $2.0 billion for liquidity and other general corporate purposes.

As of March 31, 2026, $1.86 billion was available, $145 was outstanding between certain affiliates and there were no amounts outstanding at the HIG Holding company.

Dividends and other sources of capital for the three months ended March 31, 2026:

As of June 30, 2026, $1.86 billion was available, $145 was outstanding between certain affiliates and there were no amounts outstanding at the HIG Holding company.

Dividends and other sources of capital for the six months ended June 30, 2026:

The future payment of dividends from our subsidiaries is dependent on several factors including the business results, capital position and liquidity of our subsidiaries.

• P&C - HIG Holding Company received $662 of net dividends from the Company's property and casualty insurance subsidiaries through March 31, 2026;

• Employee Benefits - HIG Holding Company received $226 in dividends from Hartford Life and Accident Insurance Company (" HLA ") through March 31, 2026;

• Hartford Funds - HIG Holding Company received $45 in dividends from Hartford Funds through March 31, 2026.

Expected liquidity requirements for the next twelve months as of March 31, 2026:

• P&C - HIG Holding Company received $1.1 billion of net dividends from the Company's property and casualty insurance subsidiaries through June 30, 2026;

• Employee Benefits - HIG Holding Company received $439 in dividends from Hartford Life and Accident Insurance Company (" HLA ") through June 30, 2026;

• Hartford Funds - HIG Holding Company received $85 in dividends from Hartford Funds through June 30, 2026.

Expected liquidity requirements for the next twelve months as of June 30, 2026:

• $195 of interest on debt.

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• $655 of common stockholders' dividends, subject to the discretion of the Board of Directors and before share repurchases.

Expected liquidity requirements for beyond the next twelve months as of March 31, 2026:

Expected liquidity requirements for beyond the next twelve months as of June 30, 2026:

• Interest on and repayments of debt.

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Equity repurchase program:

During the three months ended March 31, 2026, the Company repurchased 3.3 million common shares for $450 under the $3.3 billion share repurchase program authorized by the Board of Directors, effective through December 31, 2026.

As of March 31, 2026, the Company has $1.1 billion remaining for equity repurchases under the current share repurchase program.

During the period April 1, 2026 through April 22, 2026, the Company repurchased 0.8 million common shares for $111.

During the six months ended June 30, 2026, the Company repurchased 6.7 million common shares for $900 under the $3.3 billion share repurchase program authorized by the Board of Directors, effective through December 31, 2026.

As of June 30, 2026, the Company has $648 remaining for equity repurchases under the current share repurchase program.

During the period July 1, 2026 through July 22, 2026, the Company repurchased 0.8 million common shares for $109.

I n addition to the authorization covering the period from August 1, 2024 to December 31, 2026, the Board of Directors approved a share repurchase authorization for up to $4.2 billion effective from August 1, 2026 to December 31, 2028.

While the Company has the flexibility to use a portion of the new authorization in 2026, it expects to use the vast majority of the new authorization in 2027 and 2028.

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

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Dividends from subsidiaries and other sources of funds at the holding company may be used to repurchase shares under the authorized share repurchase program at the discretion of management.

Under significant economic stress scenarios, the Company has the ability to meet short-term cash requirements, if needed, by borrowing under its revolving credit facility or by having its insurance subsidiaries take collateralized advances under a facility with the FHLBB.

The Company could also choose to

Index to MD&A

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

have its insurance subsidiaries sell certain highly liquid, high quality fixed maturities or the Company could issue debt in the public markets under its shelf registration.

The Hartford's Board of Directors declared the following quarterly dividends since January 1, 2026:

The Company could also choose to have its insurance subsidiaries sell certain highly liquid, high quality fixed maturities or the Company could issue debt in the public markets under its shelf registration.

The Hartford's Board of Directors declared the following quarterly dividends since April 1, 2026:

Common Stock Dividends

Declared Record Payable Amount per share

February 18, 2026 March 2, 2026 April 2, 2026 $ 0.600

May 20, 2026 June 1, 2026 July 2, 2026 $ 0.600

July 15, 2026 September 1, 2026 October 2, 2026 $ 0.600

Preferred Stock Dividends

Declared Record Payable Amount per share

February 18, 2026 May 1, 2026 May 15, 2026 $ 375.00

May 20, 2026 August 3, 2026 August 17, 2026 $ 375.00

July 15, 2026 November 2, 2026 November 16, 2026 $ 375.00

There are no current restrictions on the HIG Holding Company's ability to pay dividends to its stockholders.

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For a discussion of restrictions on dividends to HIG Holding Company from its insurance subsidiaries see Part II, Item 7, MD&A – Capital Resources and Liquidity - Dividends from Subsidiaries in The Hartford’s 2025 Form 10-K Annual Report.

Through the first three months of 2026, HIG Holding Company received $933 of net dividends from its subsidiaries, including $226 from HLA, $45 from Hartford Funds and $662 from its P&C subsidiaries, excluding $25 of P&C dividends that were subsequently contributed to P&C subsidiaries and $41 of P&C dividends related to interest payments on an intercompany note owed by Hartford Holdings, Inc.

Through the first six months of 2026, HIG Holding Company received $1.6 billion of net dividends from its subsidiaries, including $439 from HLA, $85 from Hartford Funds and $1.1 billion from its P&C subsidiaries, excluding $25 of P&C dividends that were subsequently contributed to P&C subsidiaries and $82 of P&C dividends related to interest payments on an intercompany note owed by Hartford Holdings, Inc.

("HHI") to Hartford Fire Insurance Company.

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On September 24, 2025, The Hartford amended and restated the Credit Facility, which, among other changes, extends the term of the facility through September 24, 2030.

As of March 31, 2026, no borrowings were outstanding and no letters of credit were issued under the Credit Facility and The Hartford was in compliance with all financial covenants.

As of June 30, 2026, no borrowings were outstanding and no letters of credit were issued under the Credit Facility and The Hartford was in compliance with all financial covenants.

For further information regarding the Credit Facility, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company’s 2025 Form 10-K Annual Report.

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The Connecticut Insurance Department ("CID") granted approval for certain affiliated insurance companies that are parties to the agreement to treat receivables from a parent, including the HIG Holding Company, as admitted assets for statutory accounting purposes.

As of March 31, 2026, $1.86 billion was available, $145 was outstanding between certain affiliates, and there were no amounts outstanding at the HIG Holding Company.

As of June 30, 2026, $1.86 billion was available, $145 was outstanding between certain affiliates, and there were no amounts outstanding at the HIG Holding Company.

Index to MD&A

7 unchanged sentences

Based on these requirements, the Company estimates that Hartford Fire can pledge up to $2.5 billion and HLA can pledge up to $2.1 billion to secure FHLBB advances.

As of March 31, 2026, there were no advances outstanding.

As of June 30, 2026, there were no advances outstanding.

For further information regarding collateralized advances with FHLBB, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.

2 unchanged sentences

On October 21, 2024, The Hartford amended and restated its Lloyd’s Facility agreement.

The amended and restated Lloyd's Facility has two tranches with one tranche extending a $74 commitment and the other tranche extending a £74 million ($98 as of March 31, 2026) commitment.

As of March 31, 2026, letters of credit with an aggregate face amount of $74 and £74 million, or $98, were outstanding under the Lloyd's Facility.

The amended and restated Lloyd's Facility has two tranches with one tranche extending a $74 commitment and the other tranche extending a £74 million ($98 as of June 30, 2026) commitment.

As of June 30, 2026, letters of credit with an aggregate face amount of $74 and £74 million, or $98, were outstanding under the Lloyd's Facility.

Among other covenants, the Lloyd's Facility contains financial covenants regarding The Hartford's consolidated net worth and financial leverage.

As of March 31, 2026, The Hartford was in compliance with all financial covenants of the facility.

As of June 30, 2026, The Hartford was in compliance with all financial covenants of the facility.

For further information regarding the Lloyd's Facility, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company’s 2025 Form 10-K Annual Report.

Sale of Hartford Funds

As a result of the June 3, 2026, announced sale of Hartford Funds and expected closing in first quarter of 2027, the Company expects a change in the nature and timing of its cash flows.

Prior to closing, the Company expects to receive dividends totaling $85 for the remainder of the year from Hartford Funds and will receive an additional pre-closing dividend of approximately $170, subject to market and operating performance through closing.

At closing, the Company expects to receive $300 of cash proceeds.

Following the closing, the Company will receive contingent consideration in the form of quarterly payments.

For further discussion of this transaction, see Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

Pension Plans and Other Postretirement Benefits

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Derivative Commitments

Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical rating agencies, of the individual legal entity that entered into the derivative agreement.

Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical rating organizations, of the individual legal entity that entered into the derivative agreement.

If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could terminate agreements and demand immediate settlement of the outstanding net derivative positions transacted under each agreement.

For further information, refer to Note 13 - Commitments and Contingencies of Notes to Condensed Consolidated Financial Statements.

As of March 31, 2026, no derivative positions would be subject to immediate termination in the event of a downgrade of one level below the current financial strength ratings.

As of June 30, 2026, no derivative positions would be subject to immediate termination in the event of a downgrade of one level below the current financial strength ratings.

This could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated.

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A sale of invested assets could result in significant realized losses.

The following tables represent the fixed maturity holdings, including the aforementioned cash and short-term investments available to meet liquidity needs, for each of the Company’s insurance operations.

The following tables represent the fixed maturity holdings, including the aforementioned cash and short-term investments

Index to MD&A

Part I - Item 2.

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

available to meet liquidity needs, for each of the Company’s insurance operations.

Property & Casualty Operations

As of March 31, 2026

As of June 30, 2026

Fixed maturities $ 37,973

3 unchanged sentences

Property & Casualty operations invested assets also include $205 in equity securities, $5.7 billion in mortgage loans and $4.8 billion in limited partnerships and other alternative investments.

Index to MD&A

Part I - Item 2.

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

Employee Benefits Operations

As of March 31, 2026

As of June 30, 2026

Fixed maturities $ 7,779

4 unchanged sentences

The primary uses of funds are to pay claims, claim adjustment expenses, commissions and other underwriting and insurance operating costs, to pay taxes, to purchase new investments and to make dividend payments to the HIG Holding Company.

Property & Casualty reserves for unpaid losses and loss adjustment expenses as of March 31, 2026 were $38.6 billion and net of reinsurance and other recoverables were $32.0 billion.

Property & Casualty reserves for unpaid losses and loss adjustment expenses as of June 30, 2026 were $39.0 billion and net of reinsurance and other recoverables were $32.5 billion.

Reserves for Property & Casualty unpaid losses and loss adjustment expenses include case reserves and incurred but not reported (" IBNR" ) reserves.

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In particular, there is significant uncertainty over the claim payment patterns of asbestos and environmental claims.

Employee Benefits reserves as of March 31, 2026 were $8.8 billion and net of reinsurance were $8.5 billion.

Group life and disability obligations are estimated using assumptions based on the Company’s historical experience, modified for recent observed trends.

Employee Benefits reserves as of June 30, 2026 were $8.9 billion and net of reinsurance were $8.6 billion.

and disability obligations are estimated using assumptions based on the Company’s historical experience, modified for recent observed trends.

For a discussion of The Hartford’s judgment in estimating LTD reserves for Employee Benefits see Part II, Item 7, MD&A - Critical Accounting Estimates, Employee Benefit LTD Reserves, Net of Reinsurance, in the Company’s 2025 Form 10-K Annual Report.

1 unchanged sentence

For historical payments by reserve line, net of reinsurance, see Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report.

Due to the significance of the assumptions used, payments for the next

twelve months and beyond twelve months could materially differ from historical patterns.

Corporate reserves as of March 31, 2026 were $354 and net of reinsurance were $140.

Due to the significance of the assumptions used, payments for the next twelve months and beyond twelve months could materially differ from historical patterns.

Corporate reserves as of June 30, 2026 were $347 and net of reinsurance were $137.

These reserves related to retained run-off liabilities of its former life and annuity business.

For additional information about future policy benefits and other policyholder funds and benefits payable, see Note 10 - Reserve for Future Policy Benefits and Note 11 - Other Policyholder Funds and Benefits Payable of Notes to Condensed Consolidated Financial Statements.

Hartford Funds

Hartford Funds' principal sources of operating funds are fees earned from basis points on AUM with uses primarily for payments to subadvisors and other general operating expenses.

As of March 31, 2026, Hartford Funds cash and short-term investments were $382.

Purchase and Other Obligations

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Capital Structure

March 31, 2026 December 31, 2025 Change

June 30, 2026 December 31, 2025 Change

Long-term debt $ 4,374 $ 4,371 — %

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Debt to capitalization 18 % 19 %

Total capitalization decreased $89 as of March 31, 2026 compared to December 31, 2025 primarily due to share repurchases and an increase in net unrealized losses on fixed maturities, AFS partially offset by net income in excess of common stockholder dividends in the period.

Total capitalization increased $657 as of June 30, 2026 compared to December 31, 2025 primarily due to net income in excess of common stockholder dividends in the period, partially offset by share repurchases and an increase in net unrealized losses on fixed maturities, AFS.

For additional information on AOCI, net of tax, including net unrealized gain (losses) from securities, see Note 15 - Changes

1 unchanged sentence

For additional information on debt, see Note 13 - Debt of Notes to Consolidated Financial Statement in The Hartford's 2025 Form 10-K Annual Report.

Three Months Ended March 31,

Cash Flow [1]

Six Months Ended June 30,

Net cash provided by operating activities $ 2,234 $ 2,276

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Cash and restricted cash– end of period $ 203 $ 219

Cash provided by operating activities increased in 2026 as compared to the prior year period primarily driven by an increase in P&C and Employee Benefits premiums received partially offset by higher operating expenses primarily related to increased staffing costs.

Cash used for investing activities decreased in 2026 due to more cash generated from operating activities partially offset by more cash used in financing activities.

Cash used for financing activities increased in 2026 as compared to the prior year period primarily driven by an increase in treasury stock acquired through share repurchases and an increase in dividends paid on common stock partially offset by a decrease in net return of shares under incentive and stock compensation plans.

Operating cash flows for the three months ended March 31, 2026 has been adequate to meet liquidity requirements.

[1] Cash activities include cash flows from Discontinued Operations;

see Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements for information on cash flows from Discontinued Operations

Cash provided by operating activities decreased in 2026 as compared to the prior year period primarily driven by higher operating expenses, including increased commissions and staffing costs, and an increase in P&C loss and loss adjustment expenses paid, partially offset by an increase in P&C and Employee Benefits premiums received.

Cash used for investing activities decreased in 2026 due to more cash used in financing activities and lower cash generated from operating activities.

Operating cash flows for the six months ended June 30, 2026 has been adequate to meet liquidity requirements.

Equity Markets

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GAAP capital held by the Company in determining the Company's financial strength and credit ratings.

Rating agencies may implement changes to their capital formulas that have the effect of increasing the amount of capital

we must hold in order to maintain our current ratings.

Rating agencies may implement changes to their capital

formulas that have the effect of increasing the amount of capital we must hold in order to maintain our current ratings.

See Risk Factors disclosed in Item 1A of Part I of the Company's 2025 Form 10-K Annual Report.

Insurance Financial Strength Ratings as of

April 22, 2026

July 22, 2026

Best Standard & Poor’s Moody’s

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statutory capital 343 (172) 171

U.S statutory capital at March 31, 2026

U.S statutory capital at June 30, 2026

$ 14,780 $ 2,502 $ 17,282

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Asbestos and Environmental

HIG The Hartford Insurance Group, Inc.

Asset-Backed Securities

Hartford Investment Management Company

Allowance for Credit Losses

Asset-Backed Securities

Hartford Life and Accident Insurance Company

Adverse Development Cover

Allowance for Credit Losses

Incurred But Not Reported

Available-For-Sale

Adverse Development Cover

Information Technology

Allocated Loss Adjustment Expenses

Available-For-Sale

Loss Adjustment Expense

Accumulated Other Comprehensive Income (Loss)

Allocated Loss Adjustment Expenses

Liability for Credit Losses

Assets Under Management

Accumulated Other Comprehensive Income (Loss)

Long-Term Disability

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Risk-Based Capital

Exchange-Traded Funds

Residential Mortgage-Backed Securities

Financial Accounting Standards Board

Return on Assets

Residential Mortgage-Backed Securities

FHCF Florida Hurricane Catastrophe Fund ROE

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Unallocated Loss Adjustment Expenses

HIG The Hartford Insurance Group, Inc.

Part I - Item 4.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis