Hartford Insurance Group (HIG) 10-K risk factor changes: FY2024 vs FY2023

[removed: aggregate limit, we may need to increase our recorded net reserves which] [added: Inadequate pricing] could have a material adverse effect on our [added: business,] financial condition, results of operations or liquidity.

Our insureds may be increasingly exposed to cyber-related attacks with insured [added: losses to property (including data and systems), breach of data, ransom payments and business interruption.]

| [Table of [removed: Contents](#i9b54cc746e184599b631808d88b32e18_7)] [added: Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7)] | | | | | | | | |

We seek to price our property and casualty and [removed: group] [added: employee] benefits insurance policies such that insurance premiums and future net investment income earned on premiums received will provide for an acceptable profit in excess of underwriting expenses and the cost of paying claims.

Any of these factors could have a material adverse effect on our business, financial condition, [removed: results of operations or liquidity.]

Additionally, the property and casualty and [removed: group] [added: employee] benefits insurance markets have been historically cyclical, experiencing periods characterized by relatively high levels of price competition, less restrictive underwriting standards, more expansive coverage offerings, multi-year rate guarantees and declining premium rates, followed by periods of relatively low levels of competition, more selective underwriting standards, more coverage restrictions and increasing premium rates.

In all of our property and casualty and [removed: group] [added: employee] benefits insurance product lines, there is a risk that the premium we charge may ultimately prove to be inadequate as reported losses emerge.

Our principal competitors are other property and casualty insurers, [removed: group] [added: employee] benefits providers and providers of mutual funds and exchange traded funds.

Because of the highly competitive nature of the industries The Hartford competes in, there can be no assurance that the Company will continue to compete effectively with our industry rivals, or that competitive pressure will not have a material adverse effect on [removed: the business and] [added: our business, financial condition,] results of [removed: operations.][added: operations or liquidity.]

These technologies could impact the frequency or severity of losses, disrupt the demand [added: for certain of our products, or reduce the size of the automobile insurance market as a whole.]

Increased use of advanced analytics [added: (e.g., artificial intelligence)] and automation in the workplace could potentially affect the demand for workers' compensation insurance products over time.

For example, we market [removed: personal lines] [added: Personal Insurance] products in large part through an exclusive licensing arrangement with AARP that continues through December 31, 2032.

Changes in industry practices and in legal, judicial, social and other environmental conditions, technological advances or fraudulent activities, may require us to pay claims we did not [removed: intend to cover when we wrote the policies.]

Social, economic, political and environmental issues, including rising income inequality, [added: reduction and further delays in government social programs such as Social Security Disability, attorney representation rates, legal system abuse,] climate change, prescription drug use and addiction, exposures to new substances or those substances previously considered to be safe and found to have latent exposure, along [added: with the use of social media to proliferate messaging around such issues, has expanded the theories for reporting claims, which may increase our claims administration and/or litigation costs.]

State and local governments' increased efforts aimed to respond to the costs and concerns associated with these types of [removed: issues,] [added: issues] may also lead to expansive, new theories for reporting claims or may lead to the passage of "reviver" statutes that extend the statute of limitations for the reporting of these claims, including statutes passed in certain states with respect to sexual molestation and sexual abuse claims.

In addition, these and other social, economic, political and environmental issues may [removed: either] extend coverage beyond our underwriting [removed: intent or] [added: intent, potentially] increase [added: jury awards, and/or increase] the frequency or severity of claims.

[removed: A] downgrade [removed: or a potential downgrade] in the rating of our financial strength or of one of our principal insurance subsidiaries could affect our competitive position and reduce future sales of our products.

[added: These events could materially adversely] affect our business, financial condition, results of operations or liquidity.

In the United States, statutory accounting standards and statutory capital and reserve requirements for these entities are prescribed by the applicable insurance regulators and the [removed: NAIC.][added: National Association of Insurance Commissioners ("NAIC").]

The minimum capital we must hold is based on risk-based capital (“RBC”) formulas for both [removed: life and] property and casualty [added: and life] companies.

The RBC formula for life companies is applicable to our [removed: group] [added: employee] benefits business and establishes capital requirements relating to insurance, business, asset, credit, interest rate and off-balance sheet risks.

The RBC formula for property and casualty companies [removed: sets required statutory surplus levels based on] [added: establishes capital requirements relating to] underwriting, asset, credit, [added: catastrophe, operational] and off-balance sheet risks.

Countries in which our international insurance subsidiaries are incorporated or deemed commercially domiciled are subject to minimum capital requirements as defined by the applicable regulatory regime, including a phased program of changes to the prudential and solvency regime in the [removed: UK] [added: U.K.] following the [removed: UK's] [added: U.K.'s] departure from the European Union.

Among other factors, rating agencies consider the level of statutory capital and surplus of our U.S. insurance subsidiaries as well as the level of [removed: Generally Accepted Accounting Principles ("GAAP")] [added: GAAP] capital held by the Company in determining the Company's financial strength and credit ratings.

[removed: Under these reinsurance arrangements, other] insurers assume a portion of our losses and related expenses; however, we remain liable as the direct insurer on all risks reinsured.

The inability or unwillingness of any reinsurer or retrocessionaire to meet its financial obligations to us, including the impact of any insolvency or rehabilitation proceedings involving a reinsurer or retrocessionaire that could affect the Company's access to collateral held in trust, could [added: have a material adverse effect on our financial condition, results of operations or liquidity.]

Moreover, as a holding company that is separate and distinct from its insurance subsidiaries, [removed: HFSG] [added: HIG] has no significant business operations of its own.

Therefore, [removed: HFSG] [added: HIG] relies on dividends from our insurance company subsidiaries and other subsidiaries as the principal source of cash flow to meet its obligations.

[removed: In addition, in the event of liquidation or] reorganization of a subsidiary, prior claims of a subsidiary’s creditors may take precedence over the holding company’s right to a dividend or distribution from the subsidiary except to the extent that the holding company may be a creditor of that subsidiary.

We use models to [removed: help make decisions related to,] [added: support,] among other things, underwriting, pricing, capital allocation, reserving, investments, reinsurance, and catastrophe [removed: risk.][added: risk management.]

Both proprietary and third party models [removed: we use] [added: used] incorporate numerous assumptions and forecasts about the future level and variability of interest rates, [removed: capital requirements,] [added: inflation, credit spreads, equity markets, currency exchange rates,] loss frequency and severity, [removed: currency exchange rates, policyholder behavior, equity markets] and [removed: inflation,] [added: capital requirements,] among others.

In addition, there may be certain securities whose fair value is based on one or more [removed: unobservable inputs, even during normal market conditions.]

[added: Further, rapidly changing or unprecedented credit and equity] market conditions could materially impact the valuation of securities and the period-to-period changes in value could vary significantly.

As a result, management’s evaluations and assessments are highly judgmental and its projections of future cash flows over the life of certain [removed: securities] [added: investments] may ultimately prove incorrect as facts and circumstances change.

Our businesses may suffer and we may incur substantial costs if we are unable to access our systems and safeguard the security of our data in the event of a disaster, cyber [removed: breach or] [added: breach,] other information security [removed: incident.][added: incident or technology failure.]

[removed: We and our third party vendors must be able to access our systems to provide insurance quotes, process premium payments, make] changes to existing policies, file and pay claims, administer mutual funds, provide customer support, manage our investment portfolios, report on financial results and perform other necessary business functions.

[added: In the] event of a disaster such as a natural catastrophe, a pandemic, civil unrest, an industrial accident, a cyber-attack, a blackout, a terrorist attack (including conventional, nuclear, biological, chemical or radiological) or war, systems upon which we rely may be inaccessible to our employees, customers or business partners for an extended period of time.

While, to date, The Hartford is not aware of having experienced a material breach of our cyber security systems, administrative, [removed: internal] accounting and technical controls as well as other preventive actions may be insufficient to prevent physical and electronic break-ins, denial of service, cyber-attacks, business email compromises, ransomware or other security breaches to our systems or those of third parties with whom we do business.

Third parties, including third party administrators and cloud-based systems, are also subject to cyber-attacks and breaches of confidential information, along with the other risks outlined above, any one of which may result in our incurring substantial costs and other negative consequences, including a material adverse effect on our business, reputation, financial condition, [removed: results of operations or liquidity.]

An equity repurchase plan approved by the Board [removed: would] [added: of Directors can] be subject to execution risks, including, among others, risks related to market fluctuations, investor interest and potential legal constraints that could delay execution at an otherwise optimal time.

general liability, management liability and directors and officers policies.

results of operations or liquidity.

intend to cover when we wrote the policies.

A downgrade or a potential

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | | | |

Under these reinsurance arrangements, other

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | | | |

In addition, in the event of liquidation or

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | | | |

unobservable inputs, even during normal market conditions.

We and our third party vendors must be able to access our systems to provide insurance quotes, process premium payments, make

Our business may be disrupted by failures to effectively maintain or update existing technologies, implement new technology, automate business processes or use emerging technologies (e.g. artificial intelligence).

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | | | |

results of operations or liquidity.

finance, information technology and actuarial practices.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | | | |

successful.

The rules were challenged by various stakeholders and have been stayed pending the outcome of that litigation.

The state of California is adopting mandatory climate reporting for companies doing business there, and other state regulators may impose similar obligations and related risks.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | | | |

machine learning, predictive analytics and other “big data’ techniques.

The IAIS also finalized the comparability assessment of the United States (US)-developed Aggregation Method (AM), concluding that a US AM provides a basis for implementation of the ICS to produce comparable results.

Such changes could also come in the form of executive orders.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | | | |

insurance commissioner of the state where the domestic insurer is domiciled.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | | | |

For additional information related to risks associated with the adverse development cover ("ADC"), see Note 11 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements.

We are vulnerable to losses from catastrophes, both natural and man-made.

Our insurance operations expose us to claims arising out of catastrophes.

Catastrophes can be caused by various unpredictable natural events, including, among others, earthquakes, hurricanes, hailstorms, severe winter weather, wind storms, fires, tornadoes, and pandemics.

Catastrophes can also be man-made, such as terrorist attacks, civil unrest, cyber-attacks, explosions or infrastructure failures.

Catastrophes may also include some major international events designated by Lloyd's of London.

The geographic distribution of our business subjects us to catastrophe exposure for events occurring in a number of areas, including, but not limited to: hurricanes in Florida, the Gulf Coast, the Northeast and the Atlantic coast regions of the United States; tornadoes and hail in the Midwest and Southeast; earthquakes in geographical regions exposed to seismic activity; wildfires in various regions, including the Western United States, Hawaii and Canada; and the spread of disease, which can occur throughout multiple geographic locations.

We are also exposed to catastrophe losses in other parts of the world through our global specialty business.

Any increases in the values and concentrations of insureds and property in these areas would increase the severity of catastrophic events in the future.

In addition, changes in climate and/or weather patterns may increase the frequency and/or intensity of severe weather and natural catastrophe events potentially leading to increased insured losses.

Potential examples include, but are not limited to:

- an increase in the frequency or intensity of wind and thunderstorm and tornado/hailstorm events due to increased convection in the atmosphere,

- more frequent and larger wildfires in certain geographies,

- higher incidence of deluge flooding, and

- the potential for an increase in frequency and severity of hurricane events.

Insufficient incorporation of climatic trends into widely used catastrophe models and internal tools to assess risk from natural catastrophe perils could lead to ineffective evaluation and management of catastrophe risk.

For a further discussion of climate-related risks, see the above-referenced Risk Factor, “Changing climate and weather patterns may adversely affect our business, financial condition and results of operation.”

Our businesses also have exposure to global or nationally occurring pandemics caused by highly infectious and potentially fatal diseases spread through human, animal or plant populations.

In the event of one or more catastrophes, policyholders may be unable to meet their obligations to pay premiums on our insurance policies.

Further, our liquidity could be constrained by

a catastrophe, or multiple catastrophes.

In addition, in part because accounting rules do not permit insurers to reserve for such catastrophic events until they occur, claims from catastrophic events could have a material adverse effect on our business, financial condition, results of operations or liquidity.

The amount we charge for catastrophe exposure may be inadequate if the frequency or severity of catastrophe losses changes over time or if the models we use to estimate the exposure prove inadequate.

In addition, regulators or legislators could limit our ability to charge adequate pricing for catastrophe exposures or shift more responsibility for covering risk.

Terrorism is an example of a significant man-made potential catastrophe.

Private sector catastrophe reinsurance is limited and generally unavailable for terrorism losses caused by attacks with nuclear, biological, chemical or radiological weapons.

In addition, workers' compensation policies generally do not have exclusions or limitations for terrorism losses.

Reinsurance coverage from the federal government under the Terrorism Risk Insurance Program (the "Program") Reauthorization Act of 2019 (“TRIPRA 2019”) is also limited and only applies for certified acts of terrorism that exceed a certain threshold of industry losses.

Accordingly, the effects of a terrorist attack in the geographic areas we serve may result in claims and related losses for which we do not have adequate reinsurance.

TRIPRA 2019 also requires that the federal government create the following reports, which could lead to additional legislation or regulation: (1) Treasury Department to include in its biennial report on the effectiveness of the Program an evaluation of the availability and affordability of terrorism risk insurance for places of worship; and (2) Government Accountability Office report to analyze and address the vulnerabilities and potential costs of cyber terrorism, to assess adequacy of coverage under the Program, and to make recommendations for future legislative changes to address evolving cyber terrorism risks.

Further, the continued threat of terrorism and the occurrence of terrorist attacks, as well as heightened security measures and military action in response to these threats and attacks or other geopolitical or military crises, may cause significant volatility in global financial markets, disruptions to commerce and reduced economic activity.

These consequences could have an adverse effect on the value of the assets in our investment portfolio and/or cause a reduction in demand for our products.

Terrorist attacks also could disrupt our operation centers.

In addition, TRIPRA 2019 expires on December 31, 2027 and if the U.S. Congress does not reauthorize the program or significantly reduces the government’s share of covered terrorism losses, the Company’s exposure to terrorism losses could increase materially unless it can purchase alternative terrorism reinsurance protection in the private markets at affordable prices or takes actions to materially reduce its exposure in lines of business subject to terrorism risk.

For a further discussion of TRIPRA, see Part II, Item 7, MD&A - Enterprise Risk Management - Insurance Risk Management, Reinsurance as a Risk Management Strategy.

Cyber risk exposure exists through stand-alone cyber policies as well as cyber coverage endorsements on some property, general liability, management liability and directors and officers policies.

|

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

Part I - Item 1A.

Exposure to CMBS and RMBS as of December 31, [removed: 2022][added: 2024]

| Interest Only | | | [removed: 101] [added: 53] | | | [removed: 96] [added: 51] | | | [removed: 74] [added: 31] | | | [removed: 70] [added: 31] | | | [removed: —] [added: 6] | | | [removed: —] [added: 6] | | | [removed: 8] [added: 5] | | | [removed: 7] [added: 5] | | | [removed: 1] [added: —] | | | [removed: 1] [added: —] | | | [removed: 184] [added: 95] | | | [removed: 174] [added: 93] | | |

| Sub-Prime | | | [removed: 3] [added: 1] | | | [removed: 3] [added: 1] | | | [removed: 21] [added: 5] | | | [removed: 21] [added: 5] | | | [removed: 10] [added: 2] | | | [removed: 10] [added: 2] | | | [removed: 9] [added: 7] | | | [removed: 9] [added: 7] | | | [removed: 29] [added: 7] | | | [removed: 29] [added: 7] | | | [removed: 72] [added: 22] | | | [removed: 72] [added: 22] | | |

A loan participation interest represents a pro-rata share in interest and principal payments generated by the [added: 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 December 31, [removed: 2022,] [added: 2024,] mortgage loans had an amortized cost of [removed: $6.0] [added: $6.4] billion and carrying value of [removed: $6.0] [added: $6.4] billion, with an ACL of [removed: $36.][added: $44.]

The Company funded [removed: $589] [added: $601] million of commercial mortgage [removed: loans] [added: loans, primarily industrial properties,] with a weighted average loan-to-value (“LTV”) ratio of [removed: 57%][added: 58% and a weighted average yield of 7.1% during the twelve months ended December 31, 2024.]

| [Table of [removed: Contents](#i9b54cc746e184599b631808d88b32e18_7)] [added: Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7)] | | | | | | [Index to [removed: MD&A](#i9b54cc746e184599b631808d88b32e18_97)] [added: MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103)] | | |

The Company continues to originate commercial mortgage loans [removed: in high growth markets across the country focusing primarily] on institutional-quality [removed: industrial and multi-family] properties with strong LTV ratios.

There were no mortgage loans held for sale as of December 31, [removed: 2023,] [added: 2024,] or December 31, [removed: 2022.][added: 2023.]

| | | | December 31, [removed: 2023] [added: 2024] | | | | | | | | | | | | December 31, [removed: 2022] [added: 2023] | | | | | | | | |

| General Obligation | | | $ | [removed: 807] [added: 1,033] | | $ | [removed: 814] [added: 1,008] | | AA | | | | | | $ | [removed: 863] [added: 807] | | $ | [removed: 838] [added: 814] | | AA | | |

| Pre-refunded \[1\] | | | [removed: 155] [added: 86] | | | [removed: 158] [added: 87] | | | AA+ | | | | | | [removed: 235] [added: 155] | | | [removed: 242] [added: 158] | | | [removed: AAA] [added: AA+] | | |

| Transportation | | | [removed: 1,325] [added: 1,134] | | | [removed: 1,298] [added: 1,084] | | | A+ | | | | | | [removed: 1,435] [added: 1,325] | | | [removed: 1,342] [added: 1,298] | | | A+ | | |

| Health Care | | | [removed: 974] [added: 864] | | | [removed: 902] [added: 789] | | | A+ | | | | | | [removed: 1,132] [added: 974] | | | [removed: 1,012] [added: 902] | | | A+ | | |

| Leasing \[2\] | | | [removed: 761] [added: 627] | | | [removed: 732] [added: 588] | | | [removed: AA-] [added: AA] | | | | | | [removed: 714] [added: 761] | | | [removed: 659] [added: 732] | | | AA- | | |

| Education | | | [removed: 527] [added: 402] | | | [removed: 520] [added: 385] | | | AA | | | | | | [removed: 601] [added: 527] | | | [removed: 572] [added: 520] | | | AA | | |

| Water & Sewer | | | [removed: 362] [added: 308] | | | [removed: 347] [added: 289] | | | [removed: AA+] [added: AA] | | | | | | [removed: 411] [added: 362] | | | [removed: 384] [added: 347] | | | [removed: AA] [added: AA+] | | |

| Power | | | [removed: 275] [added: 281] | | | [removed: 271] [added: 272] | | | A | | | | | | [removed: 280] [added: 275] | | | [removed: 268] [added: 271] | | | A | | |

| Sales Tax | | | [removed: 231] [added: 183] | | | [removed: 237] [added: 183] | | | AA | | | | | | [removed: 304] [added: 231] | | | [removed: 295] [added: 237] | | | AA | | |

| Housing | | | [removed: 179] [added: 195] | | | [removed: 172] [added: 185] | | | AA | | | | | | [removed: 73] [added: 179] | | | [removed: 62] [added: 172] | | | [removed: AA-] [added: AA] | | |

| Other | | | [removed: 611] [added: 461] | | | [removed: 588] [added: 434] | | | [removed: A+] [added: AA-] | | | | | | [removed: 670] [added: 611] | | | [removed: 622] [added: 588] | | | A+ | | |

| Total Revenue | | | [removed: 5,245] [added: 4,455] | | | [removed: 5,067] [added: 4,209] | | | AA- | | | | | | [removed: 5,620] [added: 5,245] | | | [removed: 5,216] [added: 5,067] | | | AA- | | |

| Total Municipal | | | $ | [removed: 6,207] [added: 5,574] | | $ | [removed: 6,039] [added: 5,304] | | AA- | | | | | | $ | [removed: 6,718] [added: 6,207] | | $ | [removed: 6,296] [added: 6,039] | | AA- | | |

As of December 31, [removed: 2022,] [added: 2024,] the largest issuer concentrations were the [removed: Grand Parkway Transportation Corporation] [added: State] of [removed: Texas,] [added: Illinois,] the [removed: New York City Transitional Finance Authority,] [added: State of California,] and the [removed: New York City Municipal Water Finance] [added: Metropolitan Transportation] Authority, which each comprised less than 3% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds.

In total, municipal bonds make up [removed: 11%] [added: 9%] of the fair value of the Company's investment portfolio.

| | | | | | | | | | | | | | | | [removed: 2023] [added: 2024] | | | | | | | | | [removed: 2022] [added: 2023] | | | | | | | | | [removed: 2021] [added: 2022] | | | | | | | | | | | |

| Real estate joint ventures and funds | | | | | | | | | | | | | | | | | | | | | $ | [removed: (10)] [added: (67)] | | [removed: (0.5)] [added: (3.4)] | | % | | | | $ | [removed: 316] [added: (10)] | | [removed: 21.9] [added: (0.5)] | | % | | | | $ | [removed: 149] [added: 316] | | [removed: 18.4] [added: 21.9] | | % |

| Private equity funds | | | | | | | | | | | | | | | | | | | | | [removed: 161] [added: 108] | | | [removed: 9.9] [added: 5.9] | | % | | | | [removed: 186] [added: 161] | | | [removed: 14.2] [added: 9.9] | | % | | | | [removed: 456] [added: 186] | | | [removed: 51.3] [added: 14.2] | | % |

| Other funds | | | | | | | | | | | | | | | | | | | | | [removed: 29] [added: 60] | | | [removed: 6.6] [added: 11.7] | | % | | | | [removed: 32] [added: 29] | | | [removed: 10.5] [added: 6.6] | | % | | | | [removed: 33] [added: 32] | | | [removed: 17.7] [added: 10.5] | | % |

| Other alternative investments \[2\] | | | | | | | | | | | | | | | | | | | | | [removed: 32] [added: 47] | | | [removed: 6.6] [added: 9.1] | | % | | | | [removed: (19)] [added: 32] | | | [removed: (3.8)] [added: 6.6] | | % | | | | [removed: 94] [added: (19)] | | | [removed: 22.6] [added: (3.8)] | | % |

| Total | | | | | | | | | | | | | | | | | | | | | $ | [removed: 212] [added: 148] | | [removed: 4.8] [added: 3.0] | | % | | | | $ | [removed: 515] [added: 212] | | [removed: 14.4] [added: 4.8] | | % | | | | $ | [removed: 732] [added: 515] | | [removed: 31.8] [added: 14.4] | | % |

| | | | December 31, [removed: 2023] [added: 2024] | | | | | | | | | December 31, [removed: 2022] [added: 2023] | | | | | |

| Real estate joint ventures and funds | | | $ | [removed: 1,931] [added: 1,907] | | [removed: 40.4] [added: 37.8] | | % | | | | $ | [removed: 1,713] [added: 1,931] | | [removed: 41.0] [added: 40.4] | | % |

| Private equity funds | | | [removed: 1,838] [added: 1,956] | | | [removed: 38.4] [added: 38.8] | | % | | | | [removed: 1,565] [added: 1,838] | | | [removed: 37.5] [added: 38.4] | | % |

| Other funds | | | [removed: 498] [added: 623] | | | [removed: 10.4] [added: 12.4] | | % | | | | [removed: 413] [added: 498] | | | [removed: 9.9] [added: 10.4] | | % |

| Other alternative investments \[1\] | | | [removed: 518] [added: 556] | | | [removed: 10.8] [added: 11.0] | | % | | | | [removed: 486] [added: 518] | | | [removed: 11.6] [added: 10.8] | | % |

| Total | | | $ | [removed: 4,785] [added: 5,042] | | 100.0 | | % | | | | $ | [removed: 4,177] [added: 4,785] | | 100.0 | | % |

As of December 31, [removed: 2023, $1.9] [added: 2024, $1.7] billion of the gross unrealized losses were associated with fixed maturities, AFS depressed less than 20% of amortized cost.

The remaining [removed: $417] [added: $0.5 billion] of gross unrealized losses were associated with fixed maturities, AFS depressed greater than 20%.

The fixed maturities, AFS depressed more than 20% primarily related to corporate fixed maturities, [removed: CMBS, RMBS,] [added: U.S. Treasuries,] and municipal [removed: bonds] [added: bonds,] that are mainly depressed because current interest rates are higher [removed: and/or market spreads are wider] than at the respective purchase dates.

| Agency \[1\] | | | $ | 14 | | $ | 14 | | $ | 1,270 | | $ | 1,145 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 1,284 | | $ | 1,159 | |

| Bonds | | | 609 | | | 578 | | | 407 | | | 376 | | | 267 | | | 240 | | | 147 | | | 137 | | | 167 | | | 153 | | | 1,597 | | | 1,484 | | |

| Total CMBS | | | 676 | | | 643 | | | 1,708 | | | 1,552 | | | 273 | | | 246 | | | 152 | | | 142 | | | 167 | | | 153 | | | 2,976 | | | 2,736 | | |

| Agency | | | — | | | — | | | 3,002 | | | 2,784 | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,002 | | | 2,784 | | |

| Non-Agency | | | 1,564 | | | 1,467 | | | 746 | | | 697 | | | 203 | | | 193 | | | 65 | | | 61 | | | 8 | | | 6 | | | 2,586 | | | 2,424 | | |

| Total RMBS | | | 1,565 | | | 1,468 | | | 3,753 | | | 3,486 | | | 205 | | | 195 | | | 72 | | | 68 | | | 15 | | | 13 | | | 5,610 | | | 5,230 | | |

| Total CMBS & RMBS | | | $ | 2,241 | | $ | 2,111 | | $ | 5,461 | | $ | 5,038 | | $ | 478 | | $ | 441 | | $ | 224 | | $ | 210 | | $ | 182 | | $ | 166 | | $ | 8,586 | | $ | 7,966 | |

The release in the allowance reflects write-

offs, improved economic scenario forecasts and property specific reductions, partially offset by net additions of new loans.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103) | | |

The total gross unrealized losses were $2.2 billion as of December 31, 2024, largely consistent with December 31, 2023.

| Total | | | 3,933 | | | $ | 29,589 | | $ | (13) | | $ | (2,227) | | $ | 27,349 | | | | | 3,850 | | | $ | 29,886 | | $ | (14) | | $ | (2,305) | | $ | 27,567 | |

| Three months or less | | | 132 | | | $ | 1,003 | | $ | (3) | | $ | (224) | | $ | 776 | | | | | 14 | | | $ | 56 | | $ | (1) | | $ | (13) | | $ | 42 | |

| Total | | | 236 | | | $ | 1,885 | | $ | (5) | | $ | (502) | | $ | 1,378 | | | | | 220 | | | $ | 1,602 | | $ | (3) | | $ | (417) | | $ | 1,182 | |

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103) | | |

There were no intent-to-sell impairments

For the year ended December 31, 2024

The Company recorded a credit loss reversal of $3 primarily attributable to improved economic scenario forecasts and property specific improvements, partially offset by net additions of new loans.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103) | | |

As of December 31, 2024, there were no borrowings outstanding; and

The Company had a $3.0 billion share repurchase authorization which was effective through December 31, 2024.

In addition to this authorization, in July 2024, the Board of Directors approved a $3.3 billion share repurchase authorization effective from August 1, 2024 to December 31, 2026.

The Company

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103) | | |

In 2024, HIG Holding Company received $608 of dividends from HLA and $136 from Hartford Funds, and $31 from other non-insurance subsidiaries.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103) | | |

variable rates.

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

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103) | | |

benefit pension plan during 2025 to make this determination.

| | | | December 31, 2024 | | |

| Total | | | $ | 36,834 | |

| | | | December 31, 2024 | | | | | |

| Total | | | $ | 8,412 | | | | |

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103) | | |

Corporate includes reserves as of December 31, 2024 were $371, and net of reinsurance were $147.

For additional information about future policy benefits and other policyholder funds and benefits payable, see Note 11 - Reserve for Future Policy Benefits and Note 12 - Other Policyholder Funds and Benefits Payable of Notes to Consolidated Financial Statements.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103) | | |

Cash used for financing activities increased in 2024 as compared to the prior year period primarily driven by an increase in treasury stock acquired, including excise tax paid, and an increase in dividends paid on common stock.

we must hold in order to maintain our current ratings.

Commercial & Residential Real Estate

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

| Agency \[1\] | | | $ | 1,264 | | $ | 1,154 | | $ | 4 | | $ | 3 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 1,268 | | $ | 1,157 | |

| Bonds | | | 908 | | | 840 | | | 568 | | | 504 | | | 424 | | | 370 | | | 138 | | | 116 | | | 225 | | | 207 | | | 2,263 | | | 2,037 | | |

| Total CMBS | | | 2,273 | | | 2,090 | | | 646 | | | 577 | | | 424 | | | 370 | | | 146 | | | 123 | | | 226 | | | 208 | | | 3,715 | | | 3,368 | | |

| Agency | | | 1,845 | | | 1,652 | | | 20 | | | 19 | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,865 | | | 1,671 | | |

| Non-Agency | | | 1,166 | | | 1,036 | | | 501 | | | 428 | | | 353 | | | 288 | | | 236 | | | 198 | | | 21 | | | 15 | | | 2,277 | | | 1,965 | | |

| Total RMBS | | | 3,014 | | | 2,691 | | | 542 | | | 468 | | | 363 | | | 298 | | | 245 | | | 207 | | | 50 | | | 44 | | | 4,214 | | | 3,708 | | |

| Total CMBS & RMBS | | | $ | 5,287 | | $ | 4,781 | | $ | 1,188 | | $ | 1,045 | | $ | 787 | | $ | 668 | | $ | 391 | | $ | 330 | | $ | 276 | | $ | 252 | | $ | 7,929 | | $ | 7,076 | |

As of December 31, 2023, the credit quality of the majority of agency-backed CMBS and RMBS changed from AAA to AA+ due to a downgrade of U.S. government-sponsored enterprises by Fitch in August of 2023.

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.

The increase in the allowance is primarily attributable to revised economic scenarios, lower property valuations, and overall weaker real estate fundamentals.

and a weighted average yield of 7.2% during the twelve months ended December 31, 2023.

The total gross unrealized losses were $2.3 billion as of December 31, 2023, and have decreased $1.1 billion from December 31, 2022, primarily due to tighter credit spreads.

| Total | | | 3,850 | | | $ | 29,886 | | $ | (14) | | $ | (2,305) | | $ | 27,567 | | | | | 4,936 | | | $ | 35,771 | | $ | (12) | | $ | (3,442) | | $ | 32,317 | |

| Three months or less | | | 14 | | | $ | 56 | | $ | (1) | | $ | (13) | | $ | 42 | | | | | 98 | | | $ | 543 | | $ | — | | $ | (116) | | $ | 427 | |

| Total | | | 220 | | | $ | 1,602 | | $ | (3) | | $ | (417) | | $ | 1,182 | | | | | 426 | | | $ | 3,394 | | $ | (3) | | $ | (875) | | $ | 2,516 | |

Intent-to-sell impairments of $6 related to two corporate issuers in the financial services and utilities sectors, and an issuer with exposure to Russia that had an ACL prior to disposal.

The Company did not record an ACL on any individual mortgage loans.

The Company recorded an increase in the ACL on mortgage loans of $7.

The increase was primarily attributable to the deteriorating economic conditions and the potential impact on real estate property valuations, and to a lesser extent, net additions of new loans.

liquidity resources to manage liquidity across a range of economic scenarios.

In 2022, The Hartford redeemed at par $600 aggregate principal amount of its 7.875% junior subordinated debentures due 2042 and recognized, in insurance operating costs and other expenses, a loss on extinguishment of debt of $9, before tax, for unamortized debt issuance costs.

In 2023, HFSG Holding Company received $408 of dividends from HLA and $129 from Hartford Funds.

payments on an intercompany note owed by Hartford Holdings, Inc. ("HHI") to Hartford Fire Insurance Company.

As of December 31, 2023, there were no advances outstanding.

qualified defined benefit pension plan in 2024.

| Total | | | $ | 33,861 | |

| Total | | | $ | 8,657 | | | | |

| Debt to capitalization | | | 22 | | % | 24 | | % | | | |

| | | | 2023 | | | 2022 | | | 2021 | | |

*\[1\]Cash activities in 2021 include cash flows related to Continental Europe Operations classified as held for sale beginning in the third quarter of 2020 and sold on December 29, 2021.

See Note 22 - Business Dispositions of Notes to Consolidated Financial Statements for discussion of this transaction.*

decrease in net payments for short-term investments, and a decrease in net payments for partnerships.

Cash used for financing activities decreased primarily due to the redemption of $600 of 7.875% junior subordinated debentures in the second quarter of 2022, and a decrease in share repurchases in 2023.

| U.S. statutory capital at January 1, 2023 | | | $ | 12,111 | | $ | 2,571 | | $ | 14,682 | |

| Statutory income | | | 1,887 | | | 592 | | | 2,479 | | |

| Dividends to parent | | | (1,515) | | | (408) | | | (1,923) | | |

Inflation Reduction Act

On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022 (“IRA”) which is generally effective for years beginning after December 31, 2022.

Through its three lines of business, small [removed: commercial,] [added: business (formerly "small commercial"),] middle & large [removed: commercial,] [added: business (formerly "middle & large commercial"),] and global specialty, [removed: Commercial Lines] [added: Business Insurance] offers its products and services to businesses in the United States ("U.S.") and internationally.

[removed: Commercial Lines] [added: Business Insurance] generally consists of products written for small businesses and middle market companies as well as national and multi-national accounts, largely distributed through retail agents and brokers, wholesale agents and global and specialty insurance and reinsurance brokers.

The majority of [removed: Commercial Lines] [added: Business Insurance] written premium is generated by small [removed: commercial] [added: business] and middle market lines, which provide coverage options and customized pricing based on the policyholder’s individual risk characteristics.

Small [removed: commercial] [added: business] provides coverages for small businesses, which the Company generally considers to be businesses with an annual payroll under $20, revenues under $50 and property values less than $20 per location.

Within small [removed: commercial,] [added: business,] both property and general liability coverages are offered under a single package policy, marketed under the Spectrum name.

Small [removed: commercial] [added: business] also provides excess and surplus lines coverage to small businesses including umbrella, general liability, property and other coverages.

Middle & large [removed: commercial] business provides insurance coverages to medium-sized and national accounts businesses, which are companies whose payroll, revenue and property values exceed [removed: the small business definition.]

In addition to offering standard commercial lines products, including workers' compensation, property, general liability and commercial automobile products, middle & large [removed: commercial] [added: business] includes program business which provides tailored programs, primarily to customers with common risk characteristics.

[removed: On] [added: For] national accounts, a significant portion of the business is written through large deductible programs.

Other programs written within middle & large [removed: commercial] [added: business] are retrospectively-rated where the ultimate premium collected from the insured is adjusted based on how incurred losses for the policy year develop over time, subject to a minimum and maximum premium.

Also within middle & large [removed: commercial,] [added: business,] the Company writes captive programs business, which provides tailored programs to those seeking a loss sensitive solution where premiums are adjustable based on loss experience.

In addition, through business partners, middle & large [removed: commercial] [added: business] offers business insurance coverages to exporters and other U.S. companies with a physical presence overseas.

Lines of business written by small [removed: commercial] [added: business] and middle & large [removed: commercial] [added: business] are subject to rate regulation and written pricing increases or decreases that are partly in response to loss cost trends.

Workers’ compensation rates have been under downward pressure for the industry due to favorable loss cost trends in recent [removed: years, including due to lower claim frequency that occurred during the pandemic.][added: years.]

Global specialty provides a variety of customized insurance products, including property, [added: general] liability, marine, professional liability, and bond.

[removed: Commercial Lines] [added: Business Insurance] provides insurance products and services through the Company’s regional offices, branches and sales and policyholder service centers throughout the United States and, to a lesser extent, overseas, principally in the United Kingdom.

As the sole corporate member of Lloyd's Syndicate [removed: 1221 ("Lloyd's Syndicate"),] [added: 1221,] the Company has the exclusive right to underwrite business up to an approved level of premium in the Lloyd’s of London [removed: ("Lloyds")] [added: ("Lloyd's")] market.

In the United States, independent agents, brokers and wholesalers are [removed: consolidating and this trend is expected to continue.][added: consolidating.]

These distribution partners are [added: looking to exercise more control over the insurance value chain and are] leveraging data and analytics for bargaining power.

In small [removed: commercial,] [added: business,] The Hartford competes against large national carriers, regional carriers and direct writers.

The small [removed: commercial] [added: business] market remains highly competitive and fragmented as carriers seek to differentiate themselves through product expansion, price, enhanced service and leading technology.

Existing competitors and new entrants, including start-up and non-traditional carriers, are actively looking to expand sales of business insurance products to small businesses through increasing their underwriting appetite, deepening their relationships with distribution partners, [removed: and through on-line and direct-to-consumer marketing.][added: leveraging emerging]

Middle & Large [removed: Commercial][added: Business]

Middle & large [removed: commercial] business is considered “higher touch” and involves highly specialized expertise, including individual underwriting and pricing decisions.

| [Table of [removed: Contents](#i9b54cc746e184599b631808d88b32e18_7)] [added: Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7)] | | | | | | [Index to [removed: Business](#i9b54cc746e184599b631808d88b32e18_16)] [added: Business](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16)] | | |

[added: Competition in this] market includes stock companies, mutual companies, alternative risk sharing groups and other underwriting organizations.

National and regional carriers participate in the middle & large [removed: commercial] [added: business] insurance sector, resulting in a competitive environment where pricing and policy terms are critical to securing new business and retaining existing accounts.

Within this competitive environment, The Hartford is continuing to invest in its underwriting systems and capabilities, including investing in speed to market solutions for the lower end of middle market, enhancing its digital experience, [removed: leverage] [added: leveraging] its sales and underwriting talent and [removed: expand] [added: expanding] its use of data [removed: analytics] [added: analytics, artificial intelligence capabilities] and third party data to make risk selection and pricing decisions as the firm pursues responsible growth strategies to deliver target returns.

Global specialty competes against multi-national insurance and reinsurance companies, [removed: including marine, property, excess casualty, professional liability, bond and assumed reinsurance] in the U.S and London markets.

Global specialty writes many surplus lines of [removed: business] [added: business,] which are lines of business not written through standard products licensed or admitted in a [removed: state.][added: state ("nonadmitted").]

The Company has been successful in cross-selling global specialty product lines to customers of small [removed: commercial] [added: business] and of middle & large [removed: commercial] [added: business] and seeks to expand cross-sell opportunities in the future.

The Company seeks to drive greater efficiency, shorten the quoting process and improve the customer’s experience through expanded use of digital [added: and artificial intelligence] capabilities.

The Lloyd’s platform has shifted from remediation to growth in recent years, as the market emerged from consecutive underwriting losses, returning to more [removed: profitable underwriting conditions in recent years.]

[removed: 2023] [added: 2024] Earned Premiums of [removed: $3,087] [added: $3,453] by Line of Business

[removed: ][added: ]

[removed: 2023] [added: 2024] Earned Premiums of [removed: $3,087] [added: $3,453] by Product

[removed: ][added: ]

| [added: Personal] Automobile | | | Covers damage to an individual insured’s own vehicle due to collision or other perils and is referred to as automobile physical damage. In addition to first party automobile physical damage, automobile insurance covers liability for bodily injuries and property damage suffered by third parties and losses caused by uninsured or [removed: underinsured] [added: under-insured] motorists. Also, under no-fault laws, policies written in some states provide first party personal injury protection. Some of the Company’s personal automobile insurance policies also offer personal umbrella liability coverage for an additional premium. | | |

Personal [removed: Lines] [added: Insurance] provides automobile, homeowners and personal umbrella coverages to individuals across the United States, mostly through a program designed exclusively for members of AARP (“AARP Program”).

The Hartford has individual customer relationships with AARP Program policyholders and, as a group, they represent a significant portion of the total Personal [removed: Lines'] [added: Insurance's] business.

| Workers' Compensation | | | Covers employers for losses incurred due to employees sustaining an injury, illness or disability in connection with their work. Benefits paid under workers’ compensation policies may include reimbursement of medical care costs, replacement income, compensation for permanent injuries and benefits to survivors. Workers’ compensation is provided under both guaranteed cost policies (coverage for a fixed premium) and loss sensitive policies where premiums are adjustable based on the loss experience of the employer. | | |

| General Liability | | | Covers a business in the event it is sued for causing harm to a person and/or damage to property. General liability insurance covers third-party claims arising from accidents occurring on the insured’s premises or arising out of their operations. General liability insurance may also cover losses arising from product liability. | | |

| Marine | | | Encompasses various ocean and inland marine coverages including cargo, craft, hull, specie, transport and liability, among others. | | |

| Package Business | | | Covers both commercial property and general liability damages. | | |

| Commercial Property | | | Covers the building a business owns or leases as well as its personal property, including tools and equipment, inventory, and furniture. A commercial property insurance policy covers losses resulting from fire, wind, hail, earthquake, theft and other covered perils, including coverage for assets such as accounts receivable and valuable papers and records. Commercial property may include specialized equipment insurance, which provides coverage for loss or damage resulting from the mechanical breakdown of boilers and machinery. A commercial property insurance policy may also provide replacement of lost income resulting from a covered loss that interrupts business operations. | | |

| Professional Liability | | | Covers liability arising from directors and officers acting in their official capacity and liability for errors and omissions committed by professionals and others. Coverage may also provide employment practices insurance relating to allegations of wrongful termination and discrimination. | | |

| Bond | | | Encompasses fidelity and surety insurance, including commercial surety, contract surety and fidelity bonds. Commercial surety includes bonds that insure non-performance by contractors, license and permit bonds to help meet government-mandated requirements and probate and judicial bonds for fiduciaries and civil court proceedings. Contract surety bonds may include payment and performance bonds for contractors. Fidelity bonds may include ERISA bonds related to the handling of retirement plan assets and bonds protecting against employee theft or fraud. The Company also provides credit and political risk insurance ("CPRI") offered to clients with global operations. | | |

| Assumed Reinsurance | | | Includes assumed reinsurance of property, liability, surety, credit and political, marine and agriculture risks throughout the world but principally in Europe and the Americas. Business principally provides coverage on broad books of business (i.e. treaty), as opposed to individual risks (i.e. facultative). | | |

| Commercial Automobile | | | Covers damage to a business's fleet of vehicles due to collision or other perils (automobile physical damage). In addition to first party automobile physical damage, commercial automobile covers liability for bodily injuries and property damage suffered by third parties and losses caused by uninsured or under-insured motorists. | | |

the small business definition.

In the U.S., global specialty serves both the admitted and non-admitted markets and produces business through both wholesale and retail brokers.

Global specialty also offers various products internationally as a sole corporate member of Lloyd’s Syndicate 1221 ("Lloyd's Syndicate").

In addition to offering insurance products, global specialty also offers assumed reinsurance for various risks including property, liability, surety, marine, credit and political, and agricultural primarily in Europe and the America’s.

While the acquisition activity has slowed with the rise of rates, we continue to expect large deals by well positioned companies.

Small Business

artificial intelligence capabilities, and through on-line and direct-to-consumer marketing.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to Business](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16) | | |

profitable underwriting conditions in recent years.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to Business](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16) | | |

In 2024, many personal lines insurance companies, including The Hartford, increased marketing spend in order to increase new business production after returning to new business rate adequacy.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to Business](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16) | | |

| \|EMPLOYEE BENEFITS | | |

| | | | | | |

Alabama, Arkansas, Florida, Kentucky, New Hampshire, South Carolina, Tennessee, Texas,

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to Business](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16) | | |

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to Business](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16) | | |

Principal Products and Services

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to Business](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16) | | |

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to Business](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16) | | |

The claims organization is supported by data and analytics, technology, and strategy located across the U.S. and in two of our international offices.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to Business](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16) | | |

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to Business](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16) | | |

In addition, the Board’s Compensation and Management Development Committee (“Compensation Committee”) is responsible for reviewing performance and

- Offering extensive learning and development opportunities to sustain the skills needed for the roles we have today and those we anticipate in the future; and

- Our Hart-Academy Tech training program for employees introduced HartCloud Academy in 2024 offering an immersive training program for our mid-career engineers to advance their proficiency in cloud technologies.

The Hartford prioritizes sustaining a workforce that upholds the highest standards of ethics and trust.

We are committed to creating a work environment where employees are respected,

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to Business](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16) | | |

Small commercial and middle market lines within middle & large commercial are generally referred to as standard commercial lines.

The vast majority of the business written by

our Navigators Group insurance subsidiaries is reported in the global specialty business unit.

Small Commercial

Competition in this

| \|PERSONAL LINES | | |

Prevail is tailored to the mature

The direct-to-consumer channel continues to represent a larger share of the automobile insurance market, accounting for more than one-third of industry premiums.

to customers through a network of independent agents in the standard personal lines market, primarily serving mature, preferred consumers.

However, in 2023, many personal lines insurance companies reduced marketing spend and implemented non-rate actions to reduce new business production while working to achieve adequate rate.

Larger carriers have the advantage of economies of scale with the top ten personal lines insurers accounting for approximately 70% of market share.

The growth of direct-to-consumer sales, including by new entrants to the marketplace, continues to outpace sales in the agency distribution channel.

| \|GROUP BENEFITS | | |

Alabama, Arkansas, Florida,

segments.

In addition, up until June 30, 2021, Corporate included a 9.7% ownership interest in Hopmeadow Holdings LP, the legal entity that acquired Talcott Resolution.

For discussion of this sale, see Part II, Item 7, MD&A — The Hartford's Operations.

On January 1, 2023, the Company adopted the Financial Accounting Standards Board's ("FASB") updated guidance on accounting for long duration insurance contracts, which was applied on a modified retrospective basis as of January 1, 2021.

For additional information refer to Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements.

Additional discussion may be found in Notes to Consolidated Financial Statements, including in the Company’s accounting policies for insurance product reserves within Note 1 - Basis of Presentation and Significant Accounting Policies and in Note 11 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements.

Our corporate home office supports shared service claim functions including data and analytics, technology, and strategy.

HIMCO provides customized

In

The Compensation Committee also receives updates on DEI initiatives and the results of the Company's annual pay equity analysis.

The Hartford prioritizes sustaining a workforce that values all aspects of diversity and maintains an inclusive and equitable work environment where employees are respected, inspired to perform at their best, and are recognized for their contributions.

- Our HartCode Academy Developer Training Program, which provides employees with Information Technology ("IT") application development skills, providing a pipeline of diverse IT talent from across the Company.

Employee Health and Wellness

Diversity, Equity and Inclusion

The Hartford is committed to being an insurance industry leader in advancing diversity.

We do this by creating an equitable and inclusive work environment, which enables us to attract, retain and leverage top talent to meet our business goals, and by partnering with organizations across the industry to collaborate on initiatives and share best practices.

We are transparent about our DEI commitments and goals and take a whole-company approach to ensure we make meaningful progress toward them.

We enable our Unit leaders to model and foster a commitment to DEI and to make progress against those DEI goals, within established legal and other parameters.

Each business and functional area, with oversight by the Human Resources function, creates and implements DEI plans with specific initiatives, consistent with equal employment opportunity principles.

This enables the Company’s units to customize their DEI focus while still ensuring that all employment decisions are made based on merit and without regard to protected traits, like race and gender.

Leaders meet with the CEO throughout the year to review progress against those goals and their results are considered as part of a broad annual performance assessment process.

We continue to invest in and accelerate a wide range of strategies to attract, retain and develop talent that is demographically underrepresented in the insurance industry, including initiatives to improve the representation of women and people of color.

Examples include widening our recruiting pools for applicants, working to mitigate any bias that may exist in our talent systems and educating our leaders on how to lead inclusively.

In 2023, we continued to offer Courageous Conversations, a process that allows employees to respectfully exchange perspectives, and we launched a comprehensive inclusive leadership training initiative for people managers.

The Company has demonstrated its commitment to advancing DEI outcomes for all through its active involvement in organizations such as the CEO Action for Racial Equity, the National African American Insurance Association and DisabilityIN and has been recognized for its commitment to inclusive workplaces by a number of organizations, including receiving the 2023 Catalyst Award, which is the premier recognition of organizational diversity, equity and inclusion initiatives that drive representation and inclusion for women.

As of December 31, 2023, women and people of color represent 61.4% and 32.3% of our workforce, respectively.

For a discussion regarding The Hartford’s legal proceedings, see the information contained under [removed: “Litigation,”] [added: “Litigation”] including [removed: “COVID-19 Pandemic Business Income Insurance Litigation ” and] “Run-off Asbestos and Environmental [removed: Claims,”] [added: Claims”] in Note [removed: 15] [added: 14] - Commitments and Contingencies of the Notes to Consolidated Financial Statements.

| [Table of [removed: Contents](#i9b54cc746e184599b631808d88b32e18_7)] [added: Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7)] | | | | | | | | |

For the fiscal year ended December 31, [removed: 2023][added: 2024]

[removed: ][added: ]

[removed: THE HARTFORD FINANCIAL SERVICES GROUP, INC.][added: The Hartford Insurance Group, Inc.]

The aggregate market value of the shares of Common Stock held by non-affiliates of the registrant as of June [removed: 30, 2023] [added: 28, 2024] was approximately [removed: $22] [added: $29] billion, based on the closing price of [removed: $72.02] [added: $100.54] per share of the Common Stock on the New York Stock Exchange on June [removed: 30, 2023.][added: 28, 2024.]

As of February [removed: 22, 2024,] [added: 20, 2025,] there were outstanding [removed: 297,350,060] [added: 285,386,985] shares of Common Stock, $0.01 par value per share, of the registrant.

Portions of the registrant’s definitive proxy statement for its [removed: 2024] [added: 2025] annual meeting of stockholders are incorporated by reference in Part III of this Form 10-K.

| 1A. | | | [RISK [removed: FACTORS](#i9b54cc746e184599b631808d88b32e18_76)] [added: FACTORS](#i8415db78c08a4ee5b9cd2fd1d45b5e41_79)] | | | [removed: [23](#i9b54cc746e184599b631808d88b32e18_76)] [added: [21](#i8415db78c08a4ee5b9cd2fd1d45b5e41_79)] | | |

| 1C. | | | [removed: [CYBERSECURITY](#i9b54cc746e184599b631808d88b32e18_3957)] [added: [CYBERSECURITY](#i8415db78c08a4ee5b9cd2fd1d45b5e41_82)] | | | [removed: [36](#i9b54cc746e184599b631808d88b32e18_3957)] [added: [34](#i8415db78c08a4ee5b9cd2fd1d45b5e41_82)] | | |

| 3 | | | [LEGAL [removed: PROCEEDINGS](#i9b54cc746e184599b631808d88b32e18_82)] [added: PROCEEDINGS](#i8415db78c08a4ee5b9cd2fd1d45b5e41_88)] | | | [removed: [37](#i9b54cc746e184599b631808d88b32e18_82)] [added: [35](#i8415db78c08a4ee5b9cd2fd1d45b5e41_88)] | | |

| 5 | | | [MARKET FOR THE HARTFORD'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#i9b54cc746e184599b631808d88b32e18_88)] [added: SECURITIES](#i8415db78c08a4ee5b9cd2fd1d45b5e41_94)] | | | [removed: [38](#i9b54cc746e184599b631808d88b32e18_88)] [added: [36](#i8415db78c08a4ee5b9cd2fd1d45b5e41_94)] | | |

| 7 | | | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#i9b54cc746e184599b631808d88b32e18_97)] [added: OPERATIONS](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103)] | | | [removed: [40](#i9b54cc746e184599b631808d88b32e18_97)] [added: [38](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103)] | | |

| 9A. | | | [CONTROLS AND [removed: PROCEDURES](#i9b54cc746e184599b631808d88b32e18_265)] [added: PROCEDURES](#i8415db78c08a4ee5b9cd2fd1d45b5e41_271)] | | | [removed: [117](#i9b54cc746e184599b631808d88b32e18_265)] [added: [116](#i8415db78c08a4ee5b9cd2fd1d45b5e41_271)] | | |

| 10 | | | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE OF THE [removed: HARTFORD](#i9b54cc746e184599b631808d88b32e18_271)] [added: HARTFORD](#i8415db78c08a4ee5b9cd2fd1d45b5e41_286)] | | | [removed: [120](#i9b54cc746e184599b631808d88b32e18_271)] [added: [119](#i8415db78c08a4ee5b9cd2fd1d45b5e41_286)] | | |

| 12 | | | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#i9b54cc746e184599b631808d88b32e18_274)] [added: MATTERS](#i8415db78c08a4ee5b9cd2fd1d45b5e41_289)] | | | [removed: [121](#i9b54cc746e184599b631808d88b32e18_274)] [added: [120](#i8415db78c08a4ee5b9cd2fd1d45b5e41_289)] | | |

| 15 | | | [EXHIBITS AND FINANCIAL STATEMENT [removed: SCHEDULES](#i9b54cc746e184599b631808d88b32e18_280)] [added: SCHEDULES](#i8415db78c08a4ee5b9cd2fd1d45b5e41_295)] | | | [removed: [122](#i9b54cc746e184599b631808d88b32e18_280)] [added: [121](#i8415db78c08a4ee5b9cd2fd1d45b5e41_295)] | | |

Forward-looking statements are based on management's current expectations and assumptions regarding future economic, competitive, legislative and other developments and their potential effect upon The Hartford [removed: Financial Services] [added: Insurance] Group, Inc. and its subsidiaries (collectively, the "Company" or "The Hartford").

◦the possibility of [removed: another] [added: a] pandemic, civil unrest, earthquake, or other natural or man-made disaster that may adversely affect our businesses;

[removed: ◦political] [added: ◦the uncertain effects of emerging claim and coverage issues; political] instability, politically motivated violence or civil unrest, which may increase the frequency and severity of insured losses;

[removed: ◦losses] [added: - losses] due to nonperformance or defaults by others, including credit risk with counterparties associated with investments, derivatives, premiums receivable, reinsurance recoverables and indemnifications provided by third parties in connection with previous dispositions;

◦the Company’s ability to maintain the availability of its systems and safeguard the security of its data in the event of a disaster, cyber [added: breach] or other information security [removed: incident] [added: incident, technology failure] or other unanticipated event;

| [Table of [removed: Contents](#i9b54cc746e184599b631808d88b32e18_7)] [added: Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7)] | | | | | | [Index to [removed: Business](#i9b54cc746e184599b631808d88b32e18_16)] [added: Business](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16)] | | |

[removed: Business][added: | 1 | | | [BUSINESS](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16) | | | [6](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16) | | |]

| [Purpose and Strategic [removed: Priorities](#i9b54cc746e184599b631808d88b32e18_25)] [added: Priorities](#i8415db78c08a4ee5b9cd2fd1d45b5e41_28)] | | | [removed: [6](#i9b54cc746e184599b631808d88b32e18_25)] [added: [6](#i8415db78c08a4ee5b9cd2fd1d45b5e41_28)] | | |

[removed: | [Reporting Segments and Corporate](#i9b54cc746e184599b631808d88b32e18_28) | | | [8](#i9b54cc746e184599b631808d88b32e18_28) | | |][added: REPORTABLE SEGMENTS AND CORPORATE]

| [Underwriting for P&C and [removed: Group Benefits](#i9b54cc746e184599b631808d88b32e18_52)] [added: Employee Benefits](#i8415db78c08a4ee5b9cd2fd1d45b5e41_55)] | | | [removed: [18](#i9b54cc746e184599b631808d88b32e18_52)] [added: [16](#i8415db78c08a4ee5b9cd2fd1d45b5e41_55)] | | |

| [Claims Administration for P&C and [removed: Group Benefits](#i9b54cc746e184599b631808d88b32e18_55)] [added: Employee Benefits](#i8415db78c08a4ee5b9cd2fd1d45b5e41_58)] | | | [removed: [18](#i9b54cc746e184599b631808d88b32e18_55)] [added: [16](#i8415db78c08a4ee5b9cd2fd1d45b5e41_58)] | | |

| [Investment [removed: Operations](#i9b54cc746e184599b631808d88b32e18_61)] [added: Operations](#i8415db78c08a4ee5b9cd2fd1d45b5e41_64)] | | | [removed: [18](#i9b54cc746e184599b631808d88b32e18_61)] [added: [17](#i8415db78c08a4ee5b9cd2fd1d45b5e41_64)] | | |

| [Enterprise Risk [removed: Management](#i9b54cc746e184599b631808d88b32e18_64)] [added: Management](#i8415db78c08a4ee5b9cd2fd1d45b5e41_67)] | | | [removed: [19](#i9b54cc746e184599b631808d88b32e18_64)] [added: [17](#i8415db78c08a4ee5b9cd2fd1d45b5e41_67)] | | |

| [Human Capital [removed: Resources](#i9b54cc746e184599b631808d88b32e18_70)] [added: Resources](#i8415db78c08a4ee5b9cd2fd1d45b5e41_2199023259959)] | | | [removed: [20](#i9b54cc746e184599b631808d88b32e18_70)] [added: [18](#i8415db78c08a4ee5b9cd2fd1d45b5e41_2199023259959)] | | |

| [Available [removed: Information](#i9b54cc746e184599b631808d88b32e18_73)] [added: Information](#i8415db78c08a4ee5b9cd2fd1d45b5e41_76)] | | | [removed: [22](#i9b54cc746e184599b631808d88b32e18_73)] [added: [20](#i8415db78c08a4ee5b9cd2fd1d45b5e41_76)] | | |

The Hartford [removed: Financial Services] [added: Insurance] Group, Inc. [removed: ("HFSG")] [added: ("HIG")] (together with its subsidiaries, “The Hartford”, the “Company”, “we”, or “our”) is a holding company for a group of subsidiaries that provide property and casualty ("P&C") insurance, [added: employee] group benefits insurance and services, and mutual funds and exchange-traded funds ("ETF") to individual and business customers in the United [removed: States] [added: States,] as well as in the United Kingdom and other international locations.

As of December 31, [removed: 2023,] [added: 2024,] total assets and total stockholders’ equity of The Hartford were [removed: $76.8] [added: $80.9] billion and [removed: $15.3] [added: $16.4] billion, respectively.

The Hartford strives to maintain and enhance its position as a market leader within the [removed: financial services] [added: insurance] industry.

The Company sells diverse and innovative products through multiple distribution channels to individuals and businesses and is considered a leading property and casualty and [added: employee] group benefits insurer.

As a holding company, [removed: The Hartford Financial Services Group, Inc.] [added: HIG] is separate and distinct from its subsidiaries and has no [added: significant business operations of its own.]

The holding company relies on the dividends from its insurance companies and other subsidiaries as the principal [removed: source of cash flow to meet its obligations, pay dividends and repurchase common stock.]

Information regarding the cash flow and liquidity needs of The Hartford [removed: Financial Services] [added: Insurance] Group, Inc. may be found in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) — Capital Resources and Liquidity.

The Hartford’s mission is to provide people with the support and protection they need to pursue their unique ambitions, seize opportunity, and prevail through unexpected [removed: challenge.][added: challenges.]

We are committed to maintaining and enhancing our [removed: inclusive] culture and are proud of our reputation for ethics and integrity.

[removed: ][added: ]

THE HARTFORD INSURANCE GROUP, INC.

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024

| | | | [Part I](#i8415db78c08a4ee5b9cd2fd1d45b5e41_13) | | | | | |

| 2 | | | [PROPERTIES](#i8415db78c08a4ee5b9cd2fd1d45b5e41_85) | | | [35](#i8415db78c08a4ee5b9cd2fd1d45b5e41_85) | | |

| | | | [Part II](#i8415db78c08a4ee5b9cd2fd1d45b5e41_91) | | | | | |

| 9B. | | | [OTHER INFORMATION](#i8415db78c08a4ee5b9cd2fd1d45b5e41_277) | | | [118](#i8415db78c08a4ee5b9cd2fd1d45b5e41_277) | | |

| | | | [Part III](#i8415db78c08a4ee5b9cd2fd1d45b5e41_283) | | | | | |

| | | | [Part IV](#i8415db78c08a4ee5b9cd2fd1d45b5e41_292) | | | | | |

| | | | [EXHIBITS INDEX](#i8415db78c08a4ee5b9cd2fd1d45b5e41_442) | | | [224](#i8415db78c08a4ee5b9cd2fd1d45b5e41_442) | | |

| | | | [SIGNATURES](#i8415db78c08a4ee5b9cd2fd1d45b5e41_445) | | | [227](#i8415db78c08a4ee5b9cd2fd1d45b5e41_445) | | |

| [General](#i8415db78c08a4ee5b9cd2fd1d45b5e41_22) | | | [6](#i8415db78c08a4ee5b9cd2fd1d45b5e41_22) | | |

| [Organization](#i8415db78c08a4ee5b9cd2fd1d45b5e41_25) | | | [6](#i8415db78c08a4ee5b9cd2fd1d45b5e41_25) | | |

| [Reportable Segments and Corporate](#i8415db78c08a4ee5b9cd2fd1d45b5e41_31) | | | [7](#i8415db78c08a4ee5b9cd2fd1d45b5e41_31) | | |

| [Reserves](#i8415db78c08a4ee5b9cd2fd1d45b5e41_52) | | | [15](#i8415db78c08a4ee5b9cd2fd1d45b5e41_52) | | |

| [Reinsurance](#i8415db78c08a4ee5b9cd2fd1d45b5e41_61) | | | [16](#i8415db78c08a4ee5b9cd2fd1d45b5e41_61) | | |

| [Regulation](#i8415db78c08a4ee5b9cd2fd1d45b5e41_70) | | | [17](#i8415db78c08a4ee5b9cd2fd1d45b5e41_70) | | |

| [Intellectual Property](#i8415db78c08a4ee5b9cd2fd1d45b5e41_3848290701247) | | | [18](#i8415db78c08a4ee5b9cd2fd1d45b5e41_3848290701247) | | |

Previously known as The Hartford Financial Services Group, Inc., the Company changed its name to The Hartford Insurance Group, Inc. on February 6, 2025.

source of cash flow to meet its obligations, pay dividends and repurchase common stock.

- Investing in end-to-end transformation, responsibly leveraging data, analytics, digital and artificial intelligence capabilities to drive better, faster decisions and enhance customer experiences;

- Attracting, developing and retaining talent by enhancing our leadership’s capabilities, fostering our differentiating culture and investing in talent pipelines;

- Continuing to advance the Company’s sustainability leadership to drive value creation while positively impacting society at large.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to Business](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16) | | |

2024 Revenues of $26,535 by Segment/Category

| \|BUSINESS INSURANCE | | |

2024 Earned Premiums of $12,721 by Product

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to Business](#i8415db78c08a4ee5b9cd2fd1d45b5e41_16) | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | [Part I](#i9b54cc746e184599b631808d88b32e18_13) | | | | | |

| 1 | | | [BUSINESS](#i9b54cc746e184599b631808d88b32e18_16) | | | [6](#i9b54cc746e184599b631808d88b32e18_16) | | |

| 2 | | | [PROPERTIES](#i9b54cc746e184599b631808d88b32e18_79) | | | [37](#i9b54cc746e184599b631808d88b32e18_79) | | |

| | | | [Part II](#i9b54cc746e184599b631808d88b32e18_85) | | | | | |

| 9B. | | | [OTHER INFORMATION](#i9b54cc746e184599b631808d88b32e18_3931) | | | [119](#i9b54cc746e184599b631808d88b32e18_3931) | | |

| | | | [Part III](#i9b54cc746e184599b631808d88b32e18_268) | | | | | |

| | | | [Part IV](#i9b54cc746e184599b631808d88b32e18_277) | | | | | |

| | | | [EXHIBITS INDEX](#i9b54cc746e184599b631808d88b32e18_424) | | | [225](#i9b54cc746e184599b631808d88b32e18_424) | | |

| | | | [SIGNATURES](#i9b54cc746e184599b631808d88b32e18_427) | | | [228](#i9b54cc746e184599b631808d88b32e18_427) | | |

◦the uncertain effects of emerging claim and coverage issues;

◦the ongoing effects of COVID-19, including exposure to COVID-19 business interruption property claims and the possibility of a resurgence of COVID-19 related losses in Group Benefits;

|

Part I - Item 1.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| [General](#i9b54cc746e184599b631808d88b32e18_19) | | | [6](#i9b54cc746e184599b631808d88b32e18_19) | | |

| [Organization](#i9b54cc746e184599b631808d88b32e18_22) | | | [6](#i9b54cc746e184599b631808d88b32e18_22) | | |

| [Reserves](#i9b54cc746e184599b631808d88b32e18_49) | | | [17](#i9b54cc746e184599b631808d88b32e18_49) | | |

| [Reinsurance](#i9b54cc746e184599b631808d88b32e18_58) | | | [18](#i9b54cc746e184599b631808d88b32e18_58) | | |

| [Regulation and Intellectual Property](#i9b54cc746e184599b631808d88b32e18_67) | | | [19](#i9b54cc746e184599b631808d88b32e18_67) | | |

significant business operations of its own.

Our strategy to maximize value creation for all stakeholders focuses on advancing underwriting excellence, emphasizing digital capabilities, maximizing distribution channels, optimizing organizational efficiency, and embedding sustainability principles into our business to drive value creation while impacting society at large.

We are investing in end-to-end transformation, advancing data, analytics, and digital capabilities across the organization to improve customer experience and strengthen our existing competitive advantages.

Strategic Priorities

- Emphasizing digital capabilities and data science that enhance the customer experience and improve underwriting and claims decision making;

- Continuing to advance sustainability leadership in order to attract and retain top talent and enhance value to stockholders.

For more information on retaining and attracting talent through our diversity, equity and inclusion ("DEI") initiatives, refer to the Human Capital Resources section of Part 1, Item 1.

Within our businesses, in 2024 we will continue to pursue objectives specific to each, including:

Commercial Lines

- Maintaining underwriting and pricing discipline across property and liability lines of business;

- Continuing to broaden our underwriting capabilities, product breadth, and risk appetite, increasing the cross-sell of global specialty product lines to customers of small commercial and middle & large commercial, and growing specialized verticals in middle & large commercial;

- Accelerating use of data and digital technology, including artificial intelligence, and voice of customer to drive a best-in-class experience;

- Enabling improved risk selection and portfolio decisions through data science and analytics; and

- Expanding distribution to match customers’ preferred access points.

Personal Lines

- Regaining competitive momentum through the continued rollout of our new automobile and homeowners product and platform, Prevail, which is tailored to the mature market and includes digital service capabilities that provide real time transaction support;

- Continue addressing higher loss cost trends through pricing and underwriting actions;

- Increasing new business in AARP Direct through direct marketing initiatives; and

This ‘defense-in-depth’ strategy aligns to the National Institute of Standards and Technology Cybersecurity Framework, where controls are implemented throughout our environments to achieve [removed: five] [added: the six] categorical [removed: objectives, including] [added: objectives of governance,] identification, protection, detection, response and recovery.

The Hartford continues to monitor and enhance its framework to respond to evolving cyber threats and regulations for data privacy, including the European Union General Data Protection [removed: Regulation and] [added: Regulation,] the California Consumer Privacy [removed: Act.][added: Act and the New York Department of Financial Services Cybersecurity Regulation.]

Additionally, the Company collaborates with industry associations, government [removed: authorities, peers] [added: authorities] and external advisors to monitor the threat environment and to inform our security practices.

In connection with [removed: the] regular [removed: assessment] [added: assessments] of third-party service [removed: providers performed by our procurement organization,] [added: providers,] our information protection team performs [removed: a third-party] [added: an] assessment of each vendor’s information security practices and protocols, including its readiness to protect against and respond to cybersecurity breaches.

From a governance perspective, senior members of our Enterprise Risk Management, Information Protection and Internal Audit functions provide detailed, regular reports on cybersecurity matters to the [removed: Board,] [added: Board of Directors,] primarily through the Audit Committee, which oversees controls for the Company's major risk exposures and has principal responsibility for oversight of cybersecurity risk, and the Finance, Investment and Risk Management Committee ("FIRMCo"), which oversees business risk related to cyber insurance products.

Given its importance, the full Board [added: of Directors] is invited to attend the annual cybersecurity program [added: update] and time is reserved at each Audit Committee meeting for cybersecurity technology matters that warrant discussion between the standing sessions.

In addition, [removed: our] Enterprise Risk Management [removed: team] provides FIRMCo [removed: with] an assessment of [removed: cybersecurity] [added: cyber] insurance risk once per year.

The Audit Committee, FIRMCo and the full Board [added: of Directors] are apprised of developments in the external environment and business strategies that present additional potential cyber risk exposure to the [removed: Company, such as modifications to on-line platforms and expanded use of cloud-based applications,] [added: Company] on an [removed: ongoing,] as-needed basis.

[removed: Formed in 2003, the] [added: The] EPSC consists of a cross-functional senior leaders, including the Chief Information Officer ("CIO"), the Chief Information Security Officer ("CISO"), the Chief Risk Officer [removed: ("CRO")] [added: ("CRO"), the Chief Privacy Officer ("CPO")] and General [removed: Counsel] [added: Counsel,] among others.

Quarterly, the [removed: IT] [added: Information Technology ("IT')] Risk Council, made up of senior IT leaders, is also provided with an update of cybersecurity risks and preparedness.

| [Table of [removed: Contents](#i9b54cc746e184599b631808d88b32e18_7)] [added: Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7)] | | | | | | | | |

She has [removed: eighteen] [added: nineteen] years of executive leadership experience in the financial services industry and [removed: twenty-eight] [added: twenty-nine] years of overall technology experience, during which time she has led large scale business transformation, delivered innovative technology strategies and has overseen and modernized complex technology portfolios.

The CISO has held several senior-level information technology roles in his [removed: twenty-five-year] [added: twenty-six-year] tenure with the Company and has served in his current role since 2021.

We are also required to maintain strong cyber defense protocols in the states where we are authorized or licensed to write business.

As of December 31, [removed: 2023,] [added: 2024,] The Hartford owned building space totaling approximately 1.8 million square feet consisting of its home office complex in Hartford, Connecticut and other properties within the greater Hartford, Connecticut area.

[added: As of] December 31, [removed: 2023,] [added: 2024,] The Hartford leased approximately [removed: 935] [added: 998] thousand square feet throughout the United States, [removed: 22 thousand square feet in London and 6] [added: 13] thousand [removed: square feet in other international branches.]

All of the properties owned or leased are used by one or more of the five [removed: reporting] [added: reportable] segments, or are used for corporate purposes, depending on the location.

For more information on [removed: reporting] [added: reportable] segments, see Part I, Item 1, Business [removed: Reporting Segments.][added: Reportable Segments and Corporate.]

square feet in London and 6 thousand square feet in other international branches.

As of

As of February [removed: 22, 2024,] [added: 20, 2025,] the Company had approximately [removed: 7,835] [added: 7,485] registered holders of record of the Company's common stock.

A substantially greater number of holders of our common stock are “street name” holders or beneficial holders, whose shares [added: are held of record by banks, brokers and other financial institutions.]

Repurchases of common stock by the Company during the quarter ended December 31, [removed: 2023] [added: 2024] are set forth below.

During the period from January 1, [removed: 2024] [added: 2025] through February [removed: 22, 2024,] [added: 20, 2025,] the Company repurchased [removed: 2.3] [added: 2.2] million shares for [removed: $200.][added: $248.]

| Repurchases of Common Stock by the Issuer for the Three Months Ended December 31, [removed: 2023] [added: 2024] | | | | | | | | | | | | | | |

*\[1\]Includes [removed: 22,241] [added: 28,635] shares in net settlement of employee tax withholding obligations related to equity awards under the Company's incentive stock plans, which were not part of publicly announced share repurchase authorizations.

The Company paid an average price per share of [removed: $78.24] [added: $113.44] in employee tax withholding obligations related to net share settlements in the three months ended December 31, [removed: 2023.*][added: 2024.*]

[removed: *\[2\]In July,] [added: *\[2\]On July 28,] 2022, the Board of Directors approved a share repurchase authorization for up to $3.0 billion effective from August 1, 2022 to December 31, 2024.

| [Table of [removed: Contents](#i9b54cc746e184599b631808d88b32e18_7)] [added: Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7)] | | | | | | | | |

| | | | [removed: Base] [added: Base Period] | | | | | | | | | | | | | | | | | | | | |

| Company/Index | | | [removed: 2018 | | |] 2019 | | | 2020 | | | 2021 | | | 2022 | | | 2023 | | | [added: 2024] | | | [added: | | |]

[removed: ][added: ]

| [Table of [removed: Contents](#i9b54cc746e184599b631808d88b32e18_7)] [added: Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7)] | | | | | | [Index to [removed: MD&A](#i9b54cc746e184599b631808d88b32e18_97)] [added: MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103)] | | |

For [removed: additional] [added: more] information [removed: refer to] [added: on the A&E ADC and the Navigators ADC, see] Note [removed: 1 -] [added: 1,] Basis of Presentation and Significant Accounting [removed: Policies] [added: Policies, and Note 10, Reserve for Unpaid Losses and Loss Adjustment Expenses] of Notes to Consolidated Financial Statements.

[removed: For] [added: *\[4\]For] discussion of [removed: reclassifications and dispositions,] [added: debt,] see Note [removed: 1 - Basis of Presentation and Significant Accounting Policies, and Note 22] [added: 13] - [removed: Business Dispositions] [added: Debt] of Notes to Consolidated Financial [removed: Statements.][added: Statements.*]

For discussion of the earliest of the three years included in the financial statements of the current filing, refer to Part [removed: 2,] [added: II,] Item 7, MD&A in The Hartford’s [removed: 2022] [added: 2023] Form 10-K Annual Report.

| [Key Performance Measures and [removed: Ratios](#i9b54cc746e184599b631808d88b32e18_103)] [added: Ratios](#i8415db78c08a4ee5b9cd2fd1d45b5e41_3848290701339)] | | | [removed: [40](#i9b54cc746e184599b631808d88b32e18_103)] [added: [38](#i8415db78c08a4ee5b9cd2fd1d45b5e41_3848290701339)] | | |

| [The Hartford's [removed: Operations](#i9b54cc746e184599b631808d88b32e18_106)] [added: Operations](#i8415db78c08a4ee5b9cd2fd1d45b5e41_112)] | | | [removed: [45](#i9b54cc746e184599b631808d88b32e18_106)] [added: [43](#i8415db78c08a4ee5b9cd2fd1d45b5e41_112)] | | |

[removed: | [Financial Highlights](#i9b54cc746e184599b631808d88b32e18_109) | | | [48](#i9b54cc746e184599b631808d88b32e18_109) | | |][added: 2024 FINANCIAL HIGHLIGHTS]

| [Consolidated Results of [removed: Operations](#i9b54cc746e184599b631808d88b32e18_112)] [added: Operations](#i8415db78c08a4ee5b9cd2fd1d45b5e41_3848290701371)] | | | [removed: [49](#i9b54cc746e184599b631808d88b32e18_112)] [added: [46](#i8415db78c08a4ee5b9cd2fd1d45b5e41_3848290701371)] | | |

| [Critical Accounting [removed: Estimates](#i9b54cc746e184599b631808d88b32e18_118)] [added: Estimates](#i8415db78c08a4ee5b9cd2fd1d45b5e41_124)] | | | [removed: [54](#i9b54cc746e184599b631808d88b32e18_118)] [added: [51](#i8415db78c08a4ee5b9cd2fd1d45b5e41_124)] | | |

| [Property & Casualty Other [removed: Operations](#i9b54cc746e184599b631808d88b32e18_154)] [added: Operations](#i8415db78c08a4ee5b9cd2fd1d45b5e41_157)] | | | [removed: [83](#i9b54cc746e184599b631808d88b32e18_154)] [added: [81](#i8415db78c08a4ee5b9cd2fd1d45b5e41_157)] | | |

| [Enterprise Risk [removed: Management](#i9b54cc746e184599b631808d88b32e18_166)] [added: Management](#i8415db78c08a4ee5b9cd2fd1d45b5e41_169)] | | | [removed: [89](#i9b54cc746e184599b631808d88b32e18_166)] [added: [87](#i8415db78c08a4ee5b9cd2fd1d45b5e41_169)] | | |

| [Capital Resources and [removed: Liquidity](#i9b54cc746e184599b631808d88b32e18_205)] [added: Liquidity](#i8415db78c08a4ee5b9cd2fd1d45b5e41_211)] | | | [removed: [108](#i9b54cc746e184599b631808d88b32e18_205)] [added: [107](#i8415db78c08a4ee5b9cd2fd1d45b5e41_211)] | | |

| [Impact of New Accounting [removed: Standards](#i9b54cc746e184599b631808d88b32e18_259)] [added: Standards](#i8415db78c08a4ee5b9cd2fd1d45b5e41_265)] | | | [removed: [115](#i9b54cc746e184599b631808d88b32e18_259)] [added: [114](#i8415db78c08a4ee5b9cd2fd1d45b5e41_265)] | | |

Throughout the MD&A, we use certain terms and abbreviations, the more commonly used are summarized in the [removed: [Acronyms](#i9b54cc746e184599b631808d88b32e18_262)] [added: [Acronyms](#i8415db78c08a4ee5b9cd2fd1d45b5e41_268)] section.

| | | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | | [removed: 2021] [added: 2022] | | |

| Net income | | | $ | [removed: 2,504] [added: 3,111] | | $ | [removed: 1,819] [added: 2,504] | | $ | [removed: 2,371] [added: 1,819] | |

| Net income available to common stockholders | | | [removed: 2,483] [added: 3,090] | | | [removed: 1,798] [added: 2,483] | | | [removed: 2,350] [added: 1,798] | | |

| Net realized losses [removed: (gains)] excluded from core earnings, before tax | | | [removed: 152] [added: 56] | | | [removed: 626] [added: 152] | | | [removed: (505)] [added: 626] | | |

| Restructuring and other costs, before tax | | | [removed: 6] [added: 2] | | | [removed: 13] [added: 6] | | | [removed: 1] [added: 13] | | |

| Loss on extinguishment of debt, before tax | | | — | | | [removed: 9] [added: —] | | | [removed: —] [added: 9] | | |

| Integration and other non-recurring M&A costs, before tax | | | 8 | | | [removed: 21] [added: 8] | | | [removed: 58] [added: 21] | | |

| Change in deferred gain on retroactive reinsurance, before tax | | | [removed: 194] [added: (83)] | | | [removed: 229] [added: 194] | | | [removed: 246] [added: 229] | | |

| Income tax expense (benefit) \[1\] | | | [removed: (76)] [added: 3] | | | [removed: (200)] [added: (76)] | | | [removed: 34] [added: (200)] | | |

| Core earnings | | | $ | [removed: 2,767] [added: 3,076] | | $ | [removed: 2,496] [added: 2,767] | | $ | [removed: 2,184] [added: 2,496] | |

Core Earnings Margin- The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the [removed: Group] [added: Employee] Benefits segment's operating performance.

The Company believes that core earnings margin provides investors with a valuable measure of the performance of [removed: Group] [added: Employee] Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized gains (losses) as well as other items excluded in the calculation of core earnings.

Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of [removed: Group] [added: Employee] Benefits.

A reconciliation of net income margin to core earnings margin is set forth in the Results of Operations section within MD&A - [removed: Group] [added: Employee] Benefits.

| October 1, 2024 - October 31, 2024 | | | 1,507,644 | | | $ | 117.71 | | 1,499,511 | | | $ | 3,373 | |

| November 1, 2024 - November 30, 2024 | | | 779,493 | | | $ | 117.75 | | 758,991 | | | $ | 3,285 | |

| December 1, 2024 - December 31, 2024 | | | 1,176,909 | | | $ | 117.26 | | 1,176,909 | | | $ | 3,148 | |

| Total | | | 3,464,046 | | | $ | 117.57 | | 3,435,411 | | | | | |

In addition to the authorization covering the period from August 1, 2022 to December 31, 2024, on July 25, 2024, the Board of Directors approved a share repurchase authorization for up to $3.3 billion effective from August 1, 2024 to December 31, 2026.

| The Hartford Insurance Group, Inc. | | | $ | 100 | | $ | 83.08 | | $ | 119.85 | | $ | 134.61 | | $ | 146.09 | | $ | 202.42 | | | | |

| S&P 500 Index | | | $ | 100 | | $ | 118.40 | | $ | 152.39 | | $ | 124.79 | | $ | 157.59 | | $ | 197.02 | | | | |

| S&P Insurance Composite Index | | | $ | 100 | | $ | 99.56 | | $ | 131.54 | | $ | 144.86 | | $ | 158.28 | | $ | 200.73 | | | | |

| [Investment Results](#i8415db78c08a4ee5b9cd2fd1d45b5e41_14843406979269) | | | [49](#i8415db78c08a4ee5b9cd2fd1d45b5e41_14843406979269) | | |

| [Business Insurance](#i8415db78c08a4ee5b9cd2fd1d45b5e41_3848290701289) | | | [71](#i8415db78c08a4ee5b9cd2fd1d45b5e41_3848290701289) | | |

| [Personal Insurance](#i8415db78c08a4ee5b9cd2fd1d45b5e41_3848290701305) | | | [76](#i8415db78c08a4ee5b9cd2fd1d45b5e41_3848290701305) | | |

| [Employee Benefits](#i8415db78c08a4ee5b9cd2fd1d45b5e41_160) | | | [82](#i8415db78c08a4ee5b9cd2fd1d45b5e41_160) | | |

| [Hartford Funds](#i8415db78c08a4ee5b9cd2fd1d45b5e41_163) | | | [84](#i8415db78c08a4ee5b9cd2fd1d45b5e41_163) | | |

| [Corporate](#i8415db78c08a4ee5b9cd2fd1d45b5e41_166) | | | [86](#i8415db78c08a4ee5b9cd2fd1d45b5e41_166) | | |

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103) | | |

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103) | | |

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103) | | |

The loss and loss adjustment expense ratio is the most directly comparable GAAP measure.

A reconciliation of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio is set forth in the Reportable Segment and Corporate Operating Summaries section within MD&A.

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 instruments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative instruments.

Net investment income is the most directly comparable GAAP measure.

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

Consolidated Financial Statements, except in instances where the Company seeds new investment products.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103) | | |

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103) | | |

| Business Insurance | | | | | | | | | | | | | | | | | |

| Personal Insurance | | | | | | | | | | | | | | | | | |

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103) | | |

While the Company employs asset-liability duration matching strategies to mitigate

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | | | | [Index to MD&A](#i8415db78c08a4ee5b9cd2fd1d45b5e41_103) | | |

| Ý | | | Increased $607 or 24% | | | | | | | | | Ý | | | Increased $2.38 or 30% | | | | | | | | | Ý | | | Increased $5.66 or 11% | | | | | |

| + | | | Lower underlying loss and LAE ratio in Personal Insurance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| + | | | Favorable P&C prior accident year reserve development in the 2024 period | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| \- | | | Higher expense ratio in P&C and Employee Benefits | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| \- | | | Higher group disability and supplemental health loss ratios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Ý | | | Increased 20 bps | | | | | | | | | Þ | | | Improved 1.7 points | | | | | | | | | Ý | | | Increased 0.2 points | | | | | |

| | | | | | | + | | | Lower net realized losses | | | | | | | | | | | | | | | | | | | | | | | |

| \- | | | Lower returns on limited partnerships and other alternative investments | | | | | | | | | + | | | Favorable prior accident year reserve development in the 2024 period | | | | | | | | | \- | | | Higher expense ratio | | | | | |

| | | | | | | \- | | | Higher loss ratio on paid family and medical leave and supplemental health products | | | | | | | | | | | | | | | | | | | | | | | |

are held of record by banks, brokers and other financial institutions.

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

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| October 1, 2023 - October 31, 2023 | | | 2,043,934 | | | $ | 71.72 | | 2,039,013 | | | $ | 1,553 | |

| November 1, 2023 - November 30, 2023 | | | 1,294,172 | | | $ | 76.29 | | 1,290,733 | | | $ | 1,456 | |

| December 1, 2023 - December 31, 2023 | | | 1,370,044 | | | $ | 80.19 | | 1,356,163 | | | $ | 1,348 | |

| Total | | | 4,708,150 | | | $ | 75.44 | | 4,685,909 | | | | | |

| | | | Period | | | | | | | | | | | | | | | | | | | | |

| The Hartford Financial Services Group, Inc. | | | $ | 100 | | $ | 139.72 | | $ | 116.07 | | $ | 167.45 | | $ | 188.07 | | $ | 204.11 | | | | |

| S&P 500 Index | | | $ | 100 | | $ | 131.49 | | $ | 155.68 | | $ | 200.37 | | $ | 164.08 | | $ | 207.21 | | | | |

| S&P Insurance Composite Index | | | $ | 100 | | $ | 129.38 | | $ | 128.81 | | $ | 170.19 | | $ | 187.42 | | $ | 204.78 | | | | |

On January 1, 2023, the Company adopted the FASB's updated guidance on accounting for long duration insurance contracts, which was applied on a modified retrospective basis as of January 1, 2021.

On December 29, 2021, the Company completed the sale of Navigators Holdings (Europe) N.V., a Belgium holding company, and its subsidiaries, Bracht, Deckers & Mackelbert N.V. (“BDM”) and Assurances Contintales Contintale Verzekeringen N.V. (“ASCO”), (collectively referred to as "Continental Europe Operations").

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.

| [Investment Results](#i9b54cc746e184599b631808d88b32e18_115) | | | [52](#i9b54cc746e184599b631808d88b32e18_115) | | |

| [Commercial Lines](#i9b54cc746e184599b631808d88b32e18_148) | | | [74](#i9b54cc746e184599b631808d88b32e18_148) | | |

| [Personal Lines](#i9b54cc746e184599b631808d88b32e18_151) | | | [78](#i9b54cc746e184599b631808d88b32e18_151) | | |

| [Group Benefits](#i9b54cc746e184599b631808d88b32e18_157) | | | [84](#i9b54cc746e184599b631808d88b32e18_157) | | |

| [Hartford Funds](#i9b54cc746e184599b631808d88b32e18_160) | | | [86](#i9b54cc746e184599b631808d88b32e18_160) | | |

| [Corporate](#i9b54cc746e184599b631808d88b32e18_163) | | | [88](#i9b54cc746e184599b631808d88b32e18_163) | | |

premium writings in certain classes of business or states.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Commercial Lines | | | | | | | | | | | | | | | | | |

| Personal Lines | | | | | | | | | | | | | | | | | |

In addition, up until June 30, 2021, Corporate included a 9.7% ownership interest in Hopmeadow Holdings LP, the legal entity that acquired Talcott Resolution in May 2018 (Hopmeadow Holdings, LP, Talcott Resolution Life Inc., and its subsidiaries are collectively referred to as "Talcott Resolution").

The sale of Talcott Resolution to a new investor was completed on June 30, 2021.

The Company received a total of $217 in connection with

the sale of its 9.7% ownership interest, resulting in a realized gain of $46 before tax in 2021.

uncertain and actual investment yields could differ significantly from expected investment yields, affecting profitability of the business.

Operational transformation and cost reduction plan

In recognition of the need to become more cost efficient and competitive along with enhancing the experience we provide to agents and customers, on July 30, 2020, the Company announced an operational transformation and cost reduction plan it refers to as Hartford Next.

Through reduction of its headcount, Information Technology ("IT") investments to further enhance our capabilities, and other activities, relative to 2019, the Company achieved a reduction in annual insurance operating costs and other expenses of approximately $636 in 2023.

To achieve those expected savings, we incurred approximately $323 through December 31, 2023.

We expect additional expected expenses of $61 after 2023, consisting mostly of amortization of internal use software and capitalized real estate costs.

Included in the restructuring costs of approximately $124

were $35 of employee severance, $25 to retire certain IT applications, and $64 for consulting and lease termination expenses.

Restructuring costs are reported as a charge to net income but not in core earnings.

The following table presents Hartford Next program costs incurred, including restructuring costs, and expense savings relative to 2019 realized in 2021, 2022 and 2023:

| Hartford Next Costs and Expense Savings | | | | | | | | | | | | | | | | | |

| Employee severance | | | | | | | | | $ | (25) | | $ | (7) | | $ | (6) | |

The Hartford [removed: Financial Services] [added: Insurance] Group, Inc.

We have audited the internal control over financial reporting of The Hartford [removed: Financial Services] [added: Insurance] Group, Inc. and its subsidiaries (the “Company”) [added: (formerly The Hartford Financial Services Group, Inc.)] as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2023,] [added: 2024,] of the Company and our report dated February [removed: 23, 2024,] [added: 21, 2025,] expressed an unqualified opinion on those financial [removed: statements and included an explanatory paragraph regarding the Company’s adoption of a new accounting standard.][added: statements.]

| [Table of [removed: Contents](#i9b54cc746e184599b631808d88b32e18_7)] [added: Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7)] | | | | | | | | |

February 21, 2025

February 23, 2024

[removed: Fisher, Executive Vice President and Property] [added: Swift, Chairman] and [removed: Casualty] Chief [removed: Underwriting] [added: Executive] Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the potential [added: exercise of vested stock options and associated] sale of [removed: (i)] up to [removed: 4,088] [added: 294,481] shares of the Company's common stock between March [removed: 1, 2024 and November 15, 2024] [added: 4, 2025] and [removed: (ii) up to 4,088 shares of] [added: February 27, 2026 (or] the [removed: Company's common stock between July 1, 2024 and November 15, 2024,] [added: date on which all shares have been sold),] subject to certain conditions.

| [Table of [removed: Contents](#i9b54cc746e184599b631808d88b32e18_7)] [added: Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7)] | | | | | | | | |

On November 4, 2024, Christopher J.

The options covered by this trading plan were granted to Mr. Swift in 2016 and are scheduled to expire in March 2026.

On October 31, 2023, Adin M.

Tooker, Executive Vice President, Middle & Large Commercial, Global Specialty and Sales and Distribution, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the potential sale of up to 7,643.967 shares of the Company's common stock on February 29, 2024.

This 10b5-1 plan is effective through October 31, 2024.

On November 21, 2023, Michael R.

This 10b5-1 plan is effective through November 15, 2024.

Certain of the information called for by Item 10 will be set forth in the definitive proxy statement for the [removed: 2024] [added: 2025] annual meeting of stockholders (the “Proxy Statement”) to be filed by The Hartford with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K under the captions and subcaptions “Board and Governance [removed: Matters”,] [added: Matters,” “Stock Ownership Requirements] and [added: Restrictions on Trading,” "Insider Trading Policy,"] “Director [removed: Nominees"] [added: Nominees,”] and [added: “Timing of Equity Grants” and] is incorporated herein by reference.

The Code of Ethics and Business Conduct is available on the investor relations section of the Company’s website at: [removed: http://ir.thehartford.com.][added: https://ir.thehartford.com.]

Set forth below is information about the other executive officers of the Company as of February [removed: 22, 2024:][added: 20, 2025:]

| Beth A. Costello | | | [removed: 56] [added: 57] | | | Executive Vice President and Chief Financial Officer (July 2014-present) | | |

| Allison G. Niderno | | | [removed: 44] [added: 45] | | | Senior Vice President and Controller (March 2023-present); Vice President Finance, Head of External Reporting and Investment Finance (June 2018 - March [removed: 2023); Vice President Finance (April 2016 - June 2018)] [added: 2023)] | | |

| Robert W. Paiano | | | [removed: 62] [added: 63] | | | Executive Vice President and Chief Risk Officer (June [removed: 2017-present); Senior Vice President & Treasurer (July 2010-May 2017)] [added: 2017-present)] | | |

| Lori A. Rodden | | | [removed: 53] [added: 54] | | | Executive Vice President [added: and] Chief Human Resources Officer (October 2019-present); and Senior Vice President and Lead Human Resources Business Partner for Property & Casualty, [removed: Group] [added: Employee] Benefits, Claims and Actuarial (April 2016-October 2019) | | |

| Deepa Soni | | | [removed: 54] [added: 55] | | | Executive Vice [added: President and Chief Information and Operations Officer (March 2024-present); Executive Vice] President, Head of Technology, Data, Analytics & Information Security (August [removed: 2021-present);] [added: 2021-February 2024);] Chief Information Officer (September 2019-August 2021); U.S. Chief Information Officer, BMO Financial Group (April 2016-September 2019) | | |

| Amy M. Stepnowski | | | [removed: 55] [added: 56] | | | Executive Vice [removed: President] [added: President,] Chief Investment Officer [removed: (August 2020-present);] [added: and] President of Hartford Investment Management Company (August 2020-present); Managing Director and Head of Public Credit [removed: Research] [added: Research,] Hartford Investment Management Company [removed: (September 2008-August] [added: (April 2018-August] 2020) | | |

| Adin M. Tooker | | | [removed: 54] [added: 55] | | | [added: President (February 2025-present);] Executive Vice President, [added: Head of Business Insurance (March 2024-January 2025); Executive Vice President,] Middle & Large [removed: Commercial,] [added: Business,] Global Specialty and Sales and Distribution (November [removed: 2022-present);] [added: 2022-February 2024);] Executive Vice President and Head of Middle & Large [removed: Commercial] [added: Business] (March 2019-October [removed: 2022); Executive Vice President and Head of Middle Market (March 2017-February 2019)] [added: 2022)] | | |

| [Table of [removed: Contents](#i9b54cc746e184599b631808d88b32e18_7)] [added: Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7)] | | | | | | | | |

| | | | | | | | | |

| Michael Fish | | | 59 | | | Executive Vice President and Head of Employee Benefits (October 2024-present);Chief Operating Officer, Employee Benefits (June 2021-September 2024); Senior Vice President, Employee Benefits Operations & Program Delivery (January 2018-May 2021) | | |

| Donald C. Hunt | | | 54 | | | Executive Vice President and General Counsel (March 2024-present); Senior Vice President, Deputy General Counsel and Corporate Secretary (December 2019-February 2024); Vice President, Deputy General Counsel and Corporate Secretary (April 2013-November 2019) | | |

| | | | | | | | | |

| | | | | | | | | |

| | | | | | | | | |

| | | | | | | | | |

| Jonathan R. Bennett | | | 59 | | | Executive Vice President and Head of Group Benefits (August 2019-present); Chief Financial Officer and Head of Strategy for Property and Casualty and Group Benefits (October, 2012-August 2019) | | |

| Claire H. Burns | | | 55 | | | Chief Marketing and Communications Officer (September 2021-present); Chief Marketing and Strategy Officer, Prudential International (February 2018-July 2021); Senior Vice President and Chief Customer Officer, MetLife (November 2012-January 2018) | | |

| Stephanie C. Bush\[1\] | | | 59 | | | Executive Vice President and Head of Personal Lines (January 2018-present); Executive Vice President and Head of Small Commercial (July 2014-present) | | |

| Michael R. Fisher | | | 58 | | | Executive Vice President and Property and Casualty Chief Underwriting Officer (May 2019-present); Executive Vice President and Head of Specialty Commercial (October 2014-April 2019) | | |

| John J. Kinney | | | 52 | | | Executive Vice President, Head of Claims & Operations (August 2021-present); Chief Claims Officer (April 2013-August 2021) | | |

| David C. Robinson\[2\] | | | 58 | | | Executive Vice President and General Counsel (June 2015-present) | | |

*\[1\]On November 29, 2023, the Company announced Ms. Bush's intent to retire as Executive Vice President and Head of Small Commercial and Personal Lines effective March 1, 2024.*

*\[2\]On November 29, 2023, the Company announced Mr. Robinson's intent to retire as Executive Vice President and General Counsel effective March 1, 2024.*

The following table provides information as of December 31, [removed: 2023] [added: 2024] about the securities authorized for issuance under the Company’s equity compensation plans, which consist of The Hartford [removed: 2010 Incentive Stock Plan (the “2010 Stock Plan”), The Hartford] 2014 Incentive Stock Plan (the "2014 Stock Plan"), the 2020 Stock Incentive Plan (the "2020 Stock Plan") (collectively [added: referred to herein as] the "Stock Plans") and The Hartford Employee Stock Purchase Plan (the “ESPP”).

On May 20, 2020, the stockholders of the Company approved the 2020 Stock Plan, which superseded the earlier [removed: plans.][added: plan.]

To the extent that any awards under the [removed: 2010 Stock Plan and the] 2014 Stock Plan are forfeited, terminated, surrendered, exchanged, expire unexercised or are settled in cash in lieu of stock (including to effect tax withholding) or for the issuance of a lesser number of shares than the number of shares subject to the award, the shares subject to such awards (or the relevant portion thereof) shall be available for award under the 2020 Stock Plan and such shares shall be added to the total number of shares available under the 2020 Stock Plan.

For a description of the 2020 Stock Plan and the ESPP, see Note [removed: 20] [added: 19] - Stock Compensation Plans of Notes to Consolidated Financial Statements.

[removed: The] [added: *\[1\]The] amount shown in this column includes [removed: 3,258,731] [added: the following equity compensation awarded under the Stock Plans: 4,518,040] outstanding [added: options; 2,677,935 outstanding] restricted stock units, [removed: 582,651] [added: 594,213] outstanding performance shares at 100% of target (which excludes [removed: 777,144] [added: 567,394] shares that vested on December 31, [removed: 2023,] [added: 2024,] related to the [removed: 2021-2023] [added: 2022-2024] performance period)* *and [removed: 173,114] [added: 120,746] non-vested dividend equivalent shares* *as of December 31, [removed: 2023 under the 2014 Stock Plan and the 2020 Stock Plan.][added: 2024.]

The maximum number of performance shares that could be awarded is [removed: 1,165,302] [added: 1,188,426] (200% of target) if the Company achieved the highest performance [removed: level.][added: level.*]

*\[3\]Of these shares, [removed: 3,155,609] [added: 3,014,109] remain available for purchase under the ESPP as of December 31, [removed: 2023.][added: 2024.]

[removed: 6,884,152] [added: 6,253,061] shares remain available for issuance as options, restricted stock units, restricted stock awards or performance shares under the 2020 Stock Plan as of December 31, [removed: 2023.*][added: 2024.*]

| [Table of [removed: Contents](#i9b54cc746e184599b631808d88b32e18_7)] [added: Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7)] | | | | | | | | |

| Equity compensation plans approved by stockholders | | | 7,910,934 | | | $ | 60.51 | | 9,267,171 | | | | | |

| Total | | | 7,910,934 | | | $ | 60.51 | | 9,267,171 | | | | | |

| Equity compensation plans approved by stockholders | | | 10,086,091 | | | $ | 55.92 | | 10,039,761 | | | | | |

| Total | | | 10,086,091 | | | $ | 55.92 | | 10,039,761 | | | | | |

*\[1\]The amount shown in this column includes 6,071,595 outstanding options awarded under the 2010 Stock Plan, the 2014 Stock Plan and the 2020 Stock Plan.

Under the 2014 and 2020 Stock Plans, no more than 500,000 shares in the aggregate can be earned by an individual employee with respect to restricted stock unit and performance share awards made in a single calendar year.

As a result, the number of shares ultimately distributed to an employee with respect to awards made in the same year will be reduced, if necessary, so that the number does not exceed this limit.*

THE HARTFORD [removed: FINANCIAL SERVICES] [added: INSURANCE] GROUP, INC.

| [Report of Independent Registered Public Accounting [removed: Firm](#i9b54cc746e184599b631808d88b32e18_286)] [added: Firm](#i8415db78c08a4ee5b9cd2fd1d45b5e41_301)] \[1\] | | | [removed: [123](#i9b54cc746e184599b631808d88b32e18_286)] [added: [122](#i8415db78c08a4ee5b9cd2fd1d45b5e41_301)] | | |

| [Consolidated Statements of Operations — For the Years Ended December [removed: 31,](#i9b54cc746e184599b631808d88b32e18_289) [2023,](#i9b54cc746e184599b631808d88b32e18_289) [2022](#i9b54cc746e184599b631808d88b32e18_289) [and](#i9b54cc746e184599b631808d88b32e18_289) [2021](#i9b54cc746e184599b631808d88b32e18_289)] [added: 31, 202](#i8415db78c08a4ee5b9cd2fd1d45b5e41_304)[4](#i8415db78c08a4ee5b9cd2fd1d45b5e41_304)[, 202](#i8415db78c08a4ee5b9cd2fd1d45b5e41_304)[3](#i8415db78c08a4ee5b9cd2fd1d45b5e41_304) [and 202](#i8415db78c08a4ee5b9cd2fd1d45b5e41_304)2] | | | [removed: [125](#i9b54cc746e184599b631808d88b32e18_289)] [added: [124](#i8415db78c08a4ee5b9cd2fd1d45b5e41_304)] | | |

| [Consolidated Statements of Comprehensive Income (Loss) — For the Years Ended December 31, [removed: 2023, 2022 and 2021](#i9b54cc746e184599b631808d88b32e18_292)] [added: 202](#i8415db78c08a4ee5b9cd2fd1d45b5e41_307)[4](#i8415db78c08a4ee5b9cd2fd1d45b5e41_307)[, 202](#i8415db78c08a4ee5b9cd2fd1d45b5e41_307)[3](#i8415db78c08a4ee5b9cd2fd1d45b5e41_307) [and 202](#i8415db78c08a4ee5b9cd2fd1d45b5e41_307)2] | | | [removed: [126](#i9b54cc746e184599b631808d88b32e18_292)] [added: [125](#i8415db78c08a4ee5b9cd2fd1d45b5e41_307)] | | |

| [Consolidated Statements of Changes in Stockholders’ Equity — For the Years Ended December 31, [removed: 2023, 2022 and 2021](#i9b54cc746e184599b631808d88b32e18_298)] [added: 202](#i8415db78c08a4ee5b9cd2fd1d45b5e41_313)[4](#i8415db78c08a4ee5b9cd2fd1d45b5e41_313)[, 202](#i8415db78c08a4ee5b9cd2fd1d45b5e41_313)[3](#i8415db78c08a4ee5b9cd2fd1d45b5e41_313) [and 202](#i8415db78c08a4ee5b9cd2fd1d45b5e41_313)2] | | | [removed: [128](#i9b54cc746e184599b631808d88b32e18_298)] [added: [127](#i8415db78c08a4ee5b9cd2fd1d45b5e41_313)] | | |

| [Consolidated Statements of Cash Flows — For the Years Ended December 31, [removed: 2023, 2022 and 2021](#i9b54cc746e184599b631808d88b32e18_301)] [added: 202](#i8415db78c08a4ee5b9cd2fd1d45b5e41_316)[4](#i8415db78c08a4ee5b9cd2fd1d45b5e41_316)[, 202](#i8415db78c08a4ee5b9cd2fd1d45b5e41_316)[3](#i8415db78c08a4ee5b9cd2fd1d45b5e41_316) [and 202](#i8415db78c08a4ee5b9cd2fd1d45b5e41_316)2] | | | [removed: [129](#i9b54cc746e184599b631808d88b32e18_301)] [added: [128](#i8415db78c08a4ee5b9cd2fd1d45b5e41_316)] | | |

| [Note 1 - Basis of Presentation and Significant Accounting [removed: Policies](#i9b54cc746e184599b631808d88b32e18_307)] [added: Policies](#i8415db78c08a4ee5b9cd2fd1d45b5e41_322)] | | | [removed: [130](#i9b54cc746e184599b631808d88b32e18_307)] [added: [129](#i8415db78c08a4ee5b9cd2fd1d45b5e41_322)] | | |

| [Note 2 - Earnings Per Common [removed: Share](#i9b54cc746e184599b631808d88b32e18_313)] [added: Share](#i8415db78c08a4ee5b9cd2fd1d45b5e41_328)] | | | [removed: [139](#i9b54cc746e184599b631808d88b32e18_313)] [added: [136](#i8415db78c08a4ee5b9cd2fd1d45b5e41_328)] | | |

| [Note 4 - Fair Value [removed: Measurements](#i9b54cc746e184599b631808d88b32e18_319)] [added: Measurements](#i8415db78c08a4ee5b9cd2fd1d45b5e41_334)] | | | [removed: [142](#i9b54cc746e184599b631808d88b32e18_319)] [added: [141](#i8415db78c08a4ee5b9cd2fd1d45b5e41_334)] | | |

| [Note 6 - [removed: Derivatives](#i9b54cc746e184599b631808d88b32e18_328)] [added: Derivatives](#i8415db78c08a4ee5b9cd2fd1d45b5e41_346)] | | | [removed: [157](#i9b54cc746e184599b631808d88b32e18_328)] [added: [157](#i8415db78c08a4ee5b9cd2fd1d45b5e41_346)] | | |

| [Note 7 - Premiums Receivable and Agents' [removed: Balances](#i9b54cc746e184599b631808d88b32e18_331)] [added: Balances](#i8415db78c08a4ee5b9cd2fd1d45b5e41_349)] | | | [removed: [162](#i9b54cc746e184599b631808d88b32e18_331)] [added: [162](#i8415db78c08a4ee5b9cd2fd1d45b5e41_349)] | | |

| [Note 8 - [removed: Reinsurance](#i9b54cc746e184599b631808d88b32e18_334)] [added: Reinsurance](#i8415db78c08a4ee5b9cd2fd1d45b5e41_352)] | | | [removed: [163](#i9b54cc746e184599b631808d88b32e18_334)] [added: [163](#i8415db78c08a4ee5b9cd2fd1d45b5e41_352)] | | |

| [removed: [Note 9 -] Deferred [removed: Policy Acquisition Costs](#i9b54cc746e184599b631808d88b32e18_337)] [added: policy acquisition costs] | | | [removed: [166](#i9b54cc746e184599b631808d88b32e18_337)] [added: 1,239] | | | [added: 1,113 | | |]

| [removed: [Note 10 -] [added: [Note](#i8415db78c08a4ee5b9cd2fd1d45b5e41_358) [9](#i8415db78c08a4ee5b9cd2fd1d45b5e41_358) [-] Goodwill & Other Intangible [removed: Assets](#i9b54cc746e184599b631808d88b32e18_340)] [added: Assets](#i8415db78c08a4ee5b9cd2fd1d45b5e41_358)] | | | [removed: [166](#i9b54cc746e184599b631808d88b32e18_340)] [added: [166](#i8415db78c08a4ee5b9cd2fd1d45b5e41_358)] | | |

| [Note [removed: 11 -] [added: 1](#i8415db78c08a4ee5b9cd2fd1d45b5e41_361)[0](#i8415db78c08a4ee5b9cd2fd1d45b5e41_361) [-] Reserve for Unpaid Losses and Loss Adjustment [removed: Expenses](#i9b54cc746e184599b631808d88b32e18_343)] [added: Expenses](#i8415db78c08a4ee5b9cd2fd1d45b5e41_361)] | | | [removed: [167](#i9b54cc746e184599b631808d88b32e18_346)] [added: [167](#i8415db78c08a4ee5b9cd2fd1d45b5e41_364)] | | |

| [Note [removed: 12 -] [added: 1](#i8415db78c08a4ee5b9cd2fd1d45b5e41_370)[1](#i8415db78c08a4ee5b9cd2fd1d45b5e41_370) [-] Reserve for Future Policy [removed: Benefits](#i9b54cc746e184599b631808d88b32e18_352)] [added: Benefits](#i8415db78c08a4ee5b9cd2fd1d45b5e41_370)] | | | [removed: [192](#i9b54cc746e184599b631808d88b32e18_352)] [added: [192](#i8415db78c08a4ee5b9cd2fd1d45b5e41_370)] | | |

| [removed: [Note 13 -] [added: [Note](#i8415db78c08a4ee5b9cd2fd1d45b5e41_373) [12](#i8415db78c08a4ee5b9cd2fd1d45b5e41_373) [-] Other Policyholder Funds and Benefits [removed: Payable](#i9b54cc746e184599b631808d88b32e18_355)] [added: Payable](#i8415db78c08a4ee5b9cd2fd1d45b5e41_373)] | | | [removed: [193](#i9b54cc746e184599b631808d88b32e18_355)] [added: [193](#i8415db78c08a4ee5b9cd2fd1d45b5e41_373)] | | |

| [Note [removed: 14 - Debt](#i9b54cc746e184599b631808d88b32e18_358)] [added: 1](#i8415db78c08a4ee5b9cd2fd1d45b5e41_376)[3](#i8415db78c08a4ee5b9cd2fd1d45b5e41_376) [- Debt](#i8415db78c08a4ee5b9cd2fd1d45b5e41_376)] | | | [removed: [194](#i9b54cc746e184599b631808d88b32e18_358)] [added: [194](#i8415db78c08a4ee5b9cd2fd1d45b5e41_376)] | | |

| [removed: [Note 15 - Commitments] [added: Commitments] and [removed: Contingencies](#i9b54cc746e184599b631808d88b32e18_361)] [added: Contingencies (Note 14)] | | | [removed: [196](#i9b54cc746e184599b631808d88b32e18_361)] | | | [added: | | |]

| [Note [removed: 18 -] [added: 1](#i8415db78c08a4ee5b9cd2fd1d45b5e41_406)[7](#i8415db78c08a4ee5b9cd2fd1d45b5e41_406) [-] Changes in and Reclassifications From Accumulated Other Comprehensive Income [removed: (Loss)](#i9b54cc746e184599b631808d88b32e18_388)] [added: (Loss)](#i8415db78c08a4ee5b9cd2fd1d45b5e41_406)] | | | [removed: [202](#i9b54cc746e184599b631808d88b32e18_388)] [added: [202](#i8415db78c08a4ee5b9cd2fd1d45b5e41_406)] | | |

| [Note [removed: 19 -] [added: 1](#i8415db78c08a4ee5b9cd2fd1d45b5e41_409)[8](#i8415db78c08a4ee5b9cd2fd1d45b5e41_409) [-] Employee Benefit [removed: Plans](#i9b54cc746e184599b631808d88b32e18_391)] [added: Plans](#i8415db78c08a4ee5b9cd2fd1d45b5e41_409)] | | | [removed: [204](#i9b54cc746e184599b631808d88b32e18_391)] [added: [204](#i8415db78c08a4ee5b9cd2fd1d45b5e41_409)] | | |

| [removed: [Note 20 -] [added: [Note](#i8415db78c08a4ee5b9cd2fd1d45b5e41_412) [19](#i8415db78c08a4ee5b9cd2fd1d45b5e41_412) [-] Stock Compensation [removed: Plans](#i9b54cc746e184599b631808d88b32e18_394)] [added: Plans](#i8415db78c08a4ee5b9cd2fd1d45b5e41_412)] | | | [removed: [211](#i9b54cc746e184599b631808d88b32e18_394)] [added: [210](#i8415db78c08a4ee5b9cd2fd1d45b5e41_412)] | | |

| [removed: [Note 23 -] Restructuring and [removed: Other Costs](#i9b54cc746e184599b631808d88b32e18_403)] [added: other costs] | | | [removed: [215](#i9b54cc746e184599b631808d88b32e18_403)] [added: 2] | | | [added: 6 | | | 13 | | |]

| [Schedule I — Summary of Investments — Other Than Investments in [removed: Affiliates](#i9b54cc746e184599b631808d88b32e18_409)] [added: Affiliates](#i8415db78c08a4ee5b9cd2fd1d45b5e41_427)] | | | [removed: [217](#i9b54cc746e184599b631808d88b32e18_409)] [added: [216](#i8415db78c08a4ee5b9cd2fd1d45b5e41_427)] | | |

| [Schedule II — Condensed Financial Information of The Hartford [removed: Financial Services] [added: Insurance] Group, [removed: Inc](#i9b54cc746e184599b631808d88b32e18_412).] [added: Inc](#i8415db78c08a4ee5b9cd2fd1d45b5e41_430).] | | | [removed: [218](#i9b54cc746e184599b631808d88b32e18_412)] [added: [217](#i8415db78c08a4ee5b9cd2fd1d45b5e41_430)] | | |

| [Schedule III — Supplementary Insurance [removed: Information](#i9b54cc746e184599b631808d88b32e18_415)] [added: Information](#i8415db78c08a4ee5b9cd2fd1d45b5e41_433)] | | | [removed: [221](#i9b54cc746e184599b631808d88b32e18_415)] [added: [220](#i8415db78c08a4ee5b9cd2fd1d45b5e41_433)] | | |

| [Schedule V — Valuation and Qualifying [removed: Accounts](#i9b54cc746e184599b631808d88b32e18_421)] [added: Accounts](#i8415db78c08a4ee5b9cd2fd1d45b5e41_439)] | | | [removed: [224](#i9b54cc746e184599b631808d88b32e18_421)] [added: [223](#i8415db78c08a4ee5b9cd2fd1d45b5e41_439)] | | |

| [Table of [removed: Contents](#i9b54cc746e184599b631808d88b32e18_7)] [added: Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7)] | | | [Index to Consolidated Financial Statements and [removed: Schedules](#i9b54cc746e184599b631808d88b32e18_283)] [added: Schedules](#i8415db78c08a4ee5b9cd2fd1d45b5e41_298)] | | | | | |

The Hartford [removed: Financial Services] [added: Insurance] Group, Inc.

We have audited the accompanying consolidated balance sheets of The Hartford [removed: Financial Services] [added: Insurance] Group, Inc. and its subsidiaries (the "Company") [added: (formerly The Hartford Financial Services Group, Inc.)] as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of operations, comprehensive income (loss), changes in stockholders' equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 23, 2024,] [added: 21, 2025,] expressed an unqualified opinion on the Company's internal control over financial reporting.

Unpaid Losses and Loss Adjustment Expenses - Refer to Notes 1 and [removed: 11] [added: 10] to the financial statements

Given the subjectivity of estimating the ultimate cost to settle the liabilities for reported and unreported claims due to uncertainties caused by various factors including frequency and severity of claims as well as changes in the legislative and regulatory environment, performing audit procedures to evaluate whether unpaid losses and loss adjustment expenses were appropriately recorded as of December 31, [removed: 2023,] [added: 2024,] required a high degree of auditor judgment and an increased extent of effort, including the need to involve our actuarial specialists.

[removed: The] [added: Certain] investments without readily determinable fair values were valued using significant unobservable inputs, such as credit spreads and interest rates beyond the observable curve, that involved considerable judgment by the Company.

Given the Company used models and unobservable inputs to estimate the fair value of [added: certain] investments in fixed maturities classified as available-for-sale, performing audit procedures to evaluate these inputs required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists.

Our audit procedures related to the models and unobservable inputs used by the Company to estimate the fair value of [added: certain] investments in fixed maturities classified as available-for-sale included the following, among others:

- On a sample basis, we tested the accuracy and completeness of the investments owned as of December 31, [removed: 2023,] [added: 2024,] and the relevant security attributes used in the determination of their fair values.

| | | | [added: | | |] For the years ended December 31, | | | | | | | | | [added: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| *(in millions, except for per share data)* | | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | | [removed: 2021] [added: 2022] | | |

| [Consolidated Balance Sheets — As of December 31, 202](#i8415db78c08a4ee5b9cd2fd1d45b5e41_310)[4](#i8415db78c08a4ee5b9cd2fd1d45b5e41_310) [and 202](#i8415db78c08a4ee5b9cd2fd1d45b5e41_310)3 | | | [126](#i8415db78c08a4ee5b9cd2fd1d45b5e41_310) | | |

| [Note 3 - Segment Information](#i8415db78c08a4ee5b9cd2fd1d45b5e41_331) | | | [137](#i8415db78c08a4ee5b9cd2fd1d45b5e41_331) | | |

| [Note 5 - Investments](#i8415db78c08a4ee5b9cd2fd1d45b5e41_340) | | | [149](#i8415db78c08a4ee5b9cd2fd1d45b5e41_340) | | |

| [Note 1](#i8415db78c08a4ee5b9cd2fd1d45b5e41_397)[5](#i8415db78c08a4ee5b9cd2fd1d45b5e41_397) [- Equity](#i8415db78c08a4ee5b9cd2fd1d45b5e41_397) | | | [198](#i8415db78c08a4ee5b9cd2fd1d45b5e41_397) | | |

| [Note 1](#i8415db78c08a4ee5b9cd2fd1d45b5e41_403)[6](#i8415db78c08a4ee5b9cd2fd1d45b5e41_403) [- Income Taxes](#i8415db78c08a4ee5b9cd2fd1d45b5e41_403) | | | [200](#i8415db78c08a4ee5b9cd2fd1d45b5e41_403) | | |

| [Note 2](#i8415db78c08a4ee5b9cd2fd1d45b5e41_415)[0](#i8415db78c08a4ee5b9cd2fd1d45b5e41_415) [- Leases](#i8415db78c08a4ee5b9cd2fd1d45b5e41_415) | | | [213](#i8415db78c08a4ee5b9cd2fd1d45b5e41_415) | | |

| [Note 22 - Subsequent Events](#i8415db78c08a4ee5b9cd2fd1d45b5e41_4352) | | | [215](#i8415db78c08a4ee5b9cd2fd1d45b5e41_4352) | | |

| | | | | | |

| [Schedule IV — Reinsurance](#i8415db78c08a4ee5b9cd2fd1d45b5e41_436) | | | [222](#i8415db78c08a4ee5b9cd2fd1d45b5e41_436) | | |

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | [Index to Consolidated Financial Statements and Schedules](#i8415db78c08a4ee5b9cd2fd1d45b5e41_298) | | | | | |

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | [Index to Consolidated Financial Statements and Schedules](#i8415db78c08a4ee5b9cd2fd1d45b5e41_298) | | | | | |

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | [Index to Consolidated Financial Statements and Schedules](#i8415db78c08a4ee5b9cd2fd1d45b5e41_298) | | | | | |

THE HARTFORD INSURANCE GROUP, INC.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | [Index to Consolidated Financial Statements and Schedules](#i8415db78c08a4ee5b9cd2fd1d45b5e41_298) | | | | | |

THE HARTFORD INSURANCE GROUP, INC.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | [Index to Consolidated Financial Statements and Schedules](#i8415db78c08a4ee5b9cd2fd1d45b5e41_298) | | | | | |

THE HARTFORD INSURANCE GROUP, INC.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | [Index to Consolidated Financial Statements and Schedules](#i8415db78c08a4ee5b9cd2fd1d45b5e41_298) | | | | | |

THE HARTFORD INSURANCE GROUP, INC.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | [Index to Consolidated Financial Statements and Schedules](#i8415db78c08a4ee5b9cd2fd1d45b5e41_298) | | | | | |

THE HARTFORD INSURANCE GROUP, INC.

Previously known as The Hartford Financial Services Group, Inc., the Company changed its name to The Hartford Insurance Group, Inc. on February 6, 2025.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and

The Company has included the new disclosures in Note 3 - Segment Information of Notes to Consolidated Financial Statements.

The Company will also provide the quarterly disclosures beginning with the March 31, 2025 interim condensed consolidated financial statements.

The new guidance did not have an impact on the consolidated financial position, results of operations, or cash flows.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | [Index to Consolidated Financial Statements and Schedules](#i8415db78c08a4ee5b9cd2fd1d45b5e41_298) | | | | | |

THE HARTFORD INSURANCE GROUP, INC.

Disaggregated Income Statement Expenses

The FASB issued new guidance on disclosures of disaggregated income statement expenses.

The new guidance requires footnote disclosures that will disaggregate expenses included in relevant expense captions into prescribed categories, as well as narrative disclosures about selling expenses.

The new guidance will be applied on a prospective basis, with retrospective application or early adoption permitted.

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | [Index to Consolidated Financial Statements and Schedules](#i8415db78c08a4ee5b9cd2fd1d45b5e41_298) | | | | | |

THE HARTFORD INSURANCE GROUP, INC.

for investment companies, and derivative instruments which are carried at fair value.

The types of instruments may include swaps,

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | [Index to Consolidated Financial Statements and Schedules](#i8415db78c08a4ee5b9cd2fd1d45b5e41_298) | | | | | |

THE HARTFORD INSURANCE GROUP, INC.

The Company’s derivative transactions conducted in insurance company subsidiaries are used in strategies permitted under the

| [Table of Contents](#i8415db78c08a4ee5b9cd2fd1d45b5e41_7) | | | [Index to Consolidated Financial Statements and Schedules](#i8415db78c08a4ee5b9cd2fd1d45b5e41_298) | | | | | |

| [Consolidated Balance Sheets — As of December 31, 2023 and 2022](#i9b54cc746e184599b631808d88b32e18_295) | | | [127](#i9b54cc746e184599b631808d88b32e18_295) | | |

| [Note 3 - Segment Information](#i9b54cc746e184599b631808d88b32e18_316) | | | [139](#i9b54cc746e184599b631808d88b32e18_316) | | |

| [Note 5 - Investments](#i9b54cc746e184599b631808d88b32e18_325) | | | [150](#i9b54cc746e184599b631808d88b32e18_325) | | |

| [Note 16 - Equity](#i9b54cc746e184599b631808d88b32e18_379) | | | [199](#i9b54cc746e184599b631808d88b32e18_379) | | |

| [Note 17 - Income Taxes](#i9b54cc746e184599b631808d88b32e18_385) | | | [201](#i9b54cc746e184599b631808d88b32e18_385) | | |

| [Note 21 - Leases](#i9b54cc746e184599b631808d88b32e18_397) | | | [214](#i9b54cc746e184599b631808d88b32e18_397) | | |

| [Note 22 - Business Dispositions](#i9b54cc746e184599b631808d88b32e18_400) | | | [215](#i9b54cc746e184599b631808d88b32e18_400) | | |

| [Note 24 - Quarterly Results (Unaudited)](#i9b54cc746e184599b631808d88b32e18_406) | | | [216](#i9b54cc746e184599b631808d88b32e18_406) | | |

| [Schedule IV — Reinsurance](#i9b54cc746e184599b631808d88b32e18_418) | | | [223](#i9b54cc746e184599b631808d88b32e18_418) | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

Change in Accounting Principle

As discussed in Note 1 to the financial statements, effective January 1, 2023, the Company adopted FASB ASU 2018-12, *Targeted Improvements to the Accounting for Long-Duration Contracts Issued by Insurance Companies*, using the modified retrospective approach.

February 23, 2024

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Preferred stock dividends | | | 21 | | | 21 | | | 21 | | |

| Cumulative effect of accounting changes, net of tax | | | — | | | — | | | (65) | | |

| Amortization of deferred policy acquisition costs | | | 2,044 | | | 1,824 | | | 1,668 | | |

| Loss on sale of business | | | — | | | — | | | 21 | | |

| Proceeds from businesses sold, net of cash transferred | | | — | | | — | | | 11 | | |

| Proceeds from the issuance of debt | | | — | | | — | | | 588 | | |

| Less: Net decrease in cash classified as assets held for sale | | | — | | | — | | | (58) | | |

| Net increase (decrease) in cash and restricted cash | | | (155) | | | 7 | | | 98 | | |

On December 29, 2021, the Company completed the sale of all of Navigators Holdings (Europe) N.V., a Belgium holding company, and its subsidiaries, Bracht, Deckers & Mackelbert N.V. and Assurances Contintales Contintale Verzekeringen N.V., collectively referred to as "Continental Europe Operations".

For further discussion of this transaction, see Note 22 - Business Dispositions.

Reclassifications

Certain reclassifications have been made to prior year financial information to conform to the current year presentation.

Reference Rate Reform

On March 12, 2020, the Company adopted the Financial Accounting Standard Board's ("FASB") temporary guidance, which allows The Hartford to account for contract modifications made solely due to rate reform (such as replacing London Inter-Bank Offered Rate ("LIBOR") with another reference rate) as continuations of existing contracts and to maintain hedge accounting when the hedging effectiveness between a financial instrument and its hedge is only affected by the change to a replacement rate.

As a result, The Hartford did not recognize gains and losses during the transition period of LIBOR to an alternative reference rate that would otherwise have arisen from accounting assessments and remeasurements.

On December 21, 2022, the FASB extended the effective date for the temporary guidance and the temporary guidance now expires for contract modifications made and hedge relationships entered into or evaluated after December 31, 2024.

The Company is not required to measure the effect of adoption on its financial position, cash flows or net income because the guidance provides relief from accounting for the effects of the change to a replacement rate.

On January 1, 2023, the Company adopted the FASB’s updated guidance on accounting for long duration insurance contracts, which was applied on a modified retrospective basis as of January 1, 2021.