HIGThe Hartford

The NAIC continues to enhance the U.S. system of insurance solvency regulation, with a particular focus on group supervision, risk-based capital, accounting and financial reporting, enterprise risk management and reinsurance which could, among other things, affect statutory measures of capital adequacy, including risk-based capital ratios. risk-

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

Such changes also can be legislative or regulatory, including changes in federal or state laws and regulations relating to the liability of insurers or policyholders, including such as state laws expanding “bad faith” liability and state “reviver” statutes, extending statutes of limitations for certain sexual molestation and sexual abuse claims, could result in changes in business practices, additional litigation, or unexpected losses, including increased frequency and severity of claims.

For other risks associated with our outsourcing of certain functions, see the Risk Factor, “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 breach or other information security incident.”

While there is substantial uncertainty about the timing, penetration and reliability of such technologies, and the legal frameworks that may apply, such as to autonomous vehicles, any such impacts could have a material adverse effect on our business and results of operations.

While, to date, The Hartford is not aware of having experienced a material breach of our cyber security systems, administrative, 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.

The expected benefits of acquired or divested businesses may not be realized and involve additional uncertainties and risks that may negatively impact our business, financial condition, results of operations or liquidity.

If current regional and/or global conflicts were to expand, the there could be insurance losses and or adverse economic impacts could be more severe than what is currently foreseeable. impacts.

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

For additional information on equity market sensitivity, see Part II, Item 7, MD&A - Enterprise Risk Management, Financial Risk- Equity Risk.

Also, the emergence of new targets and new and expanding theories of liability for claims involving issues like global climate change, risks from products and substances alleged to cause damage, physical and mental health crises, new technologies, evolving legal system trends such as legal system abuse, attorney representation rates, and increased third-party litigation funding, and other socioeconomic and political dynamics also could result in additional litigation exposure and unexpected losses.

Moreover, regulators may undertake actions to minimize the effects of climate change on consumers, which could affect coverage provided under insurance contracts and administrative process.

Asbestos Environmental Total Run-off A&E 2025 Beginning net reserves before reinsurance recoverable from NICO $ 1,385 $ 377 $ 1,762 Losses and loss adjustment expenses incurred 122 43 165 Losses and loss adjustment expenses paid (145) (45) (190) Reallocation of intersegment balances [1] (35) (3) (38) Reclassification of allowance for uncollectible reinsurance [2] 3 1 4 Ending net reserves before reinsurance recoverable from NICO $ 1,330 $ 373 1,703 Reinsurance recoverable from NICO A&E ADC [3] (1,436) Ending net reserves $ 267 2024 Beginning net reserves before reinsurance recoverable from NICO $ 1,337 $ 387 $ 1,724 Losses and loss adjustment expenses incurred before ceding to NICO A&E ADC 167 36 203 Losses and loss adjustment expenses paid (120) (49) (169) Reclassification of allowance for uncollectible reinsurance [1] [2] 1 3 4 Ending net reserves before reinsurance recoverable from NICO and intersegment balances $ 1,385 $ 377 1,762 Reinsurance recoverable from NICO A&E ADC and intersegment balances (1,538) Ending net reserves $ 224 2023 Beginning net reserves before reinsurance recoverable from NICO $ 1,298 $ 374 $ 1,672 Losses and loss adjustment expenses incurred before ceding to NICO A&E ADC 156 38 194 Losses and loss adjustment expenses paid (120) (25) (145) Reclassification of allowance for uncollectible reinsurance [1] [2] 3 — 3 Ending net reserves before reinsurance recoverable from NICO and intersegment balances $ 1,337 $ 387 1,724 Reinsurance recoverable from NICO A&E ADC and intersegment balances (1,476) Ending net reserves $ 248 2022 Beginning net reserves before reinsurance recoverable from NICO $ 1,263 $ 394 $ 1,657 Losses and loss adjustment expenses incurred before ceding to NICO A&E ADC 161 68 229 Losses and loss adjustment expenses paid (128) (89) (217) Reclassification of allowance for uncollectible reinsurance [1] 2 1 3 Ending net reserves before reinsurance recoverable from NICO and intersegment balances $ 1,298 $ 374 1,672 Reinsurance recoverable from NICO A&E ADC and intersegment balances (1,282) Ending liability — net $ 390 248

Business Insurance Personal Property & Casualty Other Operations Total Property & Casualty Insurance Insurance Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 28,453 29,181 $ 1,857 2,068 $ 2,773 2,795 $ 33,083 34,044 Reinsurance and other recoverables 4,574 4,599 28 1,863 6,465 2,069 6,696 Beginning liabilities for unpaid losses and loss adjustment expenses, net 23,879 1,829 910 26,618 24,582 2,040 726 27,348 Provision for unpaid losses and loss adjustment expenses Current accident year before catastrophes 6,575 2,287 7,186 2,351 — 8,862 9,537 Current accident year catastrophes 436 240 486 282 — 676 768 Prior accident year development (225) 11 224 10 (231) (108) 219 (120) Total provision for unpaid losses and loss adjustment expenses 6,786 2,538 224 9,548 7,441 2,525 219 10,185 Change in deferred gain on retroactive reinsurance included in 145 — — (194) (194) (62) 83 other liabilities Payments [1] (6,101) (2,327) (214) (8,642) (5,400) (2,345) (195) (7,940) Foreign currency adjustment 18 (25) — — 18 (25) Ending liabilities for unpaid losses and loss adjustment expenses, net 24,582 2,040 726 27,348 26,743 2,220 688 29,651 Reinsurance and other recoverables 4,599 28 2,069 6,696 4,637 20 2,096 6,753 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 29,181 31,380 $ 2,068 2,240 $ 2,795 2,784 $ 34,044 36,404 Earned premiums and fee income $ 11,682 12,764 $ 3,117 3,486 Loss and loss adjustment expense paid ratio [2] 52.2 74.7 [1] 42.3 67.3 Loss and loss adjustment expense ratio 58.3 82.2 58.5 73.1 Prior accident year development (pts) [3] (1.9) 0.4 [2] (1.8) (3.1)

Business Insurance Personal Property & Casualty Other Operations Total Property & Casualty Insurance Insurance Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 29,181 31,380 $ 2,068 2,240 $ 2,795 2,784 $ 34,044 36,404 Reinsurance and other recoverables 4,599 28 2,069 6,696 4,637 20 2,096 6,753 Beginning liabilities for unpaid losses and loss adjustment expenses, net 24,582 2,040 726 27,348 26,743 2,220 688 29,651 Provision for unpaid losses and loss adjustment expenses Current accident year before catastrophes 7,186 2,351 7,909 2,307 — 9,537 10,216 Current accident year ("CAY") catastrophes 486 282 421 327 — 768 748 Prior accident year development ("PYD") (231) (108) 219 (120) (441) (179) 196 (424) Total provision for unpaid losses and loss adjustment expenses 7,441 2,525 219 10,185 7,889 2,455 196 10,540 Change in deferred gain on retroactive reinsurance included in the provision for the period but reflected in other liabilities 145 64 — (62) 83 — 64 Payments (5,400) (2,345) (195) (7,940) (6,243) (2,428) (185) (8,856) Foreign currency adjustment (25) 33 — — (25) 33 Ending liabilities for unpaid losses and loss adjustment expenses, net 26,743 2,220 688 29,651 28,486 2,247 699 31,432 Reinsurance and other recoverables 4,637 20 2,096 6,753 4,689 28 2,006 6,723 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 31,380 33,175 $ 2,240 2,275 $ 2,784 2,705 $ 36,404 38,155 Earned premiums and fee income $ 12,764 13,928 $ 3,486 3,757 Loss and loss adjustment expense paid ratio [1] 42.3 67.3 44.8 64.6 Loss and loss adjustment expense ratio 58.5 73.1 56.8 65.9 Prior accident year development (pts) [2] (1.8) (3.1) (3.2) (4.8)

Unfavorable (Favorable) Prior Accident Year Development for the Year Ended December 31, 2023 2025 Business Insurance Personal Property & Casualty Other Operations Total Property & Casualty Insurance Insurance Workers’ compensation $ (236) (255) $ — $ — $ (236) (255) Workers’ compensation discount accretion 42 45 — — 42 45 General liability 41 — — 41 Marine (2) — — (2) Marine — — — — Package business (24) — — (24) — — Commercial property (7) (42) — — (7) (42) Professional liability (2) (17) — — (2) (17) Bond (27) (71) — — (27) (71) Assumed reinsurance 34 — — 34 — — Automobile liability 20 12 (87) — — 20 (75) Homeowners — (6) (43) — (6) (43) Net asbestos and environmental reserves [1] — — 165 165 Catastrophes (63) (21) — (84) Uncollectible reinsurance — — Catastrophes (83) (4) — (87) Uncollectible reinsurance 7 1 5 13 6 6 Other reserve re-estimates, net [2] 12 20 [1] 14 (28) 25 57 11 Prior accident year development before change in deferred gain (225) 11 30 (184) (377) (179) 196 (360) Change in deferred gain on retroactive reinsurance included in other liabilities [1] [2] (64) — — 194 194 (64) Total prior accident year development $ (225) (441) $ 11 (179) $ 224 196 $ 10 (424)

Ý Increased $607 $725 or 24% 23% Ý Increased $2.38 $2.97 or 30% 29% Ý Increased $5.66 $11.22 or 11% 20% + The effect of higher earned premiums in P&C and Employee Benefits + Increase in net income available to common stockholders + Net income in excess of common stockholder dividends + Higher net investment income + Reduction in outstanding shares due to share repurchases - Dilutive effect effective of share repurchases + More favorable P&C prior accident year reserve development + Lower underlying loss and LAE ratio in Personal Insurance + Favorable P&C prior accident year reserve development in the 2024 period + Lower net realized losses + Lower group life loss ratio - Higher catastrophe losses in P&C - Higher expense underlying loss and LAE ratio in P&C and Employee Benefits - Higher group disability and supplemental health loss ratios Business Insurance

Current accident year catastrophes and prior year development (5.1) (8.2) (6.7) 3.1 (1.5) 0.2 (2.0) (1.8) 2.2 (0.2) Underlying combined ratio 94.1 99.3 93.7 (5.2) 5.6 88.5 87.9 87.8 0.6 0.1 Underlying loss and loss adjustment expense ratio 68.1 74.1 66.8 (6.0) 7.3 57.0 56.5 56.5 0.5 — Current accident year catastrophes 8.2 7.8 7.1 0.4 0.7 3.0 3.8 3.7 (0.8) 0.1 Prior accident year development (3.1) 0.4 (0.4) (3.5) 0.8 (3.2) (1.8) (1.9) (1.4) 0.1 Total loss and loss adjustment expense ratio 73.1 82.2 73.4 (9.1) 8.8 56.8 58.5 58.3 (1.7) 0.2 Loss and loss adjustment expense ratio 73.1 82.2 73.4 (9.1) 8.8 56.8 58.5 58.3 (1.7) 0.2 Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:

Portion of losses reinsured Portion of losses retained by The Hartford Per Occurrence Property Catastrophe Treaty from 1/1/2025 1/1/2026 to 12/31/2025 12/31/2026 [1] [2] Losses of $0 to $200 None 100% retained Losses of $200 to $350 for earthquakes and named hurricanes and tropical storms [3] None 100% retained Losses of $200 to $350 from one event other than earthquakes and named hurricanes and tropical storms [3] 40% of $150 in excess of $200 60% co-participation Losses of $350 to $500 from one event (all perils) 75% of $150 in excess of $350 25% co-participation Losses of $500 to $1.20 $1.30 billion from one event [4] (all perils) 90% of $700 $800 in excess of $500 10% co-participation Per Occurrence Property Catastrophe Bond Bonds from 1/1/2025 1/1/2026 to 12/31/2026 [5] Losses of $1.19 $1.29 billion to $1.49 $1.62 billion for tropical cyclone and earthquake events [6] 66.67% 60.79% of $329 in excess of $1.29 billion 39.21% of $329 in excess of $1.29 billion Losses of $1.60 billion to $1.90 billion for tropical cyclone and earthquake events [6] 90% of $300 in excess of $1.19 $1.60 billion 33.33% 10% of $300 in excess of $1.19 $1.60 billion Aggregate Property Catastrophe Treaty for 1/1/2025 1/1/2026 to 12/31/2025 12/31/2026 [7] $0 to $750 of aggregate losses None 100% Retained $750 to $950 of aggregate losses 100% None Workers' Compensation Catastrophe Treaty for 1/1/2025 1/1/2026 to 12/31/2025 12/31/2026 Losses of $0 to $100 from one event None 100% Retained Losses of $100 to $450 from one event [8] 80% of $350 in excess of $100 20% co-participation

Net cash provided by operating activities increased slightly in 2024 2025 as compared to the prior year period primarily driven by an increase in P&C and Employee Benefits premiums received, a decrease received partially offset by an increase in P&C loss and loss adjustment expenses paid due to the $787 payment to the Boy Scouts of America in the prior year, and cash recoveries from NICO under the Navigators ADC, partially offset by higher operating expenses, including increased commissions and staffing costs, an increase in Employee Benefits loss and loss adjustment expenses paid, and taxes paid. costs.

Composition of Invested Assets December 31, 2024 2025 December 31, 2023 2024 Amount Percent Amount Percent Fixed maturities, AFS, at fair value $ 46,041 72.0% $ 42,567 71.9% $ 39,818 71.2% Fixed maturities, at fair value using the fair value option ("FVO Securities") 168 0.2% 308 0.5% 327 0.6% Equity securities, at fair value 492 0.8% 603 1.0% 864 1.5% Mortgage loans (net of allowance for credit losses ("ACL") ACL of $44 $49 and $51) $44) 6,837 10.7% 6,396 10.8% 6,087 10.9% Limited partnerships and other alternative investments 5,804 9.1% 5,042 8.5% 4,785 8.6% Other investments [1] 262 0.4% 226 0.4% 191 0.3% Short-term investments 4,353 6.8% 4,068 6.9% 3,850 6.9% Total investments $ 63,957 100.0% $ 59,210 100.0% $ 55,922 100.0%

Current accident year catastrophe losses decreased for 2024 2025 and included losses from tornado, wind and hail events across several regions of the United States, as well as hurricanes and tropical storms primarily regions, but concentrated in the Southeast South and South Midwest regions, and, and to a lesser extent, winter storms mainly in the Pacific, Northeast and South regions. Mid-Atlantic region, as well as a loss of $194 from the January 2025 California Wildfire Event.

Underwriting gain changed increased, primarily due to a net gain compared to a net loss for the prior year, driven by a decrease in the underlying loss and LAE ratio, the effect of an increase in earned premium due to renewal written price increases, increases and a change from unfavorable to more favorable prior accident year development, partially offset by an increase in higher current accident year catastrophe losses, and an increase in insurance operating costs. losses.

Current Accident Year Catastrophe Losses for the Year Ended December 31, 2024, 2025, Net of Reinsurance Business Insurance Personal Total Insurance Wind and hail $ 210 177 $ 190 207 $ 400 384 Winter storms 52 18 70 12 9 21 Hurricanes and tropical storms 2 — 2 Wildfires [1] 136 64 200 Wildfires 1 10 11 144 111 255 Other international 1 — 1 Catastrophes before assumed reinsurance 400 282 682 336 327 663 Global assumed reinsurance business [1] [2] 86 85 — 86 85 Total catastrophe losses $ 486 421 $ 282 327 $ 768 748

The Company uses may use credit derivatives to purchase credit protection with respect to a single entity or referenced index.

The Company purchases may purchase credit protection through credit default swaps to economically hedge and manage credit risk of certain fixed maturity investments across multiple sectors of the investment portfolio.

Replication transactions are may be used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies.