Slides
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Third Quarter 2026 Financial Results The Hartford Insurance Group, Inc. October 26 , 2026
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Safe Harbor Statement Certain statements made in this presentation should be considered forward - looking statements as defined in the Private Securitie s Litigation Reform Act of 1995. These include statements about The Hartford’s future results of operations. We caution investors that these forward - looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ, including those discussed in The Hartford’s news release issued on October 26, 2026, The Hartford's Quarterly Reports on Form 10 - Q, The Hartford’s 2025 Annual Report on For m 10 - K, and other filings we make with the U.S. Securities and Exchange Commission. We assume no obligation to update this presentation, which speaks as of today’s date . The discussion in this presentation of The Hartford’s financial performance includes financial measures that are not derived fro m generally accepted accounting principles (GAAP). Information regarding these non - GAAP financial measures is provided in this presentation, the news release issued on Oct ober 26, 2026 and The Hartford’s Investor Financial Supplement for third quarter 2026 and previous periods which are available at the Investor Relations section of The Ha rtford’s website at https://ir.thehartford.com . From time to time, The Hartford may use its website and/or social media channels to disseminate material company information. Fi nancial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com . In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the “Email Alerts” section at https://ir.thehartford.com . 2
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Revenue Contribution Across Our Segments 1 ,2 ► Market leader in desirable segments with high return characteristics ► Delivering consistently strong results across diversified businesses with significant contribution from investment portfolio ► Leveraging core strengths of underwriting excellence, risk management, claims, products and distribution ► Investing in differentiating capabilities to strengthen competitive advantage to enable profitable growth ► Ethical, people and performance driven culture 1 Revenue contribution is for the trailing 12 - months for the period ended September 30, 2026 2 Other includes revenue of $ 79 million for Property & Casualty Other Operations and $184 million for Corporate The Hartford Diversified Insurer With Core Underwriting Strengths And Market Leadership 3
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Third Quarter 2026 – Disciplined Execution The Hartford delivered a 17.9 % trailing 12 - month core earnings ROE 1,3 $58.83 $64.95 $73.62 $82.47 Book Value Per Diluted Share (ex AOCI) 1,2 15.8% 15.7% 18.3% 17.9% Core Earnings ROE 1,3 Maximizing Value Creation for All Stakeholders 2023 2024 2025 3Q26 2023 2024 2025 3Q26 1 Denotes financial measure not calculated based on GAAP 2 Accumulated other comprehensive income 3 ROE based on trailing 12 - month average common equity, ex. AOCI and trailing 12 - month core earnings 4 Limited partnerships and other alternative investments 4 Growth: ► P&C net written premium growth of 4%, including 6% in Business Insurance ► Employee Benefits fully insured ongoing premium growth of 4% in 3Q26 Profitability: ► Business Insurance combined ratio of 91.3 and underlying combined ratio 1 of 90.1 in 3Q26 ► Personal Insurance combined ratio of 93.2 and underlying combined ratio 1 of 87.1 in 3Q26 ► Employee Benefits net income margin of 7.0% and core earnings margin 1 of 6.4% in 3Q26 Balance sheet & capital management: ► Proactive capital management – repurchased $475 million of shares and paid $163 million in common stockholder dividends in 3Q26 ► Announced a 12% increase to the quarterly common dividend per share Outstanding Core Earnings ROE 1,3 : ► 17.9% trailing 12 - month core earnings return on equity (ROE) 1,3 High Quality Investment Portfolio: ► A+ overall average credit rating with net investment income of $850 million, before tax, benefiting primarily from greater income from LPs 4 and a higher level of invested assets
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Core Earnings (loss) By Segment ($ in millions, except per share amounts) 3Q26 3Q25 Change 4 Business Insurance $731 $723 1% Personal Insurance 105 143 (27%) P&C Other Operations 16 14 14% Property & Casualty Total 852 880 (3%) Employee Benefits 120 149 (19%) Sub-total 972 1,029 (6%) Corporate (16) (7) (129%) Core earnings 956 1,022 (6%) Net realized losses, before tax (113) (15) NM Integration and other non-recurring M&A costs, before tax (2) (2) —% Change in deferred gain on retroactive reinsurance, before tax5 497 8 NM Income tax expense (benefit) (82) 2 NM Income from discontinued operations, net of tax 61 59 3% Net income available to common stockholders 1,317 1,074 23% Add back: Preferred stock dividends 6 6 —% Net Income $1,323 $1,080 23% Core earnings per diluted share $3.50 $3.59 (3%) Net income available to common stockholders per diluted share $4.82 $3.77 28% Income from continuing operations, net of tax, available to common stockholders per diluted share $4.60 $3.56 29% Wtd. avg. diluted shares outstanding 273.1 285.0 (4%) Common shares outstanding and dilutive potential common shares 271.4 283.7 (4%) Book value per diluted share $68.31 $63.86 7% Book value per diluted share (excluding AOCI)1 $82.47 $70.92 16% Net income ROE, last 12 months 25.0% 20.3% 4.7 pts Core earnings ROE, last 12 months 17.9% 17.3% 0.6 pts Core Earnings 1 of $956 million in 3Q26, EPS 1,2 of $3.50, Trailing 12 - Month ROE 1,3 of 17.9% 5 1 Denotes financial measure not calculated based on GAAP 2 Core earnings per diluted share (EPS) 3 Core earnings ROE 4 The Hartford defines increases or decreases greater than or equal to 200%, or changes from a net gain to a net loss position, or vice versa, as "NM" or not meaningful 5 Net favorable PYD of $594 million, before tax, in third quarter 2026 includes a net gain of $497 million from the impact of c omm uting the asbestos and environmental adverse development cover (A&E ADC)
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Written premiums $4.7B 4% Fully Insured Ongoing Premiums Core earnings margin Life loss ratio (%) Disability loss ratio (%) 1 For the third quarter of 2026, the P&C combined ratio includes a 10.6 - point benefit following the commutation and termination of the asbestos and environmental adverse development cover (A&E ADC). 2 Denotes financial measure not calculated based on GAAP $1.7B 4% Underlying combined ratio2 (%) 89.6 0.0 pts92.1 Combined ratio1 (%) 81.1 7.7 pts Business Insurance $3.8B 6% 91.3 2.5 pts. 90.1 0.7 pts. Small Business $1.6B 7% 84.5 3.4 pts. 85.2 4.6 pts. Middle & Large Business $1.3B 3% 101.7 10.9 pts. 99.5 8.1 pts. Global Specialty $898M 7% 89.1 2.2 pts. 86.1 0.3 pts. Personal Insurance $950M 4% 93.2 4.5 pts. 87.1 2.9 pts. Automobile $575M 9% 92.3 0.2 pts. 96.0 1.9 pts. Homeowners $375M 6% 94.7 13.5 pts. 71.5 2.9 pts. Employee Benefits Core earnings margin 2 of 6.4% with 4% fully insured ongoing premium growth 6.4% 1.9 pts. 77.8% 3.6 pts. 76.3% 5.7 pts. 3Q26 Key Business Highlights vs. 3Q25 P roperty & Casualty Strong contributions from Business Insurance & continued underlying margin improvement in Personal Insurance 6
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Written premiums of $3.8 billion in 3Q26 were up 6% from 3Q25, led by 7% growth in both Small Business and Global Specialty Business Insurance Continues to deliver profitable growth Business Insurance Combined Ratio 4 Business Insurance Renewal Written Pricing % Business Insurance Written Premiums 2 ($ in millions) Underlying combined ratio 1 of 90.1 in 3Q26 increased from 89.4 in 3Q25, primarily due to a 2.0 point increase in the underlying loss and loss adjustment expense ratio 1 Excluding workers’ compensation, renewal written price increases of 5.3% in 3Q26 compared with 5.7% in 2Q26 Combined ratio of 91.3 in 3Q26 increased from 88.8 in 3Q25, primarily due to 1.7 points of higher CAY CATs and 0.1 points of less favorable net PYD 1 Denotes financial measure not calculated based on GAAP 2 Business Insurance written premiums include immaterial amounts from Other Commercial 3 Excludes Middle Market loss sensitive and programs businesses, Global Re, offshore energy policies, credit and political risk in surance policies, political violence and terrorism policies, and any business under which the managing .. agent of our Lloyd's Syndicate 1221 delegates underwriting authority to coverholders and other third parties 4 Combined ratio includes policyholder dividends ratio 5 Loss adjustment expense (LAE) 7 Small Business Middle & Large Business Global Specialty Business Insurance 3 Business Insurance, ex. Workers’ Comp 3 Expense Ratio CAY CATs and PYD Underlying Loss and LAE 5 Ratio 1 ( 4 . 5 ) 83.6 9 4.8 91.4 88.8 91.3 5.6
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Underlying combined ratio 1 of 87.1 improved from 90.0 in 3Q25, primarily due to improvement in the underlying loss and loss adjustment expense ratios 1 in both automobile and homeowners Combined ratio of 93.2 in 3Q26 increased from 88.7 in 3Q25, primarily due to a 4.3 point increase in the loss and loss adjustment expense ratio, including 6.8 points of higher CAY CAT losses and 0.6 points of less favorable PYD Personal Insurance Continued improvement in the underlying combined ratio 1 1 Denotes financial measure not calculated based on GAAP 2 Loss adjustment expense (LAE) Personal Insurance Combined Ratio Personal Insurance Written Price Increases % Personal Insurance Written Premiums ($ in millions) Renewal written price increases in automobile and homeowners of 5.1% and 7.9%, respectively, in 3Q26 Effective policy count retention improved slightly in automobile and declined slightly in homeowners 8 Automobile Homeowners Automobile Homeowners Expense Ratio CAY CATs and PYD Underlying Loss and LAE 2 Ratio 1 79.6 87.7 90.1 88.7 93.2 Written premiums of $950 million in 3Q26 decreased from $987 million in 3Q25, driven by a 9% decline in automobile, partially offset by 6% growth in homeowners
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Loss ratio of 74.9 in 3Q26 increased from 70.1 in 3Q25 driven by an increase in both the group disability and group life loss ratios Employee Benefits Core earnings margin 1 of 6.4% 1 Denotes financial measure not calculated based on GAAP 3Q26 fully insured ongoing premiums increased 4% from 3Q25, as a result of strong new business sales, an increase in exposure on existing accounts, and book persistency in excess of 90% Fully insured ongoing sales in 3Q26 were relatively consistent with 3Q25 Core Earnings 1 and Core Earnings Margin ($ in millions) Fully Insured Ongoing Premiums & Growth ($ in millions) Loss Ratio 9 Core earnings margin 1 of 6.4 % in 3Q26 decreased from 8.3% in 3Q25, primarily due to an increase in the loss ratio, partially offset by a lower expense ratio and increased net investment income Group life loss ratio of 77.8 in 3Q26 increased from 74.2 in 3Q25, reflecting that the 2025 period benefited from prior quarter favorable development, partially offset by lower mortality in the 2026 period Group disability loss ratio of 76.3 in 3Q26 increased from 70.6 in 3Q25, driven by increased claim incidence across short and long - term disability products and less favorable long - term disability claim recoveries Core Earnings Core Earnings Margin Group Life Loss Ratio Group Disability Loss Ratio Fully Insured Ongoing Premiums Fully Insured Ongoing Premiums Growth (Year Over Year)
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1 Denotes financial measure not calculated based on GAAP 2 Includes investment management fees and expenses related to managing third - party business, incurred losses related to run - off st ructured settlement and terminal funding agreement liabilities and other corporate expenses 3 Third quarter of 2026 reflects an increase in other revenues related to valuation appreciation of an investment. Third quarte r o f 2025 reflects a net tax benefit which includes a release of a provision for an uncertain tax position and tax related interest accruals Corporate Holding Company Resources ($ in billions) Components of Corporate Core Losses ($ in millions) 3 Q2 5 4 Q2 5 1 Q2 6 2 Q2 6 3 Q2 6 Net investment income, after tax $11 $13 $13 $15 $14 Interest expense, after tax (40) (39) (40) (40) (40) Preferred stock dividends (6) (5) (5) (5) (6) All others 2,3 , after tax 28 (9) 11 (4) 16 Corporate core losses $(7) $(40) $(21) $(34) $(16) Corporate Core loss 1 of $16 million compared to a core loss of $7 million in 3Q25 10
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1 Limited partnerships and other alternative investments 2 Denotes financial measure not calculated based on GAAP 3 Invested assets represent fixed and equity securities at fair value, mortgage loans at amortized cost and LPs based on underl yin g capital statements 4 Securitized Products include Fixed Maturities, FVO Net investment income of $850 million increased from $755 million in 3Q25, primarily driven by increased income from LPs and a higher level of invested assets High quality portfolio, ~95% of the fixed maturities portfolio is investment grade, with ~73% rated A or better, and an average credit rating of A+ The Investment Portfolio High quality and diversified LP annualized yield of 10.2 % in 3Q26 increased from 6.7% in 3Q25, primarily driven by higher returns on infrastructure and energy transition funds within other funds and sales of underlying investments within real estate joint ventures Our investment portfolio is durable and is constructed to withstand a range of economic cycles Net Investment Income ($ in millions) Invested Assets 3,4 by Sector $ 64 .7B as of September 30, 2026 Annualized Investment Yield, Before Tax Fixed Maturities and Other* LP Annualized Investment Yield, ex LPs 2 Reinvestment Yield Annualized Investment Yield 11 5.4% 4.5% 4.8% 5.4% 4.6% 5.7% 4.7% 5.2% 4.9% 4.5% 5.3% 4.6% 5.7% 4.6% 5.1%
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14.3% 14.4% 14.6% 14.8% 13.0% 2023 2024 2025 3Q25 3Q26 17.3% 18.4% 22.4% 20.7% 22.3% 2023 2024 2025 3Q25 3Q26 15.8% 15.7% 18.3% 17.3% 17.9% 2023 2024 2025 3Q25 3Q26 Net Income ROE 1 of 25.0% and Core Earnings ROE 2 of 17.9 % in 3Q26 Outstanding Profitability Across P&C and Employee Benefits 1 3Q26 net income includes a $497 million before - tax net gain from the commutation of the A&E ADC 2 Denotes financial measure not calculated based on GAAP Consolidated Core Earnings ROE P&C Core Earnings ROE Employee Benefits Core Earnings ROE 12 17.5% 19.9% 22.0% 20.3% 25.0% 2023 2024 2025 3Q25 3Q26 Net Income ROE
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BVPS (Ex. AOCI) 1 of $82.47 at September 30, 2026 Book Value Per Diluted Share (BVPS) Book Value Per Diluted Share (ex. AOCI) Capital Returned to Stockholders ($ in billions) Book value per diluted share of $68.31 increased from $66.31 at December 31, 2025, principally due to net income in excess of stockholder dividends through September 30, 2026, including the gain from the A&E ADC commutation and income from discontinued operations related to the Hartford Funds sale, partially offset by the dilutive effect of share repurchases and a decrease in AOCI Book value per diluted share (ex. AOCI) 1 of $82.47 increased from $73. 62 at December 31, 2025, principally due to net income in excess of stockholder dividends through September 30, 2026, partially offset by the dilutive effect of share repurchases Including common stockholder dividends paid, SVC 2 was 20% over the last 12 months 1 Denotes financial measure not calculated based on GAAP 2 Stockholder value creation (SVC) in a period is defined as the change in BVPS (ex. AOCI) plus common stockholder dividends pa id during the period, divided by BVPS (ex. AOCI) at beginning of period 13 Share Repurchases Common Dividends In 3Q26, the company returned $638 million to stockholders, including $475 million in share repurchases and $163 million in common stockholder dividends paid Announced a 12% increase to the quarterly common dividend per share to $0.67 per share
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The Hartford uses non - GAAP financial measures in this presentation to assist investors in analyzing The Hartford's operating per formance for the periods presented herein. Because The Hartford's calculation of these measures may differ from similar measures used by other companies, investors shou ld be careful when comparing The Hartford's non - GAAP financial measures to those of other companies. Definitions and calculations of non - GAAP and other financial measures u sed in this presentation can be found in The Hartford’s news release issued on October 26, 2026, The Hartford’s Investor Financial Supplement for third quarter 2026 and previous periods which are available at the Investor Relations section of The Hartford’s website at https://ir.thehartford.com . Discussion And Reconciliation Of Non - GAAP Financial Measures 14