Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Fixed Maturities, AFS by Type
			June 30, 2026																					December 31, 2025
			Amortized Cost			ACL			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value			Percent of Total Fair Value						Amortized Cost			ACL			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value			Percent of Total Fair Value
ABS
Consumer loans			$	3,522		$	—		$	16		$	(10)		$	3,528		7.7		%				$	3,375		$	—		$	41		$	(2)		$	3,414		7.4		%
Other			1,272			—			3			(20)			1,255			2.7		%				1,253			—			10			(14)			1,249			2.7		%
CLOs			3,360			(2)			5			(3)			3,360			7.3		%				3,310			(2)			9			(1)			3,316			7.2		%
CMBS
Agency [1]			1,069			(14)			18			(88)			985			2.1		%				1,192			(14)			19			(87)			1,110			2.4		%
Bonds			827			—			—			(51)			776			1.7		%				1,206			—			1			(61)			1,146			2.5		%
Interest only			60			—			3			(2)			61			0.1		%				70			—			4			(2)			72			0.2		%
Corporate
Basic industry			1,236			—			9			(22)			1,223			2.7		%				1,232			—			18			(19)			1,231			2.7		%
Capital goods			1,784			—			28			(37)			1,775			3.9		%				1,757			—			44			(30)			1,771			3.8		%
Consumer cyclical			1,681			—			18			(37)			1,662			3.6		%				1,667			—			36			(37)			1,666			3.6		%
Consumer non-cyclical			3,291			—			35			(114)			3,212			7.0		%				2,860			—			54			(84)			2,830			6.2		%
Energy			1,515			—			20			(40)			1,495			3.3		%				1,452			—			27			(38)			1,441			3.1		%
Financial services			7,179			—			35			(154)			7,060			15.4		%				6,952			—			87			(125)			6,914			15.0		%
Tech./comm.			3,799			—			28			(156)			3,671			8.0		%				3,400			—			55			(114)			3,341			7.3		%
Transportation			852			—			5			(36)			821			1.8		%				862			—			12			(34)			840			1.8		%
Utilities			2,794			—			20			(130)			2,684			5.9		%				2,793			—			39			(116)			2,716			5.9		%
Real estate investment trusts ("REITs")			270			—			2			(7)			265			0.6		%				330			—			3			(7)			326			0.7		%
Foreign govt./govt. agencies			453			—			6			(5)			454			1.0		%				440			—			9			(2)			447			1.0		%
Municipal bonds
Taxable			1,643			—			13			(90)			1,566			3.4		%				1,685			—			19			(92)			1,612			3.5		%
Tax-exempt			2,610			—			62			(133)			2,539			5.6		%				3,146			—			70			(176)			3,040			6.6		%
Residential Mortgage-Backed Securities ("RMBS")
Agency			3,220			—			16			(153)			3,083			6.7		%				3,544			—			33			(139)			3,438			7.5		%
Non-agency			2,808			—			6			(110)			2,704			5.9		%				2,828			—			17			(105)			2,740			5.9		%
U.S. Treasuries			1,791			—			1			(147)			1,645			3.6		%				1,517			—			3			(139)			1,381			3.0		%
Total fixed maturities, AFS			$	47,036		$	(16)		$	349		$	(1,545)		$	45,824		100.0		%				$	46,871		$	(16)		$	610		$	(1,424)		$	46,041		100.0		%
FVO securities															$	125																				$	168

*[1]*Includes securities with pools of loans issued by the Small Business Administration which are backed by the full faith and credit of the U.S. government.

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Fixed Maturities, AFS by Credit Quality
			June 30, 2026												December 31, 2025
			Amortized Cost			Fair Value			Percent of Total Fair Value						Amortized Cost			Fair Value			Percent of Total Fair Value
United States Government/Government agencies			$	6,080		$	5,713		12.5		%				$	6,253		$	5,929		12.9		%
AAA			7,370			7,264			15.8		%				7,819			7,751			16.8		%
AA			7,934			7,772			17.0		%				7,484			7,340			15.9		%
A			12,614			12,305			26.9		%				12,653			12,470			27.1		%
BBB			10,748			10,501			22.9		%				10,377			10,250			22.3		%
BB & below			2,290			2,269			4.9		%				2,285			2,301			5.0		%
Total fixed maturities, AFS [1]			$	47,036		$	45,824		100.0		%				$	46,871		$	46,041		100.0		%

*[1]*Excludes FVO securities. For further discussion on FVO securities, see Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.

The fair value of fixed maturities, AFS decreased as compared to December 31, 2025, primarily due to lower valuations as a result of higher interest rates.

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.

Exposure to CMBS & RMBS Bonds by Credit Quality as of June 30, 2026
			AAA						AA						A						BBB						BB and Below						Total
			Amortized Cost			Fair Value			Amortized Cost			Fair Value			Amortized Cost			Fair Value			Amortized Cost			Fair Value			Amortized Cost			Fair Value			Amortized Cost			Fair Value
CMBS
Agency [1]			$	9		$	9		$	1,060		$	976		$	—		$	—		$	—		$	—		$	—		$	—		$	1,069		$	985
Bonds			180			172			302			287			137			127			115			107			93			83			827			776
Interest Only			32			32			19			20			5			5			4			4			—			—			60			61
Total CMBS			221			213			1,381			1,283			142			132			119			111			93			83			1,956			1,822
RMBS
Agency			—			—			3,220			3,083			—			—			—			—			—			—			3,220			3,083
Non-Agency			1,820			1,747			731			707			215			209			40			39			2			2			2,808			2,704
Total RMBS			1,820			1,747			3,951			3,790			215			209			40			39			2			2			6,028			5,787
Total CMBS & RMBS			$	2,041		$	1,960		$	5,332		$	5,073		$	357		$	341		$	159		$	150		$	95		$	85		$	7,984		$	7,609

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Exposure to CMBS & RMBS Bonds by Credit Quality as of December 31, 2025
			AAA						AA						A						BBB						BB and Below						Total
			Amortized Cost			Fair Value			Amortized Cost			Fair Value			Amortized Cost			Fair Value			Amortized Cost			Fair Value			Amortized Cost			Fair Value			Amortized Cost			Fair Value
CMBS
Agency [1]			$	11		$	10		$	1,181		$	1,100		$	—		$	—		$	—		$	—		$	—		$	—		$	1,192		$	1,110
Bonds			418			408			365			349			171			157			137			132			115			100			1,206			1,146
Interest Only			37			38			22			23			6			6			5			4			—			1			70			72
Total CMBS			466			456			1,568			1,472			177			163			142			136			115			101			2,468			2,328
RMBS
Agency			—			—			3,544			3,438			—			—			—			—			—			—			3,544			3,438
Non-Agency			1,741			1,682			770			746			257			253			53			52			7			7			2,828			2,740
Total RMBS			1,741			1,682			4,314			4,184			257			253			53			52			7			7			6,372			6,178
Total CMBS & RMBS			$	2,207		$	2,138		$	5,882		$	5,656		$	434		$	416		$	195		$	188		$	122		$	108		$	8,840		$	8,506

*[1]*Includes securities with pools of loans issued by the Small Business Administration which are backed by the full faith and credit of the U.S. government.

The Company also has exposure to commercial mortgage loans. These loans are collateralized by real estate properties that are diversified both geographically throughout the United States and by property type. These commercial mortgage loans are originated by the Company as high quality whole loans, and the Company may sell participation interests in one or more loans to third parties. A loan participation interest represents a pro-rata share in interest and principal payments generated by the participated loan, and the relationship between the Company as loan originator, lead participant and servicer and the third party as a participant are governed by a participation agreement.

As of June 30, 2026, mortgage loans had an amortized cost of $7.3 billion and carrying value of $7.3 billion, with an ACL of $49. As of December 31, 2025, mortgage loans had an amortized cost of $6.9 billion and carrying value of $6.8 billion, with an ACL of $49.

The Company funded $783 of commercial mortgage loans, primarily industrial properties, with a weighted average loan-to-value (“LTV”) ratio of 58% and a weighted average yield of 5.6% during the six months ended June 30, 2026. The Company continues to originate commercial mortgage loans on institutional-quality properties with strong LTV ratios. There were no mortgage loans held for sale as of June 30, 2026, or December 31, 2025.

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Municipal Bonds

Available-For-Sale Investments in Municipal Bonds
			June 30, 2026												December 31, 2025
			Amortized Cost			Fair Value			Weighted Average Credit Quality						Amortized Cost			Fair Value			Weighted Average Credit Quality
General Obligation			$	749		$	745		AA						$	798		$	800		AA
Pre-Refunded [1]			26			25			AA+						46			46			AA+
Revenue
Transportation			892			869			A+						985			951			A+
Health Care			905			854			A+						939			880			A+
Leasing [2]			451			427			AA						543			517			AA
Education			294			285			AA						370			358			AA
Water & Sewer			242			227			AA						249			231			AA
Sales Tax			160			163			AA						165			165			AA
Power			113			108			AA-						137			130			A+
Housing			96			94			AA+						163			159			AA
Other			325			308			A+						436			415			A+
Total Revenue			3,478			3,335			AA-						3,987			3,806			AA-
Total Municipal			$	4,253		$	4,105		AA-						$	4,831		$	4,652		AA-

*[1]*Pre-refunded bonds are bonds for which an irrevocable trust containing sufficient U.S. treasury, agency, or other securities has been established to fund the remaining payments of principal and interest.

*[2]*Leasing revenue bonds are generally the obligations of a financing authority established by the municipality that leases facilities back to a municipality. The notes are typically secured by lease payments made by the municipality that is leasing the facilities financed by the issue. Lease payments may be subject to annual appropriation by the municipality, or the municipality may be obligated to appropriate general tax revenues to make lease payments.

As of June 30, 2026, the largest issuer concentrations were the Metropolitan Transportation Authority, CommonSpirit Health, and the State of California, which each comprised less than 4% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds. As of December 31, 2025, the largest issuer concentrations were the Metropolitan Transportation Authority, CommonSpirit Health, and the State of California, which each comprised less than 4% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds. In total, municipal bonds make up 6% of the fair value of the Company's investment portfolio.

Limited Partnerships and Other Alternative Investments

The following table presents the Company’s investments in limited partnerships and other alternative investments which include real estate joint ventures, real estate funds, private equity funds, other funds, and other alternative investments. Private equity funds primarily consist of investments in funds whose assets typically consist of a diversified pool of investments in small to mid-sized non-public businesses with high growth potential and strong owner sponsorship, as well as limited exposure to public markets. Other funds consist of investments in infrastructure and energy transition funds and, to a lesser extent, funds across a diverse mix of strategies.

Income or losses on investments in limited partnerships and other alternative investments are recognized on a lag as results from private equity investments and other funds are generally reported on a three-month delay.

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Limited Partnerships and Other Alternative Investments - Net Investment Income
			Three Months Ended June 30,																		Six Months Ended June 30,
			2026									2025									2026									2025
			Amount			Yield [1]						Amount			Yield [1]						Amount			Yield [1]						Amount			Yield [1]
Real estate joint ventures and funds			$	64		12.6		%				$	(14)		(3.1		%)				$	42		4.1		%				$	(22)		(2.4		%)
Private equity funds			(15)			(2.5		%)				(1)			(0.1		%)				20			1.7		%				39			3.9		%
Other funds			58			23.0		%				19			11.7		%				117			25.1		%				26			8.0		%
Other alternative investments [2]			7			5.4		%				9			6.5		%				10			3.6		%				9			3.4		%
Total			$	114		7.6		%				$	13		1.0		%				$	189		6.4		%				$	52		2.1		%

[1]Yields calculated using annualized net investment income divided by the monthly average invested assets.

[2]Consists of an insurer-owned life insurance policy, which is primarily invested in private equity funds and fixed income.

Investments in Limited Partnerships and Other Alternative Investments
			June 30, 2026									December 31, 2025
			Amount			Percent						Amount			Percent
Real estate joint ventures and funds			$	2,064		33.7		%				$	1,986		34.2		%
Private equity funds			2,436			39.7		%				2,327			40.1		%
Other funds			1,044			17.0		%				910			15.7		%
Other alternative investments [1]			591			9.6		%				581			10.0		%
Total			$	6,135		100.0		%				$	5,804		100.0		%

[1]Consists of an insurer-owned life insurance policy which is primarily invested in private equity funds and fixed income.

Fixed Maturities, AFS — Unrealized Loss Aging

The total gross unrealized losses were $1.5 billion as of June 30, 2026, and have increased $121 since December 31, 2025, primarily due to higher interest rates. As of June 30, 2026, $1.2 billion of the gross unrealized losses were associated with fixed maturities, AFS depressed less than 20% of amortized cost. The remaining $0.3 billion of gross unrealized losses were associated with fixed maturities, AFS depressed greater than 20%. The fixed maturities, AFS depressed more than 20% primarily related to corporate fixed maturities, municipal bonds, and U.S. Treasuries, that are mainly depressed because current interest rates are higher than at the respective purchase dates.

As part of the Company’s ongoing investment monitoring process, the Company has reviewed its fixed maturities, AFS in an unrealized loss position and concluded that these fixed maturities are temporarily depressed and are expected to recover in value as the investments approach maturity or as market spreads tighten. For these fixed maturities in an unrealized loss position where an ACL has not been recorded, the Company’s best estimate of expected future cash flows are sufficient to recover the amortized cost basis of the investment. Furthermore, the Company neither has an intention to sell nor does it expect to be required to sell these investments. For further information regarding the Company’s ACL analysis, see the Credit Losses on Fixed Maturities, AFS and Intent-to-Sell Impairments section below.

Unrealized Loss Aging for Fixed Maturities, AFS Securities
			June 30, 2026																		December 31, 2025
Consecutive Months			Items			Amortized Cost			ACL			Unrealized Loss			Fair Value						Items			Amortized Cost			ACL			Unrealized Loss			Fair Value
Three months or less			520			$	4,477		$	—		$	(19)		$	4,458					253			$	3,629		$	—		$	(31)		$	3,598
Greater than three to six months			686			8,024			(2)			(122)			7,900						56			441			—			(4)			437
Greater than six to nine months			67			787			—			(31)			756						16			311			—			(12)			299
Greater than nine to eleven months			15			55			—			(2)			53						55			364			—			(12)			352
Twelve months or more			1,978			13,797			(12)			(1,371)			12,414						2,279			16,172			(14)			(1,365)			14,793
Total			3,266			$	27,140		$	(14)		$	(1,545)		$	25,581					2,659			$	20,917		$	(14)		$	(1,424)		$	19,479

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Unrealized Loss Aging for Fixed Maturities, AFS Continuously Depressed Over 20%
			June 30, 2026																		December 31, 2025
Consecutive Months			Items			Amortized Cost			ACL			Unrealized Loss			Fair Value						Items			Amortized Cost			ACL			Unrealized Loss			Fair Value
Three months or less			8			$	34		$	—		$	(7)		$	27					29			$	159		$	—		$	(34)		$	125
Greater than three to six months			40			269			—			(60)			209						—			—			—			—			—
Greater than six to nine months			3			12			—			(3)			9						2			9			—			(2)			7
Greater than nine to eleven months			—			—			—			—			—						10			70			—			(16)			54
Twelve months or more			98			899			(1)			(270)			628						110			997			(1)			(290)			706
Total			149			$	1,214		$	(1)		$	(340)		$	873					151			$	1,235		$	(1)		$	(342)		$	892

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

Three and six months ended June 30, 2026

For the three and six months ended June 30, 2026, the Company recorded no credit losses. For both periods, there were no unrealized losses on securities with an ACL recognized in other comprehensive income ("OCI"). For further information, refer to Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.

There were no intent-to-sell impairments.

The Company incorporates its best estimate of future performance using internal assumptions and judgments that are informed by economic and industry specific trends, as well as our expectations with respect to security specific developments.

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

Three and six months ended June 30, 2025

For the three months ended June 30, 2025, the Company recorded no credit losses. For the six months ended June 30, 2025, the Company recorded a net credit loss reversal of $2, primarily attributable to a decrease in ACL of $3 on one below investment grade corporate issuer, partially offset by a credit loss of $1 related to a CMBS. For the three and six months ended June 30, 2025 there were no unrealized losses on securities with an ACL recognized in OCI.

There were no intent-to-sell impairments.

ACL on Mortgage Loans

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

The Company reviews mortgage loans on a quarterly basis to estimate the ACL with changes in the ACL recorded in net realized gains and losses. Apart from an ACL recorded on individual mortgage loans where the borrower is experiencing financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses. For further information, refer to Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.

There were no credit loss adjustments on mortgage loans.

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Capital Resources and Liquidity

The following section discusses the overall financial strength of The Hartford and its insurance operations including their ability to generate cash flows from each of their business segments, borrow funds at competitive rates and raise new capital to meet operating and growth needs.

Summary of Capital Resources and Liquidity

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

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

• A senior unsecured revolving credit facility that provides for borrowing capacity up to $750 of unsecured credit through September 24, 2030. As of June 30, 2026, there were no borrowings outstanding; and

• An intercompany liquidity agreement that allows for short-term advances of funds among the HIG Holding Company and certain affiliates of up to $2.0 billion for liquidity and other general corporate purposes. As of June 30, 2026, $1.86 billion was available, $145 was outstanding between certain affiliates and there were no amounts outstanding at the HIG Holding company.

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

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

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

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

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

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

• $195 of interest on debt. See Note 13 - Debt of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report.

• $21 dividends on preferred stock, subject to the discretion of the Board of Directors; and

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

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

• Interest on and repayments of debt. See Note 13 - Debt of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report; and

• Preferred stock and common stock dividends, subject to the discretion of the Board of Directors.

Equity repurchase program:

During the six months ended June 30, 2026, the Company repurchased 6.7 million common shares for $900 under the $3.3 billion share repurchase program authorized by the Board of Directors, effective through December 31, 2026. As of June 30, 2026, the Company has $648 remaining for equity repurchases under the current share repurchase program. During the period July 1, 2026 through July 22, 2026, the Company repurchased 0.8 million common shares for $109.

In addition to the authorization covering the period from August 1, 2024 to December 31, 2026, the Board of Directors approved a share repurchase authorization for up to $4.2 billion effective from August 1, 2026 to December 31, 2028. While the Company has the flexibility to use a portion of the new authorization in 2026, it expects to use the vast majority of the new authorization in 2027 and 2028. The timing of any repurchases of shares is dependent on several factors, including the market price of the Company's securities, the Company's capital position, consideration of the effect of any repurchases on the Company's financial strength or credit ratings, the Company's blackout periods, and other considerations.

Liquidity Requirements and Sources of Capital

The HIG Holding Company

The liquidity requirements of the HIG Holding Company will primarily be met by HIG Holding Company's fixed maturities; short-term investments and cash; and dividends from its subsidiaries, principally its insurance operations. The Company maintains sufficient liquidity and has a variety of contingent liquidity resources to manage liquidity across a range of economic scenarios.

The HIG Holding Company expects to continue to receive dividends from its operating subsidiaries in the future and manages capital in its operating subsidiaries to be sufficient under significant economic stress scenarios. Dividends from subsidiaries and other sources of funds at the holding company may be used to repurchase shares under the authorized share repurchase program at the discretion of management.

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Under significant economic stress scenarios, the Company has the ability to meet short-term cash requirements, if needed, by borrowing under its revolving credit facility or by having its insurance subsidiaries take collateralized advances under a facility with the FHLBB. The Company could also choose to have its insurance subsidiaries sell certain highly liquid, high quality fixed maturities or the Company could issue debt in the public markets under its shelf registration.

Dividends

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

Common Stock Dividends

Declared			Record			Payable			Amount per share
May 20, 2026			June 1, 2026			July 2, 2026			$	0.600
July 15, 2026			September 1, 2026			October 2, 2026			$	0.600

Preferred Stock Dividends

Declared			Record			Payable			Amount per share
May 20, 2026			August 3, 2026			August 17, 2026			$	375.00
July 15, 2026			November 2, 2026			November 16, 2026			$	375.00

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

For a discussion of restrictions on dividends to the HIG Holding Company from its insurance subsidiaries, see the following "Dividends From Subsidiaries" discussion. For a discussion of potential restrictions on the HIG Holding Company's ability to pay dividends, see the risk factor "Our ability to declare and pay dividends is subject to limitations" in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Dividends From Subsidiaries

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

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

Other Sources of Capital for the HIG Holding Company

The Hartford endeavors to maintain a capital structure that provides financial and operational flexibility to its insurance subsidiaries, ratings that support its competitive position in the financial services marketplace (see the "Ratings" section below for further discussion), and stockholder returns. As a result, the Company may from time to time raise capital from the issuance of debt, common equity, preferred stock, equity-related debt or other capital securities and is continuously evaluating strategic opportunities. The issuance of debt, common equity, equity-related debt or other capital securities could result in the dilution of stockholder interests or reduced net income to common stockholders due to additional interest expense or preferred stock dividends.

Shelf Registrations

The Hartford filed an automatic shelf registration statement with the Securities and Exchange Commission on September 23, 2024 that permits it to offer and sell debt and equity securities during the three-year life of the registration statement.

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

Revolving Credit Facility

The Hartford has a $750 senior unsecured revolving credit facility, including $100 available to support letters of credit (the "Credit Facility"). On September 24, 2025, The Hartford amended and restated the Credit Facility, which, among other changes, extends the term of the facility through September 24, 2030. As of June 30, 2026, no borrowings were outstanding and no letters of credit were issued under the Credit Facility and The Hartford was in compliance with all financial covenants. For further information regarding the Credit Facility, see Note 13 - Debt of Notes to Consolidated Financial Statements included in the Company’s 2025 Form 10-K Annual Report.

Intercompany Liquidity Agreements

The Company has $2.0 billion available under an intercompany liquidity agreement that allows for short-term advances of funds among the HIG Holding Company and certain affiliates of up to $2.0 billion for liquidity and other general corporate purposes. The Connecticut Insurance Department ("CID") granted approval for certain affiliated insurance companies that are parties to the agreement to treat receivables from a parent, including the HIG Holding Company, as admitted assets for statutory accounting purposes.

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

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Collateralized Advances with Federal Home Loan Bank of Boston

The Company’s subsidiaries, Hartford Fire Insurance Company (“Hartford Fire”) and HLA, are members of the FHLBB. Membership allows these subsidiaries access to collateralized advances, which may be short- or long-term with fixed or variable rates. Advances may be used to support general corporate purposes, which would be presented as short- or long-term debt, or to earn incremental investment income, which would be presented in other liabilities consistent with other collateralized financing transactions. The Company’s pledge capacity is subject to FHLBB’s collateral eligibility requirements, which may be amended at their discretion. Based on these requirements, the Company estimates that Hartford Fire can pledge up to $2.5 billion and HLA can pledge up to $2.1 billion to secure FHLBB advances. As of June 30, 2026, there were no advances outstanding.

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

Lloyd's Letter of Credit Facility

The Hartford has a committed credit facility agreement with a syndicate of lenders (the "Lloyd's Facility"). On October 21, 2024, The Hartford amended and restated its Lloyd’s Facility agreement. The amended and restated Lloyd's Facility has two tranches with one tranche extending a $74 commitment and the other tranche extending a £74 million ($98 as of June 30, 2026) commitment. As of June 30, 2026, letters of credit with an aggregate face amount of $74 and £74 million, or $98, were outstanding under the Lloyd's Facility.

Among other covenants, the Lloyd's Facility contains financial covenants regarding The Hartford's consolidated net worth and financial leverage. As of June 30, 2026, The Hartford was in compliance with all financial covenants of the facility.

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

Sale of Hartford Funds

As a result of the June 3, 2026, announced sale of Hartford Funds and expected closing in first quarter of 2027, the Company expects a change in the nature and timing of its cash flows. Prior to closing, the Company expects to receive dividends totaling $85 for the remainder of the year from Hartford Funds and will receive an additional pre-closing dividend of approximately $170, subject to market and operating performance through closing. At closing, the Company expects to receive $300 of cash proceeds. Following the closing, the Company will receive contingent consideration in the form of quarterly payments. For further discussion of this transaction, see Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements.

Pension Plans and Other Postretirement Benefits

The Company does not have a 2026 required minimum funding contribution for the U.S. qualified defined benefit pension plan and the funding requirements for all pension plans are expected to be immaterial. The Company has not determined whether, and to what extent, contributions may be made to the U.S. qualified defined benefit pension plan in 2026. The Company will monitor the funded status of the U.S. qualified defined benefit pension plan during 2026 to make this determination. For further discussion of pension and other postretirement benefit obligations, see Note 16 - Employee Benefit Plans of Notes to Condensed Consolidated Financial Statements.

Derivative Commitments

Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical rating organizations, of the individual legal entity that entered into the derivative agreement. If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could terminate agreements and demand immediate settlement of the outstanding net derivative positions transacted under each agreement. For further information, refer to Note 13 - Commitments and Contingencies of Notes to Condensed Consolidated Financial Statements.

As of June 30, 2026, no derivative positions would be subject to immediate termination in the event of a downgrade of one level below the current financial strength ratings. This could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated.

Insurance Operations

While subject to variability period to period, underwriting and investment cash flows continue to provide sufficient liquidity to meet anticipated demands.

The principal sources of operating funds are premiums, fees earned from insurance and administrative service agreements and investment income, while investing cash flows primarily originate from maturities and sales of invested assets.

The Company’s insurance operations consist of property and casualty insurance products (collectively referred to as “Property & Casualty Operations”) and Employee Benefits products.

The Company's insurance operations hold fixed maturity securities, including a significant short-term investment position (securities with maturities of one year or less at the time of purchase), to meet liquidity needs. Liquidity requirements that are unable to be funded by the Company's insurance operations' short-term investments would be satisfied with current operating funds, including premiums or investing cash flows, which includes proceeds received through the sale of invested assets. A sale of invested assets could result in significant realized losses.

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

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

Property & Casualty Operations
			As of June 30, 2026
Fixed maturities			$	37,973
Short-term investments			1,614
Cash			106
Less: Derivative collateral			50
Total			$	39,643

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

Employee Benefits Operations
			As of June 30, 2026
Fixed maturities			$	7,779
Short-term investments			360
Cash			13
Less: Derivative collateral			14
Total			$	8,138

Employee Benefits operations invested assets also include $49 in equity securities, $1.6 billion in mortgage loans and $1.2 billion in limited partnerships and other alternative investments.

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

Property & Casualty reserves for unpaid losses and loss adjustment expenses as of June 30, 2026 were $39.0 billion and net of reinsurance and other recoverables were $32.5 billion. Reserves for Property & Casualty unpaid losses and loss adjustment expenses include case reserves and incurred but not reported ("IBNR") reserves. The ultimate amount to be paid to settle both case and IBNR reserves is an estimate, subject to significant uncertainty. The actual amount to be paid is not finally determined until the Company reaches a settlement with the claimant. Final claim settlements may vary significantly from the present estimates, particularly since many claims will not be settled until well into the future. For a discussion of The Hartford’s judgment in estimating reserves for Property & Casualty see Part II, Item 7, MD&A - Critical Accounting Estimates, Property & Casualty Insurance Product Reserves, Net of Reinsurance, in the Company's 2025 Form 10-K Annual Report, and for historical payments by reserve line net of reinsurance, see Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report. The timing of future payments for the next twelve months and for beyond twelve months could vary materially from historical payment patterns due to, among other things, changes in claim reporting and payment patterns and large unanticipated settlements. In particular, there is significant uncertainty over the claim payment patterns of asbestos and environmental claims.

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

and disability obligations are estimated using assumptions based on the Company’s historical experience, modified for recent observed trends. For a discussion of The Hartford’s judgment in estimating LTD reserves for Employee Benefits see Part II, Item 7, MD&A - Critical Accounting Estimates, Employee Benefit LTD Reserves, Net of Reinsurance, in the Company’s 2025 Form 10-K Annual Report. For additional information about future policy benefits and other policyholder funds and benefits payable, see Note 10 - Reserve for Future Policy Benefits and Note 11 - Other Policyholder Funds and Benefits Payable of Notes to Condensed Consolidated Financial Statements. For historical payments by reserve line, net of reinsurance, see Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements included in the Company's 2025 Form 10-K Annual Report. Due to the significance of the assumptions used, payments for the next twelve months and beyond twelve months could materially differ from historical patterns.

Corporate reserves as of June 30, 2026 were $347 and net of reinsurance were $137. These reserves related to retained run-off liabilities of its former life and annuity business. For additional information about future policy benefits and other policyholder funds and benefits payable, see Note 10 - Reserve for Future Policy Benefits and Note 11 - Other Policyholder Funds and Benefits Payable of Notes to Condensed Consolidated Financial Statements.

Purchase and Other Obligations

The Hartford’s unfunded commitments to purchase investments in limited partnerships and other alternative investments, mortgage loans, private debt and equity securities, as well as tax credits are disclosed in Note 14 - Commitments and Contingencies of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report. It is anticipated that these unfunded commitments will be funded through the Company’s normal operating and investing activities.

In the normal course of business, the Company enters into contractual commitments to purchase various goods and services such as maintenance, human resources, and information technology. The Company’s operating lease commitments are disclosed in Note 20 - Leases of Notes to Consolidated Financial Statements in The Hartford's 2025 Form 10-K Annual Report. It is anticipated that these purchase commitments and operating lease obligations will be funded through the Company’s normal operating and investing activities.

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Capitalization

Capital Structure
			June 30, 2026			December 31, 2025			Change
Long-term debt			$	4,374		$	4,371		—		%
Total debt			4,374			4,371			—		%
Common stockholders' equity excluding AOCI, net of tax			21,670			20,702			5		%
Preferred stock			334			334			—		%
AOCI, net of tax			(2,371)			(2,057)			(15)		%
Total stockholders’ equity			$	19,633		$	18,979		3		%
Total capitalization			$	24,007		$	23,350		3		%
Debt to stockholders’ equity			22		%	23		%
Debt to capitalization			18		%	19		%

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

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

In and Reclassifications From Accumulated Other Comprehensive Income (Loss) and Note 5 - Investments of Notes to Condensed Consolidated Financial Statements. For additional information on debt, see Note 13 - Debt of Notes to Consolidated Financial Statement in The Hartford's 2025 Form 10-K Annual Report.

Cash Flow [1]

			Six Months Ended June 30,
			2026			2025
Net cash provided by operating activities			$	2,234		$	2,276
Net cash used for investing activities			$	(883)		$	(1,144)
Net cash used for financing activities			$	(1,297)		$	(1,151)
Cash and restricted cash– end of period			$	203		$	219

[1] Cash activities include cash flows from Discontinued Operations; see Note 17 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements for information on cash flows from Discontinued Operations

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

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

Cash used for financing activities increased in 2026 as compared to the prior year period primarily driven by an increase in treasury stock acquired through share repurchases and an increase in dividends paid on common stock.

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

Equity Markets

For a discussion of the potential impact of the equity markets on capital and liquidity, see the Financial Risk section in this MD&A and the Financial Risk on Statutory Capital section of the MD&A in the Company's 2025 Form 10-K Annual Report.

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Ratings

Ratings are an important factor in establishing a competitive position in the insurance marketplace and impact the Company's ability to access financing and its cost of borrowing. There can be no assurance that the Company’s ratings will continue for any given period of time, or that they will not be changed. In the event the Company’s ratings are downgraded, the Company’s competitive position, ability to access financing, and its cost of borrowing, may be adversely impacted.

These ratings are not a recommendation to buy, sell or hold any of The Hartford's securities and they may be revised or withdrawn at any time at the discretion of the rating organization. Each agency's rating should be evaluated independently of any other agency's rating. The system and the number of rating categories can vary across rating agencies.

Among other factors, rating agencies consider the level of statutory capital and surplus of our U.S. insurance subsidiaries as well as the level of U.S. GAAP capital held by the Company in determining the Company's financial strength and credit ratings. Rating agencies may implement changes to their capital

formulas that have the effect of increasing the amount of capital we must hold in order to maintain our current ratings. See Risk Factors disclosed in Item 1A of Part I of the Company's 2025 Form 10-K Annual Report.

Insurance Financial Strength Ratings as of July 22, 2026
			A.M. Best			Standard & Poor’s			Moody’s
Hartford Fire Insurance Company			A+			AA-			Aa3
Hartford Life and Accident Insurance Company			A+			AA-			A1
Navigators Insurance Company			A+			AA-			Not Rated
Other Ratings:
The Hartford Insurance Group, Inc. senior debt			a			A-			A3

Statutory Capital

U.S. Statutory Capital Rollforward for the Company's Insurance Subsidiaries
			Property and Casualty Insurance Subsidiaries [1] [2]			Employee Benefits Insurance Subsidiary			Total
U.S statutory capital at January 1, 2026			$	14,437		$	2,674		$	17,111
Statutory income			1,402			285			1,687
Dividends to parent			(1,084)			(439)			(1,523)
Other items			25			(18)			7
Net change to U.S. statutory capital			343			(172)			171
U.S statutory capital at June 30, 2026			$	14,780		$	2,502		$	17,282

*[1]*The statutory capital for property and casualty insurance subsidiaries in this table does not include the value of an intercompany note owed by HHI to Hartford Fire Insurance Company.

*[2]*Excludes insurance operations in the U.K.

Contingencies

Legal Proceedings

For a discussion regarding The Hartford’s legal proceedings, see the information contained in Note 13 - Commitments and Contingencies of the Notes to Condensed Consolidated Financial Statements.

Legislative and Regulatory Developments

For a discussion regarding legislative and regulatory developments, see Part II, Item 7, MD&A - Capital Resources and Liquidity, Contingencies in the Company’s 2025 Form 10-K Annual Report.

Impact of New Accounting Standards

For a discussion of accounting standards, see Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in The Hartford’s 2025 Form 10-K Annual Report.

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Acronyms

A&E			Asbestos and Environmental			HIMCO			Hartford Investment Management Company
ABS			Asset-Backed Securities			HLA			Hartford Life and Accident Insurance Company
ACL			Allowance for Credit Losses			IBNR			Incurred But Not Reported
ADC			Adverse Development Cover			IT			Information Technology
AFS			Available-For-Sale			LAE			Loss Adjustment Expense
ALAE			Allocated Loss Adjustment Expenses			LCL			Liability for Credit Losses
AOCI			Accumulated Other Comprehensive Income (Loss)			LTD			Long-Term Disability
CAY			Current Accident Year			LTV			Loan-to-Value
CLOs			Collateralized Loan Obligations			MD&A			Management's Discussion and Analysis of Financial Conditions and Results of Operations
CMBS			Commercial Mortgage-Backed Securities			NAIC			National Association of Insurance Commissioners
CODM			Chief Operating Decision Maker			NICO			National Indemnity Company, a subsidiary of Berkshire Hathaway Inc. (“Berkshire”)
CPRI			Credit and Political Risk Insurance			NM			Not Meaningful
DAC			Deferred Policy Acquisition Costs			OCI			Other Comprehensive Income
DLR			Disabled Life Reserve			OTC			Over-the-Counter
D&O			Directors and Officers			P&C			Property and Casualty
DSCR			Debt Service Coverage Ratio			PV&T			Political Violence and Terrorism
ERCC			Enterprise Risk and Capital Committee			PYD			Prior Accident Year Development
ESPP			The Hartford Employee Stock Purchase Plan			RBC			Risk-Based Capital
FASB			Financial Accounting Standards Board			RMBS			Residential Mortgage-Backed Securities
FHCF			Florida Hurricane Catastrophe Fund			ROE			Return on Equity
FHLBB			Federal Home Loan Bank of Boston			SEC			Securities and Exchange Commission
FVO			Fair Value Option			SOFR			Secured Overnight Financing Rate
GAAP			Generally Accepted Accounting Principles			TRIPRA			Terrorism Risk Insurance Program Reauthorization Act
HHI			Hartford Holdings, Inc.			ULAE			Unallocated Loss Adjustment Expenses
HIG			The Hartford Insurance Group, Inc.

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Part I - Item 4. Controls and Procedures