10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________ 

FORM 10-Q

 ____________________________________

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ______________

Commission file number 001-13958

____________________________________ 

The Hartford Insurance Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware	13-3317783
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

One Hartford Plaza, Hartford, Connecticut 06155

(Address of principal executive offices) (Zip Code)

(860) 547-5000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	HIG	The New York Stock Exchange
6.10% Senior Notes due October 1, 2041	HIG 41	The New York Stock Exchange
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share	HIG PR G	The New York Stock Exchange

1

Indicate by check mark:
•     whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.	Yes	☑	No	☐
•     whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).	Yes	☑	No	☐
•     whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

•	If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.	☐
•	whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).	Yes	☐	No	☑

As of July 25, 2025, there were outstanding 281,171,656 shares of Common Stock, $0.01 par value per share, of the registrant.

2

The Hartford Insurance Group, Inc.

Quarterly Report on Form 10-Q

For the Quarterly Period Ended June 30, 2025

Table of Contents

Item	Description	Page
	Part I. Financial Information
1.	Financial Statements
	Report of Independent Registered Public Accounting Firm	6
	Condensed Consolidated Statements of Operations - For the Three and Six Months Ended June 30, 2025 and 2024	7
	Condensed Consolidated Statements of Comprehensive Income (Loss) - For the Three and Six Months Ended June 30, 2025 and 2024	8
	Condensed Consolidated Balance Sheets - As of June 30, 2025 and December 31, 2024	9
	Condensed Consolidated Statements of Changes in Stockholders' Equity - For the Three and Six Months Ended June 30, 2025 and 2024	10
	Condensed Consolidated Statements of Cash Flows - For the Six Months Ended June 30, 2025 and 2024	11
	Notes to Condensed Consolidated Financial Statements	12
	Note 1 - Basis of Presentation and Significant Accounting Policies	12
	Note 2 - Earnings Per Common Share	13
	Note 3 - Segment Information	13
	Note 4 - Fair Value Measurements	18
	Note 5 - Investments	27
	Note 6 - Derivatives	34
	Note 7 - Premiums Receivable and Agents' Balances	39
	Note 8 - Reinsurance	40
	Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses	42
	Note 10 - Reserve for Future Policy Benefits	45
	Note 11 - Other Policyholder Funds and Benefits Payable	46
	Note 12 - Income Taxes	47
	Note 13 - Commitments and Contingencies	47
	Note 14 - Equity	49
	Note 15 - Changes In and Reclassifications From Accumulated Other Comprehensive Income (Loss)	49
	Note 16 - Employee Benefit Plans	52
2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	53
3.	Quantitative and Qualitative Disclosures About Market Risk	[a]
4.	Controls and Procedures	108
	Part II. Other Information
1.	Legal Proceedings	109
1A.	Risk Factors	109
2.	Unregistered Sales of Equity Securities and Use of Proceeds	109
5.	Other Information	110
6.	Exhibits	110
	Signature	111

[a] The information required by this item is set forth in the Enterprise Risk Management section of Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations and is incorporated herein by reference.

3

Forward-looking Statements

Certain of the statements contained herein are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “projects,” and similar references to future periods.

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 Insurance Group, Inc. and its subsidiaries (collectively, the "Company" or "The Hartford"). Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from expectations depending on the evolution of various factors, including the risks and uncertainties identified below, as well as factors described in such forward-looking statements, the Risk Factors of The Hartford's 2024 Form 10-K Annual Report, and our other filings with the Securities and Exchange Commission.

•Risks Relating to Economic, Political and Global Market Conditions:

◦challenges related to the Company’s current operating environment, including global political, economic and market conditions, and the effect of financial market disruptions, economic downturns, changes in trade regulation including tariffs and other barriers or other potentially adverse macroeconomic developments on the demand for our products and returns in our investment portfolios;

◦market risks associated with our business, including changes in credit spreads, equity prices, interest rates, inflation rate, foreign currency exchange rates and market volatility;

◦the impact on our investment portfolio if our investment portfolio is concentrated in any particular segment of the economy;

◦the impacts of changing climate and weather patterns on our businesses, operations and investment portfolio including on claims, demand and pricing of our products, the availability and cost of reinsurance, our modeling data used to evaluate and manage risks of catastrophes and severe weather events, the value of our investment portfolios and credit risk with reinsurers and other counterparties;

•Insurance Industry and Product-Related Risks:

◦the possibility of unfavorable loss development, including with respect to long-tailed exposures;

◦the significant uncertainties that limit our ability to estimate the ultimate reserves necessary for asbestos and environmental claims;

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

◦weather and other natural physical events, including the intensity and frequency of thunderstorms, tornadoes, hail, wildfires, flooding, winter storms, hurricanes and tropical storms, as well as climate change and its potential impact on weather patterns;

◦the possible occurrence of terrorist attacks and the Company’s inability to contain its exposure as a result of, among other factors, the inability to exclude coverage for terrorist attacks from workers' compensation policies and limitations on reinsurance coverage from the federal government under applicable laws;

◦the Company’s ability to effectively price its products and policies, including its ability to obtain regulatory consents to pricing actions or to non-renewal or withdrawal of certain product lines;

◦actions by competitors that may be larger or have greater financial resources than we do;

◦technological changes, including usage-based methods of determining premiums, advancements in certain emerging technologies, including machine learning, predictive analytics, “big data” analysis or other artificial intelligence functions, advancements in automotive safety features, the development of autonomous vehicles, and platforms that facilitate ride sharing;

◦the Company's ability to market, distribute and provide insurance products and investment advisory services through current and future distribution channels and advisory firms;

◦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;

•Financial Strength, Credit and Counterparty Risks:

◦risks to our business, financial position, prospects and results associated with negative rating actions or downgrades in the Company’s financial strength and credit ratings or negative rating actions or downgrades relating to our investments;

◦capital requirements which are subject to many factors, including many that are outside the Company’s control, such as National Association of Insurance Commissioners ("NAIC") risk based capital formulas, rating agency capital models, Funds at Lloyd's and Solvency Capital Requirement, which can in turn affect our credit and financial strength ratings, cost of capital, regulatory compliance and other aspects of our business and results;

4

◦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 potential for losses due to our reinsurers' unwillingness or inability to meet their obligations under reinsurance contracts and the availability, pricing and adequacy of reinsurance to protect the Company against losses;

◦state and international regulatory limitations on the ability of the Company and certain of its subsidiaries to declare and pay dividends;

•Risks Relating to Estimates, Assumptions and Valuations:

◦risks associated with the use of analytical models in making decisions in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance and catastrophe risk management;

◦the potential for differing interpretations of the methodologies, estimations and assumptions that underlie the Company’s fair value estimates for its investments and the evaluation of intent-to-sell impairments and allowance for credit losses on available-for-sale securities and mortgage loans;

◦the potential for impairments of our goodwill;

•Strategic and Operational Risks:

◦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 breach or other information security incident, technology failure or other unanticipated event;

◦the potential for difficulties arising from outsourcing and similar third-party relationships;

◦the risks, challenges and uncertainties associated with capital management plans, expense reduction initiatives and other actions;

◦risks associated with acquisitions and divestitures, including the challenges of integrating acquired companies or businesses, which may result in our inability to achieve the anticipated benefits and synergies and may result in unintended consequences;

◦difficulty in attracting and retaining talented and qualified personnel, including key employees, such as executives, managers and employees with strong technological, analytical and other specialized skills;

◦the Company’s ability to protect its intellectual property and defend against claims of infringement;

•Regulatory and Legal Risks:

◦the cost and other potential effects of increased federal, state and international regulatory and legislative developments, including those that could adversely impact the demand for the Company’s products, operating costs and required capital levels;

◦unfavorable judicial or legislative developments;

◦the impact of changes in federal, state or foreign tax laws;

◦regulatory requirements that could delay, deter or prevent a takeover attempt that stockholders might consider in their best interests; and

◦the impact of potential changes in accounting principles and related financial reporting requirements.

Any forward-looking statement made by the Company in this document speaks only as of the date of the filing of this Form 10-Q. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

5

Part I - Item 1. Financial Statements

Item 1.

Financial Statements

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of

The Hartford Insurance Group, Inc.

Hartford, Connecticut

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheet of The Hartford Insurance Group, Inc. and subsidiaries (the "Company") as of June 30, 2025, the related condensed consolidated statements of operations, comprehensive income (loss), and changes in stockholders' equity for the three-month and six-month periods ended June 30, 2025 and 2024, and of cash flows for the six-month periods ended June 30, 2025 and 2024, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2024, and the related consolidated statements of operations, comprehensive income (loss), changes in stockholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated February 21, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

Hartford, Connecticut

July 28, 2025

6

The Hartford Insurance Group, Inc.

Condensed Consolidated Statements of Operations

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except for per share data)	2025		2024		2025		2024
	(Unaudited)
Revenues
Earned premiums	$	5,961	$	5,578	$	11,796	$	11,024
Fee income	342		339		688		672
Net investment income	664		602		1,320		1,195
Net realized losses	(10)		(59)		(59)		(31)
Other revenues	30		26		52		45
Total revenues	6,987		6,486		13,797		12,905
Benefits, losses and expenses
Benefits, losses and loss adjustment expenses	3,712		3,661		7,712		7,272
Amortization of deferred policy acquisition costs ("DAC")	625		561		1,232		1,106
Insurance operating costs and other expenses	1,337		1,285		2,689		2,568
Interest expense	50		50		100		100
Amortization of other intangible assets	17		17		35		35
Restructuring and other costs	—		—		—		1
Total benefits, losses and expenses	5,741		5,574		11,768		11,082
Income before income taxes	1,246		912		2,029		1,823
Income tax expense	251		174		404		332
Net income	995		738		1,625		1,491
Preferred stock dividends	5		5		10		10
Net income available to common stockholders	$	990	$	733	$	1,615	$	1,481
Net income available to common stockholders per common share
Basic	$	3.49	$	2.48	$	5.66	$	4.99
Diluted	$	3.44	$	2.44	$	5.58	$	4.92

See Notes to Condensed Consolidated Financial Statements.

7

The Hartford Insurance Group, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
	(Unaudited)
Net income	$	995	$	738	$	1,625	$	1,491
Other comprehensive income (loss) ("OCI"):
Change in net unrealized gain (loss) on fixed maturities, available-for-sale ("AFS")	208		(90)		510		(250)
Change in unrealized losses on fixed maturities with an allowance for credit losses ("ACL")	1		—		1		1
Change in net gain (loss) on cash flow hedging instruments	(34)		9		(34)		9
Change in foreign currency translation adjustments	16		(1)		16		(2)
Change in liability for future policy benefits adjustments	(1)		5		(4)		10
Change in pension and other postretirement plan adjustments	6		6		13		13
OCI, net of tax	196		(71)		502		(219)
Comprehensive income	$	1,191	$	667	$	2,127	$	1,272

See Notes to Condensed Consolidated Financial Statements.

8

The Hartford Insurance Group, Inc.

Condensed Consolidated Balance Sheets

(in millions, except for share and per share data)	June 30, 2025		December 31, 2024
	(Unaudited)
Assets
Investments:
Fixed maturities, AFS, at fair value (amortized cost of $45,880 and $44,538, and ACL of $14 and $16)	$	44,558	$	42,567
Fixed maturities, at fair value using the fair value option ("FVO Securities")	181		308
Equity securities, at fair value	529		603
Mortgage loans (net of ACL of $43 and $44)	6,463		6,396
Limited partnerships and other alternative investments	5,325		5,042
Other investments	198		226
Short-term investments	3,649		4,068
Total investments	60,903		59,210
Cash	166		183
Restricted cash	53		51
Accrued investment income	465		450
Premiums receivable and agents' balances (net of ACL of $135 and $117)	6,698		5,998
Reinsurance recoverables (net of allowance for uncollectible reinsurance of $75 and $75)	7,100		7,140
Deferred policy acquisition costs	1,362		1,239
Deferred income taxes, net	1,094		1,229
Goodwill	1,911		1,911
Property and equipment, net	906		888
Other intangible assets, net	602		637
Other assets	2,379		1,981
Total assets	$	83,639	$	80,917
Liabilities
Unpaid losses and loss adjustment expenses	$	45,482	$	44,610
Reserve for future policy benefits	443		448
Other policyholder funds and benefits payable	612		614
Unearned premiums	10,337		9,408
Long-term debt	4,369		4,366
Other liabilities	4,878		5,024
Total liabilities	66,121		64,470
Commitments and Contingencies (Note 13)
Stockholders’ Equity
Preferred stock, $0.01 par value — 50,000,000 shares authorized, 13,800 shares issued at June 30, 2025 and December 31, 2024, aggregate liquidation preference of $345	334		334
Common stock, $0.01 par value —1,500,000,000 shares authorized, 326,960,228 shares issued at June 30, 2025 and December 31, 2024	3		3
Additional paid-in capital	527		578
Retained earnings	22,850		21,531
Treasury stock, at cost 44,685,067 and 39,404,003 shares	(3,812)		(3,113)
Accumulated other comprehensive income (loss) ("AOCI"), net of tax	(2,384)		(2,886)
Total stockholders’ equity	17,518		16,447
Total liabilities and stockholders’ equity	$	83,639	$	80,917

See Notes to Condensed Consolidated Financial Statements.

9

The Hartford Insurance Group, Inc.

Condensed Consolidated Statements of Changes in Stockholders' Equity

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except for share and per share data)	2025		2024		2025		2024
	(Unaudited)
Preferred Stock	$	334	$	334	$	334	$	334
Common Stock	3		3		3		3
Additional Paid-in Capital
Additional Paid-in Capital, beginning of period	524		551		578		648
Issuance of shares under incentive and stock compensation plans and other	(19)		(15)		(149)		(176)
Stock-based compensation plans expense	22		22		98		86
Additional Paid-in Capital, end of period	527		558		527		558
Retained Earnings
Retained Earnings, beginning of period	22,007		19,614		21,531		19,007
Net income	995		738		1,625		1,491
Dividends declared on preferred stock	(5)		(5)		(10)		(10)
Dividends declared on common stock	(147)		(138)		(296)		(279)
Retained Earnings, end of period	22,850		20,209		22,850		20,209
Treasury Stock, at cost
Treasury Stock, at cost, beginning of period	(3,444)		(2,037)		(3,113)		(1,816)
Treasury stock acquired	(404)		(354)		(808)		(707)
Issuance of shares under incentive and stock compensation plans from treasury stock and other	38		36		178		247
Net shares acquired related to employee incentive and stock compensation plans	(2)		(1)		(69)		(80)
Treasury Stock, at cost, end of period	(3,812)		(2,356)		(3,812)		(2,356)
Accumulated Other Comprehensive Income (Loss), net of tax
Accumulated Other Comprehensive Income (Loss), net of tax, beginning of period	(2,580)		(2,997)		(2,886)		(2,849)
Total other comprehensive income (loss)	196		(71)		502		(219)
Accumulated Other Comprehensive Income (Loss), net of tax, end of period	(2,384)		(3,068)		(2,384)		(3,068)
Total Stockholders’ Equity	$	17,518	$	15,680	$	17,518	$	15,680
Preferred Shares Outstanding	13,800		13,800		13,800		13,800
Common Shares Outstanding (in thousands)
Common Shares Outstanding, beginning of period	285,104		296,807		287,556		298,472
Treasury stock acquired	(3,240)		(3,500)		(6,755)		(7,347)
Issuance of shares under incentive and stock compensation plans and other	429		700		2,084		3,704
Return of shares under incentive and stock compensation plans to treasury stock	(18)		(18)		(610)		(840)
Common Shares Outstanding, at end of period	282,275		293,989		282,275		293,989
Cash dividends declared per common share	$	0.520	$	0.470	$	1.040	$	0.940
Cash dividends declared per preferred share	$	375.00	$	375.00	$	750.00	$	750.00

See Notes to Condensed Consolidated Financial Statements.

10

The Hartford Insurance Group, Inc.

Condensed Consolidated Statements of Cash Flows

	Six Months Ended June 30,
(in millions)	2025		2024
Operating Activities	(Unaudited)
Net income	$	1,625	$	1,491
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized losses	59		31
Amortization of deferred policy acquisition costs	1,232		1,106
Additions to deferred policy acquisition costs	(1,355)		(1,238)
Depreciation and amortization	186		187
Other operating activities, net	169		198
Change in assets and liabilities:
Decrease in reinsurance recoverables	32		37
Net change in accrued and deferred income taxes	(181)		(155)
Increase in insurance liabilities	1,784		1,907
Net change in premiums receivable and agents' balances	(752)		(761)
Net change in other assets and other liabilities	(523)		(446)
Net cash provided by operating activities	2,276		2,357
Investing Activities
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, AFS	4,755		5,151
Fixed maturities, at fair value using the fair value option	109		50
Equity securities, at fair value	125		304
Mortgage loans	733		411
Limited partnership and other alternative investments	115		101
Payments for the purchase of:
Fixed maturities, AFS	(6,090)		(6,498)
Fixed maturities, at fair value using the fair value option	(8)		—
Equity securities, at fair value	(16)		(9)
Mortgage loans	(793)		(669)
Limited partnership and other alternative investments	(445)		(314)
Net proceeds from (payments for) derivatives	(22)		2
Net additions of property and equipment	(78)		(111)
Net proceeds from short-term investments	524		258
Other investing activities, net	(53)		1
Net cash used for investing activities	(1,144)		(1,323)
Financing Activities
Deposits and other additions to investment and universal life-type contracts	63		64
Withdrawals and other deductions from investment and universal life-type contracts	(57)		(73)
Net (issuance) return of shares under incentive and stock compensation plans, including related excise tax benefit	(33)		(9)
Treasury stock acquired, including related excise tax paid	(815)		(700)
Dividends paid on preferred stock	(10)		(10)
Dividends paid on common stock	(299)		(281)
Net cash used for financing activities	(1,151)		(1,009)
Foreign exchange rate effect on cash	4		(4)
Net increase (decrease) in cash and restricted cash	(15)		21
Cash and restricted cash – beginning of period	234		189
Cash and restricted cash– end of period	$	219	$	210
Supplemental Disclosure of Cash Flow Information
Income tax paid	$	524	$	457
Interest paid	$	103	$	106

See Notes to Condensed Consolidated Financial Statements.

11

Table of Contents Note 1 - Basis of Presentation and Significant Accounting Policies

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements

(Dollar amounts in millions, except for per share data, unless otherwise stated)

(Unaudited)

1. Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The Hartford Insurance Group, Inc. is a holding company for insurance and financial services subsidiaries that provide property and casualty insurance, employee group benefits insurance and services, and mutual funds and exchange-traded funds ("ETF") to individual and business customers in the United States as well as in the United Kingdom and other international locations (collectively, “The Hartford”, the “Company”, “we” or “our”).

The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities. These Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2024 Form 10-K Annual Report. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year.

The accompanying Condensed Consolidated Financial Statements and Notes are unaudited. These financial statements reflect all adjustments (generally consisting only of normal accruals) which are, in the opinion of management, necessary for the fair statement of the financial position, results of operations and cash flows for the interim periods.

Consolidation

The Condensed Consolidated Financial Statements include the accounts of The Hartford Insurance Group, Inc., and entities in which the Company directly or indirectly has a controlling financial interest. Entities in which the Company has significant influence over the operating and financing decisions but does not control are reported using the equity method. Intercompany transactions and balances between The Hartford and its subsidiaries and affiliates have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates include those used in determining property and casualty and group long-term disability ("LTD") insurance product reserves, net of reinsurance; evaluation of goodwill for impairment; valuation of investments and derivative instruments; and contingencies relating to corporate litigation and regulatory matters.

12

Table of Contents Note 2 - Earnings Per Common Share

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

2. Earnings Per Common Share

Computation of Basic and Diluted Earnings per Common Share
	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except for per share data)	2025		2024		2025		2024
Earnings
Net income	$	995	$	738	$	1,625	$	1,491
Less: Preferred stock dividends	5		5		10		10
Net income available to common stockholders	$	990	$	733	$	1,615	$	1,481
Shares
Weighted average common shares outstanding, basic	283.7		295.5		285.1		296.8
Dilutive effect of stock-based awards under compensation plans	4.0		4.4		4.1		4.5
Weighted average common shares outstanding and dilutive potential common shares	287.7		299.9		289.2		301.3
Net income available to common stockholders per common share
Basic	$	3.49	$	2.48	$	5.66	$	4.99
Diluted	$	3.44	$	2.44	$	5.58	$	4.92

3. Segment Information

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

13

Table of Contents Note 3 - Segment Information

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Segment Revenues

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Business Insurance
Workers’ compensation	$	917	$	926	$	1,835	$	1,843
General liability	609		540		1,193		1,066
Marine	68		67		137		134
Package business	659		572		1,278		1,121
Commercial property	355		306		694		596
Professional liability	208		200		414		403
Bond	83		80		168		158
Assumed reinsurance	222		180		442		361
Commercial automobile	314		261		609		509
Business Insurance earned premium and fee income	3,435		3,132		6,770		6,191
Net investment income	449		402		886		793
Net realized losses	(20)		(50)		(44)		(38)
Other revenue [1]	1		—		2		—
Total Business Insurance	3,865		3,484		7,614		6,946
Personal Insurance
Personal automobile	634		598		1,258		1,170
Homeowners	305		259		588		508
Personal Insurance earned premium and fee income [2]	939		857		1,846		1,678
Net investment income	58		50		115		100
Net realized losses	(4)		(8)		(6)		(7)
Other revenue	24		25		44		44
Total Personal Insurance	1,017		924		1,999		1,815
P&C Other Operations
Net investment income	19		19		37		37
Net realized losses	(2)		(3)		(2)		(3)
Total P&C Other Operations	17		16		35		34
Employee Benefits
Group disability	899		895		1,799		1,785
Group life	644		663		1,294		1,308
Other	120		107		238		211
Employee Benefits premium and other considerations	1,663		1,665		3,331		3,304
Net investment income	118		112		244		226
Net realized losses	(16)		(9)		(20)		(8)
Total Employee Benefits	1,765		1,768		3,555		3,522
Hartford Funds
Mutual fund and ETF	239		235		481		466
Third-party life and annuity separate accounts [3]	17		18		35		37
Hartford Funds fee income	256		253		516		503
Net investment income	6		5		10		9
Net realized gains	9		3		9		8
Total Hartford Funds	271		261		535		520
Total segment revenues	$	6,935	$	6,453	$	13,738	$	12,837

[1] Other revenues for Business Insurance includes revenues from equity method investments that are not considered revenues from contracts with customers in the table below.

[2] For the three months ended June 30, 2025 and 2024, AARP members accounted for earned premiums of $841 and $788, respectively. For the six months ended June 30, 2025 and 2024, AARP members accounted for earned premiums of $1.66 billion and $1.55 billion, respectively.

[3] Represents revenues earned for investment advisory services on third party life and annuity separate account assets under management ("AUM") by the Company's Hartford Funds segment.

14

Table of Contents Note 3 - Segment Information

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Significant Segment Expenses

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Business Insurance
Current accident year losses and loss adjustment expenses ("LAE") before catastrophes	$	1,952	$	1,750	$	3,843	$	3,475
Current accident year catastrophe losses and LAE	114		155		394		264
Prior accident year development of losses and LAE	(146)		(81)		(229)		(137)
Amortization of DAC	546		489		1,077		965
Insurance operating costs	507		484		1,019		971
Amortization of other intangible assets	7		7		14		14
Dividends to policyholders	11		9		21		19
Total Business Insurance	2,991		2,813		6,139		5,571
Personal Insurance
Current accident year losses and LAE before catastrophes	585		597		1,148		1,172
Current accident year catastrophe losses and LAE	98		125		285		177
Prior accident year development of losses and LAE	(41)		(34)		(80)		(41)
Amortization of DAC	70		63		138		123
Insurance operating costs	172		169		354		322
Amortization of other intangible assets	—		—		1		1
Total Personal Insurance	884		920		1,846		1,754
P&C Other Operations
Prior accident year development of losses and LAE	—		—		—		7
Insurance operating costs	2		2		4		4
Total P&C Other Operations	2		2		4		11
Employee Benefits
Group disability losses	617		601		1,238		1,225
Group life losses	478		497		997		1,030
Group losses - other	55		49		114		96
Amortization of DAC	9		9		17		18
Insurance operating costs and other expenses	407		387		813		784
Amortization of other intangible assets	10		10		20		20
Total Employee Benefits	1,576		1,553		3,199		3,173
Hartford Funds
Sub-advisory expense	72		71		145		140
Employee compensation and benefits	31		32		70		67
Distribution and service	70		74		143		147
General, administrative and other	30		26		54		52
Total Hartford Funds	203		203		412		406
Total significant segment expenses	$	5,656	$	5,491	$	11,600	$	10,915

15

Table of Contents Note 3 - Segment Information

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Segment/Category Summary For the Three Months Ended June 30, 2025
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Hartford Funds		Total Reportable Segments		Corporate		Consolidated
Earned premium and fee income from external customers	$	3,435	$	939	$	—	$	1,663	$	256	$	6,293	$	10	$	6,303
Net investment income	449		58		19		118		6		650		14		664
Net realized gains (losses)	(20)		(4)		(2)		(16)		9		(33)		23		(10)
Other revenue [1]	1		24		—		—		—		25		5		30
Total Revenues	3,865		1,017		17		1,765		271		6,935		52		6,987
Significant segment expenses	2,991		884		2		1,576		203		5,656				5,656
Other segment expenses [2]	2		19		—		—		—		21				21
Corporate expenses													64		64
Income tax expense (benefit)	176		23		2		39		14		254		(3)		251
Net income (loss)	$	696	$	91	$	13	$	150	$	54	$	1,004	$	(9)	$	995
Other segment disclosures:
Amortization of DAC	$	546	$	70	$	—	$	9	$	—	$	625	$	—	$	625
Amortization of other intangibles	$	7	$	—	$	—	$	10	$	—	$	17	$	—	$	17

Segment/Category Summary For the Six Months Ended June 30, 2025
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Hartford Funds		Total Reportable Segments		Corporate		Consolidated
Earned premium and fee income from external customers	$	6,770	$	1,846	$	—	$	3,331	$	516	$	12,463	$	21	$	12,484
Net investment income	886		115		37		244		10		1,292		28		1,320
Net realized gains (losses)	(44)		(6)		(2)		(20)		9		(63)		4		(59)
Other revenue [1]	2		44		—		—		—		46		6		52
Total Revenues	7,614		1,999		35		3,555		535		13,738		59		13,797
Significant segment expenses	6,139		1,846		4		3,199		412		11,600				11,600
Other segment expenses [2]	4		34		—		—		—		38				38
Corporate expenses													130		130
Income tax expense (benefit)	298		23		5		73		26		425		(21)		404
Net income (loss)	$	1,173	$	96	$	26	$	283	$	97	$	1,675	$	(50)	$	1,625
Other segment disclosures:
Amortization of DAC	$	1,077	$	138	$	—	$	17	$	—	$	1,232	$	—	$	1,232
Amortization of other intangibles	$	14	$	1	$	—	$	20	$	—	$	35	$	—	$	35

16

Table of Contents Note 3 - Segment Information

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Segment/Category Summary For the Three Months Ended June 30, 2024
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Hartford Funds		Total Reportable Segments		Corporate		Consolidated
Earned premium and fee income from external customers	$	3,132	$	857	$	—	$	1,665	$	253	$	5,907	$	10	$	5,917
Net investment income	402		50		19		112		5		588		14		602
Net realized gains (losses)	(50)		(8)		(3)		(9)		3		(67)		8		(59)
Other revenue [1]	—		25		—		—		—		25		1		26
Total Revenues	3,484		924		16		1,768		261		6,453		33		6,486
Significant segment expenses	2,813		920		2		1,553		203		5,491				5,491
Other segment expenses [2]	1		19		—		—		—		20				20
Corporate expenses													63		63
Income tax expense (benefit)	130		(4)		3		44		14		187		(13)		174
Net income (loss)	$	540	$	(11)	$	11	$	171	$	44	$	755	$	(17)	$	738
Other segment disclosures:
Amortization of DAC	$	489	$	63	$	—	$	9	$	—	$	561	$	—	$	561
Amortization of other intangibles	$	7	$	—	$	—	$	10	$	—	$	17	$	—	$	17

Segment/Category Summary For the Six Months Ended June 30, 2024
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Hartford Funds		Total Reportable Segments		Corporate		Consolidated
Earned premium and fee income from external customers	$	6,191	$	1,678	$	—	$	3,304	$	503	$	11,676	$	20	$	11,696
Net investment income	793		100		37		226		9		1,165		30		1,195
Net realized gains (losses)	(38)		(7)		(3)		(8)		8		(48)		17		(31)
Other revenue [1]	—		44		—		—		—		44		1		45
Total Revenues	6,946		1,815		34		3,522		520		12,837		68		12,905
Significant segment expenses	5,571		1,754		11		3,173		406		10,915				10,915
Other segment expenses [2]	3		34		—		—		—		37				37
Corporate expenses													130		130
Income tax expense (benefit)	259		4		4		70		25		362		(30)		332
Net income (loss)	$	1,113	$	23	$	19	$	279	$	89	$	1,523	$	(32)	$	1,491
Other segment disclosures:
Amortization of DAC	$	965	$	123	$	—	$	18	$	—	$	1,106	$	—	$	1,106
Amortization of other intangibles	$	14	$	1	$	—	$	20	$	—	$	35	$	—	$	35

[1] Other revenues for Business Insurance and Corporate includes revenues from equity method investments that are not considered revenues from contracts with customers in the table below.

[2] Other segment expenses primarily consists of integration costs associated with the 2019 acquisition of Navigators Group for Business Insurance and servicing expenses for Personal Insurance

17

Table of Contents Note 3 - Segment Information

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Assets
	June 30, 2025		December 31, 2024
Business Insurance	$	55,682	$	53,296
Personal Insurance	6,453		6,034
Property & Casualty Other Operations	4,237		4,312
Employee Benefits	13,289		13,502
Hartford Funds	755		761
Total Reportable Segments	80,416		77,905
Corporate	3,223		3,012
Total assets	$	83,639	$	80,917

Non-Insurance Revenue from Contracts with Customers

		Three Months Ended June 30,				Six Months Ended June 30,
	Revenue Line Item	2025		2024		2025		2024
Business Insurance
Installment billing fees	Fee income	$	11	$	11	$	22	$	22
Personal Insurance
Installment billing fees	Fee income	8		8		16		16
Insurance servicing revenues	Other revenues	24		25		44		44
Employee Benefits
Administrative services	Fee income	57		57		113		111
Hartford Funds
Advisory, servicing and distribution fees	Fee income	256		253		516		503
Corporate
Investment management and other fees	Fee income	10		10		21		20
Total non-insurance revenues with customers		$	366	$	364	$	732	$	716

4. Fair Value Measurements

The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs.

The fair value hierarchy levels are as follows:

Level 1    Fair values based on unadjusted quoted prices for identical assets or liabilities, in active markets that the Company has the ability to access at the measurement date.

Level 2    Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities.

Level 3    Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers.

The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3.

18

Table of Contents Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of June 30, 2025
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
Asset-backed securities ("ABS")	$	4,376	$	—	$	4,284	$	92
Collateralized loan obligations ("CLOs")	3,393		—		3,323		70
Commercial mortgage-backed securities ("CMBS")	2,585		—		2,448		137
Corporate	22,525		—		19,791		2,734
Foreign government/government agencies	455		—		455		—
Municipal	4,650		—		4,650		—
Residential mortgage-backed securities ("RMBS")	5,513		—		5,501		12
U.S. Treasuries	1,061		115		946		—
Total fixed maturities, AFS	44,558		115		41,398		3,045
FVO securities	181		—		—		181
Equity securities, at fair value [1]	529		390		46		93
Derivative assets
Credit derivatives	27		—		27		—
Foreign exchange derivatives	3		—		3		—
Equity derivatives	5		—		5		—
Total derivative assets [2]	35		—		35		—
Short-term investments	3,649		604		2,929		116
Total assets accounted for at fair value on a recurring basis	$	48,952	$	1,109	$	44,408	$	3,435
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives	$	(27)	$	—	$	(27)	$	—
Foreign exchange derivatives	(15)		—		(15)		—
Interest rate derivatives	(1)		—		(1)		—
Total derivative liabilities [3]	(43)		—		(43)		—
Total liabilities accounted for at fair value on a recurring basis	$	(43)	$	—	$	(43)	$	—

19

Table of Contents Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2024
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
ABS	$	3,937	$	—	$	3,915	$	22
CLOs	3,250		—		3,134		116
CMBS	2,736		—		2,569		167
Corporate	20,636		—		18,355		2,281
Foreign government/government agencies	480		—		480		—
Municipal	5,304		—		5,304		—
RMBS	5,230		—		5,206		24
U.S. Treasuries	994		57		937		—
Total fixed maturities, AFS	42,567		57		39,900		2,610
FVO securities	308		—		111		197
Equity securities, at fair value [1]	603		372		144		87
Derivative assets
Credit derivatives	30		—		30		—
Equity derivatives	4		—		4		—
Foreign exchange derivatives	23		—		23		—
Total derivative assets [2]	57		—		57		—
Short-term investments	4,068		1,271		2,699		98
Total assets accounted for at fair value on a recurring basis	$	47,603	$	1,700	$	42,911	$	2,992
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives	$	(30)	$	—	$	(30)	$	—
Foreign exchange derivatives	18		—		18		—
Total derivative liabilities [3]	(12)		—		(12)		—
Total liabilities accounted for at fair value on a recurring basis	$	(12)	$	—	$	(12)	$	—

[1]Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company.

[2]Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 3 to this table for derivative liabilities.

[3]Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.

The Company has overseas deposits included in other investments of $71 and $61 as of June 30, 2025 and December 31, 2024, respectively, which are measured at fair value using the net asset value as a practical expedient.

Fixed Maturities, Equity Securities, Short-term Investments, and Derivatives

Valuation Techniques

The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar

instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a "waterfall" approach comprised of the following pricing sources and techniques, which are listed in priority order:

•Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1.

•Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow

20

Table of Contents Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3.

•Internal matrix pricing is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s sector, financial strength, and term to maturity, using an independent public security index, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the significant inputs are observable or can be corroborated with observable data.

•Independent broker quotes, which are typically non-binding, use inputs that can be difficult to corroborate with observable market-based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3.

The fair value of derivative instruments is determined primarily using a discounted cash flow model or option model technique and incorporates counterparty credit risk. In some cases, quoted market prices for exchange-traded and over-the-counter ("OTC") cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments.

Valuation Controls

The process for determining the fair value of investments is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company. The purpose of the Valuation Committee is to provide oversight of the pricing policy, procedures, and controls, including approval of valuation methodologies and pricing sources. The Valuation Committee reviews market data trends, pricing statistics and trading statistics to ensure that prices are reasonable and consistent with our fair value framework. Controls and procedures used to assess third-party pricing services are reviewed by the Valuation Committee, including the results of annual due-diligence reviews. Controls include, but are not limited to, reviewing daily and monthly price changes, stale prices, and missing prices and comparing new trade prices to third-party pricing services, weekly price changes to published bond index prices, and daily OTC derivative market valuations to counterparty valuations. The Company has a dedicated pricing group that works with trading and investment professionals to challenge prices received by a third-party pricing source if the Company believes that the valuation received does not accurately reflect the fair value. New valuation models and changes to current models require approval by the Valuation Committee. In addition, the Company’s enterprise-wide Operational Risk Management function provides an independent review of the suitability and reliability of model inputs, as well as an analysis of significant changes to current models.

Valuation Inputs

Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, certain short-term investments, and exchange traded derivative instruments.

21

Table of Contents Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Valuation Inputs Used in Levels 2 and 3 Measurements for Securities and Derivatives
Level 2 Primary Observable Inputs		Level 3 Primary Unobservable Inputs
Fixed Maturity Investments
Structured securities (includes ABS, CLOs, CMBS and RMBS)
	• Benchmark yields and spreads • Monthly payment information • Collateral performance, which varies by vintage year and includes delinquency rates, loss severity rates and refinancing assumptions • Credit default swap indices Other inputs for ABS, CLOs, and RMBS: • Estimate of future principal prepayments, derived from the characteristics of the underlying structure • Prepayment speeds previously experienced at the interest rate levels projected for the collateral	• Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve Other inputs for less liquid securities or those that trade less actively, including subprime RMBS: • Estimated cash flows • Credit spreads, which include illiquidity premium • Constant prepayment rates • Constant default rates • Loss severity
Corporates
	• Benchmark yields and spreads • Reported trades, bids, offers of the same or similar securities • Issuer spreads and credit default swap curves Other inputs for investment grade privately placed securities that utilize internal matrix pricing: • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature	• Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve Other inputs for below investment grade privately placed securities and private bank loans: • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
U.S. Treasuries, Municipals, and Foreign government/government agencies
	• Benchmark yields and spreads • Issuer credit default swap curves • Political events in emerging market economies • Municipal Securities Rulemaking Board reported trades and material event notices • Issuer financial statements	• Credit spreads beyond observable curve • Interest rates beyond observable curve
Equity Securities
	• Quoted prices in markets that are not active	• For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable
Short-term Investments
	• Benchmark yields and spreads • Reported trades, bids, offers • Issuer spreads and credit default swap curves • Material event notices and new issue money market rates	• Independent broker quotes • For privately traded investments, credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
Derivatives
Credit derivatives
	• Swap yield curve • Credit default swap curves	• Not applicable
Foreign exchange derivatives
	• Swap yield curve • Currency spot and forward rates • Cross currency basis curves	• Not applicable
Interest rate derivatives
	• Swap yield curve	• Not applicable
Equity derivatives
	• Equity index levels	• Not applicable

22

Table of Contents Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Significant Unobservable Inputs for Level 3 - Securities
Assets accounted for at fair value on a recurring basis	Fair Value		Predominant Valuation Technique	Significant Unobservable Input	Minimum	Maximum	Weighted Average [1]	Impact of Increase in Input on Fair Value [2]
As of June 30, 2025
ABS [3]	$	84	Discounted cash flows	Spread	487 bps	752 bps	505 bps	Decrease
CLOs [3]	$	55	Discounted cash flows	Spread	450 bps	1,009 bps	851 bps	Decrease
CMBS [3]	$	136	Discounted cash flows	Spread (encompasses prepayment, default risk and loss severity)	200 bps	1,897 bps	563 bps	Decrease
Corporate [4]	$	2,620	Discounted cash flows	Spread	84 bps	737 bps	274 bps	Decrease
RMBS	$	12	Discounted cash flows	Spread [6]	61 bps	573 bps	183 bps	Decrease
				Constant prepayment rate [6]	2%	5%	3%	Decrease [5]
				Constant default rate [6]	—%	5%	2%	Decrease
				Loss severity [6]	35%	50%	44%	Decrease
Short-term investments	$	116	Discounted cash flows	Spread	156 bps	269 bps	220 bps	Decrease
As of December 31, 2024
CMBS [3]	$	166	Discounted cash flows	Spread (encompasses prepayment, default risk and loss severity)	200 bps	1,221 bps	418 bps	Decrease
Corporate [4]	$	2,166	Discounted cash flows	Spread	81 bps	794 bps	286 bps	Decrease
RMBS [3]	$	19	Discounted cash flows	Spread [6]	100 bps	372 bps	181 bps	Decrease
				Constant prepayment rate [6]	1%	6%	4%	Decrease [5]
				Constant default rate [6]	1%	4%	2%	Decrease
				Loss severity [6]	30%	50%	41%	Decrease
Short-term investments	$	98	Discounted cash flows	Spread	266 bps	266 bps	266 bps	Decrease

[1]The weighted average is determined based on the fair value of the securities.

[2]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.

[3]Excludes securities for which the Company bases fair value on broker quotations.

[4]Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value.

[5]Decrease for above market rate coupons and increase for below market rate coupons.

[6]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads.

As of June 30, 2025 and December 31, 2024, the fair values of the Company's level 3 derivatives were less than $1 for both periods.

The table above excludes certain securities for which fair values are predominately based on independent broker quotes. While the Company does not have access to the significant unobservable inputs that independent brokers may use in their pricing process, the Company believes brokers likely use inputs similar to those used by the Company and third-party pricing services to price similar instruments. As such, in their pricing models, brokers likely use estimated loss severity rates, prepayment rates, constant default rates and credit spreads. Therefore, similar to non-broker priced securities, increases in these inputs would generally cause fair values to decrease. As of June 30, 2025, no significant adjustments were made by the Company to broker prices received.

Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs

The Company uses derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified within the same fair value hierarchy level as the associated asset or liability.

23

Table of Contents Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended June 30, 2025
				Total realized/unrealized gains (losses)
		Fair value as of March 31, 2025		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2025
Assets
Fixed maturities, AFS
	ABS	$	56	$	—	$	—	$	39	$	(3)	$	—	$	—	$	—	$	92
	CLOs	233		—		—		20		(18)		—		—		(165)		70
	CMBS	150		(1)		1		—		(13)		(8)		8		—		137
	Corporate	2,401		2		47		460		(109)		(67)		—		—		2,734
	RMBS	39		—		—		—		(3)		—		—		(24)		12
Total fixed maturities, AFS		2,879		1		48		519		(146)		(75)		8		(189)		3,045
FVO securities		195		(13)		—		2		(3)		—		—		—		181
Equity securities, at fair value		91		—		—		2		—		—		—		—		93
Short-term investments		59		—		—		57		—		—		—		—		116
Total Assets		$	3,224	$	(12)	$	48	$	580	$	(149)	$	(75)	$	8	$	(189)	$	3,435

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Six Months Ended June 30, 2025
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2025		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2025
Assets
Fixed maturities, AFS
	ABS	$	22	$	—	$	1	$	73	$	(4)	$	—	$	—	$	—	$	92
	CLOs	116		—		—		228		(19)		—		—		(255)		70
	CMBS	167		(1)		4		—		(13)		(10)		43		(53)		137
	Corporate	2,281		3		62		624		(198)		(76)		38		—		2,734
	RMBS	24		—		—		24		(7)		—		—		(29)		12
Total fixed maturities, AFS		2,610		2		67		949		(241)		(86)		81		(337)		3,045
FVO securities		197		(17)		—		8		(7)		—		—		—		181
Equity securities, at fair value		87		(1)		—		10		(3)		—		—		—		93
Short-term investments		98		—		—		67		(49)		—		—		—		116
Total Assets		$	2,992	$	(16)	$	67	$	1,034	$	(300)	$	(86)	$	81	$	(337)	$	3,435

24

Table of Contents Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Three Months Ended June 30, 2024
				Total realized/unrealized gains (losses)
		Fair value as of March 31, 2024		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2024
Assets
Fixed maturities, AFS
	ABS	$	16	$	—	$	—	$	—	$	—	$	—	$	—	$	(8)	$	8
	CLOs	184		—		—		460		(14)		—		—		(130)		500
	CMBS	241		(2)		2		—		(3)		(48)		—		—		190
	Corporate	1,923		—		(18)		206		(49)		(1)		—		—		2,061
	RMBS	69		—		—		14		(5)		—		—		(38)		40
Total fixed maturities, AFS		2,433		(2)		(16)		680		(71)		(49)		—		(176)		2,799
FVO securities		167		(2)		—		—		(5)		—		—		—		160
Equity securities, at fair value		58		—		—		—		—		—		—		—		58
Short-term investments		26		—		—		—		(1)		—		—		—		25
Total Assets		$	2,684	$	(4)	$	(16)	$	680	$	(77)	$	(49)	$	—	$	(176)	$	3,042

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Six Months Ended June 30, 2024
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2024		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2024
Assets
Fixed maturities, AFS
	ABS	$	—	$	—	$	—	$	16	$	—	$	—	$	—	$	(8)	$	8
	CLOs	113		—		—		590		(26)		—		—		(177)		500
	CMBS	227		(2)		12		—		(5)		(48)		6		—		190
	Corporate	1,861		—		(33)		312		(76)		(3)		—		—		2,061
	RMBS	36		—		—		52		(10)		—		—		(38)		40
Total fixed maturities, AFS		2,237		(2)		(21)		970		(117)		(51)		6		(223)		2,799
FVO securities		167		1		—		—		(8)		—		—		—		160
Equity securities, at fair value		58		—		—		—		—		—		—		—		58
Short-term investments		25		—		—		1		(1)		—		—		—		25
Total Assets		$	2,487	$	(1)	$	(21)	$	971	$	(126)	$	(51)	$	6	$	(223)	$	3,042

[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes.

[2]All amounts are before income taxes.

[3]Transfers into and/or (out of) Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.

25

Table of Contents Note 4 - Fair Value Measurements

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Level 3 Still Held at End of Period
		Three Months Ended June 30,								Six Months Ended June 30,
		2025		2024		2025		2024		2025		2024		2025		2024
		Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]				Changes in Unrealized Gain/(Loss) included in OCI [3]				Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]				Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
Fixed maturities, AFS
	ABS	$	—	$	—	$	—	$	—	$	—	$	—	$	1	$	—
	CMBS	—		—		1		1		—		—		3		10
	Corporate	—		—		45		(18)		3		—		58		(32)
Total fixed maturities, AFS		—		—		46		(17)		3		—		62		(22)
FVO securities		(13)		(2)		—		—		(17)		1		—		—
Total Assets		$	(13)	$	(2)	$	46	$	(17)	$	(14)	$	1	$	62	$	(22)

[1]All amounts in these rows are reported in net realized gains (losses). All amounts are before income taxes.

[2]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein.

[3]Changes in unrealized gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities in the Condensed Consolidated Statements of Comprehensive Income (Loss).

Fair Value Option

The Company has elected the fair value option for certain investments in residual interests of securitizations and other securities that contain embedded credit derivatives with underlying credit risk related to residential real estate in order to reflect changes in fair value in earnings. These instruments are included within FVO securities on the Condensed Consolidated Balance Sheets and changes in the fair value of these investments are reported in net realized gains and losses.

As of June 30, 2025 and December 31, 2024, the fair value of assets using the fair value option was $181 and $308,

respectively, of which $181 and $197, respectively, were residual interests of securitizations.

For the three and six months ended June 30, 2025, net realized gains (losses) related to the change in fair value of assets using the fair value option were $(13) and $(17), respectively. For the three and six months ended June 30, 2024, net realized gains (losses) related to the change in fair value of assets using the fair value option were $(1) and $3, respectively.

Financial Instruments Not Carried at Fair Value

Financial Assets and Liabilities Not Carried at Fair Value
	June 30, 2025					December 31, 2024
	Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value		Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value
Assets
Mortgage loans	Level 3	$	6,463	$	6,166	Level 3	$	6,396	$	5,901
Liabilities
Other policyholder funds and benefits payable	Level 3	$	612	$	612	Level 3	$	614	$	614
Senior notes [2]	Level 2	$	3,870	$	3,445	Level 2	$	3,867	$	3,406
Junior subordinated debentures [2]	Level 2	$	499	$	465	Level 2	$	499	$	460

[1]As of June 30, 2025 and December 31, 2024, the carrying amount of mortgage loans is net of ACL of $43 and $44, respectively.

[2]Included in long-term debt in the Condensed Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable.

26

Table of Contents Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

5. Investments

Net Realized Gains (Losses)
	Three Months Ended June 30,				Six Months Ended June 30,
(Before tax)	2025		2024		2025		2024
Gross gains on sales of fixed maturities	$	19	$	6	$	32	$	11
Gross losses on sales of fixed maturities	(45)		(75)		(70)		(86)
Equity securities [1]
Net realized gains (losses) on sales of equity securities	5		(3)		5		(15)
Change in net unrealized gains (losses) of equity securities	31		17		20		64
Net realized and unrealized gains (losses) on equity securities	36		14		25		49
Net credit losses on fixed maturities, AFS	—		(1)		2		(2)
Change in ACL on mortgage loans	—		—		—		3
Other, net [2]	(20)		(3)		(48)		(6)
Net realized losses	$	(10)	$	(59)	$	(59)	$	(31)

[1]The change in net unrealized gains on equity securities still held as of June 30, 2025, and included in net realized gains were $34 and $21 for the three and six months ended June 30, 2025, respectively. The change in net unrealized gains on equity securities still held as of June 30, 2024, and included in net realized gains were $15 and $44 for the three and six months ended June 30, 2024, respectively.

[2]For the three and six months ended June 30, 2025, includes losses from transactional foreign currency revaluation of $8 and $18, respectively, and losses on non-qualifying derivatives of $11 and $11, respectively. For the three and six months ended June 30, 2024, includes gains from transactional foreign currency revaluation of $4 and $6, respectively, and losses on non-qualifying derivatives of $6 and $8, respectively.

Proceeds from the sales of fixed maturities, AFS totaled $1.7 billion and $2.7 billion for the three and six months ended June 30, 2025, respectively, and $2.3 billion and $2.7 billion for the three and six months ended June 30, 2024. There were no non-cash investing activities for both the three and six months ended June 30, 2025, and 2024.

Accrued Investment Income on Fixed Maturities, AFS and Mortgage Loans

As of June 30, 2025 and December 31, 2024, the Company reported accrued investment income related to fixed maturities, AFS of $428 and $412, respectively, and accrued investment income related to mortgage loans of $23 and $22, respectively. These amounts are not included in the carrying value of the fixed maturities or mortgage loans. Investment income on fixed maturities and mortgage loans is accrued unless it is past due over 90 days or management deems the interest uncollectible. The Company does not include the current accrued investment income balance when estimating the ACL. The Company has a policy to write-off accrued investment income balances that are more than 90 days past due. Write-offs of accrued investment income are recorded as a credit loss component of net realized gains and losses.

Recognition and Presentation of Intent-to-Sell Impairments and ACL on Fixed Maturities, AFS

The Company will record an "intent-to-sell impairment" as a reduction to the amortized cost of fixed maturities, AFS in an unrealized loss position if the Company intends to sell or it is more likely than not that the Company will be required to sell the fixed maturity before a recovery in value. A corresponding charge is recorded in net realized losses equal to the difference

between the fair value on the impairment date and the amortized cost basis of the fixed maturity before recognizing the impairment.

For fixed maturities where a credit loss has been identified and no intent-to-sell impairment has been recorded, the Company will record an ACL for the portion of the unrealized loss related to the credit loss. Any remaining unrealized loss on a fixed maturity after recording an ACL is the non-credit amount and is recorded in OCI. The ACL is the excess of the amortized cost over the greater of the Company's best estimate of the present value of expected future cash flows or the security's fair value. Cash flows are discounted at the effective yield that is used to record interest income. The ACL cannot exceed the unrealized loss and, therefore, it may fluctuate with changes in the fair value of the fixed maturity if the fair value is greater than the Company's best estimate of the present value of expected future cash flows. The initial ACL and any subsequent changes are recorded in net realized gains and losses. The ACL is written off against the amortized cost in the period in which all or a portion of the related fixed maturity is determined to be uncollectible.

Developing the Company’s best estimate of expected future cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions regarding the future performance. The Company's considerations include, but are not limited to, (a) changes in the financial condition of the issuer and/or the underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) credit ratings, (d) payment structure of the security and (e) the extent to which the fair value has been less than the amortized cost of the security.

27

Table of Contents Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

For non-structured securities, assumptions include, but are not limited to, economic and industry-specific trends and fundamentals, instrument-specific developments including changes in credit ratings, industry earnings multiples and the issuer’s ability to restructure, access capital markets, and execute asset sales.

For structured securities, assumptions include, but are not limited to, various performance indicators such as historical and

projected default and recovery rates, credit ratings, current and projected delinquency rates, loan-to-value ("LTV") ratios, average cumulative collateral loss rates that vary by vintage year, prepayment speeds, and property value declines. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries, which may include estimating the underlying collateral value.

ACL on Fixed Maturities, AFS by Type
	Three Months Ended June 30,
	2025				2024
(Before tax)	CMBS		Total		Corporate		CMBS		Total
Balance as of beginning of period	$	14	$	14	$	6	$	12	$	18
Credit losses on fixed maturities where an allowance was not previously recorded	—		—		—		1		1
Balance as of end of period	$	14	$	14	$	6	$	13	$	19

ACL on Fixed Maturities, AFS by Type
	Six Months Ended June 30,
	2025						2024
(Before tax)	Corporate		CMBS		Total		Corporate		CMBS		Total
Balance as of beginning of period	$	3	$	13	$	16	$	9	$	12	$	21
Credit losses on fixed maturities where an allowance was not previously recorded	—		—		—		—		1		1
Net increases (decreases) on fixed maturities where an allowance was previously recorded	(3)		1		(2)		1		—		1
Write-offs charged against the allowance	—		—		—		(4)		—		(4)
Balance as of end of period	$	—	$	14	$	14	$	6	$	13	$	19

28

Table of Contents Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Fixed Maturities, AFS

Fixed Maturities, AFS, by Type
	June 30, 2025										December 31, 2024
	Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
ABS	$	4,355	$	—	$	44	$	(23)	$	4,376	$	3,948	$	—	$	28	$	(39)	$	3,937
CLOs	3,386		—		8		(1)		3,393		3,237		—		13		—		3,250
CMBS	2,758		(14)		24		(183)		2,585		2,976		(13)		21		(248)		2,736
Corporate	22,962		—		289		(726)		22,525		21,555		(3)		117		(1,033)		20,636
Foreign govt./govt. agencies	448		—		12		(5)		455		500		—		3		(23)		480
Municipal	4,985		—		55		(390)		4,650		5,574		—		77		(347)		5,304
RMBS	5,793		—		29		(309)		5,513		5,610		—		13		(393)		5,230
U.S. Treasuries	1,193		—		5		(137)		1,061		1,138		—		—		(144)		994
Total fixed maturities, AFS	$	45,880	$	(14)	$	466	$	(1,774)	$	44,558	$	44,538	$	(16)	$	272	$	(2,227)	$	42,567

Fixed Maturities, AFS, by Contractual Maturity Year
	June 30, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	1,475	$	1,473	$	1,308	$	1,298
Over one year through five years	9,893		9,896		9,564		9,414
Over five years through ten years	8,167		8,065		7,687		7,334
Over ten years	10,053		9,257		10,208		9,368
Subtotal	29,588		28,691		28,767		27,414
Mortgage-backed and asset-backed securities	16,292		15,867		15,771		15,153
Total fixed maturities, AFS	$	45,880	$	44,558	$	44,538	$	42,567

Estimated maturities may differ from contractual maturities due to call or prepayment provisions. Due to the potential for variability in payment speeds (i.e., prepayments or extensions), mortgage-backed and asset-backed securities are not categorized by contractual maturity.

Concentration of Credit Risk

The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where

applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk. The Company had no investment exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholders' equity as of June 30, 2025 or December 31, 2024 other than U.S. government securities and certain U.S. government agencies.

29

Table of Contents Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Unrealized Losses on Fixed Maturities, AFS

Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of June 30, 2025
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS	$	548	$	(6)	$	248	$	(17)	$	796	$	(23)
CLOs	555		(1)		—		—		555		(1)
CMBS	107		(5)		2,065		(178)		2,172		(183)
Corporate	3,289		(66)		7,372		(660)		10,661		(726)
Foreign govt./govt. agencies	50		—		85		(5)		135		(5)
Municipal	1,034		(35)		2,427		(355)		3,461		(390)
RMBS	982		(14)		2,548		(295)		3,530		(309)
U.S. Treasuries	229		(8)		577		(129)		806		(137)
Total fixed maturities, AFS in an unrealized loss position	$	6,794	$	(135)	$	15,322	$	(1,639)	$	22,116	$	(1,774)

Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2024
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS	$	1,088	$	(14)	$	407	$	(25)	$	1,495	$	(39)
CLOs	78		—		—		—		78		—
CMBS	228		(4)		2,299		(244)		2,527		(248)
Corporate	5,883		(138)		8,212		(895)		14,095		(1,033)
Foreign govt./govt. agencies	165		(5)		178		(18)		343		(23)
Municipal	1,263		(27)		2,712		(320)		3,975		(347)
RMBS	1,297		(29)		2,672		(364)		3,969		(393)
U.S. Treasuries	406		(26)		461		(118)		867		(144)
Total fixed maturities, AFS in an unrealized loss position	$	10,408	$	(243)	$	16,941	$	(1,984)	$	27,349	$	(2,227)

As of June 30, 2025, fixed maturities, AFS in an unrealized loss position consisted of 3,135 instruments and were primarily depressed due to higher interest rates and/or wider credit spreads since the purchase date. As of June 30, 2025, 93% of these fixed maturities were depressed less than 20% of cost or amortized cost. The decrease in unrealized losses during the six months ended June 30, 2025, was primarily attributable to lower interest rates.

Most of the fixed maturities depressed for twelve months or more relate to the corporate sector, municipal bonds, and RMBS, which were primarily depressed because current rates are higher and/or market spreads are wider than at the respective purchase dates. The Company neither has an intention to sell nor does it expect to be required to sell the fixed maturities outlined in the preceding discussion. The decision to record credit losses on fixed maturities, AFS in the form of an ACL requires us to make qualitative and quantitative estimates of expected future cash flows.

Mortgage Loans

ACL on Mortgage Loans

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. The Company utilizes a third-party forecasting model to estimate lifetime expected credit losses at a loan level under multiple economic scenarios. The scenarios use macroeconomic data provided by an internationally recognized economics firm that generates forecasts of varying economic factors such as GDP growth, unemployment and interest rates. The economic scenarios are projected over 10 years. The first two to four years of the 10-year period assume a specific modeled economic scenario (including moderate upside, moderate recession and severe recession scenarios) and then revert to historical long-term assumptions over the remaining period. Using these economic scenarios, the forecasting model projects

30

Table of Contents Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

property-specific operating income and capitalization rates used to estimate the value of a future operating income stream. The operating income and the property valuations derived from capitalization rates are compared to loan payment and principal amounts to create debt service coverage ratios ("DSCRs") and LTVs over the forecast period. The Company's process also considers qualitative factors. The model overlays historical data about mortgage loan performance based on DSCRs and LTVs and projects the probability of default, amount of loss given a default and resulting expected loss through maturity for each loan under each economic scenario. Economic scenarios are probability-weighted based on a statistical analysis of the forecasted economic factors and qualitative analysis. The Company records the change in the ACL on mortgage loans based on the weighted-average expected credit losses across the selected economic scenarios.

When a borrower is experiencing financial difficulty, including when foreclosure is probable, the Company measures an ACL on individual mortgage loans. The ACL is established for any shortfall between the amortized cost of the loan and the fair value of the collateral less costs to sell. Estimates of collectibility from an individual borrower require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral such as changes in projected property value estimates. During the period in which all or a portion of the mortgage loan is determined to be uncollectible, the ACL is written off against the amortized cost.

There were no mortgage loans held-for-sale as of June 30, 2025 or December 31, 2024. In addition, for the three and six months ended June 30, 2025 and 2024, the Company had no mortgage

loans that have had extensions or restructurings other than what is allowable under the original terms of the contract or with borrowers experiencing financial difficulties.

The one mortgage loan extension that was granted over the past twelve months to a borrower that was experiencing financial difficulties is current and performing in conjunction with the modified terms.

ACL on Mortgage Loans
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
ACL as of beginning of period	$	43	$	48	$	44	$	51
Current period provision (release)	—		—		—		(3)
Current period gross write-offs	—		—		(1)		—
ACL as of June 30,	$	43	$	48	$	43	$	48

The weighted-average LTV ratio of the Company’s mortgage loan portfolio was 56% as of June 30, 2025, while the weighted-average LTV ratio at origination of these loans was 59%. LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan with property values based on appraisals updated no less than annually. Factors considered in estimating property values include, among other things, actual and expected property cash flows, geographic market data and the ratio of the property's net operating income to its value. DSCR compares a property’s net operating income to the borrower’s principal and interest payments and are updated no less than annually through reviews of underlying properties.

Mortgage Loans LTV & DSCR by Origination Year as of June 30, 2025
	2025			2024			2023			2022			2021			2020 & Prior			Total
Loan-to-value	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost [1]		Avg. DSCR
Greater than 80%	$	30	1.83x	$	26	0.78x	$	—	—x	$	15	0.80x	$	37	1.00x	$	144	1.58x	$	252	1.39x
65% - 80%	56		1.52x	49		0.90x	7		1.09x	156		1.96x	388		2.43x	365		2.21x	1,021		2.15x
Less than 65%	342		2.00x	479		1.55x	513		1.39x	682		2.91x	1,141		2.98x	2,076		2.66x	5,233		2.49x
Total mortgage loans	$	428	1.92x	$	554	1.45x	$	520	1.39x	$	853	2.70x	$	1,566	2.80x	$	2,585	2.54x	$	6,506	2.39x

[1]Amortized cost of mortgage loans excludes ACL of $43.

Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2024
	2024			2023			2022			2021			2020			2019 & Prior			Total
Loan-to-value	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost [1]		Avg. DSCR
Greater than 80%	$	25	0.63x	$	—	—x	$	16	1.05x	$	37	1.03x	$	—	—x	$	110	1.68x	$	188	1.34x
65% - 80%	89		1.42x	7		1.35x	204		1.89x	421		2.55x	100		3.60x	439		2.01x	1,260		2.26x
Less than 65%	357		1.62x	489		1.39x	696		2.85x	1,108		2.93x	518		2.67x	1,824		2.71x	4,992		2.57x
Total mortgage loans	$	471	1.52x	$	496	1.39x	$	916	2.61x	$	1,566	2.79x	$	618	2.82x	$	2,373	2.53x	$	6,440	2.47x

[1]Amortized cost of mortgage loans excludes ACL of $44.

31

Table of Contents Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Mortgage Loans by Region
	June 30, 2025				December 31, 2024
	Amortized Cost		Percent of Total		Amortized Cost		Percent of Total
East North Central	$	337	5.2	%	$	362	5.6	%
Middle Atlantic	275		4.2	%	259		4.0	%
Mountain	840		12.9	%	764		11.9	%
New England	353		5.4	%	356		5.5	%
Pacific	1,374		21.1	%	1,400		21.8	%
South Atlantic	1,830		28.1	%	1,821		28.3	%
West North Central	144		2.2	%	97		1.5	%
West South Central	685		10.6	%	588		9.1	%
Other [1]	668		10.3	%	793		12.3	%
Total mortgage loans	6,506		100.0	%	6,440		100.0	%
ACL	(43)				(44)
Total mortgage loans, net of ACL	$	6,463			$	6,396

[1]Primarily represents loans collateralized by multiple properties in various regions.

Mortgage Loans by Property Type
	June 30, 2025				December 31, 2024
	Amortized Cost		Percent of Total		Amortized Cost		Percent of Total
Commercial
Industrial	$	2,904	44.6	%	$	2,737	42.5	%
Multifamily	2,152		33.1	%	2,161		33.5	%
Office	404		6.2	%	507		7.9	%
Retail [1]	968		14.9	%	957		14.9	%
Single Family	78		1.2	%	78		1.2	%
Total mortgage loans	6,506		100.0	%	6,440		100.0	%
ACL	(43)				(44)
Total mortgage loans, net of ACL	$	6,463			$	6,396

[1]Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.

Past-Due Mortgage Loans

Mortgage loans are considered past due if a payment of principal or interest is not received according to the contractual terms of the loan agreement, which typically includes a grace period. As of June 30, 2025 and December 31, 2024, the Company held no mortgage loans considered past due.

Mortgage Servicing

The Company originates, sells and services commercial mortgage loans on behalf of third parties and recognizes servicing fee income over the period that services are performed. As of June 30, 2025, under this program, the Company serviced mortgage loans with a total outstanding principal of $10.1 billion, of which $4.8 billion was serviced on

behalf of third parties and $5.3 billion was retained and reported in total investments on the Company's Condensed Consolidated Balance Sheets. As of December 31, 2024, the Company serviced mortgage loans with a total outstanding principal balance of $10.0 billion, of which $4.8 billion was serviced on behalf of third parties and $5.2 billion was retained and reported in total investments on the Company's Condensed Consolidated Balance Sheets. Servicing rights are carried at the lower of cost or fair value and were $0 as of June 30, 2025 and December 31, 2024, because servicing fees were market-level fees at origination and remain adequate to compensate the Company for servicing the loans.

Variable Interest Entities

The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs primarily as an investor through normal investment activities or, at times, as an investment manager.

A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Condensed Consolidated Financial Statements.

Consolidated VIEs

As of June 30, 2025 and December 31, 2024, the Company did not hold any securities for which it is the primary beneficiary.

Non-Consolidated VIEs

The Company, through normal investment activities, makes passive investments in limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of June 30, 2025 and December 31, 2024 was limited to the total carrying value of $3.6 billion and $3.2 billion, respectively, which are a portion of the investments in limited partnerships and other alternative investments in the Company's Condensed Consolidated Balance Sheets that are primarily recorded using the equity method of accounting. As of June 30, 2025 and December 31, 2024, the Company has outstanding commitments totaling $2.1 billion and $2.0 billion, respectively, whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. For further discussion of these investments, see Equity Method

32

Table of Contents Note 5 - Investments

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Investments within Note 5 - Investments of Notes to Consolidated Financial Statements included in the Company’s 2024 Form 10-K Annual Report.

Furthermore, the Company makes investments in entities that sponsor affordable housing projects. Similarly, for these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company applies the proportional amortization method to subsequently measure its investments in such qualified affordable housing projects, where costs are amortized over the period in which the investor expects to receive tax credits and the resulting amortization is recognized as a component of income tax expense on the Company's Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2025, the Company recognized amortization of $4 and $8, respectively, and related tax benefits of $7 and $13, respectively. For the three and six months ended June 30, 2024, the Company recognized amortization of $1 and $2, respectively, and related tax benefits of $3 and $5, respectively. The income tax credits and other income tax benefits are recognized in operating activities in the Condensed Consolidated Statement of Cash Flows. The carrying value of these investments, which are reported in other assets on the Company’s Condensed Consolidated Balance Sheets was $84 and $51 as of June 30, 2025, and December 31, 2024, respectively. As of June 30, 2025 and December 31, 2024, the Company has outstanding commitments related to affordable housing projects of $226 and $267, respectively, that are contingent on various conditions precedent to funding.

In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in ABS, CLOs, CMBS, and RMBS and are reported in fixed maturities, AFS, and FVO securities on the Company's Condensed Consolidated Balance Sheets. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs, and, where applicable, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment.

Collateral Transactions and Restricted Investments

Collateral Transactions

As of both June 30, 2025 and December 31, 2024, the Company pledged collateral of $1, of U.S. government securities or cash primarily related to certain bank loan participations committed through a limited partnership agreement.

For disclosure of collateral in support of derivative transactions, refer to the Derivative Collateral Arrangements section in Note 6 - Derivatives of Notes to Condensed Consolidated Financial Statements.

Other Restricted Investments

The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. In addition, the Company is required to hold fixed maturities and short-term investments in trust for the benefit of syndicate policyholders, hold fixed maturities in a Lloyd's of London ("Lloyd's") trust account to provide a portion of the required capital, and maintain other investments primarily consisting of overseas deposits in various countries with Lloyd's to support underwriting activities in those countries. Lloyd's is an insurance market-place operating worldwide. Lloyd's does not underwrite risks. The Company accepts risks as the sole member of Lloyd's Syndicate 1221 ("Lloyd's Syndicate").

The following table presents the components of the Company’s exposure to other restricted investments.

	June 30, 2025		December 31, 2024
	Fair Value		Fair Value
Securities on deposit with government agencies	$	2,504	$	2,362
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders	1,090		1,056
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders	36		25
Other investments	71		61
Total Other Restricted Investments	$	3,701	$	3,504

33

Table of Contents Note 6 - Derivatives

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

6. Derivatives

The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions or income generation covered call transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, credit spread, issuer default, price, and currency exchange rate or volatility. Replication transactions 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.

Strategies that Qualify for Hedge Accounting

Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements, included in The Hartford’s 2024 Form 10-K Annual Report. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap.

Cash Flow Hedges

Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on variable-rate fixed maturity securities to fixed rates. The Company has also entered into interest rate swaps to convert the variable interest payments on the $500 junior subordinated debentures due 2067 to fixed interest payments. For further information, see the Junior Subordinated Debentures section within Note 13 - Debt of Notes to Consolidated Financial Statements, included in The Hartford's 2024 Form 10-K Annual Report.

Foreign currency swaps are used to convert foreign currency denominated cash flows related to certain investment receipts to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates.

Non-qualifying Strategies

Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include hedges of interest rate, foreign currency, and equity risk of certain fixed maturities and equities. In addition, hedging and replication strategies that utilize credit default swaps do not qualify for hedge accounting. The non-qualifying strategies include:

Credit Contracts

Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge

against default risk and credit-related changes in the value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty or the Company should the referenced security issuers experience a credit event, as defined in the contract. The Company also enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward.

Interest Rate Swaps and Futures

The Company uses interest rate swaps and, to a lesser extent, futures to manage interest rate duration between assets and liabilities. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap going forward. As of June 30, 2025 and December 31, 2024, the notional amount of interest rate swaps in offsetting relationships was $333 and $344, respectively.

Foreign Currency Swaps

The Company enters into foreign currency swaps to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars.

Equity Index Options

The Company enters into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio.

Derivative Balance Sheet Classification

For reporting purposes, the Company has elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. The following fair value amounts do not include income accruals or related cash collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation. The Company’s derivative instruments are held for risk management purposes, unless otherwise noted in the following table. The notional amount of derivative contracts represents the basis upon which payments or receipts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are not necessarily reflective of credit risk.

34

Table of Contents Note 6 - Derivatives

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Derivative Balance Sheet Presentation
	Net Derivatives								Asset Derivatives				Liability Derivatives
	Notional Amount				Fair Value				Fair Value				Fair Value
Hedge Designation/ Derivative Type	Jun 30, 2025		Dec. 31, 2024		Jun 30, 2025		Dec. 31, 2024		Jun 30, 2025		Dec. 31, 2024		Jun 30, 2025		Dec. 31, 2024
Cash flow hedges
Interest rate swaps	$	3,975	$	4,225	$	1	$	—	$	1	$	—	$	—	$	—
Foreign currency swaps	590		646		(12)		41		21		52		(33)		(11)
Total cash flow hedges	4,565		4,871		(11)		41		22		52		(33)		(11)
Non-qualifying strategies
Interest rate contracts
Interest rate swaps and futures	333		344		(2)		—		—		1		(2)		(1)
Foreign exchange contracts
Foreign currency swaps	590		647		—		—		—		—		—		—
Credit contracts
Credit derivatives in offsetting positions	985		986		—		—		28		31		(28)		(31)
Equity contracts
Equity index options	943		233		5		4		5		4		—		—
Total non-qualifying strategies	2,851		2,210		3		4		33		36		(30)		(32)
Total cash flow hedges and non-qualifying strategies	$	7,416	$	7,081	$	(8)	$	45	$	55	$	88	$	(63)	$	(43)
Balance Sheet Location
Fixed maturities, AFS	$	590	$	647	$	—	$	—	$	—	$	—	$	—	$	—
Other investments	1,640		3,011		35		57		43		66		(8)		(9)
Other liabilities	5,186		3,423		(43)		(12)		12		22		(55)		(34)
Total derivatives	$	7,416	$	7,081	$	(8)	$	45	$	55	$	88	$	(63)	$	(43)

Offsetting of Derivative Assets/Liabilities

The following tables present the gross fair value amounts, the offsetting amounts, and net position of derivative instruments eligible for offset in the Company's Condensed Consolidated Balance Sheets. Offsetting amounts include fair value amounts, income accruals and related cash collateral receivables and payables associated with derivative instruments that are traded under a common master netting agreement, as described in the preceding discussion. Also included in the tables are financial collateral receivables and payables, which are contractually permitted to be offset upon an event of default, although are disallowed for offsetting under U.S. GAAP.

35

Table of Contents Note 6 - Derivatives

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Offsetting Derivative Assets and Liabilities
	(i)		(ii)		(iii) = (i) - (ii)				(iv)		(v) = (iii) - (iv)
					Net Amounts Presented in the Statement of Financial Position				Collateral Disallowed for Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Statement of Financial Position		Derivative Assets [1] (Liabilities) [2]		Accrued Interest and Cash Collateral (Received) [3] Pledged [2]		Financial Collateral (Received) Pledged [4]		Net Amount
As of June 30, 2025
Other investments	$	55	$	50	$	35	$	(30)	$	—	$	5
Other liabilities	$	(63)	$	(40)	$	(43)	$	20	$	(21)	$	(2)
As of December 31, 2024
Other investments	$	88	$	86	$	57	$	(55)	$	—	$	2
Other liabilities	$	(43)	$	(42)	$	(12)	$	11	$	(1)	$	—

[1]Included in other investments in the Company's Condensed Consolidated Balance Sheets.

[2]Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.

[3]Included in other investments in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.

[4] Excludes collateral associated with exchange-traded derivative instruments.

Cash Flow Hedges

For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Gains (Losses) Recognized in OCI
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest rate swaps	$	3	$	(4)	$	13	$	(21)
Foreign currency swaps	(43)		15		(49)		32
Total	$	(40)	$	11	$	(36)	$	11

Gains (Losses) Reclassified from AOCI into Income
	Three months ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
	Net Investment Income		Interest Expense		Net Investment Income		Interest Expense		Net Investment Income		Interest Expense		Net Investment Income		Interest Expense
Interest rate swaps	$	(2)	$	3	$	(8)	$	5	$	(4)	$	6	$	(15)	$	9
Foreign currency swaps	2		—		3		—		5		—		6		—
Total	$	—	$	3	$	(5)	$	5	$	1	$	6	$	(9)	$	9
Total amounts presented on the Condensed Consolidated Statement of Operations	$	664	$	50	$	602	$	50	$	1,320	$	100	$	1,195	$	100

36

Table of Contents Note 6 - Derivatives

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

As of June 30, 2025, the before tax deferred net losses on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are $21. This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities and long-term debt that will occur over the next twelve months. At that time, the Company will recognize the deferred net gains (losses) as an adjustment to net investment income or interest expense, as applicable, over the term of the hedged instrument cash flows.

During the three and six months ended June 30, 2025 and 2024, the Company had no net reclassifications from AOCI to earnings resulting from the discontinuance of cash-flow hedges due to forecasted transactions that were no longer probable of occurring.

Non-qualifying Strategies

For non-qualifying strategies, including embedded derivatives that are required to be bifurcated from their host contracts and accounted for as derivatives, the gain or loss on the derivative is recognized currently in earnings within net realized gains (losses).

Non-Qualifying Strategies Recognized within Net Realized Gains (Losses)
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest rate contracts
Interest rate swaps and futures	$	(1)	$	(6)	$	(2)	$	(3)
Equity contracts
Equity index options	(10)		—		(9)		(5)
Total [1]	$	(11)	$	(6)	$	(11)	$	(8)

[1]Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.

Credit Risk Assumed through Credit Derivatives

The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that are permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk may primarily reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and CMBS issuers.

37

Table of Contents Note 6 - Derivatives

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Credit Risk Assumed Derivatives by Type
						Underlying Referenced Credit Obligation(s) [1]
	Notional Amount [2]		Fair Value		Weighted Average Years to Maturity	Type	Average Credit Rating	Offsetting Notional Amount [3]		Offsetting Fair Value [3]
As of June 30, 2025
Basket credit default swaps [4]
Investment grade risk exposure	$	100	$	1	3 years	CMBS Credit	AAA	$	100	$	(1)
Below investment grade risk exposure	392		27		3 years	Corporate Credit	B+	392		(27)
Below investment grade risk exposure	1		(1)		Less than 1 year	CMBS Credit	CCC	1		1
Total [5]	$	493	$	27				$	493	$	(27)
As of December 31, 2024
Basket credit default swaps [4]
Investment grade risk exposure	$	100	$	—	4 years	CMBS Credit	AAA	$	100	$	—
Below investment grade risk exposure	392		30		3 years	Corporate Credit	B+	392		(30)
Below investment grade risk exposure	1		(1)		Less than 1 year	CMBS Credit	CCC	1		1
Total [5]	$	493	$	29				$	493	$	(29)

[1]The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.

[2]Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law, which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses.

[3]The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap.

[4] Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index.

[5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.

Derivative Collateral Arrangements

The Company enters into various collateral arrangements in connection with its derivative instruments, which require both the pledging and accepting of collateral. As of June 30, 2025 and December 31, 2024, the Company has pledged cash collateral associated with derivative instruments of $27 and $31, respectively. In general, collateral receivable is recorded in other assets or other liabilities on the Company's Condensed Consolidated Balance Sheets as determined by the Company's election to offset on the balance sheet. As of June 30, 2025 and December 31, 2024, the Company pledged securities collateral associated with derivative instruments with a fair value of $23 and $1, respectively, which have been included in fixed maturities on the Company's Condensed Consolidated Balance Sheets. The counterparties generally have the right to sell or re-pledge these securities.

In addition, as of June 30, 2025 and December 31, 2024, the Company has pledged initial margin of cash related to OTC-cleared and exchange traded derivatives with a fair value of $12 and $10, respectively, which is recorded in other investments or other assets on the Company's Condensed Consolidated Balance Sheets. As of June 30, 2025 and December 31, 2024, the Company has pledged initial margin of securities related to OTC-cleared and exchange traded derivatives with a fair value of $104 and $103, respectively, which are included within fixed maturities on the Company's Condensed Consolidated Balance Sheets.

As of June 30, 2025 and December 31, 2024, the Company accepted cash collateral associated with derivative instruments of $40 and $78, respectively, which was invested and recorded in the Company's Condensed Consolidated Balance Sheets in fixed maturities and short-term investments with corresponding amounts recorded in other investments or other liabilities as determined by the Company's election to offset on the balance sheet. Also, as of June 30, 2025 and December 31, 2024, the Company did not hold securities collateral.

38

Table of Contents Note 7 - Premiums Receivable and Agents' Balances

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

7. Premiums Receivable and Agents' Balances

Premiums Receivable and Agents' Balances
	As of June 30, 2025		As of December 31, 2024
Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums ("loss sensitive business")	$	6,347	$	5,624
Receivables for loss sensitive business, by credit quality:
AA	94		97
A	56		57
BBB	196		193
BB	91		94
Below BB	49		50
Total receivables for loss sensitive business	486		491
Total Premiums Receivable and Agents' Balances, Gross	6,833		6,115
ACL	(135)		(117)
Total Premiums Receivable and Agents' Balances, Net of ACL	$	6,698	$	5,998

ACL on Premiums Receivable and Agents' Balances

Premiums receivable and agents' balances, excluding receivables for loss sensitive business, are primarily comprised of premiums due from policyholders, which are typically collectible within one year or less. For these balances, the ACL is estimated based on an aging of receivables and recent historical credit loss and collection experience, adjusted for current economic conditions and reasonable and supportable forecasts, when appropriate. Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods.

A portion of the Company's Business Insurance business is written with large deductibles or under retrospectively-rated plans (referred to as "loss sensitive business"). Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the deductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are utilized primarily for workers' compensation coverage, whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements, and oversight.

The ACL for receivables for loss sensitive business is estimated as the amount of the receivable exposed to loss multiplied by estimated factors for probability of default and the amount of loss given a default. The probability of default is assigned based on each policyholder's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed and updated at least annually. The exposure amount is estimated net of collateral and other credit enhancement, considering the nature of the collateral, potential future changes in collateral values, and historical loss information for the type of collateral obtained. The probability of default factors are historical corporate defaults for receivables with similar durations estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The loss given default factors are based on a study of historical recovery rates for general creditors through multiple economic cycles. The Company's evaluation of the required ACL for receivables for loss sensitive business considers the current economic environment as well as the probability-weighted macroeconomic scenarios similar to the approach used for estimating the ACL for mortgage loans. See Note 5 - Investments

Rollforward of ACL on Premiums Receivable and Agents' Balances for the Three Months Ended
	June 30, 2025						June 30, 2024
	Receivables Excluding Receivables for Loss Sensitive Business		Receivables for Loss Sensitive Business		Total		Receivables Excluding Receivables for Loss Sensitive Business		Receivables for Loss Sensitive Business		Total
Beginning ACL	$	105	$	21	$	126	$	91	$	20	$	111
Current period provision	24		1		25		15		1		16
Current period write-offs	(18)		—		(18)		(12)		—		(12)
Current period recoveries	2		—		2		1		—		1
Ending ACL	$	113	$	22	$	135	$	95	$	21	$	116

39

Table of Contents Note 7 - Premiums Receivable and Agents' Balances

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Rollforward of ACL on Premiums Receivable and Agents' Balances for the Six Months Ended
	June 30, 2025						June 30, 2024
	Receivables Excluding Receivables for Loss Sensitive Business		Receivables for Loss Sensitive Business		Total		Receivables Excluding Receivables for Loss Sensitive Business		Receivables for Loss Sensitive Business		Total
Beginning ACL	$	97	$	20	$	117	$	89	$	20	$	109
Current period provision	47		2		49		30		1		31
Current period write-offs	(35)		—		(35)		(27)		—		(27)
Current period recoveries	4		—		4		3		—		3
Ending ACL	$	113	$	22	$	135	$	95	$	21	$	116

8. Reinsurance

The Company cedes insurance risk to reinsurers to enable the Company to manage capital and risk exposure. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company's procedures include carefully selecting its reinsurers, structuring agreements to provide collateral funds where necessary, and regularly monitoring the financial condition and ratings of its reinsurers.

Reinsurance Recoverables

Reinsurance recoverables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include

an estimate of the amount of gross losses and LAE reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported ("IBNR") unpaid losses. The Company’s estimate of losses and LAE reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for amounts the Company owes to its claimants. The Company estimates its ceded reinsurance recoverables based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how IBNR unpaid losses will ultimately be ceded under reinsurance agreements. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and loss adjustment expenses.

Reinsurance Recoverables by Credit Quality Indicator
	As of June 30, 2025								As of December 31, 2024
	P&C		Employee Benefits		Corporate		Total		P&C		Employee Benefits		Corporate		Total
A.M. Best Financial Strength Rating
A++	$	2,200	$	—	$	—	$	2,200	$	2,271	$	—	$	—	$	2,271
A+	2,257		283		217		2,757		2,169		281		224		2,674
A	755		1		—		756		829		1		—		830
A-	615		3		—		618		622		4		—		626
B++	2		—		2		4		2		—		2		4
Below B++	22		—		—		22		22		—		—		22
Total Rated by A.M. Best	5,851		287		219		6,357		5,915		286		226		6,427
Mandatory (Assigned) and Voluntary Risk Pools	204		—		—		204		205		—		—		205
Captives	425		—		—		425		402		—		—		402
Other not rated companies	183		6		—		189		176		5		—		181
Gross Reinsurance Recoverables	6,663		293		219		7,175		6,698		291		226		7,215
Allowance for uncollectible reinsurance	(72)		(1)		(2)		(75)		(72)		(1)		(2)		(75)
Net Reinsurance Recoverables	$	6,591	$	292	$	217	$	7,100	$	6,626	$	290	$	224	$	7,140

Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods, generally 30, 60 or 90 days. To manage reinsurer credit risk, a reinsurance security review committee evaluates the credit standing, financial performance, management and operational quality of each potential reinsurer. In placing

reinsurance, the Company considers the nature of the risk reinsured, including the expected liability payout duration, and establishes limits tiered by reinsurer credit rating.

Where its contracts permit, the Company secures future claim obligations with various forms of collateral or other credit enhancement, including irrevocable letters of credit, secured

40

Table of Contents Note 8 - Reinsurance

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

trusts, funds held accounts and group wide offsets. As part of its reinsurance recoverable review, the Company analyzes recent developments in commutation activity between reinsurers and cedants, recent trends in arbitration and litigation outcomes in disputes between cedants and reinsurers and the overall credit quality of the Company’s reinsurers.

Due to the inherent uncertainties as to collection and the length of time before reinsurance recoverables become due, it is possible that future adjustments to the Company’s reinsurance recoverables, net of the allowance, could be required, which could have a material adverse effect on the Company’s consolidated results of operations or cash flows in a particular quarter or annual period.

The allowance for uncollectible reinsurance comprises an ACL and an allowance for disputed balances. The ACL is estimated as the amount of reinsurance recoverables exposed to loss multiplied by estimated factors for the probability of default and the amount of loss given a default. The probability of default is assigned based on each reinsurer's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed on a quarterly basis and any significant changes are reflected in an updated estimate. The probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The loss

given default factors are based on a study of historical recovery rates for general creditors of corporations through multiple economic cycles or, in the case of purchased annuities funding structured settlements accounted for as reinsurance, historical recovery rates for annuity contract holders.

As shown in the table above, a portion of the total gross reinsurance recoverable balance relates to the Company’s participation in various mandatory (assigned) and voluntary risk pools. Reinsurance recoverables due from pools are backed by the financial position of all insurance companies participating in the pools and the credit backing the reinsurance recoverable is not limited to the financial strength of each pool. The mandatory pools generally are funded through policy assessments or surcharges and if any participant in the pool defaults, remaining liabilities are apportioned among the other members.

The Company's evaluation of the required ACL for reinsurance recoverables considers the current economic environment as well as macroeconomic scenarios similar to the approach used to estimate the ACL for mortgage loans. See Note 5 - Investments. Insurance companies, including reinsurers, are regulated and hold risk-based capital ("RBC") to mitigate the risk of loss due to economic factors and other risks. Non-U.S. reinsurers are either subject to a capital regime substantively equivalent to domestic insurers or we hold collateral to support collection of reinsurance recoverables. As a result, there is limited history of losses from insurer defaults.

Allowance for Uncollectible Reinsurance for the Three and Six Months Ended
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
P&C beginning allowance for uncollectible reinsurance	$	72	$	98	$	72	$	100
Beginning allowance for disputed amounts	52		54		48		57
P&C beginning ACL	20		44		24		43
Current period provision (release)	1		1		(3)		2
P&C ending ACL	21		45		21		45
Ending allowance for disputed amounts	51		54		51		54
P&C ending allowance for uncollectible reinsurance	72		99		72		99
Employee Benefits allowance for uncollectible reinsurance	1		1		1		1
Corporate allowance for uncollectible reinsurance	2		2		2		2
Total allowance for uncollectible reinsurance	$	75	$	102	$	75	$	102

41

Table of Contents Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

9. Reserve for Unpaid Losses and Loss Adjustment Expenses

Property & Casualty Insurance Product Reserves, Net of Reinsurance

Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses

	For the six months ended June 30,
	2025		2024
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	36,404	$	34,044
Reinsurance and other recoverables	6,753		6,696
Beginning liabilities for unpaid losses and loss adjustment expenses, net	29,651		27,348
Provision for unpaid losses and loss adjustment expenses
Current accident year	5,670		5,088
Prior accident year development [1]	(309)		(171)
Total provision for unpaid losses and loss adjustment expenses	5,361		4,917
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	56		61
Payments
Current accident year	(1,175)		(987)
Prior accident years	(3,205)		(2,849)
Total payments	(4,380)		(3,836)
Foreign currency adjustment	39		(9)
Ending liabilities for unpaid losses and loss adjustment expenses, net	30,727		28,481
Reinsurance and other recoverables	6,631		6,656
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	37,358	$	35,137

[1] Prior accident year development for the six months ended June 30, 2025 and 2024 included a $56 and $61 benefit for amortization of a deferred gain under retroactive reinsurance accounting, respectively, related to the Navigators Adverse Development Cover (the "Navigator's ADC"). For additional information regarding the ADC reinsurance agreement, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below.

42

Table of Contents Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Unfavorable (Favorable) Prior Accident Year Development

	For the six months ended June 30,
	2025		2024
Workers’ compensation	$	(126)	$	(119)
Workers’ compensation discount accretion	23		23
General liability	—		49
Marine	—		(1)
Package business	—		(1)
Commercial property	(23)		(5)
Professional liability	(11)		(7)
Bond	(22)		(22)
Assumed reinsurance	—		24
Commercial automobile liability	—		10
Personal automobile liability	(22)		(13)
Homeowners	(31)		(10)
Net asbestos and environmental ("A&E") reserves	—		—
Catastrophes	(39)		(38)
Uncollectible reinsurance	—		—
Other reserve re-estimates, net	(2)		—
Prior accident year development before change in deferred gain	(253)		(110)
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	(56)		(61)
Total prior accident year development	$	(309)	$	(171)

[1]The $56 and $61 change in deferred gain on retroactive reinsurance for the six months ended June 30, 2025 and 2024, respectively, is related to amortization of the Navigators ADC deferred gain. For additional information regarding the ADC reinsurance agreement, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below.

Re-estimates of prior accident year reserves for the six months ended June 30, 2025

Workers’ compensation reserves were decreased within the 2016 to 2021 accident years primarily in small business, driven by lower than previously estimated claim severity.

Commercial property reserves were decreased primarily within accident years 2023 and 2024 as a result of lower than expected severity.

Professional liability reserves were decreased due to favorable development on directors and officers ("D&O") claims driven by the 2020 to 2023 accident years, partially offset by deterioration in employment practices liability and errors and omissions ("E&O") claims across multiple accident years.

Bond reserves decreased due primarily to favorable development on commercial and contract surety bonds driven by accident years 2019 to 2021.

Personal automobile liability reserves were decreased primarily within accident years 2020 to 2023 as a result of lower than expected severity.

Homeowners reserves were decreased primarily due to favorable severity impacting accident year 2024.

Catastrophes reserves were decreased across Business Insurance and Personal Insurance primarily driven by a reduction in reserves in accident years 2021 to 2024, including favorable emergence related to various hail events.

Other reserve re-estimates, net, were decreased due to lower than expected severity on Personal Insurance automobile physical damage for accident year 2024, partially offset by unfavorable development from participation in involuntary market pools.

Re-estimates of prior accident year reserves for the six months ended June 30, 2024

Workers’ compensation reserves were decreased within the 2016 to 2020 accident years primarily in small business, driven by lower than previously estimated claim severity. In addition, the 2020 accident year includes a $20 reduction of COVID-19 related reserves driven by favorable claim count emergence.

General liability reserves were increased primarily in response to higher frequency of large losses within certain lines in the 2016 to 2019 accident years, with some modest increases in the more recent accident years. In addition, reserves for sexual molestation and sexual abuse claims were increased for older accident years. Lastly, reserves for extra contractual liability claims and other miscellaneous run-off lines were reduced in response to recent favorable loss activity.

Professional liability reserves decreased modestly due to favorable development on D&O claims driven by the 2020 to 2022 accident years, partially offset by deterioration in older accident years.

Bond reserves decreased due to favorable development on commercial and contract surety driven by accident years 2019 and prior.

Assumed reinsurance reserves were increased due to higher reserve estimates in the Latin America surety and Latin America P&C businesses related to the 2020 to 2023 accident years.

Automobile liability reserves - Business Insurance increased primarily due to adverse loss development within accident year 2022 driven by higher severity than estimated.

Automobile liability reserves - Personal Insurance were decreased primarily in response to better than anticipated accident year 2023 claim severity for property damage liability.

Catastrophes reserves were decreased primarily within Business Insurance driven by a reduction in reserves in accident years 2021 to 2022 related to favorable emergence related to various hail events, as well as favorable development in accident year 2022 related to Hurricane Ian.

Other reserve re-estimates, net, included a decrease in reserves due to lower severity than expected on Personal

43

Table of Contents Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Insurance automobile physical damage for accident year 2023, offset by an increase in reserves related to unfavorable development from participation in involuntary market pools.

Settlement Agreement with Boy Scouts of America

On February 14, 2022, the Company executed a final settlement agreement (the “Settlement”) with the Boy Scouts of America ("BSA"), the Local Councils, and the attorneys representing a majority of the alleged victims, pursuant to which The Hartford agreed to pay $787 for sexual molestation and sexual abuse claims associated with liability policies issued by various Hartford writing companies in the 1970s and early 1980s. In exchange for its payment, the Company receives a complete release of its policies issued to BSA and the Local Councils, as well as an injunction against further abuse claims involving BSA. All conditions precedent to the Settlement have been satisfied, including approval by the bankruptcy court and the district court, and on April 20, 2023, The Hartford paid the Settlement amount of $787. Certain objecting parties appealed the district court’s ruling. As to issues material to The Hartford’s settlement, the Third Circuit has dismissed those appeals as moot. The objecting parties' only remaining option is to petition by September 11, 2025, for U.S. Supreme Court review. If a petition is filed and the U.S. Supreme Court agrees to hear the case, the court approvals for the BSA’s plan of reorganization could be open to challenge, and it is possible that adverse outcomes, if any, could have a material adverse effect on the Company’s operating results.

Change in Deferred Gain on Retroactive Reinsurance

The Company has in place an ADC reinsurance agreement that covered substantially all reserve development of Navigators Insurance Company and certain of its affiliates for 2018 and prior accident years (the “Navigators ADC”) up to an aggregate limit of $300, for which the Company had previously ceded the available limit. The Company has collected recoveries from National Indemnity Company ("NICO"), a subsidiary of Berkshire Hathaway Inc., and as a result amortized $24 and $56 of the deferred gain within benefits, losses and loss adjustment expenses during the three and six months ended June 30, 2025, respectively, and amortized $37 and $61 during the three and six months ended June 30, 2024, respectively. As of June 30, 2025 and December 31, 2024, the deferred gain on the Navigators ADC was $8 and $64, respectively, and is included in other liabilities on the Condensed Consolidated Balance Sheets.

Group Life, Disability and Accident Products

Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses

	For the six months ended June 30,
	2025		2024
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	8,206	$	8,274
Reinsurance recoverables	282		254
Beginning liabilities for unpaid losses and loss adjustment expenses, net	7,924		8,020
Provision for unpaid losses and loss adjustment expenses
Current incurral year	2,692		2,662
Prior year's discount accretion	105		103
Prior incurral year development [1]	(377)		(339)
Total provision for unpaid losses and loss adjustment expenses [2]	2,420		2,426
Payments
Current incurral year	(1,076)		(1,071)
Prior incurral years	(1,430)		(1,455)
Total payments	(2,506)		(2,526)
Ending liabilities for unpaid losses and loss adjustment expenses, net	7,838		7,920
Reinsurance recoverables	286		266
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	8,124	$	8,186

[1]Prior incurral year development represents the change in estimated ultimate incurred losses and loss adjustment expenses for prior incurral years on a discounted basis.

[2]Includes unallocated loss adjustment expenses ("ULAE") of $88 and $92 for the six months ended June 30, 2025 and 2024, respectively, that are recorded in insurance operating costs and other expenses in the Condensed Consolidated Statements of Operations.

44

Table of Contents Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Re-estimates of prior incurral years reserves for the six months ended June 30, 2025

Group disability - Prior period reserve estimates decreased by approximately $307 driven by strong long-term disability claim recoveries, paid family medical leave incidence lower than prior assumptions, as well as a higher New York paid family leave risk adjustment benefit than expected.

Group life and accident (including group life premium waiver) - Prior period reserve estimates decreased by approximately $69 driven by favorable mortality emergence in both group term life and group accidental death and dismemberment, and continued low incidence in group life premium waiver.

Re-estimates of prior incurral years reserves for the six months ended June 30, 2024

Group disability- Prior period reserve estimates decreased by approximately $282 largely driven by group long-term disability claim incidence lower than prior assumptions and favorable recoveries on prior incurral year claims, as well as a higher New York paid family leave risk adjustment benefit than expected.

Group life and accident (including group life premium waiver)- Prior period reserve estimates decreased by approximately $56 largely driven by favorable mortality emergence and continued low incidence in group life premium waiver.

10. Reserve for Future Policy Benefits

Rollforward of Reserve for Future Policy Benefits
	For the six months ended June 30,
	2025						2024
	Payout Annuities		Life Conversions		Paid-up Life		Payout Annuities		Life Conversions		Paid-up Life
Present Value of Expected Net Premiums
Balance, beginning of the period			$	45					$	49
Balance, ending of the period			$	43					$	45
Present Value of Expected Future Policy Benefits
Beginning balance at single-A rate	$	128	$	106	$	168	$	137	$	113	$	185
Beginning adjustment for changes in single-A rate	—		(15)		(33)		7		(11)		(32)
Beginning balance at original discount rate	128		121		201		130		124		217
Effect of changes in cash flow assumptions	—		—		—		—		—		—
Effect of actual variances from expected experience	(2)		3		(1)		1		2		—
Adjusted beginning balance	126		124		200		131		126		217
Interest accrual and other	3		11		3		3		9		3
Benefit Payments	(6)		(16)		(12)		(6)		(16)		(12)
Ending balance at original discount rate	123		119		191		128		119		208
Ending adjustment for changes in single-A rate	1		(15)		(28)		1		(14)		(36)
Ending balance at single-A rate	$	124	$	104	$	163	$	129	$	105	$	172
Net reserve for future policy benefits	$	124	$	61	$	163	$	129	$	60	$	172
Weighted-average duration of the reserve for future policy benefits (years)	9.3		11.0		6.5		9.0		11.5		6.3

Net Reserve for Future Policy Benefits
	As of June 30,
	2025		2024
Payout Annuities	$	124	$	129
Life Conversions	61		60
Paid-up Life	163		172
Deferred Profit Liability	19		20
Other	76		83
Total	$	443	$	464

45

Table of Contents Note 10 - Reserve for Future Policy Benefits

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Undiscounted Expected Future Gross Premiums and Benefit Payments
	As of June 30,
	2025		2024
Payout Annuities [1]
Expected future benefit payments	$	242	$	252
Life Conversions
Expected future gross premiums	$	102	$	109
Expected future benefit payments	$	192	$	199
Paid-up Life [1]
Expected future benefit payments	$	249	$	268

[1]Payout Annuities and Paid-up Life have no expected future gross premiums.

Weighted-Average Interest Rates
	As of June 30,
	2025		2024
Payout Annuities
Interest accretion rate	5.6	%	5.6	%
Current discount rate	5.4	%	5.5	%
Life Conversions
Interest accretion rate	4.3	%	4.2	%
Current discount rate	5.6	%	5.5	%
Paid-up Life
Interest accretion rate	2.9	%	2.9	%
Current discount rate	5.0	%	5.4	%

Gross premiums and interest accretion recognized on long-duration insurance policies for the six months ended June 30, 2025 and 2024 were immaterial.

11. Other Policyholder Funds and Benefits Payable

Other policyholder funds and benefits payable of $612 and $622 as of June 30, 2025 and 2024 respectively, included universal life long-duration contracts of $201 and $210 as well as policyholder balances related to short-duration contracts of $411

and $412. The universal life long-duration contracts presented in the table below were economically ceded to Prudential as part of the sale of the Company's former individual life business, which closed in 2013.

Universal Life Long Duration Contracts Rollforward
	For the six months ended June 30,
	2025			2024
Balance, beginning of the period	$	206		$	223
Premiums Received	6			6
Policy Charges	(9)			(13)
Surrenders and Withdrawals	(3)			(4)
Benefit Payments	(3)			(6)
Interest Credited	4			4
Balance, end of the period	$	201		$	210
Weighted-average crediting rate	4.3		%	4.2		%
Net Amount at Risk [1]	$	791		$	870
Cash Surrender Value	$	199		$	209

[1]Net amount at risk is defined as the current death benefit in excess of the current account value as of the balance sheet date.

As of June 30, 2025 and 2024, universal life contracts of $199 and $$209, respectively, had crediting rates at their guaranteed minimums ranging from 4%-5%.

46

Table of Contents Note 12 - Income Taxes

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

12. Income Taxes

Income Tax Expense

Income Tax Rate Reconciliation
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Tax provision at U.S. federal statutory rate	$	261	$	192	$	426	$	383
Nontaxable net investment income	(9)		(11)		(14)		(22)
Other	(1)		(7)		(8)		(29)
Provision for income taxes	$	251	$	174	$	404	$	332

Uncertain Tax Positions

Rollforward of Unrecognized Tax Benefits
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Balance, beginning of period	$	24	$	27	$	24	$	26
Gross increases - tax positions in current period	1		—		1		1
Balance, end of period	$	25	$	27	$	25	$	27

The entire amount of unrecognized tax benefits, if recognized, would affect the effective tax rate in the period of the release. The Company believes it is reasonably possible approximately $14 of its currently unrecognized tax benefits may be recognized by the end of 2025 as a result of a lapse of the applicable statute of limitations.

Other Tax Matters

H.R.1, known as the “One Big Beautiful Bill Act” was signed into law on July 4, 2025. This comprehensive budget reconciliation package consolidates a wide array of public policy priorities, reshaping federal policy across numerous sectors of the American economy, including taxation, healthcare, social safety nets, immigration, and education. The changes in H.R.1 are not expected to have a material impact on the Company's results of operations.

The federal statute of limitations for the Company is closed through the 2020 tax year with the exception of net operating loss carryforwards utilized in open tax years and the Navigators pre-acquisition 2019 tax period. Management believes that adequate provision has been made in the Company's Condensed Consolidated Financial Statements for any potential adjustments that may result from tax examinations and other tax-related matters for all open tax years.

13. Commitments and Contingencies

Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses.

Litigation

The Hartford is involved in claims litigation arising in the ordinary course of business, both as a liability insurer defending or providing indemnity for third-party claims brought against insureds and as an insurer defending coverage claims brought against it. The Hartford accounts for such activity through the establishment of unpaid loss and loss adjustment expense reserves. Subject to the uncertainties related to sexual molestation and sexual abuse claims, including those discussed in Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of this Form 10-Q and in Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses, of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and in the following discussion under the caption “Run-off Asbestos and Environmental Claims,” management expects that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses and costs of defense, will not be material to the consolidated financial condition, results of operations or cash flows of The Hartford.

The Hartford is also involved in other kinds of legal actions, some of which assert claims for substantial amounts. In addition to the matter described below, these actions include putative class actions seeking certification of a state or national class. Such putative class actions have alleged, for example, underpayment of claims or improper sales or underwriting practices in connection with various kinds of insurance policies, such as personal and commercial automobile and property. The Hartford also is involved in individual actions in which punitive damages are sought, such as claims alleging bad faith in the handling of insurance claims or other allegedly unfair or improper business practices. Management expects that the ultimate liability, if any, with respect to such lawsuits, after consideration of provisions made for estimated losses, will not be material to the consolidated financial condition of The Hartford. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation, the outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods.

47

Table of Contents Note 13 - Commitments and Contingencies

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Run-off Asbestos and Environmental Claims

The Company continues to receive A&E claims. Asbestos claims relate primarily to bodily injuries asserted by people who came in contact with asbestos or products containing asbestos. Environmental claims relate primarily to pollution and related clean-up costs.

The vast majority of the Company's exposure to A&E relates to accident years prior to 1986 that are reported in Property & Casualty Other Operations ("Run-off A&E"). In addition, since 1986, the Company has written A&E exposures under general liability policies and pollution liability under homeowners policies, which are reported in the Business Insurance and Personal Insurance segments, respectively.

Prior to 1986, the Company wrote several different categories of insurance contracts that may cover A&E claims. First, the Company wrote primary policies providing the first layer of coverage in an insured’s liability program. Second, the Company wrote excess and umbrella policies providing higher layers of coverage for losses that exhaust the limits of underlying coverage. Third, the Company acted as a reinsurer assuming a portion of those risks assumed by other insurers writing primary, excess, umbrella and reinsurance coverages.

Significant uncertainty limits the ability of insurers and reinsurers to estimate the ultimate reserves necessary for unpaid gross losses and expenses related to environmental and asbestos claims. The degree of variability of gross reserve estimates for these exposures is significantly greater than for other more traditional exposures.

In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty include inadequate loss development patterns, plaintiffs’ expanding theories of liability, the risks inherent in major litigation, and inconsistent and emerging legal doctrines with respect to the underlying claims and with respect to the Company's coverage obligations. Furthermore, over time, insurers, including the Company, have experienced significant changes in the rate at which asbestos claims are brought, the claims experience of particular insureds, and the value of claims, making predictions of future exposure from past experience uncertain. Plaintiffs and insureds also have sought to use bankruptcy proceedings, including “pre-packaged” bankruptcies, to accelerate and increase loss payments by insurers. In addition, some policyholders have asserted new classes of claims for coverages to which an aggregate limit of liability may not apply. Further uncertainties include insolvencies of other carriers, insolvencies of insureds and unanticipated developments pertaining to the Company’s ability to recover reinsurance for A&E claims. Management believes these issues are not likely to be resolved in the near future.

In the case of the reserves for environmental exposures, factors contributing to the high degree of uncertainty include expanding theories of liability and damages against insureds, emerging risks from products and substances alleged to cause damage, such as per-and polyfluoroalkyl substances ("PFAS"), the risks inherent in major litigation, inconsistent and emerging legal doctrines concerning the existence and scope of coverage for

environmental claims, and the scope and level of complexity of the remediation required by regulators.

The reporting pattern for assumed reinsurance claims, including those related to A&E claims, is much longer than for direct claims. In many instances, it takes months or years to determine that the policyholder’s own obligations have been met and how the reinsurance in question may apply to such claims. The delay in reporting reinsurance claims and exposures adds to the uncertainty of estimating the related reserves.

It is also not possible to predict changes in the legal and legislative environment and their effect on the future development of A&E claims.

Given the factors described above, the Company believes the actuarial tools and other techniques it employs to estimate the ultimate cost of claims for more traditional kinds of insurance exposure are less precise in estimating reserves for A&E exposures. For this reason, the Company principally relies on exposure-based analysis to estimate the ultimate costs of these claims, both gross and net of reinsurance, and regularly evaluates new account information in assessing its potential A&E exposures. The Company supplements this exposure-based analysis with evaluations of the Company’s historical direct net loss and expense paid and reported experience, and net loss and expense paid and reported experience by calendar and/or report year, to assess any emerging trends, fluctuations or characteristics suggested by the aggregate paid and reported activity.

For its Run-off A&E claims, as of June 30, 2025, the Company reported $141 of net A&E reserves, including the benefit of losses ceded to the A&E ADC with NICO. In addition, the Company has recorded a $850 deferred gain within other liabilities for losses economically ceded to NICO but for which the benefit is not recognized in earnings until later periods. While the Company believes that its current Run-off A&E reserves are appropriate, significant uncertainties limit our ability to estimate the ultimate reserves necessary for unpaid losses and related expenses. The ultimate liabilities, thus, could exceed the currently recorded reserves, and any such additional liability, while not reasonably estimable now, could be material to The Hartford's consolidated operating results or liquidity.

The Company’s A&E ADC reinsurance agreement reinsures substantially all A&E reserve development for 2016 and prior accident years, including Run-off A&E and A&E reserves included in Business Insurance and Personal Insurance. The A&E ADC has a coverage limit of $1.5 billion above the Company’s existing net A&E reserves as of December 31, 2016 of approximately $1.7 billion. As of June 30, 2025, the Company has incurred $1.5 billion in cumulative adverse development on A&E reserves that have been ceded under the A&E ADC treaty, leaving no remaining coverage available for future adverse net reserve development, if any. Cumulative adverse development of A&E claims for accident years 2016 and prior in excess of the treaty limit are absorbed as a charge to earnings by the Company. The effect of future charges could be material to the Company’s consolidated operating results or liquidity. For more information on the A&E ADC, refer to Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements included in the Company's 2024 Form 10-K Annual Report.

48

Table of Contents Note 13 - Commitments and Contingencies

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

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 agencies, 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, in certain instances, terminate the agreements and demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement.

The settlement amount is determined by netting the derivative positions transacted under each agreement. If the termination rights were to be exercised by the counterparties, it could impact the legal entity’s ability to conduct hedging activities by

increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of June 30, 2025 was $57 for which the legal entities have posted collateral of $50 in the normal course of business. Based on derivative contractual terms as of June 30, 2025, a downgrade of the current financial strength ratings by either Moody's or S&P would not require additional assets to be posted as collateral. This requirement could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated. The nature of the additional collateral that we would post, if required, would be primarily in the form of U.S. Treasury bills, U.S. Treasury notes and government agency securities.

14. Equity

Equity Repurchase Program

During the six months ended June 30, 2025 and 2024, the Company repurchased $800 (6.8 million shares) and $700 (7.3 million shares), respectively, of common stock under Board authorized share repurchase programs covering the applicable periods. As of June 30, 2025, the Company has $2.35 billion remaining for equity repurchases under the current $3.3 billion share repurchase program, which is effective until December 31, 2026. During the period July 1, 2025 through July 25, 2025,

the Company repurchased $146 (1.2 million common shares) under this repurchase program.

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.

15. Changes In and Reclassifications From Accumulated Other Comprehensive Income (Loss)

Changes in AOCI, Net of Tax for the Three Months Ended June 30, 2025
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(1,237)	$	(6)	$	40	$	29	$	30	$	(1,436)	$	(2,580)
OCI before reclassifications	237		1		(40)		20		(1)		(1)		216
Amounts reclassified from AOCI	26		—		(3)		—		—		9		32
OCI, before tax	263		1		(43)		20		(1)		8		248
Income tax benefit (expense)	(55)		—		9		(4)		—		(2)		(52)
OCI, net of tax	208		1		(34)		16		(1)		6		196
Ending balance	$	(1,029)	$	(5)	$	6	$	45	$	29	$	(1,430)	$	(2,384)

49

Table of Contents Note 15 - Accumulated Other Comprehensive Income (Loss)

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Changes in AOCI, Net of Tax for the Six Months Ended June 30, 2025
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(1,539)	$	(6)	$	40	$	29	$	33	$	(1,443)	$	(2,886)
OCI before reclassifications	610		1		(36)		20		(5)		—		590
Amounts reclassified from AOCI	36		—		(7)		—		—		16		45
OCI, before tax	646		1		(43)		20		(5)		16		635
Income tax benefit (expense)	(136)		—		9		(4)		1		(3)		(133)
OCI, net of tax	510		1		(34)		16		(4)		13		502
Ending balance	$	(1,029)	$	(5)	$	6	$	45	$	29	$	(1,430)	$	(2,384)

Reclassifications from AOCI
	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025		Affected Line Item in the Condensed Consolidated Statement of Operations
Net Unrealized Gain (Loss) on Fixed Maturities, AFS
Fixed Maturities, AFS	$	(26)	$	(36)	Net realized losses
	(26)		(36)		Total before tax
	(5)		(8)		Income tax expense
	$	(21)	$	(28)	Net income
Net Gain (Loss) on Cash Flow Hedging Instruments
Interest rate swaps	$	(2)	$	(4)	Net investment income
Interest rate swaps	3		6		Interest expense
Foreign currency swaps	2		5		Net investment income
	3		7		Total before tax
	—		1		Income tax expense
	$	3	$	6	Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit	$	1	$	3	Insurance operating costs and other expenses
Amortization of actuarial loss	(10)		(19)		Insurance operating costs and other expenses
	(9)		(16)		Total before tax
	(2)		(3)		Income tax expense
	$	(7)	$	(13)	Net income
Total amounts reclassified from AOCI	$	(25)	$	(35)	Net income

Changes in AOCI, Net of Tax for the Three Months Ended June 30, 2024
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(1,642)	$	(7)	$	21	$	36	$	30	$	(1,435)	$	(2,997)
OCI before reclassifications	(184)		—		11		(1)		6		(1)		(169)
Amounts reclassified from AOCI	70		—		—		—		—		9		79
OCI, before tax	(114)		—		11		(1)		6		8		(90)
Income tax benefit (expense)	24		—		(2)		—		(1)		(2)		19
OCI, net of tax	(90)		—		9		(1)		5		6		(71)
Ending balance	$	(1,732)	$	(7)	$	30	$	35	$	35	$	(1,429)	$	(3,068)

50

Table of Contents Note 15 - Accumulated Other Comprehensive Income (Loss)

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

Changes in AOCI, Net of Tax for the Six Months Ended June 30, 2024
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(1,482)	$	(8)	$	21	$	37	$	25	$	(1,442)	$	(2,849)
OCI before reclassifications	(393)		1		11		(3)		13		1		(370)
Amounts reclassified from AOCI	77		—		—		—		—		16		93
OCI, before tax	(316)		1		11		(3)		13		17		(277)
Income tax benefit (expense)	66		—		(2)		1		(3)		(4)		58
OCI, net of tax	(250)		1		9		(2)		10		13		(219)
Ending balance	$	(1,732)	$	(7)	$	30	$	35	$	35	$	(1,429)	$	(3,068)

Reclassifications from AOCI
	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024		Affected Line Item in the Condensed Consolidated Statement of Operations
Net Unrealized Gain (Loss) on Fixed Maturities, AFS
Fixed Maturities, AFS	$	(70)	$	(77)	Net realized losses
	(70)		(77)		Total before tax
	(15)		(16)		Income tax expense
	$	(55)	$	(61)	Net income
Net Gain (Loss) on Cash Flow Hedging Instruments
Interest rate swaps	$	(8)	$	(15)	Net investment income
Interest rate swaps	5		9		Interest expense
Foreign currency swaps	3		6		Net investment income
	—		—		Total before tax
	—		—		Income tax expense
	$	—	$	—	Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit	$	1	$	3	Insurance operating costs and other expenses
Amortization of actuarial loss	(10)		(19)		Insurance operating costs and other expenses
	(9)		(16)		Total before tax
	(2)		(3)		Income tax expense
	$	(7)	$	(13)	Net income
Total amounts reclassified from AOCI	$	(62)	$	(74)	Net income

51

Table of Contents Note 16 - Employee Benefit Plans

The Hartford Insurance Group, Inc.

Notes To Condensed Consolidated Financial Statements (continued)

16. Employee Benefit Plans

The Company’s employee benefit plans are described in Note 18 - Employee Benefit Plans of Notes to Consolidated Financial Statements included in The Hartford’s 2024 Form 10-K Annual Report. Net periodic cost (benefit) is recognized in insurance operating costs and other expenses in the Condensed Consolidated Statement of Operations.

The Company has not determined whether, and to what extent, contributions may be made to the U.S. qualified defined benefit pension plan in 2025. The Company will monitor the funded status of the U.S. qualified defined benefit pension plan during 2025 to make this determination.

Net Periodic Cost (Benefit)
	Pension Benefits								Other Postretirement Benefits
	Three Months Ended June 30,				Six Months Ended June 30,				Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024		2025		2024		2025		2024
Service cost	$	1	$	1	$	1	$	1	$	—	$	—	$	—	$	—
Interest cost	43		44		87		88		1		1		3		3
Expected return on plan assets	(61)		(58)		(121)		(115)		—		—		—		—
Amortization of prior service credit	—		—		—		—		(1)		(1)		(3)		(3)
Amortization of actuarial loss	9		9		17		17		1		1		2		2
Net periodic cost (benefit)	$	(8)	$	(4)	$	(16)	$	(9)	$	1	$	1	$	2	$	2

52

Table of Contents Index to MD&A

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

Item 2.

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

(Dollar amounts in millions except for per share data, unless otherwise stated)

The Hartford provides projections and other forward-looking information in the following discussions, which contain many forward-looking statements, particularly relating to the Company’s future financial performance. These forward-looking statements are estimates based on information currently available to the Company, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to the cautionary statements set forth on pages 4 and 5 of this Form 10-Q. Actual results are likely to differ, and in the past have differed, materially from those forecast by the Company, depending on the outcome of various factors, including, but not limited to, those set forth in the following discussion; Part I, Item 1A, Risk Factors in The Hartford’s 2024 Form 10-K Annual Report; and our other filings with the Securities and Exchange Commission ("SEC"). The Hartford undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

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.

Index

Description	Page
Key Performance Measures and Ratios	53
The Hartford's Operations	59
Financial Highlights	60
Consolidated Results of Operations	61
Investment Results	66
Critical Accounting Estimates	69
Business Insurance	74
Personal Insurance	79
Property & Casualty Other Operations	84
Employee Benefits	85
Hartford Funds	87
Corporate	89
Enterprise Risk Management	90
Capital Resources and Liquidity	101
Impact of New Accounting Standards	107

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

Key Performance Measures and Ratios

The Company considers the measures and ratios in the following discussion to be key performance indicators for its businesses. Management believes that these ratios and measures are useful in understanding the underlying trends in The Hartford’s businesses. However, these key performance indicators should only be used in conjunction with, and not in lieu of, the results presented in the reportable segment and corporate operating summaries that follow in this MD&A. These ratios and measures may not be comparable to other performance measures used by the Company’s competitors.

Definitions of Non-GAAP and Other Measures and Ratios

Assets Under Management ("AUM")- Include mutual fund and exchange-traded fund ("ETF") assets. AUM is a measure used by the Company's Hartford Funds segment because a significant portion of the segment’s revenues and expenses are based upon asset values. These revenues and expenses increase or decrease with a rise or fall in AUM whether caused by changes in the market or through net flows.

53

Table of Contents Index to MD&A

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

Book Value per Diluted Share excluding accumulated other comprehensive income ("AOCI")- This is a non-GAAP per share measure that is calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure.

Combined Ratio- The sum of the loss and loss adjustment expense ("LAE") ratio, the expense ratio and the policyholder dividend ratio. This ratio is a relative measurement that describes the related cost of losses and expenses for every $100 of earned premiums. A combined ratio below 100 demonstrates underwriting profit; a combined ratio above 100 demonstrates underwriting losses.

Core Earnings- The Hartford uses the non-GAAP measure core earnings as an important measure of the Company’s operating performance. The Hartford believes that core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance and financial services businesses that may be obscured by including the net effect of certain items. Therefore, the following items are excluded from core earnings:

•Certain realized gains and losses - Generally realized gains and losses are primarily driven by investment decisions and external economic developments, the nature and timing of which are unrelated to the insurance and underwriting aspects of our business. Accordingly, core earnings excludes the effect of all realized gains and losses that tend to be highly variable from period to period based on capital market conditions. The Hartford believes, however, that some realized gains and losses are integrally related to our insurance operations, so core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives. These net realized gains and losses are directly related to an offsetting item included in the income statement such as net investment income.

•Restructuring and other costs - Costs incurred as part of a restructuring plan are not a recurring operating expense of the business.

•Loss on extinguishment of debt - Largely consisting of make-whole payments or tender premiums upon paying debt off before maturity, these losses are not a recurring operating expense of the business.

•Gains and losses on reinsurance transactions - Gains or losses on reinsurance, such as those entered into upon sale of a business or to reinsure loss reserves, are not a recurring operating expense of the business.

•Integration and other non-recurring M&A costs - These costs, including transaction costs incurred in connection with an acquired business, are incurred over a short period of time and do not represent an ongoing operating expense of the business.

•Change in loss reserves upon acquisition of a business - These changes in loss reserves are excluded from core earnings because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition.

•Deferred gain resulting from retroactive reinsurance and subsequent changes in the deferred gain - Retroactive reinsurance agreements economically transfer risk to the reinsurers and excluding the deferred gain on retroactive reinsurance and related amortization of the deferred gain from core earnings provides greater insight into the economics of the business.

•Change in valuation allowance on deferred taxes related to non-core components of before tax income - These changes in valuation allowances are excluded from core earnings because they relate to non-core components of before tax income, such as tax attributes like capital loss carryforwards.

•Results of discontinued operations - These results are excluded from core earnings for businesses sold or held for sale because such results could obscure the ability to compare period over period results for our ongoing businesses.

In addition to the above components of net income available to common stockholders that are excluded from core earnings, preferred stock dividends declared, which are excluded from net income, are included in the determination of core earnings. Preferred stock dividends are a cost of financing more akin to interest expense on debt and are expected to be a recurring expense as long as the preferred stock is outstanding.

Net income (loss) and net income (loss) available to common stockholders are the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) or net income (loss) available to common stockholders and does not reflect the overall profitability of the Company’s business. Therefore, The Hartford believes that it is useful for investors to evaluate net income (loss), net income (loss) available to common stockholders, and core earnings when reviewing the Company’s performance.

54

Table of Contents Index to MD&A

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

Reconciliation of Net Income to Core Earnings
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income	$	995	$	738	$	1,625	$	1,491
Preferred stock dividends	5		5		10		10
Net income available to common stockholders	990		733		1,615		1,481
Adjustments to reconcile net income available to common stockholders to core earnings:
Net realized losses excluded from core earnings, before tax	10		58		57		28
Restructuring and other costs, before tax	—		—		—		1
Integration and other non-recurring M&A costs, before tax	2		2		4		4
Change in deferred gain on retroactive reinsurance, before tax [1]	(24)		(37)		(56)		(61)
Income tax expense (benefit) [2]	3		(6)		—		6
Core earnings	$	981	$	750	$	1,620	$	1,459

[1]The Company recorded amortization of the deferred gain related to the Navigators adverse development cover ("Navigators ADC") of $24 and $56 for the three and six months ended June 30, 2025 and $37 and $61 for the three and six months ended June 30, 2024, respectively. For additional information regarding the ADC reinsurance agreement, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

[2]Primarily represents the federal income tax expense (benefit) related to before tax items not included in core earnings.

Core Earnings Margin- The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Employee Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized gains (losses). Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of 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 Employee Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin is set forth in the Results of Operations section within MD&A - Employee Benefits.

Current Accident Year Catastrophe Ratio- A component of the loss and loss adjustment expense ratio, represents the ratio of catastrophe losses incurred in the current accident year ("CAY") (net of reinsurance) to earned premiums. For U.S. events, a catastrophe is an event that causes $25 or more in industry insured property losses and affects a significant number of property and casualty policyholders and insurers, as defined by the Property Claim Services office of Verisk. For international events, the Company's approach is similar, informed, in part, by how Lloyd's of London defines major losses. Lloyd's of London is an insurance market-place operating worldwide ("Lloyd's"). Lloyd's does not underwrite risks. The Company accepts risks as the sole member of Lloyd's Syndicate 1221 ("Lloyd's Syndicate"). The current accident year catastrophe ratio includes the effect of catastrophe losses, but does not include the effect of reinstatement premiums.

Expense Ratio- For Business Insurance and Personal Insurance is the ratio of underwriting expenses less fee income,

to earned premiums. Underwriting expenses include the amortization of deferred policy acquisition costs ("DAC"), amortization of other intangible assets and insurance operating costs and other expenses, including certain centralized services costs and bad debt expense. DAC includes commissions, taxes, licenses and fees and other incremental direct underwriting expenses and are amortized over the policy term.

The expense ratio for Employee Benefits is expressed as the ratio of insurance operating costs and other expenses including amortization of intangibles and amortization of DAC, to premiums and other considerations, excluding buyout premiums.

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

Fee Income- Is largely driven from amounts earned as a result of contractually defined percentages of AUM in our Hartford Funds business. These fees are generally earned on a daily basis. Therefore, this fee income increases or decreases with the rise or fall in AUM whether caused by changes in the market or through net flows.

Gross New Business Premium- Represents the amount of premiums charged, before ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Gross new business premium plus gross renewal written premium less ceded reinsurance equals total written premium.

Loss and Loss Adjustment Expense Ratio- A measure of the cost of claims incurred in the calendar year divided by earned premium and includes losses and loss adjustment expenses incurred for both the current and prior accident years. Among other factors, the loss and loss adjustment expense ratio needed for the Company to achieve its targeted return on equity ("ROE") fluctuates from year to year based on changes in the expected investment yield over the claim settlement period, the timing of expected claim

55

Table of Contents Index to MD&A

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

settlements and the targeted returns set by management based on the competitive environment.

The loss and loss adjustment expense ratio is affected by claim frequency and claim severity, particularly for shorter-tail property lines of business, where the emergence of claim frequency and severity is credible and likely indicative of ultimate losses. Claim frequency represents the percentage change in the average number of reported claims per unit of exposure in the current accident year compared to that of the previous accident year. Claim severity represents the percentage change in the estimated average cost per claim in the current accident year compared to that of the previous accident year. As one of the factors used to determine pricing, the Company’s practice is to first make an overall assumption about claim frequency and severity for a given line of business and then, as part of the rate-making process, adjust the assumption as appropriate for the particular state, product or coverage.

Underlying Loss and Loss Adjustment Expense Ratio- This non-GAAP financial measure is the cost of non-catastrophe loss and loss adjustment expenses incurred in the current accident year divided by earned premiums. The loss and loss adjustment expense ratio is the most directly comparable U.S GAAP measure. Management believes that the underlying loss and loss adjustment expense ratio is a performance measure that is useful to investors as it removes the impact of volatile and unpredictable catastrophe losses and prior accident year development ("PYD"). 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.

Loss Ratio, excluding Buyouts- Utilized for the Employee Benefits segment and is expressed as a ratio of benefits, losses and loss adjustment expenses, excluding those related to buyout premiums, to premiums and other considerations, excluding buyout premiums. Since Employee Benefits occasionally buys a block of claims for a stated premium amount, the Company excludes this buyout from the loss ratio used for evaluating the profitability of the business as buyouts may distort the loss ratio. Buyout premiums represent takeover of open claim liabilities and other non-recurring premium amounts.

Net investment income excluding limited partnerships and other alternative investments- This non-GAAP measure is the amount of net investment income on a consolidated level earned from invested assets, excluding the net investment income related to limited partnerships and other alternative investments. The Company believes that net investment income excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Net investment income is the most directly comparable U.S. 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.

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

Mutual fund and ETF assets are a measure used by the Company primarily because a significant portion of the Company’s Hartford Funds segment revenues and expenses are based upon asset values. These revenues and expenses increase or decrease with a rise or fall in AUM whether caused by changes in the market or through net flows.

Net New Business Premium- Represents the amount of premiums charged, after ceded reinsurance, for policies issued to customers who were not insured with the Company in the previous policy term. Net new business premium plus renewal written premium equals total written premium.

Policy Count Retention- For small business, represents the number of renewal policies issued during the current year period divided by the new and renewal policies issued in the prior period. Policy count retention is affected by a number of factors, including the percentage of renewal policy quotes accepted and decisions by the Company to non-renew policies because of specific policy underwriting concerns or because of a decision to reduce premium writings in certain classes of business or states. Policy count retention is also affected by advertising and rate actions taken by us and competitors.

Effective Policy Count Retention- For Personal Insurance, represents the number of policies expected to renew in the current year period, based on contract effective dates, divided by the new and renewal policies effective in the prior period. Effective policy count retention is affected by a number of factors, including the percentage of renewal policy quotes accepted and decisions by the Company to non-renew policies because of specific policy underwriting concerns or because of a decision to reduce premium writings in certain classes of business or states. Effective policy count retention is also affected by advertising and rate actions taken by us and competitors, as well as the effect of subsequent cancellations and non-renewals by customers. Effective policy count retention statistics are subject to change from period to period based on the effect of differences between actual and expected policy cancellations throughout the policy period.

Policies in-force- Represents the number of policies with coverage in effect as of the end of the period. The number of policies in-force is a growth measure used for Personal Insurance, small business, and middle market lines within middle & large business and is affected by both new business growth and retention.

Policyholder Dividend Ratio- The ratio of policyholder dividends to earned premium.

Premium Retention- For middle & large business, represents the ratio of prior period premiums that were successfully renewed divided by premiums associated with policies available for renewal in the current period. Premium retention excludes premium amounts from annual audits, renewal written price increases and changes in exposure, including amount of insurance. Premium retention statistics are subject to change from period to period based on a number of

56

Table of Contents Index to MD&A

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

factors, including the effect of subsequent cancellations and non-renewals.

Prior Accident Year Loss and Loss Adjustment Expense Ratio- Represents the increase (decrease) in the estimated cost of settling catastrophe and non-catastrophe claims incurred in prior accident years as recorded in the current calendar year divided by earned premiums.

Reinstatement Premiums- Represents additional ceded premium paid for the reinstatement of the amount of reinsurance coverage that was reduced as a result of the Company ceding losses to reinsurers.

Renewal Earned Price Increase (Decrease)- Written premiums are earned over the policy term, which is six months for certain personal automobile business and twelve months for substantially all of the remainder of the Company’s Property and Casualty ("P&C") business. Since the Company earns premiums over the six to twelve month term of the policies, renewal earned price increases (decreases) lag renewal written price increases (decreases) by six to twelve months.

Renewal Written Price Increase (Decrease)- For Business Insurance, represents the combined effect of rate changes, and individual risk pricing decisions per unit of exposure on policies that renewed and includes amount of insurance. For Personal Insurance, renewal written price increases represent the total change in premium per policy since the prior year on those policies that renewed and includes the combined effect of rate changes, amount of insurance and other changes in exposure. For Personal Insurance, other changes in exposure include, but are not limited to, the effect of changes in number of drivers, vehicles and incidents, as well as changes in customer policy elections, such as deductibles and limits. The rate component represents the change in rate impacting renewal policies as previously filed with and approved by state regulators during the period. Amount of insurance represents the change in the value of the rating base, such as model year/vehicle symbol for automobiles, building replacement costs for property and wage inflation for workers’ compensation. A number of factors affect renewal written price increases (decreases) including expected loss costs as projected by the Company’s pricing actuaries, rate filings approved by state regulators, risk selection decisions made by the Company’s underwriters and marketplace competition. Renewal written price changes reflect the property and casualty insurance market cycle. Prices tend to increase for a particular line of business when insurance carriers have incurred significant losses in that line of business in the recent past or the industry as a whole commits less of its capital to writing exposures in that line of business. Prices tend to decrease when recent loss experience has been favorable or when competition among insurance carriers increases. Renewal written price statistics are subject to change from period to period, based on a number of factors, including changes in actuarial estimates and the effect of subsequent cancellations and non-renewals, and modifications made to better reflect ultimate pricing achieved.

Return on Assets (“ROA”), Core Earnings- The Company uses this non-GAAP financial measure to evaluate, and believes is an important measure of, the Hartford Funds segment’s operating performance. ROA, core earnings is calculated by dividing annualized core earnings by a daily average AUM. ROA is the most directly comparable U.S. GAAP measure. The Company believes that ROA, core earnings, provides investors with a valuable measure of the performance of the Hartford Funds segment because it reveals trends in our business that may be obscured by the effect of items excluded in the calculation of core earnings. ROA, core earnings, should not be considered as a substitute for ROA and does not reflect the overall profitability of our Hartford Funds business. Therefore, the Company believes it is important for investors to evaluate both ROA, and ROA, core earnings when reviewing the Hartford Funds segment performance. A reconciliation of ROA to ROA, core earnings is set forth in the Results of Operations section within MD&A - Hartford Funds.

Underlying Combined Ratio- This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business. Combined ratio is the most directly comparable U.S. GAAP measure. The Company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year loss and loss adjustment expense reserve development. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance.

A reconciliation of combined ratio to underlying combined ratio is set forth in the Results of Operations section within MD&A - Business Insurance and Personal Insurance.

Underwriting Gain (Loss)- This non-GAAP financial measure is a before tax measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable U.S. GAAP measure. The Hartford's management evaluates profitability of the Business and Personal Insurance segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities.

57

Table of Contents Index to MD&A

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

Reconciliation of Net Income to Underwriting Gain (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Business Insurance
Net income	$	696	$	540	$	1,173	$	1,113
Adjustments to reconcile net income to underwriting gain:
Net investment income	(449)		(402)		(886)		(793)
Net realized losses	20		50		44		38
Other (income) expense	1		1		2		3
Income tax expense	176		130		298		259
Underwriting gain	$	444	$	319	$	631	$	620
Personal Insurance
Net income (loss)	$	91	$	(11)	$	96	$	23
Adjustments to reconcile net income (loss) to underwriting loss:
Net investment income	(58)		(50)		(115)		(100)
Net realized losses	4		8		6		7
Net servicing and other income	(5)		(6)		(10)		(10)
Income tax expense (benefit)	23		(4)		23		4
Underwriting gain (loss)	$	55	$	(63)	$	—	$	(76)
P&C Other Operations
Net income	$	13	$	11	$	26	$	19
Adjustments to reconcile net income to underwriting loss:
Net investment income	(19)		(19)		(37)		(37)
Net realized losses	2		3		2		3
Income tax expense	2		3		5		4
Underwriting loss	$	(2)	$	(2)	$	(4)	$	(11)

Written and Earned Premiums- Written premium represents the amount of premiums charged for policies issued, net of reinsurance, during a fiscal period. Premiums are considered earned and are included in the financial results on a pro rata basis over the policy period. Management believes that written premium is a performance measure that is useful to investors as it reflects current trends in the Company’s sale of property and casualty insurance products. Written and earned premium are recorded net of ceded reinsurance premium.

Traditional life and disability insurance type products, such as those sold by Employee Benefits, collect premiums from policyholders in exchange for financial protection for the policyholder from a specified insurable loss, such as death or disability. These premiums together with net investment income earned are used to pay the contractual obligations under these insurance contracts. Two major factors, sales and persistency, impact premium growth. Sales can increase or decrease in a given year based on a number of factors, including but not limited to, customer demand for the Company’s product offerings, pricing competition, distribution channels and the Company’s reputation and ratings. Persistency refers to the percentage of premium remaining in-force from year-to-year.

58

Table of Contents Index to MD&A

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

The Hartford's Operations

The Hartford conducts business principally in five reportable segments including Business Insurance, Personal Insurance, Property & Casualty Other Operations, Employee Benefits and Hartford Funds, as well as a Corporate category. The Company includes in the Corporate category capital raising activities (including equity financing, debt financing and related interest expense), purchase accounting adjustments related to goodwill, reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, transaction expenses incurred in connection with an acquisition, certain M&A costs, and other expenses not allocated to the reportable segments. Corporate also includes investment management fees and expenses related to managing third-party assets.

The Company derives its revenues principally from: (a) premiums earned for insurance coverage provided to insureds; (b) management fees on mutual fund and ETF assets; (c) net investment income; (d) fees earned for services provided to third parties; and (e) net realized gains and losses. Premiums charged for insurance coverage are earned principally on a pro rata basis over the terms of the related policies in-force.

The profitability of the Company's property and casualty insurance businesses over time is greatly influenced by the Company’s underwriting discipline, which seeks to manage exposure to loss through favorable risk selection and diversification, its management of claims, its use of reinsurance, the size of its in force block, making reliable estimates of actual mortality and morbidity, and its ability to manage its expense ratio which it accomplishes through economies of scale and its management of acquisition costs and other insurance operating costs. Pricing adequacy depends on a number of factors, including the ability to obtain regulatory approval for rate changes, proper evaluation of underwriting risks, the ability to project future loss cost frequency and severity based on historical loss experience adjusted for known trends, the Company’s response to rate actions taken by competitors, its expense levels and expectations about regulatory and legal developments. The Company seeks to price its insurance policies such that insurance premiums and future net investment income earned on premiums received will cover insurance operating costs and the ultimate cost of paying claims reported on the policies and provide for a profit margin. For many of its insurance products, the Company is required to obtain approval for its premium rates from state insurance departments and the Lloyd's Syndicate's ability to write business is subject to Lloyd's approval for its premium capacity each year. Most of Personal Insurance written premium is associated with our exclusive licensing agreement with AARP, which is effective through December 31, 2032. This agreement provides an important competitive advantage given the size of the 50 plus population and the strength of the AARP brand.

Similar to property and casualty, profitability of the Employee Benefits business depends, in large part, on the ability to evaluate and price risks appropriately and make reliable estimates of mortality, morbidity, disability and longevity. To manage the pricing risk, Employee Benefits generally offers term insurance policies, allowing for the adjustment of rates or policy terms in order to minimize the adverse effect of market trends, loss costs, declining interest rates and other factors. However, as policies are typically sold with rate guarantees an

average of three years, pricing for the Company’s products could prove to be inadequate if loss and expense trends emerge adversely during the rate guarantee period or if investment returns are lower than expected at the time the products were sold. For some of its products, the Company is required to obtain approval for its premium rates from state insurance departments. New and renewal business for employee benefits business, particularly for long-term disability ("LTD"), are priced using an assumption about expected investment yields over time. While the Company employs asset-liability duration matching strategies to mitigate risk and may use interest-rate sensitive derivatives to hedge its exposure in the Employee Benefits investment portfolio, cash flow patterns related to the payment of benefits and claims are uncertain and actual investment yields could differ significantly from expected investment yields, affecting profitability of the business. In addition to appropriately evaluating and pricing risks, the profitability of the Employee Benefits business depends on other factors, including the Company’s response to pricing decisions and other actions taken by competitors, its ability to offer voluntary products and self-service capabilities, the persistency of its sold business and its ability to manage its expenses which it seeks to achieve through economies of scale and operating efficiencies.

The financial results of the Company’s mutual fund and ETF businesses depend largely on the amount of AUM and the level of fees charged based, in part, on asset share class and fund type. Changes in AUM are driven by the two main factors of net flows and the market return of the funds, which are heavily influenced by the return realized in the equity and bond markets. Net flows are comprised of new sales less redemptions by mutual fund and ETF shareowners. Financial results are highly correlated to the growth in AUM since these funds generally earn fee income on a daily basis.

The investment return, or yield, on invested assets is an important element of the Company’s earnings since insurance products are priced with the assumption that premiums received can be invested for a period of time before benefits, losses and loss adjustment expenses are paid. Due to the need to maintain sufficient liquidity to satisfy claim obligations, the majority of the Company’s invested assets have been held in available-for-sale ("AFS") securities, including, among other asset classes, corporate bonds, municipal bonds, government debt, short-term debt, mortgage-backed securities, asset-backed securities ("ABS") and collateralized loan obligations ("CLOs"). The Company also invests in commercial mortgage loans as well as limited partnerships and other alternative investments, which are private investments that are less liquid, but have the potential to generate higher returns. The primary investment objective for the Company is to maximize economic value, consistent with acceptable risk parameters, including the management of credit risk and interest rate sensitivity of invested assets, while generating sufficient net of tax income to meet policyholder and corporate obligations. Investment strategies are developed based on a variety of factors including business needs, regulatory requirements and tax considerations.

59

Table of Contents Index to MD&A

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

Second Quarter Financial Highlights

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

Ý	Increased $257 or 35%	Ý	Increased $1 or 41%	Ý	Increased $4.93 or 9%
+	The effect of higher earned premiums in P&C	+	Increase in net income available to common stockholders	+	Net income in excess of common stockholder dividends
+	Greater favorable P&C prior accident year reserve development	+	Reduction in outstanding shares due to share repurchases	+	An increase in AOCI, primarily driven by a decrease in net unrealized losses on AFS securities
+	Lower underlying loss and LAE ratio in Personal Insurance			-	Dilutive effect of share repurchases
+	Lower CAY catastrophe losses
+	Higher net investment income
+	Lower net realized losses
-	Higher underlying loss and LAE ratio in Business Insurance

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

Ý	Increased 20 bps	Þ	Improved 5.0 points	Þ	Decreased 1.2 points
+	A higher yield on fixed maturity securities due to reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities.	+	Greater favorable P&C prior accident year reserve development	-	Higher expense ratio, including higher technology and staffing costs
		+	Lower underlying loss and LAE ratio in Personal Insurance	-	Higher short-term and long-term disability loss ratios
		+	Lower catastrophe losses in P&C	+	Higher net investment income
		-	Higher underlying loss and LAE ratio in Business Insurance	+	Lower group life loss ratio

60

Table of Contents Index to MD&A

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

Consolidated Results of Operations

The Consolidated Results of Operations should be read in conjunction with the Company's Condensed Consolidated Financial Statements and the related Notes as well as with the Reportable Segment and Corporate Operating Summaries within the MD&A.

Consolidated Results of Operations

	Three Months Ended June 30,						Six Months Ended June 30,
	2025		2024		Change		2025		2024		Change
Earned premiums	$	5,961	$	5,578	7	%	$	11,796	$	11,024	7	%
Fee income	342		339		1	%	688		672		2	%
Net investment income	664		602		10	%	1,320		1,195		10	%
Net realized losses	(10)		(59)		83	%	(59)		(31)		(90	%)
Other revenues	30		26		15	%	52		45		16	%
Total revenues	6,987		6,486		8	%	13,797		12,905		7	%
Benefits, losses and loss adjustment expenses	3,712		3,661		1	%	7,712		7,272		6	%
Amortization of deferred policy acquisition costs	625		561		11	%	1,232		1,106		11	%
Insurance operating costs and other expenses	1,337		1,285		4	%	2,689		2,568		5	%
Interest expense	50		50		—	%	100		100		—	%
Amortization of other intangible assets	17		17		—	%	35		35		—	%
Restructuring and other costs	—		—		—	%	—		1		(100)	%
Total benefits, losses and expenses	5,741		5,574		3	%	11,768		11,082		6	%
Income before income taxes	1,246		912		37	%	2,029		1,823		11	%
Income tax expense	251		174		44	%	404		332		22	%
Net income	995		738		35	%	1,625		1,491		9	%
Preferred stock dividends	5		5		—	%	10		10		—	%
Net income available to common stockholders	$	990	$	733	35	%	$	1,615	$	1,481	9	%

Three months ended June 30, 2025 compared to the three months ended June 30, 2024

Net income available to common stockholders increased by $257, primarily driven by:

•An increase in P&C underwriting gain of $243, before tax, driven by the effect of earned premium growth, a higher level of net favorable prior accident year reserve development, a lower underlying loss and LAE ratio in Personal Insurance and lower CAY catastrophe losses, partially offset by a higher underlying loss and LAE ratio in Business Insurance;

•Higher net investment income of $62, before tax, primarily driven by the impact of higher invested assets and reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities; and

•Lower net realized losses of $49, before tax.

These increases were partially offset by:

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

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

61

Table of Contents Index to MD&A

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

Revenue

Earned Premiums

Earned premiums increased by $383 or 7%, primarily due to:

•An increase in P&C reflecting a 10% increase in both Business Insurance and Personal Insurance.

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

–For Personal Insurance, earned premium increased primarily due to the effect of earned pricing increases, partially offset by non-renewals.

•Employee Benefits earned premium was essentially flat, as an increase in exposure on existing accounts was offset by lower fully insured ongoing sales.

Fee income increased primarily due to a $3 increase in Hartford Funds driven by higher daily average assets resulting from an increase in equity market levels, partially offset by net outflows over the preceding twelve month period.

Net Investment Income

[1]Limited partnerships and other alternative investments of $16 and $13 for the three months ended June 30, 2024 and 2025 respectively.

Net investment income increased primarily due to the impact of higher invested assets and reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities.

Net realized losses improved primarily due to fewer net losses on sales of fixed maturities. Also included were valuation improvements on equity securities, partially offset by valuation declines on equity derivatives, due to higher equity market levels.

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

62

Table of Contents Index to MD&A

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

Benefits, Losses and Expenses

Losses and LAE Incurred for P&C

Benefits, losses and loss adjustment expenses increased $51 due to:

•An increase in Property & Casualty of $50, which was attributable to:

–An increase in P&C CAY loss and LAE before catastrophes of $190, before tax, primarily due to the effect of higher earned premiums, partially offset by a lower underlying loss and LAE ratio in Personal Insurance.

Partially offset by:

–A favorable change of $72, before tax, in P&C net prior accident year reserve development, with development in the 2025 period of $187, compared to $115 in the prior year period. Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, bond, commercial property, homeowners, and Personal Insurance automobile liability and physical damage. Favorable prior year reserve development in the 2024 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, bond, Personal Insurance automobile liability, and homeowners, partially offset by increases in reserves for general liability, assumed reinsurance, and Business Insurance automobile liability. Also included within net prior accident year reserve development for the three months ended June 30, 2025 and 2024 was a benefit of $24 and $37, respectively, related to amortization of the Navigators ADC deferred gain. For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements; and

–A decrease in CAY catastrophe losses of $68, before tax. Catastrophe losses in 2025 and 2024 included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions.

.

Losses and LAE Incurred for Employee Benefits

•A slight increase in Employee Benefits of $3, before tax, primarily driven by a higher loss ratio on short-term and long-term disability, largely offset by a lower group life loss ratio.

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

Insurance operating costs and other expenses increased due to:

•Higher technology costs, including increased investment;

•Higher staffing costs, largely in response to increased business volume;

•An increase in doubtful accounts expense partly due to higher business volume; and

•Higher commissions and taxes, licenses and fees due to increased business volume in P&C and a slightly higher commission ratio in Employee Benefits due to mix of business.

Income tax expense increased primarily due to an increase in income before tax. For further discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.

63

Table of Contents Index to MD&A

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

June 30, 2025 compared to the six months ended June 30, 2024

Net income available to common stockholders increased by $134 primarily driven by:

•Higher net investment income of $125, before tax, primarily driven by a higher level of invested assets, reinvesting at higher interest rates, and greater income from limited partnerships and other alternative investments, partially offset by a lower yield on variable-rate securities;

•A higher P&C underwriting gain of $94, before tax, driven by a lower underlying loss and LAE ratio in Personal Insurance, a higher level of favorable prior accident year reserve development, and the effect of earned premium growth, partially offset by higher CAY catastrophe losses, and a higher underlying loss and LAE ratio in Business Insurance; and

•In Employee Benefits, the impact of a lower group life loss ratio, slightly higher fully insured ongoing premiums, and a lower loss ratio on paid family and medical leave products, was largely offset by the impact of a higher expense ratio, a higher long-term disability ratio, and a higher loss ratio on supplemental health products.

These increases were partially offset by:

•Greater net realized losses of $28, before tax

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

Revenue

Earned Premiums

Earned premiums increased by $772, or 7%, primarily due to:

•An increase in P&C reflecting a 9% increase in Business Insurance and a 10% increase in Personal Insurance.

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

–For Personal Insurance, earned premium increased primarily due to the effect of earned pricing increases, partially offset by non-renewals.

•An increase in Employee Benefits earned premium of 1%, including an increase in exposure on existing accounts, fully insured ongoing sales, and persistency in excess of 90%.

Fee income increased, primarily due to a $13 increase in Hartford Funds driven by higher daily average assets resulting from an increase in equity market levels, partially offset by net outflows over the preceding twelve-month period.

Net Investment Income

[1]Limited partnerships and other alternative investments of $32 and $52 for the six months ended June 30, 2024 and 2025, respectively.

Net investment income increased primarily due to the impact of a higher level of invested assets, reinvesting at higher interest rates, and greater income from limited partnerships and other alternative investments, partially offset by a lower yield on variable-rate securities.

64

Table of Contents Index to MD&A

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

Net realized losses increased primarily due to:

•Lower appreciation in value of equity securities in the current year compared to the prior year;

•Losses on transactional foreign currency revaluation in the 2025 period compared to gains in the 2024 period; and

•Depreciation in value of fixed maturities, at fair value using the fair value option (“FVO securities”) in the 2025 period compared to appreciation in the 2024 period due to changes in credit spreads.

These increases were partially offset by fewer net losses on sales of fixed maturities.

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

Benefits, Losses and Expenses

Losses and LAE Incurred for P&C

Benefits, losses and loss adjustment expenses increased $440, due to:

•An increase in Property & Casualty of $444, which was attributable to:

–An increase in P&C CAY loss and LAE before catastrophes of $344, before tax, primarily due to the effect of higher earned premiums, partially offset by a lower underlying loss and LAE ratio in Personal Insurance; and

–An increase in CAY catastrophe losses of $238, before tax. Catastrophe losses in the 2025 period included $313, net of reinsurance, from the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events mainly in the South and Midwest regions. Catastrophe losses in the 2024 period included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions, and, to a lesser extent, from winter storms, mainly in the Northeast, Pacific and South regions.

Losses and LAE Incurred for Employee Benefits

Partially offset by:

–A favorable change of $138, before tax, in P&C net prior accident year reserve development, with favorable development in the 2025 period of $309, compared to $171 in the prior year period. Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, homeowners, commercial property, bond, and Personal Insurance automobile liability and physical damage. Favorable prior year reserve development in the 2024 period was primarily driven by decreases in reserves related to workers' compensation, catastrophes, bond, Personal Insurance automobile liability, and homeowners, partially offset by increases in reserves for general liability, assumed reinsurance, and Business Insurance automobile liability. Also included within net prior accident year reserve development for the six months ended June 30, 2025 and 2024 was a benefit of $56 and $61, respectively, related to amortization of the Navigators ADC deferred gain.For further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

•A slight decrease in Employee Benefits of $2, before tax, primarily driven by lower group life mortality, and a lower loss ratio on paid family and medical leave products, largely

65

Table of Contents Index to MD&A

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

offset by a higher loss ratio on long-term disability and supplemental health products.

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

Insurance operating costs and other expenses increased due to:

•Higher staffing costs, largely in response to increased business volume;

•Higher technology costs, including increased investment;

•An increase in doubtful accounts expense partly due to higher business volume;

•Higher direct marketing costs in Personal Insurance; and

•Higher commissions due to increased business volume and a slightly higher commission ratio in Employee Benefits due to mix of business.

Income tax expense increased primarily due to an increase in income before tax. For further discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.

Investment Results

Composition of Invested Assets
	June 30, 2025				December 31, 2024
	Amount		Percent		Amount		Percent
Fixed maturities, AFS, at fair value	$	44,558	73.2	%	$	42,567	71.9	%
FVO securities	181		0.3	%	308		0.5	%
Equity securities, at fair value	529		0.9	%	603		1.0	%
Mortgage loans (net of allowance for credit losses ("ACL") of $43 and $44)	6,463		10.6	%	6,396		10.8	%
Limited partnerships and other alternative investments	5,325		8.7	%	5,042		8.5	%
Other investments [1]	198		0.3	%	226		0.4	%
Short-term investments	3,649		6.0	%	4,068		6.9	%
Total investments	$	60,903	100.0	%	$	59,210	100.0	%

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

June 30, 2025 compared to December 31, 2024

Total investments increased primarily due to an increase in fixed maturities, AFS, at fair value, partially offset by a decrease in short-term investments.

Fixed maturities, AFS, at fair value increased primarily due to net additions of corporate bonds and high-quality ABS, partially offset by net reductions to tax-exempt municipal bonds. The increase was also due to higher valuations as a result of lower interest rates.

Short-term investments decreased primarily due to reallocation into fixed maturities, AFS.

66

Table of Contents Index to MD&A

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

Net Investment Income
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
(Before tax)	Amount		Yield [1]		Amount		Yield [1]		Amount		Yield [1]		Amount		Yield [1]
Fixed maturities [2]	$	584	4.7	%	$	537	4.6	%	$	1,158	4.7	%	$	1,063	4.5	%
Equity securities	5		4.1	%	6		3.8	%	9		3.6	%	15		4.1	%
Mortgage loans	72		4.5	%	65		4.1	%	142		4.4	%	128		4.1	%
Limited partnerships and other alternative investments	13		1.0	%	16		1.3	%	52		2.1	%	32		1.3	%
Other [3]	13				1				10				7
Investment expense	(23)				(23)				(51)				(50)
Total net investment income	664		4.3	%	602		4.1	%	1,320		4.3	%	1,195		4.1	%
Adjustment for net investment income from limited partnerships and other alternative investments	(13)		0.3	%	(16)		0.3	%	(52)		0.2	%	(32)		0.2	%
Total net investment income excluding limited partnerships and other alternative investments	$	651	4.6	%	$	586	4.4	%	$	1,268	4.5	%	$	1,163	4.3	%

[1]Yields calculated using annualized net investment income divided by the monthly average invested assets at amortized cost, as applicable, excluding derivatives book value.

[2]Includes net investment income on short-term investments.

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

Three and six months ended June 30, 2025 compared to three and six months ended June 30, 2024

Total net investment income increased primarily due to the impact of higher invested assets and reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities. For the six month period, the increase also reflects greater income from limited partnerships and other alternative investments.

Annualized net investment income yield, excluding limited partnerships and other alternative investments, increased primarily due to the impact of reinvesting at higher rates, partially offset by a lower yield on variable-rate securities.

Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S. Treasury securities, for the three and six months ended June 30, 2025, were 5.9% and 5.7%, respectively, which were above the average yield of sales and maturities of 4.6% and 4.7%, respectively. Average reinvestment rates, of fixed maturities and mortgage loans, excluding U.S. Treasury securities, for the three and six months ended June 30, 2024, were 6.4% and 6.2%, respectively, which were above the average yield of sales and maturities of 4.9% and 4.9%, respectively.

For the 2025 calendar year, we expect the annualized net investment income yield, excluding limited partnerships and other alternative investments, to be relatively consistent with the portfolio yield earned in 2024. The estimated impact on annualized net investment income yield is subject to variability including the impact of evolving market conditions.

67

Table of Contents Index to MD&A

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

Net Realized Gains (Losses)
	Three Months Ended June 30,				Six Months Ended June 30,
(Before tax)	2025		2024		2025		2024
Gross gains on sales of fixed maturities	$	19	$	6	$	32	$	11
Gross losses on sales of fixed maturities	(45)		(75)		(70)		(86)
Equity securities [1]	36		14		25		49
Net credit losses on fixed maturities, AFS [2]	—		(1)		2		(2)
Change in ACL on mortgage loans [3]	—		—		—		3
Other, net [4]	(20)		(3)		(48)		(6)
Net realized losses	$	(10)	$	(59)	$	(59)	$	(31)

[1]The change in net unrealized gains on equity securities still held as of June 30, 2025, and included in net realized gains were $34 and $21 for the three and six months ended June 30, 2025, respectively. The change in net unrealized gains on equity securities still held as of June 30, 2024, and included in net realized gains were $15 and $44 for the three and six months ended June 30, 2024, respectively.

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

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

[4]For the three and six months ended June 30, 2025, includes losses from transactional foreign currency revaluation of $8 and $18, respectively, and losses on non-qualifying derivatives of $11 and $11, respectively. For the three and six months ended June 30, 2024, includes gains from transactional foreign currency revaluation of $4 and $6, respectively, and losses on non-qualifying derivatives of $6 and $8, respectively.

Three and six months ended June 30, 2025

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

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

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

Three and six months ended June 30, 2024

Gross gains and losses on sales were primarily due to sales of U.S. Treasuries, corporate securities, and tax-exempt municipals to fund purchases of higher-yielding investments.

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

Other, net losses for the three and six month periods ended June 30, 2024, primarily included losses of $6 and $3, respectively, on interest rate derivatives driven by changes in interest rates, and gains of $4 and $6, respectively, on transactional foreign currency revaluation. Also included for the six-month period ended June 30, 2024, were losses of $5 on equity derivatives due to higher equity market levels.

68

Table of Contents Index to MD&A

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

Critical Accounting Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ, and in the past have differed, from those estimates.

The Company has identified the following estimates as critical in that they involve a higher degree of judgment and are subject to a significant degree of variability:

•property and casualty insurance product reserves, net of reinsurance;

•group LTD reserves, net of reinsurance;

•evaluation of goodwill for impairment;

•valuation of investments and derivative instruments including evaluation of credit losses on fixed maturities, AFS and ACL on mortgage loans; and

•contingencies relating to corporate litigation and regulatory matters.

In developing these estimates, management makes subjective and complex judgments that are inherently uncertain and subject to material change as facts and circumstances develop. Although variability is inherent in these estimates, management believes the amounts provided are appropriate based upon the facts available upon compilation of the financial statements. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Condensed Consolidated Financial Statements.

The Company’s critical accounting estimates are discussed in Part II, Item 7 MD&A in the Company’s 2024 Form 10-K Annual Report. In addition, - Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2024 Form 10-K Annual Report should be read in conjunction with this section to assist with obtaining an understanding of the underlying accounting policies related to these estimates. The following discussion updates certain of the Company’s critical accounting estimates as of June 30, 2025.

Property & Casualty Insurance Product Reserves, Net of Reinsurance

P&C Loss and Loss Adjustment Expense Reserves, Net of Reinsurance, by Segment as of June 30, 2025

Based on the results of the quarterly reserve review process, the Company determines the appropriate reserve adjustments, if any, to record. Recorded reserve estimates represent the Company's best estimate of the ultimate settlement amount of unpaid losses and loss adjustment expenses. The Company does not use statistical loss distributions or confidence levels in the process of determining its reserve estimate and, as a result, does not disclose reserve ranges. Assumptions used in arriving at the selected actuarial indications consider a number of factors, including the immaturity of emerged claims in recent accident years, emerging trends in the recent past, and the level of volatility within each line of business. In general, adjustments are made more quickly to more mature accident years and less volatile lines of business. Such adjustments of reserves are referred to as “prior accident year development”. Increases in previous estimates of ultimate loss costs are referred to as either an increase in prior accident year reserves or as unfavorable reserve development. Decreases in previous estimates of ultimate loss costs are referred to as either a decrease in prior accident year reserves or as favorable reserve development. Reserve development can influence the comparability of year over year underwriting results and is set forth in the paragraphs and tables that follow.

69

Table of Contents Index to MD&A

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

Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Six Months Ended June 30, 2025
	Business Insurance		Personal Insurance		Property & Casualty Other Operations		Total Property & Casualty
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	31,380	$	2,240	$	2,784	$	36,404
Reinsurance and other recoverables	4,637		20		2,096		6,753
Beginning liabilities for unpaid losses and loss adjustment expenses, net	26,743		2,220		688		29,651
Provision for unpaid losses and loss adjustment expenses
Current accident year before catastrophes	3,843		1,148		—		4,991
Current accident year catastrophes	394		285		—		679
Prior accident year development	(229)		(80)		—		(309)
Total provision for unpaid losses and loss adjustment expenses	4,008		1,353		—		5,361
Change in deferred gain on retroactive reinsurance included in other liabilities	56		—		—		56
Payments	(3,036)		(1,233)		(111)		(4,380)
Foreign currency adjustment	39		—		—		39
Ending liabilities for unpaid losses and loss adjustment expenses, net	27,810		2,340		577		30,727
Reinsurance and other recoverables	4,519		43		2,069		6,631
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	32,329	$	2,383	$	2,646	$	37,358
Earned premiums and fee income	$	6,770	$	1,846
Loss and loss adjustment expense paid ratio [1]	44.8		66.8
Loss and loss adjustment expense ratio	59.4		73.9
Prior accident year development (pts) [2]	(3.4)		(4.4)

[1]The “loss and loss adjustment expense paid ratio” represents the ratio of paid losses and loss adjustment expenses to earned premiums and fee income.

[2]“Prior accident year development (pts)” represents the ratio of prior accident year development to earned premiums.

Current Accident Year Catastrophe Losses, Net of Reinsurance
	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
	Business Insurance		Personal Insurance		Total		Business Insurance		Personal Insurance		Total [1]
Wind and hail	$	101	$	101	$	202	$	145	$	162	$	307
Wildfires [1]	(8)		(4)		(12)		145		114		259
Winter storms	(2)		1		(1)		15		9		24
Catastrophes before assumed reinsurance	91		98		189		305		285		590
Global assumed reinsurance business [1] [2]	23		—		23		89		—		89
Total catastrophe losses	$	114	$	98	$	212	$	394	$	285	$	679

[1] The three months ended June 30, 2025, included a favorable change in losses of ($12), net of reinsurance, from the January 2025 California Wildfire Event. For the six months ended June 30, 2025, catastrophe losses from the January 2025 California Wildfire Event were $313, net of reinsurance, and included losses of $54 in the global assumed reinsurance business.

[2]Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's per occurrence and aggregate property catastrophe treaties. For further information on the treaty, refer to Enterprise Risk Management — Insurance Risk section of this MD&A.

70

Table of Contents Index to MD&A

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

Unfavorable (Favorable) Prior Accident Year Development for the Three Months Ended June 30, 2025
	Business Insurance		Personal Insurance		Property & Casualty Other Operations		Total Property & Casualty Insurance
Workers’ compensation	$	(61)	$	—	$	—	$	(61)
Workers’ compensation discount accretion	11		—		—		11
General liability	—		—		—		—
Marine	—		—		—		—
Package business	—		—		—		—
Commercial property	(20)		—		—		(20)
Professional liability	(11)		—		—		(11)
Bond	(22)		—		—		(22)
Assumed reinsurance	—		—		—		—
Automobile liability	—		(10)		—		(10)
Homeowners	—		(13)		—		(13)
Net asbestos and environmental ("A&E") reserves	—		—		—		—
Catastrophes	(28)		(11)		—		(39)
Uncollectible reinsurance	—		—		—		—
Other reserve re-estimates, net [1]	9		(7)		—		2
Prior accident year development before change in deferred gain	(122)		(41)		—		(163)
Change in deferred gain on retroactive reinsurance included in other liabilities [2]	(24)		—		—		(24)
Total prior accident year development	$	(146)	$	(41)	$	—	$	(187)

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

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

Unfavorable (Favorable) Prior Accident Year Development for the Six Months Ended June 30, 2025
	Business Insurance		Personal Insurance		Property & Casualty Other Operations		Total Property & Casualty Insurance
Workers’ compensation	$	(126)	$	—	$	—	$	(126)
Workers’ compensation discount accretion	23		—		—		23
General liability	—		—		—		—
Marine	—		—		—		—
Package business	—		—		—		—
Commercial property	(23)		—		—		(23)
Professional liability	(11)		—		—		(11)
Bond	(22)		—		—		(22)
Assumed reinsurance	—		—		—		—
Automobile liability	—		(22)		—		(22)
Homeowners	—		(31)		—		(31)
Net A&E reserves	—		—		—		—
Catastrophes	(28)		(11)		—		(39)
Uncollectible reinsurance	—		—		—		—
Other reserve re-estimates, net [1]	14		(16)		—		(2)
Prior accident year development before change in deferred gain	(173)		(80)		—		(253)
Change in deferred gain on retroactive reinsurance included in other liabilities [2]	(56)		—		—		(56)
Total prior accident year development	$	(229)	$	(80)	$	—	$	(309)

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

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

71

Table of Contents Index to MD&A

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

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

Rollforward of Property and Casualty Insurance Product Liabilities for Unpaid Losses and LAE for the Six Months Ended June 30, 2024
	Business Insurance		Personal Insurance		Property & Casualty Other Operations		Total Property & Casualty Insurance
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	29,181	$	2,068	$	2,795	$	34,044
Reinsurance and other recoverables	4,599		28		2,069		6,696
Beginning liabilities for unpaid losses and loss adjustment expenses, net	24,582		2,040		726		27,348
Provision for unpaid losses and loss adjustment expenses
Current accident year before catastrophes	3,475		1,172		—		4,647
Current accident year catastrophes	264		177		—		441
Prior accident year development	(137)		(41)		7		(171)
Total provision for unpaid losses and loss adjustment expenses	3,602		1,308		7		4,917
Change in deferred gain on retroactive reinsurance included in other liabilities	61		—		—		61
Payments	(2,597)		(1,152)		(87)		(3,836)
Foreign currency adjustment	(9)		—		—		(9)
Ending liabilities for unpaid losses and loss adjustment expenses, net	25,639		2,196		646		28,481
Reinsurance and other recoverables	4,605		24		2,027		6,656
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	30,244	$	2,220	$	2,673	$	35,137
Earned premiums and fee income	$	6,191	$	1,678
Loss and loss adjustment expense paid ratio [1]	41.9		68.7
Loss and loss adjustment expense ratio	58.4		78.7
Prior accident year development (pts) [2]	(2.2)		(2.5)

[1]The “loss and loss adjustment expense paid ratio” represents the ratio of paid losses and loss adjustment expenses to earned premiums and fee income.

[2]“Prior accident year development (pts)” represents the ratio of prior accident year development to earned premiums.

Current Accident Year Catastrophe Losses, Net of Reinsurance
	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	Business Insurance		Personal Insurance		Total		Business Insurance		Personal Insurance		Total
Wind and hail	$	130	$	115	$	245	$	172	$	153	$	325
Winter storms	3		—		3		55		14		69
Wildfires	1		10		11		1		10		11
Other international	4		—		4		4		—		4
Catastrophes before assumed reinsurance	138		125		263		232		177		409
Global assumed reinsurance business [1]	17		—		17		32		—		32
Total catastrophe losses	$	155	$	125	$	280	$	264	$	177	$	441

[1]Catastrophe losses incurred on global assumed reinsurance business are not covered under the Company's aggregate property catastrophe treaty. For further information on the treaty, refer to Enterprise Risk Management — Insurance Risk section of this MD&A.

72

Table of Contents Index to MD&A

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

Unfavorable (Favorable) Prior Accident Year Development for the Three Months Ended June 30, 2024
	Business Insurance		Personal Insurance		Property & Casualty Other Operations		Total Property & Casualty Insurance
Workers’ compensation	$	(52)	$	—	$	—	$	(52)
Workers’ compensation discount accretion	11		—		—		11
General liability	32		—		—		32
Marine	(8)		—		—		(8)
Package business	(1)		—		—		(1)
Commercial property	(2)		—		—		(2)
Professional liability	(2)		—		—		(2)
Bond	(22)		—		—		(22)
Assumed reinsurance	15		—		—		15
Automobile liability	10		(13)		—		(3)
Homeowners	—		(10)		—		(10)
Net A&E reserves	—		—		—		—
Catastrophes	(33)		(5)		—		(38)
Uncollectible reinsurance	—		—		—		—
Other reserve re-estimates, net [1]	8		(6)		—		2
Prior accident year development before change in deferred gain	(44)		(34)		—		(78)
Change in deferred gain on retroactive reinsurance included in other liabilities [2]	(37)		—		—		(37)
Total prior accident year development	$	(81)	$	(34)	$	—	$	(115)

[1]Other reserve re-estimates, net for the three months ended June 30, 2024 includes a favorable change of $(7) in personal automobile physical damage reserves.

[2]The $37 change in deferred gain on retroactive reinsurance for the three months ended June 30, 2024, is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.

Unfavorable (Favorable) Prior Accident Year Development for the Six Months Ended June 30, 2024
	Business Insurance		Personal Insurance		Property & Casualty Other Operations		Total Property & Casualty Insurance
Workers’ compensation	$	(119)	$	—	$	—	$	(119)
Workers’ compensation discount accretion	23		—		—		23
General liability	49		—		—		49
Marine	(1)		—		—		(1)
Package business	(1)		—		—		(1)
Commercial property	(5)		—		—		(5)
Professional liability	(7)		—		—		(7)
Bond	(22)		—		—		(22)
Assumed reinsurance	24		—		—		24
Automobile liability	10		(13)		—		(3)
Homeowners	—		(10)		—		(10)
Net A&E reserves	—		—		—		—
Catastrophes	(33)		(5)		—		(38)
Uncollectible reinsurance	(7)		—		7		—
Other reserve re-estimates, net [1]	13		(13)		—		—
Prior accident year development before change in deferred gain	(76)		(41)		7		(110)
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	(61)		—		—		(61)
Total prior accident year development	$	(137)	$	(41)	$	7	$	(171)

[1]Other reserve re-estimates, net for the six months ended June 30, 2024 includes a favorable change of $(14) in personal automobile physical damage reserves.

[2]The $61 change in deferred gain on retroactive reinsurance for the six months ended June 30, 2024 is related to amortization of the Navigators ADC deferred gain under retroactive reinsurance accounting.

73

Table of Contents Index to MD&A

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

For discussion of the factors contributing to unfavorable (favorable) prior accident year reserve development for 2024, please refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

Reportable Segment And Corporate Operating Summaries

Business Insurance - Results of Operations

Underwriting Summary

	Three Months Ended June 30,						Six Months Ended June 30,
	2025		2024		Change		2025		2024		Change
Written premiums	$	3,816	$	3,540	8	%	$	7,502	$	6,902	9	%
Change in unearned premium reserve	392		419		(6	%)	754		733		3	%
Earned premiums	3,424		3,121		10	%	6,748		6,169		9	%
Fee income	11		11		—	%	22		22		—	%
Losses and loss adjustment expenses
Current accident year before catastrophes	1,952		1,750		12	%	3,843		3,475		11	%
Current accident year catastrophes [1]	114		155		(26	%)	394		264		49	%
Prior accident year development [1]	(146)		(81)		(80	%)	(229)		(137)		(67)	%
Total losses and loss adjustment expenses	1,920		1,824		5	%	4,008		3,602		11	%
Amortization of DAC	546		489		12	%	1,077		965		12	%
Insurance operating costs	507		484		5	%	1,019		971		5	%
Amortization of other intangible assets	7		7		—	%	14		14		—	%
Dividends to policyholders	11		9		22	%	21		19		11	%
Underwriting gain	444		319		39	%	631		620		2	%
Net investment income [2]	449		402		12	%	886		793		12	%
Net realized losses [2]	(20)		(50)		60	%	(44)		(38)		(16)	%
Other income (expense) [3]	(1)		(1)		—	%	(2)		(3)		33	%
Income before income taxes	872		670		30	%	1,471		1,372		7	%
Income tax expense [4]	176		130		35	%	298		259		15	%
Net income	$	696	$	540	29	%	$	1,173	$	1,113	5	%

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

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

[3]Includes integration costs in connection with the 2019 acquisition of Navigators Group.

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

74

Table of Contents Index to MD&A

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

Premium Measures

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Small Business:
Net new business premium	$	305		$	291		$	603		$	559
Policy count retention	83		%	84		%	84		%	84		%
Renewal written price increases	5.7		%	6.4		%	6.1		%	6.0		%
Renewal earned price increases	7.4		%	5.8		%	7.4		%	5.5		%
Policies in-force as of end of period (in thousands)	1,615			1,537
Middle Market [1]:
Net new business premium	$	190		$	187		$	378		$	361
Premium retention	82		%	83		%	82		%	83		%
Renewal written price increases	5.8		%	6.7		%	6.3		%	6.9		%
Renewal earned price increases	7.1		%	7.6		%	7.1		%	7.5		%
Global Specialty:
Global specialty gross new business premium [2]	$	278		$	264		$	503		$	487
Renewal written price increases [3]	5.1		%	6.2		%	5.6		%	6.2		%
Renewal earned price increases [3]	6.4		%	5.9		%	6.5		%	5.6		%

[1]Except for net new business premium, metrics for middle market exclude loss sensitive and programs businesses.

[2]Excludes Global Re and is before ceded reinsurance.

[3]Excludes Global Re, offshore energy policies, credit and political risk insurance ("CPRI") policies, political violence and terrorism ("PV&T") policies, and any business under which the managing agent of our Lloyd's Syndicate delegates underwriting authority to coverholders and other third parties.

Underwriting Ratios

	Three Months Ended June 30,			Six Months Ended June 30,
	2025	2024	Change	2025	2024	Change
Loss and loss adjustment expense ratio	56.1	58.4	(2.3)	59.4	58.4	1.0
Expense ratio	30.6	31.1	(0.5)	30.9	31.3	(0.4)
Policyholder dividend ratio	0.3	0.3	—	0.3	0.3	—
Combined ratio	87.0	89.8	(2.8)	90.6	90.0	0.6
Adjustments to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior accident year development	1.0	(2.4)	3.4	(2.4)	(2.1)	(0.3)
Underlying combined ratio	88.0	87.4	0.6	88.2	87.9	0.3
Underlying loss and loss adjustment expense ratio	57.0	56.1	0.9	57.0	56.3	0.7
Current accident year catastrophes	3.3	5.0	(1.7)	5.8	4.3	1.5
Prior accident year development	(4.3)	(2.6)	(1.7)	(3.4)	(2.2)	(1.2)
Total loss and loss adjustment expense ratio	56.1	58.4	(2.3)	59.4	58.4	1.0
Loss and loss adjustment expense ratio	56.1	58.4	(2.3)	59.4	58.4	1.0
Adjustments to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior accident year development	1.0	(2.4)	3.4	(2.4)	(2.1)	(0.3)
Underlying loss and loss adjustment expense ratio	57.0	56.1	0.9	57.0	56.3	0.7

75

Table of Contents Index to MD&A

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

Net Income

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Net income for the three and six months ended June 30, 2025 increased primarily due to a higher underwriting gain, higher net investment income, and for the three month period, lower net realized losses. For further discussion of investment results, see MD&A - Investment Results.

Underwriting Gain

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Underwriting gain for the three and six months ended June 30, 2025 increased due to the effect of earned premium growth, higher favorable prior accident year development, and for the three month period, lower CAY catastrophe losses. These favorable impacts were partially offset by a higher underlying loss and LAE ratio, and for the six month period, higher CAY catastrophe losses.

Expense ratio for the three and six months ended June 30, 2025 improved modestly as the impact of higher earned premium was partially offset by increased technology costs, including increased investment.

76

Table of Contents Index to MD&A

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

Earned Premiums

[1]Other earned premiums of $14 and $16 for the three months ended June 30, 2024, and 2025, respectively and $29 and $32, for the six months ended June 30, 2024 and 2025, respectively.

Written Premiums

[1]Other written premiums of $14 and $16 for the three months ended June 30, 2024, and 2025, respectively and $28 and $32, for the six months ended June 30, 2024 and 2025, respectively.

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Earned premiums for the three and six months ended June 30, 2025 increased due to written premium increases over the prior twelve months.

Written premiums for the three and six months ended June 30, 2025 increased driven by growth across small business, middle & large business and global specialty.

•Small business written premium increased driven by renewal written price increases in almost all lines, as well as mid single-digit and high single-digit new business growth for the three and six month periods, respectively. Written premium grew in nearly all lines of business, including package business, excess and surplus and automobile.

•Middle & large business written premium increased driven by renewal written price increases in almost all lines and, for the six month period, mid single-digit new business growth. Written premium rose across most industry verticals and the large and complex lines.

•Global specialty written premium increased driven by written price increases across most lines as well as an increase in gross new business, primarily in U.S. excess casualty insurance lines. Written premiums also grew in global reinsurance, primarily in property, casualty and credit risk.

Renewal written price increases were recognized in most lines for both the three and six months ended June 30, 2025.

•In small business, renewal written price increases were lower than prior year levels overall, with mid single-digit to low double-digit price increases across most lines. Workers' compensation pricing was slightly negative.

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

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

77

Table of Contents Index to MD&A

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

Underlying Loss and Loss Adjustment Expense Ratio

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Underlying Loss and Loss Adjustment Expense Ratio for the three and six months ended June 30, 2025 increased due to a higher general liability loss ratio, reflecting the increased severity trends observed beginning in the second half of 2024, and workers' compensation margin compression.

Catastrophes and Unfavorable (Favorable) Prior Accident Year Development

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Current accident year catastrophe losses decreased for the three month period and increased for the six month period. CAY catastrophe losses for the three months ended June 30, 2025 included losses from tornado, wind and hail events across several regions, but concentrated in the Midwest and South regions. CAY catastrophe losses for the six months ended June 30, 2025 included a loss of $199, net of reinsurance, from the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events primarily in the Midwest and South regions.

Current accident year catastrophe losses for the three and six months ended June 30, 2024 included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions, and for the six month period, winter storms primarily in the Northeast, Pacific and South regions.

Prior accident year development was net favorable for the three and six months ended June 30, 2025, and primarily included reserve decreases for workers' compensation, catastrophes, commercial property and bond. Also included are benefits of $24 and $56 related to amortization of the Navigators ADC deferred gain for the three and six month periods, respectively. For additional information regarding the ADC reinsurance agreement, refer to Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

Prior accident year development was net favorable for the three and six months ended June 30, 2024 and included reserve decreases for workers' compensation, catastrophes and bond, partially offset by reserve increases for general liability, assumed reinsurance and automobile liability. Also included are benefits of $37 and $61 related to amortization of the Navigators ADC deferred gain for the three and six month periods, respectively.

78

Table of Contents Index to MD&A

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

Personal Insurance - Results of Operations

Underwriting Summary

	Three Months Ended June 30,						Six Months Ended June 30,
	2025		2024		Change		2025		2024		Change
Written premiums	$	980	$	913	7	%	$	1,893	$	1,757	8	%
Change in unearned premium reserve	49		64		(23	%)	63		95		(34)	%
Earned premiums	931		849		10	%	1,830		1,662		10	%
Fee income	8		8		—	%	16		16		—	%
Losses and loss adjustment expenses
Current accident year before catastrophes	585		597		(2	%)	1,148		1,172		(2)	%
Current accident year catastrophes [1]	98		125		(22	%)	285		177		61	%
Prior accident year development [1]	(41)		(34)		(21	%)	(80)		(41)		(95)	%
Total losses and loss adjustment expenses	642		688		(7	%)	1,353		1,308		3	%
Amortization of DAC	70		63		11	%	138		123		12	%
Insurance operating costs	172		169		2	%	354		322		10	%
Amortization of other intangible assets	—		—		—	%	1		1		—	%
Underwriting gain (loss)	55		(63)		187	%	—		(76)		100	%
Net investment income [2]	58		50		16	%	115		100		15	%
Net realized losses [2]	(4)		(8)		50	%	(6)		(7)		14	%
Net servicing and other income (expense) [3]	5		6		(17	%)	10		10		—	%
Income (loss) before income taxes	114		(15)		NM		119		27		NM
Income tax expense (benefit) [4]	23		(4)		NM		23		4		NM
Net income (loss)	$	91	$	(11)	NM		$	96	$	23	NM

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

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

[3]Includes servicing revenues of $24 and $25 for the three months ended June 30, 2025 and 2024, respectively, and $44 and $44 for the six months ended June 30, 2025 and 2024, respectively. Includes servicing expenses of $19 and $18 for the three months ended June 30, 2025 and 2024, respectively, and $35 and $33 for the six months ended June 30, 2025 and 2024, respectively.

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

Written and Earned Premiums

	Three Months Ended June 30,						Six Months Ended June 30,
Written Premiums	2025		2024		Change		2025		2024		Change
Product Line
Automobile	$	633	$	617	3	%	$	1,260	$	1,217	4	%
Homeowners	347		296		17	%	633		540		17	%
Total	$	980	$	913	7	%	$	1,893	$	1,757	8	%
Earned Premiums
Product Line
Automobile	$	628	$	592	6	%	$	1,246	$	1,158	8	%
Homeowners	303		257		18	%	584		504		16	%
Total	$	931	$	849	10	%	$	1,830	$	1,662	10	%

79

Table of Contents Index to MD&A

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

Premium Measures

	Three Months Ended June 30,						Six Months Ended June 30,
Premium Measures	2025			2024			2025			2024
Policies in-force end of period (in thousands)
Automobile	1,121			1,214
Homeowners	724			702
Net new business premium
Automobile	$	81		$	82		$	162		$	154
Homeowners	$	69		$	47		$	131		$	81
Effective Policy Count Retention
Automobile	79		%	79		%	79		%	79		%
Homeowners	83		%	84		%	83		%	83		%
Renewal written price increase
Automobile	14.0		%	23.4		%	14.8		%	24.4		%
Homeowners	12.7		%	14.9		%	12.5		%	15.0		%
Renewal earned price increase
Automobile	17.4		%	22.1		%	18.7		%	20.6		%
Homeowners	13.7		%	14.6		%	14.1		%	14.5		%

Underwriting Ratios

	Three Months Ended June 30,			Six Months Ended June 30,
Underwriting Ratios	2025	2024	Change	2025	2024	Change
Loss and loss adjustment expense ratio	69.0	81.0	(12.0)	73.9	78.7	(4.8)
Expense Ratio	25.1	26.4	(1.3)	26.1	25.9	0.2
Combined Ratio	94.1	107.4	(13.3)	100.0	104.6	(4.6)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes and prior year development	(6.1)	(10.7)	4.6	(11.2)	(8.1)	(3.1)
Underlying combined ratio	88.0	96.7	(8.7)	88.8	96.4	(7.6)
Underlying loss and loss adjustment expense ratio	62.8	70.3	(7.5)	62.7	70.5	(7.8)
Current accident year catastrophes	10.5	14.7	(4.2)	15.6	10.6	5.0
Prior accident year development	(4.4)	(4.0)	(0.4)	(4.4)	(2.5)	(1.9)
Total loss and loss adjustment expense ratio	69.0	81.0	(12.0)	73.9	78.7	(4.8)
Loss and loss adjustment expense ratio	69.0	81.0	(12.0)	73.9	78.7	(4.8)
Adjustment to reconcile loss and loss adjustment expense ratio to underlying loss and loss adjustment expense ratio:
Current accident year catastrophes and prior year development	(6.1)	(10.7)	4.6	(11.2)	(8.1)	(3.1)
Underlying loss and loss adjustment expense ratio	62.8	70.3	(7.5)	62.7	70.5	(7.8)

80

Table of Contents Index to MD&A

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

Product Combined Ratios

	Three Months Ended June 30,			Six Months Ended June 30,
	2025	2024	Change	2025	2024	Change
Automobile
Combined ratio	94.0	105.4	(11.4)	93.8	104.7	(10.9)
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(1.8)	(3.6)	1.8	(1.5)	(2.4)	0.9
Prior accident year development	3.0	3.1	(0.1)	3.4	2.4	1.0
Underlying combined ratio	95.2	104.9	(9.7)	95.7	104.7	(9.0)
Homeowners
Combined ratio	94.4	114.5	(20.1)	113.1	105.6	7.5
Adjustment to reconcile combined ratio to underlying combined ratio:
Current accident year catastrophes	(28.8)	(40.4)	11.6	(45.6)	(29.8)	(15.8)
Prior accident year development	7.1	3.7	3.4	6.4	1.6	4.8
Underlying combined ratio	72.7	77.8	(5.1)	73.9	77.4	(3.5)

Net income (loss)

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Net income of $91 for the three months ended June 30, 2025 improved from a loss in the prior year period, and increased for the six months ended June 30, 2025, largely driven by improved underwriting results and, to a lesser extent, from an increase in net investment income.

Underwriting gain (loss)

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Underwriting gain for the three and six months ended June 30, 2025 changed from an underwriting loss primarily due to the effect of an increase in earned premium due to renewal price increases and greater favorable prior accident year development. Current accident year catastrophe losses were lower for the three month period and higher for the six month period.

Expense ratio for the three months ended June 30, 2025 decreased primarily due to the effect of an increase in earned premium due to renewal written price increases, partially offset by a higher commission ratio due to business mix. The expense ratio for the six months ended June 30, 2025 increased slightly due to a higher commission ratio due to business mix, partially offset by the effect of an increase in earned premium due to renewal written price increases.

81

Table of Contents Index to MD&A

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

Earned Premiums

Written Premiums

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Earned premiums increased in both the three and six months ended June 30, 2025 due to higher written premium over the prior twelve months in both automobile and homeowners.

Written premiums increased in both the three and six months ended June 30, 2025 driven by the effect of written pricing increases and by an increase in new business premium in homeowners in both the three month and six month periods.

Renewal written pricing moderated for both automobile and homeowners in both the three and six months ended June 30, 2025, primarily in response to moderating loss cost trends.

Effective Policy count retention was relatively stable both for automobile and homeowners in both the three and six months ended June 30, 2025, in response to moderating renewal written pricing increases.

Policies in-force as of June 30, 2025 compared to June 30, 2024 declined for automobile and increased for homeowners, reflecting the level of new business in relation to non-renewed policies.

82

Table of Contents Index to MD&A

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

Underlying Loss and Loss Adjustment Expense Ratio

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Underlying loss and LAE ratio decreased in both automobile and homeowners in both the three and six months ended June 30, 2025. The decrease in automobile was primarily due to the impact of earned pricing increases, partially offset by higher loss costs. The higher loss costs in automobile were driven by higher physical damage and liability claim severities, partially offset by lower physical damage claim frequency. The automobile claim severity trend has moderated from the prior year. The automobile liability severity trend continues to recognize the inflationary effects and higher attorney representation rates on bodily injury claims. For homeowners, the decrease in the underlying loss and LAE ratio was primarily due to the impact of earned pricing increases, partially offset by higher claim severities, while the rate of change in severity declined from a year ago. Contributing to the higher homeowners severity was the effect of higher rebuilding costs.

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

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Current accident year catastrophe losses decreased in the three month period and increased in the six month period. CAY catastrophe losses for the three months ended June 30, 2025 included losses from tornado, wind and hail events across several regions, but concentrated in the South and Midwest regions. CAY catastrophe losses for the six months ended June 30, 2025 included a loss of $114, net of reinsurance, from the January 2025 California Wildfire Event, as well as losses from tornado, wind and hail events primarily in the South and Midwest regions. CAY catastrophe losses for 2024 included tornado, wind and hail events mainly in the Midwest and South regions, as well as winter storms in the Pacific and South regions.

Prior accident year development was favorable for both the three and six months ended June 30, 2025, primarily driven by lower estimated severity on homeowners, automobile physical damage, automobile liability, and catastrophes. Prior accident year development was favorable for the three and six months ended June 30, 2024, primarily driven by lower estimated severity on automobile physical damage, automobile liability, and homeowners.

83

Table of Contents Index to MD&A

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

Property & Casualty Other Operations - Results of Operations

Underwriting Summary

	Three Months Ended June 30,						Six Months Ended June 30,
	2025		2024		Change		2025		2024		Change
Losses and loss adjustment expenses
Prior accident year development [1]	$	—	$	—	—	%	$	—	$	7	(100)	%
Total losses and loss adjustment expenses	—		—		—	%	—		7		(100)	%
Insurance operating costs	2		2		—	%	4		4		—	%
Underwriting loss	(2)		(2)		—	%	(4)		(11)		64	%
Net investment income [2]	19		19		—	%	37		37		—	%
Net realized losses [2]	(2)		(3)		33	%	(2)		(3)		33	%
Income before income taxes	15		14		7	%	31		23		35	%
Income tax expense [3]	2		3		(33	%)	5		4		25	%
Net income	$	13	$	11	18	%	$	26	$	19	37	%

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

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

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

Net income

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Net income increased slightly in the three months ended June 30, 2025, due to a decrease in net realized losses. Net income increased in the six months ended June 30, 2025, primarily due to a lower underwriting loss.

Underwriting loss remained unchanged for the three months ended June 30, 2025, and decreased for the six months ended June 30, 2025 due to unfavorable prior accident year reserve development in the 2024 period.

84

Table of Contents Index to MD&A

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

Employee Benefits - Results of Operations

Operating Summary
	Three Months Ended June 30,						Six Months Ended June 30,
	2025		2024		Change		2025		2024		Change
Premiums and other considerations	$	1,663	$	1,665	—	%	$	3,331	$	3,304	1	%
Net investment income [1]	118		112		5	%	244		226		8	%
Net realized losses [1]	(16)		(9)		(78	%)	(20)		(8)		(150)	%
Total revenues	1,765		1,768		—	%	3,555		3,522		1	%
Benefits, losses and loss adjustment expenses	1,150		1,147		—	%	2,349		2,351		—	%
Amortization of DAC	9		9		—	%	17		18		(6)	%
Insurance operating costs and other expenses	407		387		5	%	813		784		4	%
Amortization of other intangible assets	10		10		—	%	20		20		—	%
Total benefits, losses and expenses	1,576		1,553		1	%	3,199		3,173		1	%
Income before income taxes	189		215		(12	%)	356		349		2	%
Income tax expense [2]	39		44		(11	%)	73		70		4	%
Net income	$	150	$	171	(12	%)	$	283	$	279	1	%

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

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

Premiums and Other Considerations
	Three Months Ended June 30,						Six Months Ended June 30,
	2025		2024		Change		2025		2024		Change
Fully insured – ongoing premiums	$	1,602	$	1,607	—	%	$	3,214	$	3,192	1	%
Buyout premiums	4		1		NM		4		1		NM
Fee income	57		57		—	%	113		111		2	%
Total premiums and other considerations	$	1,663	$	1,665	—	%	$	3,331	$	3,304	1	%
Fully insured ongoing sales	$	107	$	101	6	%	$	488	$	545	(10)	%

Ratios, Excluding Buyouts
	Three Months Ended June 30,					Six Months Ended June 30,
	2025		2024		Change	2025		2024		Change
Group disability loss ratio	68.5	%	67.1	%	1.4	68.8	%	68.6	%	0.2
Group life loss ratio	74.3	%	74.9	%	(0.6)	77.1	%	78.7	%	(1.6)
Total loss ratio	69.1	%	68.9	%	0.2	70.5	%	71.1	%	(0.6)
Expense ratio	25.7	%	24.4	%	1.3	25.5	%	24.9	%	0.6

Margin
	Three Months Ended June 30,					Six Months Ended June 30,
	2025		2024		Change	2025		2024		Change
Net income margin	8.5	%	9.7	%	(1.2)	8.0	%	7.9	%	0.1
Adjustments to reconcile net income margin to core earnings margin:
Net realized losses, before tax	0.8	%	0.4	%	0.4	0.5	%	0.3	%	0.2
Income tax benefit	(0.1	%)	(0.1	%)	—	(0.1	%)	(0.1	%)	—
Core earnings margin	9.2	%	10.0	%	(0.8)	8.4	%	8.1	%	0.3

85

Table of Contents Index to MD&A

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

Net Income

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Net income decreased for the three months ended June 30, 2025 primarily due to an increase in the expense ratio as well as a higher group disability loss ratio, partially offset by a lower group life loss ratio. For the six months ended June 30, 2025, net income increased primarily due to a lower group life loss ratio, higher fully insured ongoing premiums, and higher net investment income, partially offset by an increase in the expense ratio.

Insurance operating costs and other expenses were higher for both the three and six month periods due to higher technology costs, including increased investment, as well as higher commissions and staffing costs.

Fully Insured Ongoing Premiums

[1]Other of $107 and $120 for the three months ended June 30, 2024 and 2025 respectively, and $211 and $238 for the six months ended June 30, 2024 and 2025, respectively which includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Fully insured ongoing premiums remained flat for the three months ended June 30, 2025, as an increase in exposure on existing accounts was offset by lower sales during the past year. For the six-month period, premiums increased over prior year and included an increase in exposure on existing accounts and persistency in excess of 90%, though slightly below the prior year.

Fully insured ongoing sales increased for the three months ended June 30, 2025 driven by higher group disability sales. For the six-month period, sales decreased compared to prior year driven by lower sales of the paid family and medical leave product and fewer large case sales.

86

Table of Contents Index to MD&A

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

Ratios

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Loss ratio remained relatively flat for the three months ended June 30, 2025 compared to the prior year period. The group life loss ratio decreased 0.6 points due to lower mortality primarily driven by the accidental death product. The group disability loss ratio increased 1.4 points driven by higher short-term disability claim incidence as well as a slight increase in long-term disability incidence, partially offset by strong claim recoveries.

The loss ratio improved 0.6 points in the six months ended June 30, 2025 compared to the prior year period reflecting a lower group life loss ratio. The group life loss ratio decreased 1.6 points driven by a lower level of mortality within both our term and accidental life products. Group disability loss ratio remained relatively flat compared to prior year driven by paid family and medical leave pricing actions offset by a slight increase in long-term disability incidence.

Expense ratio increased for the three and six months ended June 30, 2025 primarily due to higher technology costs, including increased investment, as well as the impact of higher staffing costs.

Hartford Funds - Results of Operations

Operating Summary

	Three Months Ended June 30,						Six Months Ended June 30,
	2025		2024		Change		2025		2024		Change
Fee income and other revenue	$	256	$	253	1	%	$	516	$	503	3	%
Net investment income	6		5		20	%	10		9		11	%
Net realized gains	9		3		NM		9		8		13	%
Total revenues	271		261		4	%	535		520		3	%
Operating costs and other expenses	203		203		—	%	412		406		1	%
Income before income taxes	68		58		17	%	123		114		8	%
Income tax expense [1]	14		14		—	%	26		25		4	%
Net income	$	54	$	44	23	%	$	97	$	89	9	%
Daily average Hartford Funds AUM	$	138,195	$	134,064	3	%	$	140,004	$	132,856	5	%
ROA [2]	15.6		13.1		19	%	13.9		13.4		4	%
Adjustment to reconcile ROA to ROA, core earnings:
Effect of net realized gains excluded from core earnings, before tax	(2.6)		(0.9)		(189	%)	(1.3)		(1.3)		—	%
Effect of income tax expense	0.3		0.6		(50	%)	0.3		0.5		(40)	%
ROA, core earnings [2]	13.3		12.8		4	%	12.9		12.6		2	%

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

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

87

Table of Contents Index to MD&A

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

Hartford Funds Segment AUM

	Three Months Ended June 30,						Six Months Ended June 30,
	2025		2024		Change		2025		2024		Change
Mutual Fund and ETF AUM - beginning of period	$	127,219	$	123,559	3	%	$	128,054	$	119,316	7	%
Sales - Mutual Fund	6,420		5,653		14	%	14,151		11,290		25	%
Redemptions - Mutual Fund	(7,964)		(6,841)		(16	%)	(17,273)		(14,780)		(17)	%
Net flows - ETF	29		103		(72	%)	175		(106)		NM
Net flows - Mutual Fund and ETF	(1,515)		(1,085)		(40	%)	(2,947)		(3,596)		18	%
Change in market value and other	8,586		1,212		NM		9,183		7,966		15	%
Mutual Fund and ETF AUM - end of period	134,290		123,686		9	%	134,290		123,686		9	%
Third-party life and annuity separate account AUM	11,226		11,832		(5	%)	11,226		11,832		(5)	%
Hartford Funds AUM - end of period	$	145,516	$	135,518	7	%	$	145,516	$	135,518	7	%

Mutual Fund and ETF AUM by Asset Class

	As of June 30,
	2025		2024		Change
Equity - Mutual Funds	$	89,072	$	83,212	7	%
Fixed Income - Mutual Funds	21,827		17,825		22	%
Multi-Strategy Investments - Mutual Funds [1]	18,544		18,807		(1)	%
Equity - ETF	1,964		1,734		13	%
Fixed Income - ETF	2,883		2,108		37	%
Mutual Fund and ETF AUM	$	134,290	$	123,686	9	%

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

Net Income

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Net income increased for the three and six months ended June 30, 2025, primarily due to an increase in fee income net of operating costs and other expenses driven by higher daily average AUM and an increase in net realized gains.

Hartford Funds AUM

June 30, 2025 compared to June 30, 2024

Hartford Funds AUM increased primarily due to an increase in equity market levels, partially offset by net outflows over the preceding twelve month periods. Net outflows were $1.5 billion and $2.9 billion, respectively, for the three and six months ended June 30, 2025 compared to net outflows of $1.1 billion and $3.6 billion, respectively for the three and six months ended June 30, 2024.

88

Table of Contents Index to MD&A

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

Corporate - Results of Operations

Operating Summary

	Three Months Ended June 30,						Six Months Ended June 30,
	2025		2024		Change		2025		2024		Change
Fee income [1]	$	10	$	10	—	%	$	21	$	20	5	%
Other revenue	5		1		NM		6		1		NM
Net investment income [2]	14		14		—	%	28		30		(7)	%
Net realized gains [2]	23		8		188	%	4		17		(76)	%
Total revenues	52		33		58	%	59		68		(13)	%
Benefits, losses and loss adjustment expenses [3]	—		2		(100	%)	2		4		(50)	%
Insurance operating costs and other expenses [1]	14		11		27	%	28		25		12	%
Interest expense [4]	50		50		—	%	100		100		—	%
Restructuring and other costs	—		—		—	%	—		1		(100)	%
Total benefits, losses and expenses	64		63		2	%	130		130		—	%
Loss before income taxes	(12)		(30)		60	%	(71)		(62)		(15)	%
Income tax benefit [5]	(3)		(13)		77	%	(21)		(30)		30	%
Net loss	(9)		(17)		47	%	(50)		(32)		(56)	%
Preferred stock dividends	5		5		—	%	10		10		—	%
Net loss available to common stockholders	$	(14)	$	(22)	36	%	$	(60)	$	(42)	(43)	%

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

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

[3]Includes benefits expense on life and annuity business previously underwritten by the Company.

[4]For discussion of debt, see Note 13 - Debt of Notes to Consolidated Financial Statements in The Hartford's 2024 Form 10-K Annual Report.

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

Net loss available to common stockholders

Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Net loss available to common stockholders decreased for the three months ended June 30, 2025, primarily due to an increase in net realized gains.

Net loss available to common stockholders increased for the six months ended June 30, 2025, due to lower net realized gains and a lower tax benefit related to the vesting of stock-based compensation awards in the six month period.

89

Table of Contents Index to MD&A

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

Enterprise Risk Management

The Company’s Board of Directors has ultimate responsibility for risk oversight, as described more fully in our Proxy Statement, while management is tasked with the day-to-day management of the Company’s risks.

The Company manages and monitors risk through risk policies, controls and limits. At the senior management level, an Enterprise Risk and Capital Committee (“ERCC”) oversees the risk profile and risk management practices of the Company.

The Company's enterprise risk management ("ERM") function supports the ERCC and functional committees, and is tasked with, among other things:

•risk identification and assessment;

•the development of risk appetites, tolerances, and limits;

•risk monitoring; and

•internal and external risk reporting.

The Company categorizes its main risks as insurance risk, operational risk and financial risk. Insurance risk and financial risk are described in more detail below. Operational risk, including cybersecurity, and specific risk tolerances for natural catastrophes, terrorism and pandemic risk are described in the ERM section of the MD&A in The Hartford’s 2024 Form 10-K Annual Report.

Insurance Risk

Insurance risk is the risk of losses of both a catastrophic and non-catastrophic nature on the P&C and Employee Benefits products the Company has sold. Catastrophe insurance risk is the exposure arising from both natural catastrophes (e.g., weather, earthquakes, wildfires, pandemics) and man-made catastrophes (e.g., terrorism, cyber-attacks) that create a concentration or aggregation of loss across the Company's insurance or asset portfolios.

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

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

•Liability- Risk of loss from automobile related accidents, uninsured and under-insured drivers, lawsuits from accidents, defective products, breach of warranty, negligent acts by professional practitioners, environmental claims, latent exposures, fraud, coercion, forgery, failure to fulfill obligations per contract surety, liability from errors and omissions, losses from CPRI coverages, losses from derivative lawsuits, and other securities actions and covered perils.

•Mortality- Risk of loss from unexpected trends in insured deaths impacting timing of payouts from group life insurance, personal or commercial automobile related accidents, and death of employees or executives during the course of employment, while on disability, or while collecting workers compensation benefits.

•Morbidity- Risk of loss to an insured from illness incurred during the course of employment or illness from other covered perils.

•Disability- Risk of loss incurred from personal or commercial automobile related losses, accidents arising outside of the workplace, injuries or accidents incurred during the course of employment, or from equipment, with each loss resulting in short-term or long-term disability payments.

•Longevity- Risk of loss from increased life expectancy trends among policyholders receiving long-term benefit payments.

•Cyber Insurance- Risk of loss to property, breach of data and business interruption from various types of cyber-attacks.

Catastrophe risk primarily arises in the property, automobile, workers' compensation, casualty, group life, and group disability lines of business but could also arise from other coverages such as losses under PV&T and CPRI policies. See the term Current Accident Year Catastrophe Ratio within the Key Performance Measures and Ratios section of MD&A for an explanation of how the Company defines catastrophe losses in its financial reporting.

Impact Non-catastrophe insurance risk can arise from unexpected loss experience, underpriced business and/or underestimation of loss reserves and can have significant effects on the Company’s earnings. Catastrophe insurance risk can arise from various unpredictable events and can have significant effects on the Company's earnings and may result in losses that could constrain its liquidity.

Management The Company's policies and procedures for managing these risks include disciplined underwriting protocols, exposure controls, sophisticated risk-based pricing, risk modeling, risk transfer, and capital management strategies. The Company has established underwriting guidelines for both individual risks, including individual policy limits, and risks in the aggregate, including aggregate exposure limits by geographic zone and peril. The Company uses both internal and third-party models to estimate the potential loss resulting from various catastrophe events and the potential financial impact those events would have on the Company's financial position and results of operations across its businesses.

The Hartford closely monitors scientific literature on climate change to help identify climate change risks impacting our business. We use data from the scientific community and other outside experts including partnerships with third-party catastrophe modeling firms to inform our risk management activities and stay abreast of potential implications of climate-related impacts that we incorporate into our risk assessment. We regularly study these climate change implications and incorporate these risks into our catastrophe risk assessment

90

Table of Contents Index to MD&A

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

and management strategy through product pricing, underwriting and management of aggregate risk to manage implications of severe weather and climate change in our insurance portfolio.

In addition, certain insurance products offered by The Hartford provide coverage for losses incurred due to cyber events and the Company has assessed and modeled how those products would respond to different events in order to manage its aggregate exposure to losses incurred under the insurance policies we sell. The Company models numerous deterministic scenarios including losses caused by malware, data breach, distributed denial of service attacks, intrusions of cloud environments and attacks of power grids.

Among specific risk tolerances set by the Company, risk limits are set for natural catastrophes, terrorism risk and pandemic risk.

Reinsurance as a Risk Management Strategy

The Company uses reinsurance to transfer certain risks to reinsurance companies based on specific geographic or risk concentrations. A variety of traditional reinsurance products are used as part of the Company's risk management strategy, including excess of loss occurrence-based products that reinsure property and workers' compensation exposures, and individual risk (including facultative reinsurance) or quota share arrangements that reinsure losses from specific classes or lines of business. The Company has no significant finite risk contracts in place and the statutory surplus benefit from all such prior year contracts is immaterial. The Hartford also participates in governmentally administered reinsurance facilities such as the Florida Hurricane Catastrophe Fund (“FHCF”), the Terrorism Risk Insurance Program Reauthorization Act (“TRIPRA") and other reinsurance programs relating to particular risks or specific lines of business.

Reinsurance for Catastrophes- The Company utilizes various reinsurance programs to mitigate catastrophe losses including excess of loss occurrence-based treaties covering property and workers’ compensation, a catastrophe bond, an aggregate property catastrophe treaty, and individual risk agreements (including facultative reinsurance) that reinsure losses from specific classes or lines of business. The occurrence property catastrophe treaty and workers’ compensation catastrophe treaties beginning with the January 1, 2021 renewal do not cover pandemic losses, as most industry reinsurance programs exclude communicable disease. The Company has reinsurance in place to cover individual group life losses in excess of $1 per person.

91

Table of Contents Index to MD&A

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

Primary Catastrophe Treaty Reinsurance Coverages as of June 30, 2025 [1]

	Portion of losses reinsured	Portion of losses retained by The Hartford
Per Occurrence Property Catastrophe Treaty from 1/1/2025 to 12/31/2025 [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 billion from one event [4] (all perils)	90% of $700 in excess of $500	10% co-participation
Per Occurrence Property Catastrophe Bond from 1/1/2025 to 12/31/2026 [5]
Losses of $1.19 billion to $1.49 billion for tropical cyclone and earthquake events [6]	66.67% of $300 in excess of $1.19 billion	33.33% of $300 in excess of $1.19 billion
Aggregate Property Catastrophe Treaty for 1/1/2025 to 12/31/2025 [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 to 12/31/2025
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

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

[2]In addition to the Per Occurrence Property Catastrophe Treaty, for Florida homeowners wind events, The Hartford has purchased the mandatory FHCF reinsurance for the annual period starting June 1, 2025. Retention and coverage varies by writing company. For the 2025 - 2026 period, the writing company with the largest coverage under FHCF is Hartford Insurance Company of the Midwest, with coverage of $37 in per event losses in excess of a $23 retention (estimates are based on best available information at this time and are periodically updated as information is made available by Florida).

[3]Named hurricanes and tropical storms are defined as any storm or storm system declared to be a hurricane or tropical storm by the US National Hurricane Center, US Weather Prediction Center, or their successor organizations (being divisions of the US National Weather Service).

[4] Portions of this layer of coverage extend beyond a traditional one year term.

[5] For further information on the Company's catastrophe bond, see MD&A - Enterprise Risk Management, Insurance Risk included in the Company's 2024 Form 10-K Annual report.

[6] Tropical cyclones are defined as a storm or storm system that has been declared by National Weather Service or any division or agency thereof (including the National Hurricane Center or the Weather Prediction Center) or any of their successors to be a hurricane, tropical storm, or tropical depression.

[7] The aggregate treaty is not limited to a single event; rather, it is designed to provide reinsurance protection for the aggregate of all catastrophe events (up to $350 per event), either designated by the Property Claim Services office of Verisk or, for international business, net losses arising from two or more risks involved in the same loss occurrence totaling at least $500 thousand. All catastrophe losses, except assumed reinsurance business losses, apply toward satisfying the $750 attachment point under the aggregate treaty.

[8] In addition to the limits shown, the workers' compensation reinsurance includes a non-catastrophe, industrial accident layer, providing coverage for 80% of $25 in per event losses in excess of a $25 retention.

In addition to the property catastrophe reinsurance coverage described in the above table, the Company has other reinsurance agreements that cover property catastrophe losses, some of which provide for reinstatement of limits in the event of a loss with reinstatement provisions varying depending on the layer of coverage. The Per Occurrence Property Catastrophe Treaty, and Workers' Compensation Catastrophe Treaty include a provision to reinstate one limit in the event that a catastrophe loss exhausts limits on one or more layers under the treaties.

Reinsurance for Terrorism- For the risk of terrorism, private sector catastrophe reinsurance capacity is generally limited and largely unavailable for terrorism losses caused by nuclear, biological, chemical or radiological attacks. As such, the Company's principal reinsurance protection against large-scale terrorist attacks is the coverage currently provided through TRIPRA to the end of 2027.

TRIPRA provides a backstop for insurance-related losses resulting from any “act of terrorism”, which is certified by the Secretary of the Treasury, in consultation with the Secretary of Homeland Security and the Attorney General, for losses that exceed a threshold of industry losses of $200. Under the

program, in any one calendar year, the federal government will pay a percentage of losses incurred from a certified act of terrorism after an insurer's losses exceed 20% of the Company's eligible direct commercial earned premiums of the prior calendar year up to a combined annual aggregate limit for the federal government and all insurers of $100 billion. The percentage of losses paid by the federal government is 80%. The Company's estimated deductible under the program is $2.2 billion for 2025. If an act of terrorism or acts of terrorism result in covered losses exceeding the $100 billion annual industry aggregate limit, Congress would be responsible for determining how additional losses in excess of $100 billion will be paid.

Reinsurance for A&E and Navigators Group Reserve Development - The Company has two adverse development covers ("ADC") reinsurance agreements in place, both of which are accounted for as retroactive reinsurance. One agreement covered substantially all A&E reserve development for 2016 and prior accident years (the “A&E ADC”) up to an aggregate limit of $1.5 billion and the other covered substantially all reserve development of Navigators Insurance Company and certain of its affiliates for 2018 and prior accident years (the “Navigators ADC”) up to an aggregate limit of $300. As the Company has

92

Table of Contents Index to MD&A

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

ceded all of the $300 and $1.5 billion available limits under the Navigators ADC and the A&E ADC; respectively, there is no remaining limit available under either agreement as of December 31, 2024. During the six months ended June 30, 2025 and 2024, the Company collected recoveries from National Indemnity Company ("NICO"), a subsidiary of Berkshire Hathaway Inc., under the Navigators ADC and as a result amortized $56 and $61 of the deferred gain within benefits, losses and loss adjustment expenses in the Condensed Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, the deferred gain on the Navigators ADC was $8 and $64, respectively, and is included in other liabilities on the Condensed Consolidated Balance Sheets.

For more information on the A&E ADC and the Navigators ADC, see Note 1 - Basis of Presentation and Significant Accounting Policies and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements, included in The Hartford's 2024 Form 10-K Annual Report.

Financial Risk

Financial risks include direct and indirect risks to the Company's financial objectives from events that impact financial market conditions and the value of financial assets. Some events may cause correlated movement in multiple risk factors. The primary sources of financial risks are the Company's invested assets.

Consistent with its risk appetite, the Company establishes financial risk limits to control potential loss on a U.S. GAAP, statutory, and economic basis. Exposures are actively monitored and managed, with risks mitigated where appropriate. The Company uses various risk management strategies, including limiting aggregation of risk, portfolio re-balancing and hedging with over-the-counter ("OTC") and exchange-traded derivatives with counterparties meeting the appropriate regulatory and due diligence requirements. Derivatives may be used to achieve the following Company-approved objectives: (1) hedging risk arising from interest rate, equity market, credit spread and issuer default, price or currency exchange rate risk or volatility; (2) managing liquidity; (3) controlling transaction costs; and (4) engaging in income generation covered call transactions and synthetic replication transactions. Derivative activities are monitored and evaluated by the Company’s compliance and risk management teams and reviewed by senior management. The Company identifies different categories of financial risk, including liquidity, credit, interest rate, equity, and foreign currency exchange.

Liquidity Risk

Liquidity risk is the risk to current or prospective earnings or capital arising from the Company's inability or perceived inability to meet its contractual funding obligations as they come due.

Sources of Liquidity Risk Sources of liquidity risk include funding risk, company-specific liquidity risk and market liquidity risk resulting from differences in the amount and timing of sources and uses of cash as well as company-specific and general market conditions. Stressed market conditions may impact the ability to sell assets or otherwise transact business and may result in a significant loss in value of the investment portfolio.

Impact Inadequate capital resources and liquidity could negatively affect the Company’s overall financial strength and its ability to generate cash flows from its businesses, borrow funds at competitive rates, and raise new capital to meet operating and growth needs.

Management The Company has defined ongoing monitoring and reporting requirements to assess liquidity across the enterprise under both current and stressed market conditions. The Company measures and manages liquidity risk exposures and funding needs within prescribed limits across legal entities, taking into account legal, regulatory and operational limitations to the transferability of liquid assets among legal entities. The Company also monitors internal and external conditions, and identifies material risk changes and emerging risks that may impact operating cash flows or liquid assets. The liquidity requirements of The Hartford Insurance Group, Inc. ("HIG Holding Company") have been and will continue to be met by the HIG Holding Company's fixed maturities, short-term investments and cash, and dividends from its subsidiaries, principally from its insurance operations, as well as the issuance of common stock, debt or other capital securities and borrowings from its credit facilities, as needed. The Company maintains multiple sources of contingent liquidity including a revolving credit facility, an intercompany liquidity agreement that allows for short-term advances of funds among the HIG Holding Company and certain affiliates, and access to collateralized advances from the Federal Home Loan Bank of Boston ("FHLBB") for certain affiliates. The Company's CFO has primary responsibility for liquidity risk.

Credit Risk and Counterparty Risk

Credit risk is the risk to earnings or capital due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with contractually agreed upon terms. Credit risk is comprised of three major factors: the risk of change in credit quality, or credit migration risk; the risk of default; and the risk of a change in value due to changes in credit spreads.

Sources of Credit Risk The majority of the Company’s credit risk is concentrated in its investment holdings and use of derivatives, but it is also present in the Company’s ceded reinsurance activities, bond insurance, and certain aspects of Business Insurance products.

Impact A decline in creditworthiness is typically reflected as an increase in an investment’s credit spread and an associated decline in the investment's fair value, potentially resulting in recording an ACL and an increased probability of a realized loss upon sale. In certain instances, counterparties may default on their obligations and the Company may realize a loss on default. Premiums receivable, including premiums for retrospectively rated plans, reinsurance recoverable and deductible losses recoverable are also subject to credit risk based on the counterparty’s inability to pay.

Management The objective of the Company’s enterprise credit risk management strategy is to identify, quantify and manage credit risk in aggregate and to limit potential losses in accordance with the Company's credit risk management policy. The Company manages its credit risk by managing aggregations of risk, holding a diversified mix of issuers and

93

Table of Contents Index to MD&A

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

counterparties across its investment, reinsurance and insurance portfolios and limiting exposure to any specific reinsurer or counterparty. Potential credit losses can be mitigated through diversification (e.g., geographic regions, asset types, industry sectors), hedging and the use of collateral to reduce net credit exposure.

The Company manages credit risk through the use of various surveillance, analyses and governance processes. The investment and reinsurance areas have formal policies and procedures for counterparty approvals and authorizations, which establish criteria defining minimum levels of creditworthiness and financial stability for eligible counterparties. Potential investments are subject to underwriting reviews and management approval. Mitigation strategies vary across the three sources of credit risk, but may include:

•Investing in a portfolio of high-quality and diverse securities;

•Selling investments subject to heightened credit risk;

•Hedging through use of credit default swaps;

•Clearing derivative transactions through central clearing houses that require daily variation margin;

•Entering into derivative and reinsurance contracts only with strong creditworthy institutions;

•Requiring collateral; and

•Non-renewing policies/contracts or reinsurance treaties.

The Company has developed credit exposure thresholds which are based upon counterparty ratings. Aggregate counterparty credit quality and exposure are monitored on a daily basis utilizing an enterprise-wide credit exposure information system that contains data on issuers, ratings, exposures, and credit limits. Exposures are tracked on a current and potential basis and aggregated by ultimate parent of the counterparty across investments, reinsurance receivables, insurance products with credit risk, and derivatives.

As of June 30, 2025, the Company had no investment exposure to any credit concentration risk of a single issuer or counterparty greater than 10% of the Company’s stockholders' equity, other than the U.S. government and certain U.S. government agencies. For further discussion of concentration of credit risk in the investment portfolio, see the Concentration of Credit Risk section in Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.

Credit Risk of Derivatives

The Company uses various derivative counterparties in executing its derivative transactions. The use of counterparties creates credit risk that the counterparty may not perform in accordance with the terms of the derivative transaction.

Downgrades to the credit ratings of the Company’s insurance operating companies may have adverse implications for its use of derivatives. In some cases, downgrades may give derivative counterparties for OTC derivatives and clearing brokers for OTC-cleared derivatives the right to cancel and settle outstanding derivative trades or require additional collateral to be posted. In addition, downgrades may result in counterparties and clearing brokers becoming unwilling to engage in or clear additional derivatives or may require additional collateralization before entering into any new trades.

The Company also has derivative counterparty exposure policies which limit the Company’s exposure to credit risk. Credit exposures are generally quantified based on the prior business day’s net fair value, including income accruals, of all derivative positions transacted with a single counterparty for each separate legal entity. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and are not necessarily reflective of credit risk. The Company enters into collateral arrangements in connection with its derivatives positions and collateral is pledged to or held by, or on behalf of, the Company to the extent the exposure is greater than zero, subject to minimum transfer thresholds, if applicable. In accordance with industry standards and the contractual requirements, collateral is typically settled on the same business day. For further discussion, see the Derivative Commitments section of Note 13 - Commitments and Contingencies of Notes to Condensed Consolidated Financial Statements.

Use of Credit Derivatives

The Company may also use credit default swaps to manage credit exposure or to assume credit risk to enhance yield.

Credit Risk Reduced Through Credit Derivatives

The Company may enter into credit derivatives to purchase credit protection with respect to a single entity or referenced index. The Company purchases 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.

Credit Risk Assumed Through Credit Derivatives

The Company may also enter into credit default swaps that assume credit risk as part of replication transactions. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies. These swaps primarily reference investment grade single corporate issuers and indexes.

For further information on credit derivatives, see Note 6 - Derivatives of Notes to Condensed Consolidated Financial Statements.

Credit Risk of Business Operations

A portion of the Company's Business Insurance business is written with large deductibles or under retrospectively-rated plans. Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the deductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are utilized primarily for workers' compensation coverage, whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements, and oversight.

94

Table of Contents Index to MD&A

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

Interest Rate Risk

Interest rate risk is the risk of financial loss due to adverse changes in the value of assets and liabilities arising from movements in interest rates. Interest rate risk encompasses exposures with respect to changes in the level of interest rates, the shape of the term structure of rates and the volatility of interest rates. Interest rate risk does not include exposure to changes in credit spreads.

Sources of Interest Rate Risk The Company has exposure to interest rate risk arising from investments in fixed maturities and commercial mortgage loans, issuances by the Company of debt securities, preferred stock and similar securities, discount rate assumptions associated with the Company’s claim reserves and pension and other postretirement benefit obligations, and assets that support the Company's pension and other postretirement benefit plans.

Impact Changes in interest rates from current levels can have both favorable and unfavorable effects for the Company.

Management The Company primarily manages its exposure to interest rate risk by constructing investment portfolios that seek to protect the Company from the economic impact associated with changes in interest rates by setting portfolio duration targets that are aligned with the duration of the liabilities that they support. The Company analyzes interest rate risk using various models including parametric models and cash flow simulation under various market scenarios of the liabilities and their supporting investment portfolios. Key metrics that the Company uses to quantify its exposure to interest rate risk inherent in its invested assets and the associated liabilities include duration, convexity and key rate duration.

The Company may also use interest rate swaps and, to a lesser extent, futures to mitigate interest rate risk associated with its investment portfolio or liabilities and to manage portfolio duration.

Equity Risk

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

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

Impact The investment portfolio is exposed to losses from market declines affecting equity securities and derivatives, which could negatively impact the Company's reported earnings. In addition, investments in limited partnerships and other alternative investments generally have a level of correlation to domestic equity market levels and can expose the Company to losses in earnings if valuations decline; however, earnings impacts are recognized on a lag as results from private equity investments and other funds are generally reported on a

three-month delay. For assets supporting pension and other postretirement benefit plans, the Company may be required to make additional plan contributions if equity investments in the plan portfolios decline in value. Hartford Funds earnings are also significantly influenced by the U.S. and other equity markets. Generally, declines in equity markets will reduce the value of average daily AUM and the amount of fee income generated from those assets. Increases in equity markets will generally have the inverse impact.

Management The Company uses various approaches in managing its equity exposure, including limits on the proportion of assets invested in equities, diversification of the equity portfolio, and, at times, hedging of changes in equity indices. For assets supporting pension and other postretirement benefit plans, the asset allocation mix is reviewed on a periodic basis. In order to minimize risk, the pension plans maintain a listing of permissible and prohibited investments and impose concentration limits and investment quality requirements on permissible investment options.

Foreign Currency Exchange Risk

Foreign currency exchange risk is the risk of financial loss due to changes in the relative value between currencies.

Sources of Currency Risk The Company has foreign currency exchange risk in non-U.S. dollar denominated cash, fixed maturities, equities, and derivative instruments. In addition, the Company has non-U.S. subsidiaries, some with functional currencies other than U.S. dollar, and which transact business in multiple currencies resulting in assets and liabilities denominated in foreign currencies.

Impact Changes in relative values between currencies can create variability in cash flows and realized or unrealized gains and losses on changes in the fair value of assets and liabilities.

Management The Company manages its foreign currency exchange risk primarily through asset-liability matching and through the use of derivative instruments. However, legal entity capital is invested in local currencies in order to satisfy regulatory requirements and to support local insurance operations. The foreign currency exposure of non-U.S. dollar denominated investments will most commonly be reduced through the sale of the assets or through hedges using foreign currency swaps and forwards.

Investment Portfolio Risk

The credit ratings referenced throughout this section are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, and Fitch. If no rating is available from a rating agency, then an internally developed rating is used. Accrued investment income related to fixed maturities is not included in the amortized cost or fair value of the fixed maturities. For further information refer to Note 5 - Investments of Notes to Condensed Consolidated Financial Statements.

95

Table of Contents Index to MD&A

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

Fixed Maturities, AFS by Type
	June 30, 2025												December 31, 2024
	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	$	2,686	$	—	$	29	$	(4)	$	2,711	6.1	%	$	2,554	$	—	$	19	$	(11)	$	2,562	6.0	%
Other	1,669		—		15		(19)		1,665		3.7	%	1,394		—		9		(28)		1,375		3.3	%
CLOs	3,386		—		8		(1)		3,393		7.6	%	3,237		—		13		—		3,250		7.6	%
Commercial Mortgage-Backed Securities ("CMBS")
Agency [1]	1,249		(14)		19		(100)		1,154		2.6	%	1,284		(13)		16		(128)		1,159		2.7	%
Bonds	1,429		—		1		(79)		1,351		3.0	%	1,597		—		1		(114)		1,484		3.5	%
Interest only	80		—		4		(4)		80		0.2	%	95		—		4		(6)		93		0.2	%
Corporate
Basic industry	1,140		—		12		(25)		1,127		2.5	%	1,100		—		5		(43)		1,062		2.5	%
Capital goods	1,790		—		33		(40)		1,783		4.0	%	1,769		—		14		(69)		1,714		4.0	%
Consumer cyclical	1,678		—		27		(46)		1,659		3.7	%	1,599		—		9		(63)		1,545		3.6	%
Consumer non-cyclical	2,752		—		44		(95)		2,701		6.1	%	2,641		—		16		(139)		2,518		5.9	%
Energy	1,485		—		21		(46)		1,460		3.3	%	1,395		—		10		(59)		1,346		3.2	%
Financial services	7,088		—		62		(166)		6,984		15.7	%	6,455		—		28		(245)		6,238		14.7	%
Tech./comm.	3,133		—		50		(121)		3,062		6.9	%	2,848		—		19		(169)		2,698		6.3	%
Transportation	924		—		10		(44)		890		2.0	%	930		—		5		(58)		877		2.1	%
Utilities	2,628		—		27		(133)		2,522		5.7	%	2,464		(3)		11		(167)		2,305		5.4	%
Real estate investment trusts ("REITs")	344		—		3		(10)		337		0.7	%	354		—		—		(21)		333		0.8	%
Foreign govt./govt. agencies	448		—		12		(5)		455		1.0	%	500		—		3		(23)		480		1.1	%
Municipal bonds
Taxable	1,576		—		15		(110)		1,481		3.3	%	1,384		—		6		(126)		1,264		3.0	%
Tax-exempt	3,409		—		40		(280)		3,169		7.1	%	4,190		—		71		(221)		4,040		9.5	%
Residential Mortgage-Backed Securities ("RMBS")
Agency	3,078		—		16		(179)		2,915		6.6	%	3,002		—		7		(225)		2,784		6.5	%
Non-agency	2,701		—		13		(130)		2,584		5.8	%	2,586		—		6		(168)		2,424		5.7	%
Sub-prime	14		—		—		—		14		—	%	22		—		—		—		22		0.1	%
U.S. Treasuries	1,193		—		5		(137)		1,061		2.4	%	1,138		—		—		(144)		994		2.3	%
Total fixed maturities, AFS	$	45,880	$	(14)	$	466	$	(1,774)	$	44,558	100.0	%	$	44,538	$	(16)	$	272	$	(2,227)	$	42,567	100.0	%
FVO securities									$	181											$	308

[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 fair value of fixed maturities, AFS increased as compared to December 31, 2024, primarily due to net additions of corporate bonds and high-quality ABS, partially offset by net reductions to

tax-exempt municipal bonds. The increase was also due to higher valuations as a result of lower interest rates.

96

Table of Contents Index to MD&A

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

Fixed Maturities, AFS by Credit Quality
	June 30, 2025						December 31, 2024
	Amortized Cost		Fair Value		Percent of Total Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
United States Government/Government agencies	$	5,520	$	5,130	11.5	%	$	5,424	$	4,937	11.6	%
AAA	7,455		7,333		16.4	%	7,340		7,166		16.8	%
AA	7,683		7,439		16.7	%	7,762		7,484		17.6	%
A	12,554		12,239		27.5	%	11,422		10,933		25.7	%
BBB	10,319		10,070		22.6	%	10,227		9,722		22.8	%
BB & below	2,349		2,347		5.3	%	2,363		2,325		5.5	%
Total fixed maturities, AFS [1]	$	45,880	$	44,558	100.0	%	$	44,538	$	42,567	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.

Commercial & Residential Real Estate

Exposure to CMBS & RMBS Bonds by Credit Quality as of June 30, 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]	$	12	$	11	$	1,237	$	1,143	$	—	$	—	$	—	$	—	$	—	$	—	$	1,249	$	1,154
Bonds	489		472		421		397		210		195		170		164		139		123		1,429		1,351
Interest Only	45		44		26		26		4		5		5		5		—		—		80		80
Total CMBS	546		527		1,684		1,566		214		200		175		169		139		123		2,758		2,585
RMBS
Agency	—		—		3,078		2,915		—		—		—		—		—		—		3,078		2,915
Non-Agency	1,671		1,595		746		714		222		215		62		60		—		—		2,701		2,584
Sub-Prime	1		1		3		3		1		1		5		5		4		4		14		14
Total RMBS	1,672		1,596		3,827		3,632		223		216		67		65		4		4		5,793		5,513
Total CMBS & RMBS	$	2,218	$	2,123	$	5,511	$	5,198	$	437	$	416	$	242	$	234	$	143	$	127	$	8,551	$	8,098

Exposure to CMBS & RMBS Bonds by Credit Quality as of December 31, 2024
	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]	$	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
Interest Only	53		51		31		31		6		6		5		5		—		—		95		93
Total CMBS	676		643		1,708		1,552		273		246		152		142		167		153		2,976		2,736
RMBS
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
Sub-Prime	1		1		5		5		2		2		7		7		7		7		22		22
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

[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.

97

Table of Contents Index to MD&A

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

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 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, 2025, mortgage loans had an amortized cost of $6.5 billion and carrying value of $6.5 billion, with an ACL of $43. As of December 31, 2024, mortgage loans had an amortized cost of $6.4 billion and carrying value of $6.4 billion, with an ACL of $44.

The Company funded $485 of commercial mortgage loans, primarily industrial and multifamily properties, with a weighted average loan-to-value (“LTV”) ratio of 57% and a weighted average yield of 6.6% during the six months ended June 30, 2025. 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, 2025, or December 31, 2024.

Municipal Bonds

Available-For-Sale Investments in Municipal Bonds
	June 30, 2025					December 31, 2024
	Amortized Cost		Fair Value		Weighted Average Credit Quality	Amortized Cost		Fair Value		Weighted Average Credit Quality
General Obligation	$	940	$	911	AA	$	1,033	$	1,008	AA
Pre-refunded [1]	47		47		AA+	86		87		AA+
Revenue
Transportation	913		843		A+	1,134		1,084		A+
Health Care	907		822		A+	864		789		A+
Leasing [2]	564		526		AA	627		588		AA
Education	379		356		AA	402		385		AA
Water & Sewer	296		269		AA	308		289		AA
Housing	185		175		AA	195		185		AA
Power	174		160		A+	281		272		A
Sales Tax	166		159		AA	183		183		AA
Other	414		382		A+	461		434		AA-
Total Revenue	3,998		3,692		AA-	4,455		4,209		AA-
Total Municipal	$	4,985	$	4,650	AA-	$	5,574	$	5,304	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, 2025, the largest issuer concentrations were the State of California, the State of Illinois, and CommonSpirit Health, which each comprised less than 3% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds. As of December 31, 2024, the largest issuer concentrations were the State of Illinois, the State of California, and the 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 8% 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.

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.

98

Table of Contents Index to MD&A

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,
	2025				2024				2025				2024
	Amount		Yield [1]		Amount		Yield [1]		Amount		Yield [1]		Amount		Yield [1]
Real estate joint ventures and funds	$	(14)	(3.1	%)	$	(34)	(7.2	%)	$	(22)	(2.4	%)	$	(66)	(6.7	%)
Private equity funds	(1)		(0.1	%)	22		4.7	%	39		3.9	%	42		4.5	%
Other funds	19		11.7	%	12		9.2	%	26		8.0	%	28		11.2	%
Other alternative investments [2]	9		6.5	%	16		12.9	%	9		3.4	%	28		11.0	%
Total	$	13	1.0	%	$	16	1.3	%	$	52	2.1	%	$	32	1.3	%

[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, 2025				December 31, 2024
	Amount		Percent		Amount		Percent
Real estate joint ventures and funds	$	1,903	35.7	%	$	1,907	37.8	%
Private equity funds	2,164		40.6	%	1,956		38.8	%
Other funds	696		13.1	%	623		12.4	%
Other alternative investments [1]	562		10.6	%	556		11.0	%
Total	$	5,325	100.0	%	$	5,042	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 $1.8 billion as of June 30, 2025, and have decreased $453 since December 31, 2024, primarily due to lower interest rates. As of June 30, 2025, $1.3 billion of the gross unrealized losses were associated with fixed maturities, AFS depressed less than 20% of amortized cost. The remaining $0.4 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, 2025									December 31, 2024
Consecutive Months	Items	Amortized Cost		ACL		Unrealized Loss		Fair Value		Items	Amortized Cost		ACL		Unrealized Loss		Fair Value
Three months or less	117	$	1,431	$	—	$	(11)	$	1,420	1,044	$	9,577	$	—	$	(186)	$	9,391
Greater than three to six months	214	2,032		—		(34)		1,998		71	678		—		(24)		654
Greater than six to nine months	286	2,936		—		(74)		2,862		13	33		—		(1)		32
Greater than nine to eleven months	49	530		—		(16)		514		44	363		—		(32)		331
Twelve months or more	2,469	16,975		(14)		(1,639)		15,322		2,761	18,938		(13)		(1,984)		16,941
Total	3,135	$	23,904	$	(14)	$	(1,774)	$	22,116	3,933	$	29,589	$	(13)	$	(2,227)	$	27,349

99

Table of Contents Index to MD&A

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

Unrealized Loss Aging for Fixed Maturities, AFS Continuously Depressed Over 20%
	June 30, 2025									December 31, 2024
Consecutive Months	Items	Amortized Cost		ACL		Unrealized Loss		Fair Value		Items	Amortized Cost		ACL		Unrealized Loss		Fair Value
Three months or less	34	$	243	$	—	$	(53)	$	190	132	$	1,003	$	(3)	$	(224)	$	776
Greater than three to six months	32	220		—		(50)		170		3	3		—		(1)		2
Greater than six to nine months	49	344		—		(82)		262		4	24		(1)		(6)		17
Greater than nine to eleven months	—	—		—		—		—		4	44		—		(12)		32
Twelve months or more	89	814		(1)		(252)		561		93	811		(1)		(259)		551
Total	204	$	1,621	$	(1)	$	(437)	$	1,183	236	$	1,885	$	(5)	$	(502)	$	1,378

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

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 the 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 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, 2024

For the three and six months ended June 30, 2024, the Company recorded net credit losses of $1 and $2, respectively. Net credit losses were primarily attributable to increases in the ACL of $1 in both periods on CMBS, in addition for the six month period, net credit losses of $1 primarily attributable to one below investment grade corporate issuer. Unrealized losses on securities with an ACL recognized in OCI were less than $1.

There were no intent-to-sell impairments.

ACL on Mortgage Loans

Three and six months ended 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.

Three and six months ended June 30, 2024

For the three months ended June 30, 2024, the ACL on mortgage loans was unadjusted. For the six months ended June 30, 2024, the Company recorded a release in the ACL on mortgage loans of $3. The release reflected improved economic scenario forecasts and property specific reductions, partially offset by net additions of new loans.

100

Table of Contents Index to MD&A

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

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, 2025:

•Approximately $1.3 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 October 27, 2026. As of June 30, 2025, 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, 2025, $1.85 billion was available, $150 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, 2025:

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 $729 of net dividends from the Company's property and casualty insurance subsidiaries through June 30, 2025;

•Employee Benefits - HIG Holding Company received $442 in dividends from Hartford Life and Accident Insurance Company ("HLA") through June 30, 2025;

•Hartford Funds - HIG Holding Company received $75 in dividends from Hartford Funds through June 30, 2025; and

Expected liquidity requirements for the next twelve months as of June 30, 2025:

•$194 of interest on debt. See Note 13 - Debt of Notes to Consolidated Financial Statements in The Hartford's 2024 Form 10-K Annual Report.

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

•$590 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, 2025:

•Interest on and repayments of debt. See Note 13 - Debt of Notes to Consolidated Financial Statements in The Hartford's 2024 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, 2025, the Company repurchased 6.8 million common shares for $800 under the $3.3 billion share repurchase authorized by the Board of Directors, effective through December 31, 2026. As of June 30, 2025, the Company has $2.35 billion remaining for equity repurchases under the current share repurchase program. During the period July 1, 2025 through July 25, 2025, the Company repurchased 1.2 million common shares for $146.

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.

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

101

Table of Contents Index to MD&A

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

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

Dividends

The Hartford's Board of Directors declared the following quarterly dividends since April 1, 2025:

Common Stock Dividends

Declared	Record	Payable	Amount per share
May 21, 2025	June 2, 2025	July 2, 2025	$	0.520
July 23, 2025	September 2, 2025	October 2, 2025	$	0.520

Preferred Stock Dividends

Declared	Record	Payable	Amount per share
May 21, 2025	August 1, 2025	August 15, 2025	$	375.00
July 23, 2025	November 3, 2025	November 17, 2025	$	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, 2024.

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 2024 Form 10-K Annual Report.

Through the first six months of 2025, HIG Holding Company received $1.2 billion of net dividends from its subsidiaries, including $442 from HLA, $75 from Hartford Funds and $729 from its P&C subsidiaries, excluding $25 of P&C dividends that were subsequently contributed to P&C subsidiaries and $25 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 2024 Form 10-K Annual Report.

Revolving Credit Facility

The Hartford has a senior unsecured revolving credit facility (the "Credit Facility") that provides up to $750 of unsecured credit through October 27, 2026. As of June 30, 2025, 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 2024 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 Department of Insurance ("CTDOI") 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, 2025, $1.85 billion was available, $150 was outstanding between certain affiliates, and there were no amounts outstanding at the HIG Holding Company.

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

102

Table of Contents Index to MD&A

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

would be presented in other liabilities consistent with other collateralized financing transactions. As of June 30, 2025, 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 2024 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 ($101 as of June 30, 2025) commitment. As of June 30, 2025, letters of credit with an aggregate face amount of $74 and £74 million, or $101, 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, 2025, 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 2024 Form 10-K Annual Report.

Pension Plans and Other Postretirement Benefits

The Company does not have a 2025 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 2025. The Company will monitor the funded status of the U.S. qualified defined benefit pension plan during 2025 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 agencies, 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, 2025, 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 available to meet liquidity needs, for each of the Company’s insurance operations.

Property & Casualty Operations
	As of June 30, 2025
Fixed maturities	$	36,562
Short-term investments	1,707
Cash	138
Less: Derivative collateral	53
Total	$	38,354

Property & Casualty operations invested assets also include $140 in equity securities, $4.9 billion in mortgage loans and $4.1 billion in limited partnerships and other alternative investments.

Employee Benefits Operations
	As of June 30, 2025
Fixed maturities	$	7,990
Short-term investments	285
Cash	17
Less: Derivative collateral	18
Total	$	8,274

Employee Benefits operations invested assets also include $28 in equity securities, $1.6 billion in mortgage loans and $1.1 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.

103

Table of Contents Index to MD&A

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

Property & Casualty reserves for unpaid losses and loss adjustment expenses as of June 30, 2025 were $37.4 billion and net of reinsurance and other recoverables were $30.7 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 2024 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 2024 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, 2025 were $8.8 billion and net of reinsurance were $8.5 billion. Group life and disability obligations are estimated using assumptions based on the Company’s historical experience, modified for recent observed trends. 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 2024 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 2024 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, 2025 were $362 and net of reinsurance were $145. These reserves related to retained run-off liabilities of its former life and annuity business. For additional information about future policy benefits and other policyholder funds and benefits payable, see Note 10 - Reserve for Future Policy Benefits and Note 11 - Other Policyholder Funds and Benefits Payable of Notes to Condensed Consolidated Financial Statements.

Hartford Funds

Hartford Funds' principal sources of operating funds are fees earned from basis points on AUM with uses primarily for payments to subadvisors and other general operating expenses. As of June 30, 2025, Hartford Funds cash and short-term investments were $330.

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 2024 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 2024 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.

104

Table of Contents Index to MD&A

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

Capitalization

Capital Structure
	June 30, 2025			December 31, 2024			Change
Long-term debt	$	4,369		$	4,366		—	%
Total debt	4,369			4,366			—	%
Common stockholders' equity excluding AOCI, net of tax	19,568			18,999			3	%
Preferred stock	334			334			—	%
AOCI, net of tax	(2,384)			(2,886)			17	%
Total stockholders’ equity	$	17,518		$	16,447		7	%
Total capitalization	$	21,887		$	20,813		5	%
Debt to stockholders’ equity	25		%	27		%
Debt to capitalization	20		%	21		%

Total capitalization increased $1,074 as of June 30, 2025 compared to December 31, 2024 primarily due to net income in excess of common stockholder dividends in the period, and a decrease in net unrealized losses on fixed maturities, AFS partially offset by share repurchases.

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 2024 Form 10-K Annual Report.

Cash Flow

	Six Months Ended June 30,
	2025		2024
Net cash provided by operating activities	$	2,276	$	2,357
Net cash used for investing activities	$	(1,144)	$	(1,323)
Net cash used for financing activities	$	(1,151)	$	(1,009)
Cash and restricted cash– end of period	$	219	$	210

Cash provided by operating activities decreased in 2025 as compared to the prior year period primarily driven by an increase in P&C loss and loss adjustment expenses paid, higher operating expenses, including increased commissions and staffing costs, an increase in taxes paid, and a decrease in partnership cash income, partially offset by an increase in P&C and Employee Benefits premiums received.

Cash used for investing activities decreased in 2025 due to lower cash generated from operating activities and more cash used in financing activities.

Cash used for financing activities increased in 2025 as compared to the prior year period driven by an increase in treasury stock acquired, an increase in the net return of shares under incentive and stock compensation plans, and an increase in dividends paid on common stock.

Operating cash flows for the six months ended June 30, 2025 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 2024 Form 10-K Annual Report.

105

Table of Contents Index to MD&A

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

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 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 2024 Form 10-K Annual Report.

On July 3, 2025, A.M. Best upgraded the senior debt rating of the Company to "a" from "a-". The upgrade of the debt rating was based on the Company's balance sheet strength, operating performance, favorable business profile and enterprise risk management. A.M. Best also affirmed the insurance financial strength ratings for the Company.

Insurance Financial Strength Ratings as of July 25, 2025
	A.M. Best	Standard & Poor’s	Moody’s
Hartford Fire Insurance Company	A+	A+	A1
Hartford Life and Accident Insurance Company	A+	A+	A1
Navigators Insurance Company	A+	A+	Not Rated
Other Ratings:
The Hartford Insurance Group, Inc.:
Senior debt	a	BBB+	Baa1

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, 2025	$	13,294	$	2,708	$	16,002
Statutory income	1,101		296		1,397
Dividends to parent	(729)		(442)		(1,171)
Other items	20		(2)		18
Net change to U.S. statutory capital	392		(148)		244
U.S statutory capital at June 30, 2025	$	13,686	$	2,560	$	16,246

[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 2024 Form 10-K Annual Report.

On March 27, 2025, the Securities and Exchange Commission voted to end its defense of its climate disclosure rules, originally finalized in March of 2024, which would have required companies to report on their climate-related risks and greenhouse gas emissions in much greater detail than previously required. This development relieves companies of certain additional climate-related disclosure obligations which would have come into effect under the new rules. Additional future impacts could include shifts in regulatory approaches and increased uncertainty for businesses regarding climate-related disclosures. State-level efforts to require additional climate-related disclosure, notably in California, remain ongoing but face legal challenges similar to those faced by the SEC climate rules.

H.R.1, known as the “One Big Beautiful Bill Act” was signed into law on July 4, 2025. This comprehensive budget reconciliation package consolidates a wide array of public policy priorities, reshaping federal policy across numerous sectors of the American economy, including taxation, healthcare, social safety nets, immigration and education. The changes in H.R.1 are not expected to have a material impact on the Company's results of operations.

106

Table of Contents Index to MD&A

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

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 2024 Form 10-K Annual Report.

Acronyms

A&E	Asbestos and Environmental	HIG	The Hartford Insurance Group, Inc.
ABS	Asset-Backed Securities	HIMCO	Hartford Investment Management Company
ACL	Allowance for Credit Losses	HLA	Hartford Life and Accident Insurance Company
ADC	Adverse Development Cover	IBNR	Incurred But Not Reported
AFS	Available-For-Sale	IT	Information Technology
ALAE	Allocated Loss Adjustment Expenses	LAE	Loss Adjustment Expense
AOCI	Accumulated Other Comprehensive Income	LCL	Liability for Credit Losses
AUM	Assets Under Management	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
ETF	Exchange-Traded Funds	RMBS	Residential Mortgage-Backed Securities
FASB	Financial Accounting Standards Board	ROA	Return on Assets
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

107

Part I - Item 4. Controls and Procedures

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s principal executive officer and its principal financial officer, based on their evaluation of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) have concluded that the Company’s disclosure controls and procedures are effective for the purposes set forth in the definition thereof in Exchange Act Rule 13a-15(e) as of June 30, 2025.

Changes in Internal Control Over Financial Reporting

There were no changes in the Company's internal control over financial reporting that occurred during the Company's current fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

108

Part II - Item 1. Legal Proceedings

Item 1.

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.

Item 1A.

Risk Factors

Investing in The Hartford involves risk. In deciding whether to invest in The Hartford, you should carefully consider the risk factors disclosed in Item 1A of Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, (collectively the "Company's Risk Factors" or individually, the "Company's Risk Factor"), which is incorporated herein by

reference, any of which could have a significant or material adverse effect on the business, financial condition, operating results or liquidity of The Hartford. This information should be considered carefully together with the other information contained in this report and the other reports and materials filed by The Hartford with the SEC.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities by the Issuer

Repurchases of common stock by the Company during the quarter ended June 30, 2025 are set forth below. During the period from July 1, 2025 to July 25, 2025, the Company repurchased 1.2 million common shares for $146.

Repurchases of Common Stock by the Issuer for the Three Months Ended June 30, 2025
Period	Total Number of Shares Purchased [1]	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs [2]
					(in millions)
April 1, 2025 - April 30, 2025	1,305,216	$	118.70	1,299,056	$	2,595
May 1, 2025 - May 31, 2025	955,783	$	129.73	945,215	$	2,474
June 1, 2025 - June 30, 2025	997,072	$	127.76	995,490	$	2,348
Total	3,258,071	$	124.71	3,239,761

[1]Includes 18,310 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 $124.79 in employee tax withholding obligations related to net share settlements in the three months ended June 30, 2025.

[2]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 timing of any repurchases 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.

109

Part II - Item 5. Other Information

Item 5.

Other Information

The Rule 10b5-1 trading arrangement adopted by Christopher J. Swift, Chief Executive Officer, on November 4, 2024 became fully exercised and therefore terminated on May 16, 2025.

The Rule 10b5-1 trading arrangement adopted by Adin M. Tooker, President, on August 14, 2024 became fully exercised and therefore terminated on May 15, 2025.

The Rule 10b5-1 trading arrangement adopted by Amy Stepnowski, Executive Vice President, Chief Investment Officer

and President, Hartford Investment Management Company ("HIMCO"), on February 4, 2025 became fully exercised and therefore terminated on May 5, 2025.

Item 6.

Exhibits

The Hartford Insurance Group, Inc.

For the Quarter Ended June 30, 2025

Form 10-Q

Exhibits Index

Exhibit No.	Description	Form	File No.	Exhibit No	Filing Date
3.1	Amended and Restated Certificate of Incorporation of The Hartford Insurance Group, Inc. ("The Hartford"), as filed with the Delaware Secretary of State on February 6, 2025.	8-K	001-13958	3.1	02/06/2025
3.2	Amended and Restated By-laws of The Hartford, effective February 6, 2025.	8-K	001-13958	3.1	02/06/2025
15.01	Deloitte & Touche LLP Letter of Awareness.**
31.01	Certification of Christopher J. Swift pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
31.02	Certification of Beth A. Costello pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
32.01	Certification of Christopher J. Swift pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.02	Certification of Beth A. Costello pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema.**
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase.**
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase.**
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase.**
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase.**
104	The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL.
**	Filed with the Securities and Exchange Commission as an exhibit to this report.

110

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		The Hartford Insurance Group, Inc.
		(Registrant)
Date:	July 28, 2025	/s/ Allison G. Niderno
		Allison G. Niderno
		Senior Vice President and Controller
		(Chief accounting officer and duly authorized signatory)

111

EX-15.01

Exhibit 15.01

July 28, 2025

The Board of Directors and Stockholders of The Hartford Insurance Group, Inc.

One Hartford Plaza

Hartford, Connecticut 06155

We are aware that our report dated July 28, 2025, on our review of the interim financial information of The Hartford Insurance Group, Inc. and subsidiaries appearing in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, is incorporated by reference in the following registration statements:

Form S-3 Registration No.	Form S-8 Registration Nos.
333-282288	333-105707
	333-49170
	333-105706
	333-34092
	033-80665
	333-12563
	333-125489
	333-157372
	333-160173
	333-168537
	333-197671
	333-240245

/s/ Deloitte & Touche LLP

Hartford, Connecticut

112

EX-31.01

Exhibit 31.01

THE HARTFORD INSURANCE GROUP, INC.

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ENACTED BY SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Christopher J. Swift, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of The Hartford Insurance Group, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	July 28, 2025	/s/ Christopher J. Swift
		Christopher J. Swift
		Chief Executive Officer

113

EX-31.02

Exhibit 31.02

THE HARTFORD INSURANCE GROUP, INC.

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ENACTED BY SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Beth A. Costello, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of The Hartford Insurance Group, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	July 28, 2025	/s/ Beth A. Costello
		Beth A. Costello
		Executive Vice President and Chief Financial Officer

114

EX-32.01

Exhibit 32.01

THE HARTFORD INSURANCE GROUP, INC.

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ENACTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2025 of The Hartford Insurance Group, Inc. (the “Company”), filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies, pursuant to 18 U.S.C. section 1350 as enacted by section 906 of the Sarbanes-Oxley Act of 2002, that:

1)The Report fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	July 28, 2025	/s/ Christopher J. Swift
		Christopher J. Swift
		Chief Executive Officer

115

EX-32.02

Exhibit 32.02

THE HARTFORD INSURANCE GROUP, INC.

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ENACTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2025 of The Hartford Insurance Group, Inc. (the “Company”), filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies, pursuant to 18 U.S.C. section 1350 as enacted by section 906 of the Sarbanes-Oxley Act of 2002, that:

1)The Report fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	July 28, 2025	/s/ Beth A. Costello
		Beth A. Costello
		Executive Vice President and Chief Financial Officer

116

XML

Cover Document - shares	6 Months Ended
	Jun. 30, 2025	Jul. 25, 2025
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2025
Document Transition Report	false
Entity File Number	001-13958
Entity Registrant Name	The Hartford Insurance Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3317783
Entity Address, Address Line One	One Hartford Plaza
Entity Address, City or Town	Hartford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06155
City Area Code	860
Local Phone Number	547-5000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		281,171,656
Entity Central Index Key	0000874766
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock, par value $0.01 per share
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	HIG
Security Exchange Name	NYSE
6.10% Notes due October 1, 2041
Title of 12(b) Security	6.10% Senior Notes due October 1, 2041
Trading Symbol	HIG 41
Security Exchange Name	NYSE
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share
Title of 12(b) Security	Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share
Trading Symbol	HIG PR G
Security Exchange Name	NYSE

XML

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Revenues
Earned premiums	$ 5,961	$ 5,578	$ 11,796	$ 11,024
Fee income	342	339	688	672
Net investment income	664	602	1,320	1,195
Net realized losses	(10)	(59)	(59)	(31)
Other revenues	30	26	52	45
Total revenues	6,987	6,486	13,797	12,905
Benefits, losses and expenses
Benefits, losses and loss adjustment expenses	3,712	3,661	7,712	7,272
Amortization of deferred policy acquisition costs ("DAC")	625	561	1,232	1,106
Insurance operating costs and other expense	1,337	1,285	2,689	2,568
Interest expense	50	50	100	100
Amortization of other intangible assets	17	17	35	35
Restructuring and other costs	0	0	0	1
Total benefits, losses and expenses	5,741	5,574	11,768	11,082
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	1,246	912	2,029	1,823
Income tax expense	251	174	404	332
Net income	995	738	1,625	1,491
Less: Preferred stock dividends	5	5	10	10
Net income available to common stockholders	$ 990	$ 733	$ 1,615	$ 1,481
EPS
Basic	$ 3.49	$ 2.48	$ 5.66	$ 4.99
Diluted	$ 3.44	$ 2.44	$ 5.58	$ 4.92

XML

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 995	$ 738	$ 1,625	$ 1,491
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Change in net unrealized gain (loss) on fixed maturities, available-for-sale ("AFS")	208	(90)	510	(250)
Change in unrealized losses on fixed maturities for which an allowance for credit losses has been recorded	1	0	1	1
Changes in net gain on cash flow hedging instruments	(34)	9	(34)	9
Change in foreign currency translation adjustments	16	(1)	16	(2)
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense	(1)	5	(4)	10
Change in pension and other postretirement plan adjustments	6	6	13	13
OCI, net of tax	196	(71)	502	(219)
Comprehensive income	$ 1,191	$ 667	$ 2,127	$ 1,272

XML

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Investments:
Fixed maturities, AFS, at fair value (amortized cost of $45,880 and $44,538, and ACL of $14 and $16)	$ 44,558	$ 42,567
Fixed maturities, at fair value using the fair value option ("FVO Securities")	181	308
Equity securities, at fair value [1]	529	603
Mortgage loans (net of ACL of $43 and $44)	6,463	6,396
Limited partnerships and other alternative investments	5,325	5,042
Other investments	198	226
Short-term investments	3,649	4,068
Total investments	60,903	59,210
Cash	166	183
Restricted cash	53	51
Accrued Investment Income Receivable	465	450
Premiums receivable and agents' balances (net of ACL of $135 and $117)	6,698	5,998
Reinsurance recoverables (net of allowance for uncollectible reinsurance of $75 and $75)	7,100	7,140
Deferred policy acquisition costs	1,362	1,239
Deferred income taxes, net	1,094	1,229
Goodwill	1,911	1,911
Property and equipment, net	906	888
Other intangible assets, net	602	637
Other assets	2,379	1,981
Total assets	83,639	80,917
Liabilities
Unpaid losses and loss adjustment expenses	45,482	44,610
Other policyholder funds and benefits payable	612	614
Unearned premiums	10,337	9,408
Long-term debt	4,369	4,366
Other liabilities	4,878	5,024
Total liabilities	66,121	64,470
Stockholders' Equity
Preferred stock, $0.01 par value — 50,000,000 shares authorized, 13,800 shares issued at June 30, 2025 and December 31, 2024, aggregate liquidation preference of $345	334	334
Common Stock, Value, Issued	3	3
Additional paid-in capital	527	578
Retained earnings	22,850	21,531
Treasury Stock, Value	(3,812)	(3,113)
Accumulated other comprehensive income (loss) ("AOCI"), net of tax	(2,384)	(2,886)
Total stockholders’ equity	17,518	16,447
Total liabilities and stockholders’ equity	$ 83,639	$ 80,917

XML

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Preferred Stock [Member]	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock, Common	Treasury Stock, Common Share-based Payment Arrangement [Member]	AOCI Attributable to Parent [Member]
Beginning balance at Dec. 31, 2023				$ 648	$ 19,007	$ (1,816)		$ (2,849)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under incentive and stock compensation plans and other				(176)
Stock-based compensation plans expense				86
Net income	$ 1,491				1,491
Dividends declared on preferred stock					(10)
Dividends declared on common stock					(279)
Treasury stock acquired	(700)					(707)
Issuance of shares under incentive and stock compensation plans from treasury stock and other							$ 247
Net shares acquired related to employee incentive and stock compensation plans						(80)
Total other comprehensive income (loss)								(219)
Ending balance at Jun. 30, 2024	$ 15,680	$ 334	$ 3	558	20,209	(2,356)		(3,068)
Preferred Stock, Shares Outstanding, Ending Balance at Jun. 30, 2024		13,800
Common Shares Outstanding, beginning of period at Dec. 31, 2023			298,472,000
Shares Granted or Issued, Share-based Payment Arrangement [Abstract]
Treasury stock acquired	(7,300,000)		(7,347,000)
Issuance of shares under incentive and stock compensation plans and other			3,704,000
Return of shares under incentive and stock compensation plans to treasury stock			(840,000)
Common Shares Outstanding, at end of period at Jun. 30, 2024			293,989,000
Shares Granted or Issued, Share-based Payment Arrangement [Abstract]
Cash dividends declared per common share	$ 0.940
Cash dividends declared per preferred share	$ 750.00
Beginning balance at Mar. 31, 2024				551	19,614	(2,037)		(2,997)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under incentive and stock compensation plans and other				(15)
Stock-based compensation plans expense				22
Net income	$ 738				738
Dividends declared on preferred stock					(5)
Dividends declared on common stock					(138)
Treasury stock acquired						(354)
Issuance of shares under incentive and stock compensation plans from treasury stock and other							36
Net shares acquired related to employee incentive and stock compensation plans						(1)
Total other comprehensive income (loss)								(71)
Ending balance at Jun. 30, 2024	$ 15,680	$ 334	$ 3	558	20,209	(2,356)		(3,068)
Preferred Stock, Shares Outstanding, Ending Balance at Jun. 30, 2024		13,800
Common Shares Outstanding, beginning of period at Mar. 31, 2024			296,807,000
Shares Granted or Issued, Share-based Payment Arrangement [Abstract]
Treasury stock acquired			(3,500,000)
Issuance of shares under incentive and stock compensation plans and other			700,000
Return of shares under incentive and stock compensation plans to treasury stock			(18,000)
Common Shares Outstanding, at end of period at Jun. 30, 2024			293,989,000
Shares Granted or Issued, Share-based Payment Arrangement [Abstract]
Cash dividends declared per common share	$ 0.470
Cash dividends declared per preferred share	$ 375.00
Beginning balance at Dec. 31, 2024	$ 16,447			578	21,531	(3,113)		(2,886)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under incentive and stock compensation plans and other				(149)
Stock-based compensation plans expense				98
Net income	1,625				1,625
Dividends declared on preferred stock					(10)
Dividends declared on common stock					(296)
Treasury stock acquired	(800)					(808)
Issuance of shares under incentive and stock compensation plans from treasury stock and other							178
Net shares acquired related to employee incentive and stock compensation plans						(69)
Total other comprehensive income (loss)								502
Ending balance at Jun. 30, 2025	$ 17,518	$ 334	$ 3	527	22,850	(3,812)		(2,384)
Preferred Stock, Shares Outstanding, Ending Balance at Jun. 30, 2025		13,800
Common Shares Outstanding, beginning of period at Dec. 31, 2024			287,556,000
Shares Granted or Issued, Share-based Payment Arrangement [Abstract]
Treasury stock acquired	(6,800,000)		(6,755,000)
Issuance of shares under incentive and stock compensation plans and other			2,084,000
Return of shares under incentive and stock compensation plans to treasury stock			(610,000)
Common Shares Outstanding, at end of period at Jun. 30, 2025			282,275,000
Shares Granted or Issued, Share-based Payment Arrangement [Abstract]
Cash dividends declared per common share	$ 1.040
Cash dividends declared per preferred share	$ 750.00
Beginning balance at Mar. 31, 2025				524	22,007	(3,444)		(2,580)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under incentive and stock compensation plans and other				(19)
Stock-based compensation plans expense				22
Net income	$ 995				995
Dividends declared on preferred stock					(5)
Dividends declared on common stock					(147)
Treasury stock acquired						(404)
Issuance of shares under incentive and stock compensation plans from treasury stock and other							$ 38
Net shares acquired related to employee incentive and stock compensation plans						(2)
Total other comprehensive income (loss)								196
Ending balance at Jun. 30, 2025	$ 17,518	$ 334	$ 3	$ 527	$ 22,850	$ (3,812)		$ (2,384)
Preferred Stock, Shares Outstanding, Ending Balance at Jun. 30, 2025		13,800
Common Shares Outstanding, beginning of period at Mar. 31, 2025			285,104,000
Shares Granted or Issued, Share-based Payment Arrangement [Abstract]
Treasury stock acquired			(3,240,000)
Issuance of shares under incentive and stock compensation plans and other			429,000
Return of shares under incentive and stock compensation plans to treasury stock			(18,000)
Common Shares Outstanding, at end of period at Jun. 30, 2025			282,275,000
Shares Granted or Issued, Share-based Payment Arrangement [Abstract]
Cash dividends declared per common share	$ 0.520
Cash dividends declared per preferred share	$ 375.00

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Operating Activities
Net income	$ 1,625	$ 1,491
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Net realized losses	59	31
Amortization of deferred policy acquisition costs	1,232	1,106
Additions to deferred policy acquisition costs	(1,355)	(1,238)
Depreciation and amortization	186	187
Other operating activities, net	169	198
Additional Cash Flow Elements, Operating Activities
Increase (Decrease) in Reinsurance Recoverable	32	37
Net change in accrued and deferred income taxes	(181)	(155)
Increase in insurance liabilities	1,784	1,907
Increase (Decrease) in Premiums Receivable	(752)	(761)
Net change in other assets and other liabilities	(523)	(446)
Net cash provided by operating activities	2,276	2,357
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, AFS	4,755	5,151
Fixed maturities, at fair value using the fair value option	109	50
Equity securities, at fair value	125	304
Mortgage loans	733	411
Limited partnership and other alternative investments	115	101
Payments for the purchase of:
Fixed maturities, AFS	(6,090)	(6,498)
Payments for the purchase of Fair Value Option Fixed Maturity Securties	(8)	0
Equity securities, at fair value	(16)	(9)
Mortgage loans	(793)	(669)
Limited partnership and other alternative investments	(445)	(314)
Payments for (Proceeds from) Derivative Instrument, Investing Activities	22	(2)
Net additions of property and equipment	(78)	(111)
Net proceeds from short-term investments	524	258
Other investing activities, net	(53)	1
Net cash used for investing activities	(1,144)	(1,323)
Financing Activities
Deposits and other additions to investment and universal life-type contracts	63	64
Withdrawals and other deductions from investment and universal life-type contracts	(57)	(73)
ProceedsPaymentsIssuanceReturnOfSharesUnderIncentiveAndShareBasedCompensationPlans	(33)	(9)
Treasury stock acquired, including related excise tax paid	(815)	(700)
Dividends paid on preferred stock	(10)	(10)
Dividends paid on common stock	(299)	(281)
Net cash used for financing activities	(1,151)	(1,009)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	4	(4)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(15)	21
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	234	189
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	219	210
Supplemental Disclosure of Cash Flow Information
Income tax paid	524	457
Interest paid	$ 103	$ 106

XML

Condensed Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale, Amortized Cost	$ 45,880	$ 44,538
Debt Securities, Available-for-Sale, Allowance for Credit Loss	14	16
ACL	(135)	(117)
Reinsurance recoverables (net of allowance for uncollectible reinsurance of $75 and $75)	$ (75)	$ (75)
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	13,800	13,800
Preferred Stock, Liquidation Preference, Value	$ 345	$ 345
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,500,000,000	1,500,000,000
Common Stock, Shares, Issued	326,960,228	326,960,228
Treasury Stock, Common, Shares	44,685,067	39,404,003
Commercial Loan [Member]
Financing Receivable, Allowance for Credit Loss	$ 43	$ 44

XML

Basis of Presentation and Significant Accounting Policies

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation and Accounting Policies

1. Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The Hartford Insurance Group, Inc. is a holding company for insurance and financial services subsidiaries that provide property and casualty insurance, employee group benefits insurance and services, and mutual funds and exchange-traded funds ("ETF") to individual and business customers in the United States as well as in the United Kingdom and other international locations (collectively, “The Hartford”, the “Company”, “we” or “our”).

The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities. These Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2024 Form 10-K Annual Report. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year.

The accompanying Condensed Consolidated Financial Statements and Notes are unaudited. These financial statements reflect all adjustments (generally consisting only of normal accruals) which are, in the opinion of management, necessary for the fair statement of the financial position, results of operations and cash flows for the interim periods.

Consolidation

The Condensed Consolidated Financial Statements include the accounts of The Hartford Insurance Group, Inc., and entities in which the Company directly or indirectly has a controlling financial interest. Entities in which the Company has significant influence over the operating and financing decisions but does not control are reported using the equity method. Intercompany transactions and balances between The Hartford and its subsidiaries and affiliates have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates include those used in determining property and casualty and group long-term disability ("LTD") insurance product reserves, net of reinsurance; evaluation of goodwill for impairment; valuation of investments and derivative instruments; and contingencies relating to corporate litigation and regulatory matters.

XML

Earnings Per Common Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Common Share

2. Earnings Per Common Share

Computation of Basic and Diluted Earnings per Common Share
	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except for per share data)	2025		2024		2025		2024
Earnings
Net income	$	995	$	738	$	1,625	$	1,491
Less: Preferred stock dividends	5		5		10		10
Net income available to common stockholders	$	990	$	733	$	1,615	$	1,481
Shares
Weighted average common shares outstanding, basic	283.7		295.5		285.1		296.8
Dilutive effect of stock-based awards under compensation plans	4.0		4.4		4.1		4.5
Weighted average common shares outstanding and dilutive potential common shares	287.7		299.9		289.2		301.3
Net income available to common stockholders per common share
Basic	$	3.49	$	2.48	$	5.66	$	4.99
Diluted	$	3.44	$	2.44	$	5.58	$	4.92

XML

Segment Information

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Information

3. Segment Information

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

Segment Revenues

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Business Insurance
Workers’ compensation	$	917	$	926	$	1,835	$	1,843
General liability	609		540		1,193		1,066
Marine	68		67		137		134
Package business	659		572		1,278		1,121
Commercial property	355		306		694		596
Professional liability	208		200		414		403
Bond	83		80		168		158
Assumed reinsurance	222		180		442		361
Commercial automobile	314		261		609		509
Business Insurance earned premium and fee income	3,435		3,132		6,770		6,191
Net investment income	449		402		886		793
Net realized losses	(20)		(50)		(44)		(38)
Other revenue [1]	1		—		2		—
Total Business Insurance	3,865		3,484		7,614		6,946
Personal Insurance
Personal automobile	634		598		1,258		1,170
Homeowners	305		259		588		508
Personal Insurance earned premium and fee income [2]	939		857		1,846		1,678
Net investment income	58		50		115		100
Net realized losses	(4)		(8)		(6)		(7)
Other revenue	24		25		44		44
Total Personal Insurance	1,017		924		1,999		1,815
P&C Other Operations
Net investment income	19		19		37		37
Net realized losses	(2)		(3)		(2)		(3)
Total P&C Other Operations	17		16		35		34
Employee Benefits
Group disability	899		895		1,799		1,785
Group life	644		663		1,294		1,308
Other	120		107		238		211
Employee Benefits premium and other considerations	1,663		1,665		3,331		3,304
Net investment income	118		112		244		226
Net realized losses	(16)		(9)		(20)		(8)
Total Employee Benefits	1,765		1,768		3,555		3,522
Hartford Funds
Mutual fund and ETF	239		235		481		466
Third-party life and annuity separate accounts [3]	17		18		35		37
Hartford Funds fee income	256		253		516		503
Net investment income	6		5		10		9
Net realized gains	9		3		9		8
Total Hartford Funds	271		261		535		520
Total segment revenues	$	6,935	$	6,453	$	13,738	$	12,837

[1] Other revenues for Business Insurance includes revenues from equity method investments that are not considered revenues from contracts with customers in the table below.

[2] For the three months ended June 30, 2025 and 2024, AARP members accounted for earned premiums of $841 and $788, respectively. For the six months ended June 30, 2025 and 2024, AARP members accounted for earned premiums of $1.66 billion and $1.55 billion, respectively.

[3] Represents revenues earned for investment advisory services on third party life and annuity separate account assets under management ("AUM") by the Company's Hartford Funds segment.

Significant Segment Expenses

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Business Insurance
Current accident year losses and loss adjustment expenses ("LAE") before catastrophes	$	1,952	$	1,750	$	3,843	$	3,475
Current accident year catastrophe losses and LAE	114		155		394		264
Prior accident year development of losses and LAE	(146)		(81)		(229)		(137)
Amortization of DAC	546		489		1,077		965
Insurance operating costs	507		484		1,019		971
Amortization of other intangible assets	7		7		14		14
Dividends to policyholders	11		9		21		19
Total Business Insurance	2,991		2,813		6,139		5,571
Personal Insurance
Current accident year losses and LAE before catastrophes	585		597		1,148		1,172
Current accident year catastrophe losses and LAE	98		125		285		177
Prior accident year development of losses and LAE	(41)		(34)		(80)		(41)
Amortization of DAC	70		63		138		123
Insurance operating costs	172		169		354		322
Amortization of other intangible assets	—		—		1		1
Total Personal Insurance	884		920		1,846		1,754
P&C Other Operations
Prior accident year development of losses and LAE	—		—		—		7
Insurance operating costs	2		2		4		4
Total P&C Other Operations	2		2		4		11
Employee Benefits
Group disability losses	617		601		1,238		1,225
Group life losses	478		497		997		1,030
Group losses - other	55		49		114		96
Amortization of DAC	9		9		17		18
Insurance operating costs and other expenses	407		387		813		784
Amortization of other intangible assets	10		10		20		20
Total Employee Benefits	1,576		1,553		3,199		3,173
Hartford Funds
Sub-advisory expense	72		71		145		140
Employee compensation and benefits	31		32		70		67
Distribution and service	70		74		143		147
General, administrative and other	30		26		54		52
Total Hartford Funds	203		203		412		406
Total significant segment expenses	$	5,656	$	5,491	$	11,600	$	10,915

Segment/Category Summary For the Three Months Ended June 30, 2025
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Hartford Funds		Total Reportable Segments		Corporate		Consolidated
Earned premium and fee income from external customers	$	3,435	$	939	$	—	$	1,663	$	256	$	6,293	$	10	$	6,303
Net investment income	449		58		19		118		6		650		14		664
Net realized gains (losses)	(20)		(4)		(2)		(16)		9		(33)		23		(10)
Other revenue [1]	1		24		—		—		—		25		5		30
Total Revenues	3,865		1,017		17		1,765		271		6,935		52		6,987
Significant segment expenses	2,991		884		2		1,576		203		5,656				5,656
Other segment expenses [2]	2		19		—		—		—		21				21
Corporate expenses													64		64
Income tax expense (benefit)	176		23		2		39		14		254		(3)		251
Net income (loss)	$	696	$	91	$	13	$	150	$	54	$	1,004	$	(9)	$	995
Other segment disclosures:
Amortization of DAC	$	546	$	70	$	—	$	9	$	—	$	625	$	—	$	625
Amortization of other intangibles	$	7	$	—	$	—	$	10	$	—	$	17	$	—	$	17

Segment/Category Summary For the Six Months Ended June 30, 2025
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Hartford Funds		Total Reportable Segments		Corporate		Consolidated
Earned premium and fee income from external customers	$	6,770	$	1,846	$	—	$	3,331	$	516	$	12,463	$	21	$	12,484
Net investment income	886		115		37		244		10		1,292		28		1,320
Net realized gains (losses)	(44)		(6)		(2)		(20)		9		(63)		4		(59)
Other revenue [1]	2		44		—		—		—		46		6		52
Total Revenues	7,614		1,999		35		3,555		535		13,738		59		13,797
Significant segment expenses	6,139		1,846		4		3,199		412		11,600				11,600
Other segment expenses [2]	4		34		—		—		—		38				38
Corporate expenses													130		130
Income tax expense (benefit)	298		23		5		73		26		425		(21)		404
Net income (loss)	$	1,173	$	96	$	26	$	283	$	97	$	1,675	$	(50)	$	1,625
Other segment disclosures:
Amortization of DAC	$	1,077	$	138	$	—	$	17	$	—	$	1,232	$	—	$	1,232
Amortization of other intangibles	$	14	$	1	$	—	$	20	$	—	$	35	$	—	$	35

Segment/Category Summary For the Three Months Ended June 30, 2024
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Hartford Funds		Total Reportable Segments		Corporate		Consolidated
Earned premium and fee income from external customers	$	3,132	$	857	$	—	$	1,665	$	253	$	5,907	$	10	$	5,917
Net investment income	402		50		19		112		5		588		14		602
Net realized gains (losses)	(50)		(8)		(3)		(9)		3		(67)		8		(59)
Other revenue [1]	—		25		—		—		—		25		1		26
Total Revenues	3,484		924		16		1,768		261		6,453		33		6,486
Significant segment expenses	2,813		920		2		1,553		203		5,491				5,491
Other segment expenses [2]	1		19		—		—		—		20				20
Corporate expenses													63		63
Income tax expense (benefit)	130		(4)		3		44		14		187		(13)		174
Net income (loss)	$	540	$	(11)	$	11	$	171	$	44	$	755	$	(17)	$	738
Other segment disclosures:
Amortization of DAC	$	489	$	63	$	—	$	9	$	—	$	561	$	—	$	561
Amortization of other intangibles	$	7	$	—	$	—	$	10	$	—	$	17	$	—	$	17

Segment/Category Summary For the Six Months Ended June 30, 2024
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Hartford Funds		Total Reportable Segments		Corporate		Consolidated
Earned premium and fee income from external customers	$	6,191	$	1,678	$	—	$	3,304	$	503	$	11,676	$	20	$	11,696
Net investment income	793		100		37		226		9		1,165		30		1,195
Net realized gains (losses)	(38)		(7)		(3)		(8)		8		(48)		17		(31)
Other revenue [1]	—		44		—		—		—		44		1		45
Total Revenues	6,946		1,815		34		3,522		520		12,837		68		12,905
Significant segment expenses	5,571		1,754		11		3,173		406		10,915				10,915
Other segment expenses [2]	3		34		—		—		—		37				37
Corporate expenses													130		130
Income tax expense (benefit)	259		4		4		70		25		362		(30)		332
Net income (loss)	$	1,113	$	23	$	19	$	279	$	89	$	1,523	$	(32)	$	1,491
Other segment disclosures:
Amortization of DAC	$	965	$	123	$	—	$	18	$	—	$	1,106	$	—	$	1,106
Amortization of other intangibles	$	14	$	1	$	—	$	20	$	—	$	35	$	—	$	35

[1] Other revenues for Business Insurance and Corporate includes revenues from equity method investments that are not considered revenues from contracts with customers in the table below.

[2] Other segment expenses primarily consists of integration costs associated with the 2019 acquisition of Navigators Group for Business Insurance and servicing expenses for Personal Insurance

Assets
	June 30, 2025		December 31, 2024
Business Insurance	$	55,682	$	53,296
Personal Insurance	6,453		6,034
Property & Casualty Other Operations	4,237		4,312
Employee Benefits	13,289		13,502
Hartford Funds	755		761
Total Reportable Segments	80,416		77,905
Corporate	3,223		3,012
Total assets	$	83,639	$	80,917

Non-Insurance Revenue from Contracts with Customers

		Three Months Ended June 30,				Six Months Ended June 30,
	Revenue Line Item	2025		2024		2025		2024
Business Insurance
Installment billing fees	Fee income	$	11	$	11	$	22	$	22
Personal Insurance
Installment billing fees	Fee income	8		8		16		16
Insurance servicing revenues	Other revenues	24		25		44		44
Employee Benefits
Administrative services	Fee income	57		57		113		111
Hartford Funds
Advisory, servicing and distribution fees	Fee income	256		253		516		503
Corporate
Investment management and other fees	Fee income	10		10		21		20
Total non-insurance revenues with customers		$	366	$	364	$	732	$	716

XML

Fair Value Measurements

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs.

The fair value hierarchy levels are as follows:

Level 1    Fair values based on unadjusted quoted prices for identical assets or liabilities, in active markets that the Company has the ability to access at the measurement date.

Level 2    Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities.

Level 3    Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers.

The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3.

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of June 30, 2025
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
Asset-backed securities ("ABS")	$	4,376	$	—	$	4,284	$	92
Collateralized loan obligations ("CLOs")	3,393		—		3,323		70
Commercial mortgage-backed securities ("CMBS")	2,585		—		2,448		137
Corporate	22,525		—		19,791		2,734
Foreign government/government agencies	455		—		455		—
Municipal	4,650		—		4,650		—
Residential mortgage-backed securities ("RMBS")	5,513		—		5,501		12
U.S. Treasuries	1,061		115		946		—
Total fixed maturities, AFS	44,558		115		41,398		3,045
FVO securities	181		—		—		181
Equity securities, at fair value [1]	529		390		46		93
Derivative assets
Credit derivatives	27		—		27		—
Foreign exchange derivatives	3		—		3		—
Equity derivatives	5		—		5		—
Total derivative assets [2]	35		—		35		—
Short-term investments	3,649		604		2,929		116
Total assets accounted for at fair value on a recurring basis	$	48,952	$	1,109	$	44,408	$	3,435
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives	$	(27)	$	—	$	(27)	$	—
Foreign exchange derivatives	(15)		—		(15)		—
Interest rate derivatives	(1)		—		(1)		—
Total derivative liabilities [3]	(43)		—		(43)		—
Total liabilities accounted for at fair value on a recurring basis	$	(43)	$	—	$	(43)	$	—

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2024
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
ABS	$	3,937	$	—	$	3,915	$	22
CLOs	3,250		—		3,134		116
CMBS	2,736		—		2,569		167
Corporate	20,636		—		18,355		2,281
Foreign government/government agencies	480		—		480		—
Municipal	5,304		—		5,304		—
RMBS	5,230		—		5,206		24
U.S. Treasuries	994		57		937		—
Total fixed maturities, AFS	42,567		57		39,900		2,610
FVO securities	308		—		111		197
Equity securities, at fair value [1]	603		372		144		87
Derivative assets
Credit derivatives	30		—		30		—
Equity derivatives	4		—		4		—
Foreign exchange derivatives	23		—		23		—
Total derivative assets [2]	57		—		57		—
Short-term investments	4,068		1,271		2,699		98
Total assets accounted for at fair value on a recurring basis	$	47,603	$	1,700	$	42,911	$	2,992
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives	$	(30)	$	—	$	(30)	$	—
Foreign exchange derivatives	18		—		18		—
Total derivative liabilities [3]	(12)		—		(12)		—
Total liabilities accounted for at fair value on a recurring basis	$	(12)	$	—	$	(12)	$	—

[1]Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company.

[2]Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 3 to this table for derivative liabilities.

[3]Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.

The Company has overseas deposits included in other investments of $71 and $61 as of June 30, 2025 and December 31, 2024, respectively, which are measured at fair value using the net asset value as a practical expedient.

Fixed Maturities, Equity Securities, Short-term Investments, and Derivatives

Valuation Techniques

The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar

instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a "waterfall" approach comprised of the following pricing sources and techniques, which are listed in priority order:

•Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1.

•Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow

technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3.

•Internal matrix pricing is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s sector, financial strength, and term to maturity, using an independent public security index, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the significant inputs are observable or can be corroborated with observable data.

•Independent broker quotes, which are typically non-binding, use inputs that can be difficult to corroborate with observable market-based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3.

The fair value of derivative instruments is determined primarily using a discounted cash flow model or option model technique and incorporates counterparty credit risk. In some cases, quoted market prices for exchange-traded and over-the-counter ("OTC") cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments.

Valuation Controls

The process for determining the fair value of investments is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company. The purpose of the Valuation Committee is to provide oversight of the pricing policy, procedures, and controls, including approval of valuation methodologies and pricing sources. The Valuation Committee reviews market data trends, pricing statistics and trading statistics to ensure that prices are reasonable and consistent with our fair value framework. Controls and procedures used to assess third-party pricing services are reviewed by the Valuation Committee, including the results of annual due-diligence reviews. Controls include, but are not limited to, reviewing daily and monthly price changes, stale prices, and missing prices and comparing new trade prices to third-party pricing services, weekly price changes to published bond index prices, and daily OTC derivative market valuations to counterparty valuations. The Company has a dedicated pricing group that works with trading and investment professionals to challenge prices received by a third-party pricing source if the Company believes that the valuation received does not accurately reflect the fair value. New valuation models and changes to current models require approval by the Valuation Committee. In addition, the Company’s enterprise-wide Operational Risk Management function provides an independent review of the suitability and reliability of model inputs, as well as an analysis of significant changes to current models.

Valuation Inputs

Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, certain short-term investments, and exchange traded derivative instruments.

Valuation Inputs Used in Levels 2 and 3 Measurements for Securities and Derivatives
Level 2 Primary Observable Inputs		Level 3 Primary Unobservable Inputs
Fixed Maturity Investments
Structured securities (includes ABS, CLOs, CMBS and RMBS)
	• Benchmark yields and spreads • Monthly payment information • Collateral performance, which varies by vintage year and includes delinquency rates, loss severity rates and refinancing assumptions • Credit default swap indices Other inputs for ABS, CLOs, and RMBS: • Estimate of future principal prepayments, derived from the characteristics of the underlying structure • Prepayment speeds previously experienced at the interest rate levels projected for the collateral	• Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve Other inputs for less liquid securities or those that trade less actively, including subprime RMBS: • Estimated cash flows • Credit spreads, which include illiquidity premium • Constant prepayment rates • Constant default rates • Loss severity
Corporates
	• Benchmark yields and spreads • Reported trades, bids, offers of the same or similar securities • Issuer spreads and credit default swap curves Other inputs for investment grade privately placed securities that utilize internal matrix pricing: • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature	• Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve Other inputs for below investment grade privately placed securities and private bank loans: • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
U.S. Treasuries, Municipals, and Foreign government/government agencies
	• Benchmark yields and spreads • Issuer credit default swap curves • Political events in emerging market economies • Municipal Securities Rulemaking Board reported trades and material event notices • Issuer financial statements	• Credit spreads beyond observable curve • Interest rates beyond observable curve
Equity Securities
	• Quoted prices in markets that are not active	• For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable
Short-term Investments
	• Benchmark yields and spreads • Reported trades, bids, offers • Issuer spreads and credit default swap curves • Material event notices and new issue money market rates	• Independent broker quotes • For privately traded investments, credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
Derivatives
Credit derivatives
	• Swap yield curve • Credit default swap curves	• Not applicable
Foreign exchange derivatives
	• Swap yield curve • Currency spot and forward rates • Cross currency basis curves	• Not applicable
Interest rate derivatives
	• Swap yield curve	• Not applicable
Equity derivatives
	• Equity index levels	• Not applicable

Significant Unobservable Inputs for Level 3 - Securities
Assets accounted for at fair value on a recurring basis	Fair Value		Predominant Valuation Technique	Significant Unobservable Input	Minimum	Maximum	Weighted Average [1]	Impact of Increase in Input on Fair Value [2]
As of June 30, 2025
ABS [3]	$	84	Discounted cash flows	Spread	487 bps	752 bps	505 bps	Decrease
CLOs [3]	$	55	Discounted cash flows	Spread	450 bps	1,009 bps	851 bps	Decrease
CMBS [3]	$	136	Discounted cash flows	Spread (encompasses prepayment, default risk and loss severity)	200 bps	1,897 bps	563 bps	Decrease
Corporate [4]	$	2,620	Discounted cash flows	Spread	84 bps	737 bps	274 bps	Decrease
RMBS	$	12	Discounted cash flows	Spread [6]	61 bps	573 bps	183 bps	Decrease
				Constant prepayment rate [6]	2%	5%	3%	Decrease [5]
				Constant default rate [6]	—%	5%	2%	Decrease
				Loss severity [6]	35%	50%	44%	Decrease
Short-term investments	$	116	Discounted cash flows	Spread	156 bps	269 bps	220 bps	Decrease
As of December 31, 2024
CMBS [3]	$	166	Discounted cash flows	Spread (encompasses prepayment, default risk and loss severity)	200 bps	1,221 bps	418 bps	Decrease
Corporate [4]	$	2,166	Discounted cash flows	Spread	81 bps	794 bps	286 bps	Decrease
RMBS [3]	$	19	Discounted cash flows	Spread [6]	100 bps	372 bps	181 bps	Decrease
				Constant prepayment rate [6]	1%	6%	4%	Decrease [5]
				Constant default rate [6]	1%	4%	2%	Decrease
				Loss severity [6]	30%	50%	41%	Decrease
Short-term investments	$	98	Discounted cash flows	Spread	266 bps	266 bps	266 bps	Decrease

[1]The weighted average is determined based on the fair value of the securities.

[2]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.

[3]Excludes securities for which the Company bases fair value on broker quotations.

[4]Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value.

[5]Decrease for above market rate coupons and increase for below market rate coupons.

[6]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads.

As of June 30, 2025 and December 31, 2024, the fair values of the Company's level 3 derivatives were less than $1 for both periods.

The table above excludes certain securities for which fair values are predominately based on independent broker quotes. While the Company does not have access to the significant unobservable inputs that independent brokers may use in their pricing process, the Company believes brokers likely use inputs similar to those used by the Company and third-party pricing services to price similar instruments. As such, in their pricing models, brokers likely use estimated loss severity rates, prepayment rates, constant default rates and credit spreads. Therefore, similar to non-broker priced securities, increases in these inputs would generally cause fair values to decrease. As of June 30, 2025, no significant adjustments were made by the Company to broker prices received.

Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs

The Company uses derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified within the same fair value hierarchy level as the associated asset or liability.

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended June 30, 2025
				Total realized/unrealized gains (losses)
		Fair value as of March 31, 2025		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2025
Assets
Fixed maturities, AFS
	ABS	$	56	$	—	$	—	$	39	$	(3)	$	—	$	—	$	—	$	92
	CLOs	233		—		—		20		(18)		—		—		(165)		70
	CMBS	150		(1)		1		—		(13)		(8)		8		—		137
	Corporate	2,401		2		47		460		(109)		(67)		—		—		2,734
	RMBS	39		—		—		—		(3)		—		—		(24)		12
Total fixed maturities, AFS		2,879		1		48		519		(146)		(75)		8		(189)		3,045
FVO securities		195		(13)		—		2		(3)		—		—		—		181
Equity securities, at fair value		91		—		—		2		—		—		—		—		93
Short-term investments		59		—		—		57		—		—		—		—		116
Total Assets		$	3,224	$	(12)	$	48	$	580	$	(149)	$	(75)	$	8	$	(189)	$	3,435

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Six Months Ended June 30, 2025
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2025		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2025
Assets
Fixed maturities, AFS
	ABS	$	22	$	—	$	1	$	73	$	(4)	$	—	$	—	$	—	$	92
	CLOs	116		—		—		228		(19)		—		—		(255)		70
	CMBS	167		(1)		4		—		(13)		(10)		43		(53)		137
	Corporate	2,281		3		62		624		(198)		(76)		38		—		2,734
	RMBS	24		—		—		24		(7)		—		—		(29)		12
Total fixed maturities, AFS		2,610		2		67		949		(241)		(86)		81		(337)		3,045
FVO securities		197		(17)		—		8		(7)		—		—		—		181
Equity securities, at fair value		87		(1)		—		10		(3)		—		—		—		93
Short-term investments		98		—		—		67		(49)		—		—		—		116
Total Assets		$	2,992	$	(16)	$	67	$	1,034	$	(300)	$	(86)	$	81	$	(337)	$	3,435

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Three Months Ended June 30, 2024
				Total realized/unrealized gains (losses)
		Fair value as of March 31, 2024		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2024
Assets
Fixed maturities, AFS
	ABS	$	16	$	—	$	—	$	—	$	—	$	—	$	—	$	(8)	$	8
	CLOs	184		—		—		460		(14)		—		—		(130)		500
	CMBS	241		(2)		2		—		(3)		(48)		—		—		190
	Corporate	1,923		—		(18)		206		(49)		(1)		—		—		2,061
	RMBS	69		—		—		14		(5)		—		—		(38)		40
Total fixed maturities, AFS		2,433		(2)		(16)		680		(71)		(49)		—		(176)		2,799
FVO securities		167		(2)		—		—		(5)		—		—		—		160
Equity securities, at fair value		58		—		—		—		—		—		—		—		58
Short-term investments		26		—		—		—		(1)		—		—		—		25
Total Assets		$	2,684	$	(4)	$	(16)	$	680	$	(77)	$	(49)	$	—	$	(176)	$	3,042

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Six Months Ended June 30, 2024
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2024		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2024
Assets
Fixed maturities, AFS
	ABS	$	—	$	—	$	—	$	16	$	—	$	—	$	—	$	(8)	$	8
	CLOs	113		—		—		590		(26)		—		—		(177)		500
	CMBS	227		(2)		12		—		(5)		(48)		6		—		190
	Corporate	1,861		—		(33)		312		(76)		(3)		—		—		2,061
	RMBS	36		—		—		52		(10)		—		—		(38)		40
Total fixed maturities, AFS		2,237		(2)		(21)		970		(117)		(51)		6		(223)		2,799
FVO securities		167		1		—		—		(8)		—		—		—		160
Equity securities, at fair value		58		—		—		—		—		—		—		—		58
Short-term investments		25		—		—		1		(1)		—		—		—		25
Total Assets		$	2,487	$	(1)	$	(21)	$	971	$	(126)	$	(51)	$	6	$	(223)	$	3,042

[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes.

[2]All amounts are before income taxes.

[3]Transfers into and/or (out of) Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.

Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Level 3 Still Held at End of Period
		Three Months Ended June 30,								Six Months Ended June 30,
		2025		2024		2025		2024		2025		2024		2025		2024
		Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]				Changes in Unrealized Gain/(Loss) included in OCI [3]				Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]				Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
Fixed maturities, AFS
	ABS	$	—	$	—	$	—	$	—	$	—	$	—	$	1	$	—
	CMBS	—		—		1		1		—		—		3		10
	Corporate	—		—		45		(18)		3		—		58		(32)
Total fixed maturities, AFS		—		—		46		(17)		3		—		62		(22)
FVO securities		(13)		(2)		—		—		(17)		1		—		—
Total Assets		$	(13)	$	(2)	$	46	$	(17)	$	(14)	$	1	$	62	$	(22)

[1]All amounts in these rows are reported in net realized gains (losses). All amounts are before income taxes.

[2]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein.

[3]Changes in unrealized gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities in the Condensed Consolidated Statements of Comprehensive Income (Loss).

Fair Value Option

The Company has elected the fair value option for certain investments in residual interests of securitizations and other securities that contain embedded credit derivatives with underlying credit risk related to residential real estate in order to reflect changes in fair value in earnings. These instruments are included within FVO securities on the Condensed Consolidated Balance Sheets and changes in the fair value of these investments are reported in net realized gains and losses.

As of June 30, 2025 and December 31, 2024, the fair value of assets using the fair value option was $181 and $308,

respectively, of which $181 and $197, respectively, were residual interests of securitizations.

For the three and six months ended June 30, 2025, net realized gains (losses) related to the change in fair value of assets using the fair value option were $(13) and $(17), respectively. For the three and six months ended June 30, 2024, net realized gains (losses) related to the change in fair value of assets using the fair value option were $(1) and $3, respectively.

Financial Instruments Not Carried at Fair Value

Financial Assets and Liabilities Not Carried at Fair Value
	June 30, 2025					December 31, 2024
	Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value		Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value
Assets
Mortgage loans	Level 3	$	6,463	$	6,166	Level 3	$	6,396	$	5,901
Liabilities
Other policyholder funds and benefits payable	Level 3	$	612	$	612	Level 3	$	614	$	614
Senior notes [2]	Level 2	$	3,870	$	3,445	Level 2	$	3,867	$	3,406
Junior subordinated debentures [2]	Level 2	$	499	$	465	Level 2	$	499	$	460

[1]As of June 30, 2025 and December 31, 2024, the carrying amount of mortgage loans is net of ACL of $43 and $44, respectively.

[2]Included in long-term debt in the Condensed Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable.

XML

Investments

6 Months Ended

Jun. 30, 2025

Investments [Abstract]

Investments

5. Investments

Net Realized Gains (Losses)
	Three Months Ended June 30,				Six Months Ended June 30,
(Before tax)	2025		2024		2025		2024
Gross gains on sales of fixed maturities	$	19	$	6	$	32	$	11
Gross losses on sales of fixed maturities	(45)		(75)		(70)		(86)
Equity securities [1]
Net realized gains (losses) on sales of equity securities	5		(3)		5		(15)
Change in net unrealized gains (losses) of equity securities	31		17		20		64
Net realized and unrealized gains (losses) on equity securities	36		14		25		49
Net credit losses on fixed maturities, AFS	—		(1)		2		(2)
Change in ACL on mortgage loans	—		—		—		3
Other, net [2]	(20)		(3)		(48)		(6)
Net realized losses	$	(10)	$	(59)	$	(59)	$	(31)

[1]The change in net unrealized gains on equity securities still held as of June 30, 2025, and included in net realized gains were $34 and $21 for the three and six months ended June 30, 2025, respectively. The change in net unrealized gains on equity securities still held as of June 30, 2024, and included in net realized gains were $15 and $44 for the three and six months ended June 30, 2024, respectively.

[2]For the three and six months ended June 30, 2025, includes losses from transactional foreign currency revaluation of $8 and $18, respectively, and losses on non-qualifying derivatives of $11 and $11, respectively. For the three and six months ended June 30, 2024, includes gains from transactional foreign currency revaluation of $4 and $6, respectively, and losses on non-qualifying derivatives of $6 and $8, respectively.

Proceeds from the sales of fixed maturities, AFS totaled $1.7 billion and $2.7 billion for the three and six months ended June 30, 2025, respectively, and $2.3 billion and $2.7 billion for the three and six months ended June 30, 2024. There were no non-cash investing activities for both the three and six months ended June 30, 2025, and 2024.

Accrued Investment Income on Fixed Maturities, AFS and Mortgage Loans

As of June 30, 2025 and December 31, 2024, the Company reported accrued investment income related to fixed maturities, AFS of $428 and $412, respectively, and accrued investment income related to mortgage loans of $23 and $22, respectively. These amounts are not included in the carrying value of the fixed maturities or mortgage loans. Investment income on fixed maturities and mortgage loans is accrued unless it is past due over 90 days or management deems the interest uncollectible. The Company does not include the current accrued investment income balance when estimating the ACL. The Company has a policy to write-off accrued investment income balances that are more than 90 days past due. Write-offs of accrued investment income are recorded as a credit loss component of net realized gains and losses.

Recognition and Presentation of Intent-to-Sell Impairments and ACL on Fixed Maturities, AFS

The Company will record an "intent-to-sell impairment" as a reduction to the amortized cost of fixed maturities, AFS in an unrealized loss position if the Company intends to sell or it is more likely than not that the Company will be required to sell the fixed maturity before a recovery in value. A corresponding charge is recorded in net realized losses equal to the difference

between the fair value on the impairment date and the amortized cost basis of the fixed maturity before recognizing the impairment.

For fixed maturities where a credit loss has been identified and no intent-to-sell impairment has been recorded, the Company will record an ACL for the portion of the unrealized loss related to the credit loss. Any remaining unrealized loss on a fixed maturity after recording an ACL is the non-credit amount and is recorded in OCI. The ACL is the excess of the amortized cost over the greater of the Company's best estimate of the present value of expected future cash flows or the security's fair value. Cash flows are discounted at the effective yield that is used to record interest income. The ACL cannot exceed the unrealized loss and, therefore, it may fluctuate with changes in the fair value of the fixed maturity if the fair value is greater than the Company's best estimate of the present value of expected future cash flows. The initial ACL and any subsequent changes are recorded in net realized gains and losses. The ACL is written off against the amortized cost in the period in which all or a portion of the related fixed maturity is determined to be uncollectible.

Developing the Company’s best estimate of expected future cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions regarding the future performance. The Company's considerations include, but are not limited to, (a) changes in the financial condition of the issuer and/or the underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) credit ratings, (d) payment structure of the security and (e) the extent to which the fair value has been less than the amortized cost of the security.

For non-structured securities, assumptions include, but are not limited to, economic and industry-specific trends and fundamentals, instrument-specific developments including changes in credit ratings, industry earnings multiples and the issuer’s ability to restructure, access capital markets, and execute asset sales.

For structured securities, assumptions include, but are not limited to, various performance indicators such as historical and

projected default and recovery rates, credit ratings, current and projected delinquency rates, loan-to-value ("LTV") ratios, average cumulative collateral loss rates that vary by vintage year, prepayment speeds, and property value declines. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries, which may include estimating the underlying collateral value.

ACL on Fixed Maturities, AFS by Type
	Three Months Ended June 30,
	2025				2024
(Before tax)	CMBS		Total		Corporate		CMBS		Total
Balance as of beginning of period	$	14	$	14	$	6	$	12	$	18
Credit losses on fixed maturities where an allowance was not previously recorded	—		—		—		1		1
Balance as of end of period	$	14	$	14	$	6	$	13	$	19

ACL on Fixed Maturities, AFS by Type
	Six Months Ended June 30,
	2025						2024
(Before tax)	Corporate		CMBS		Total		Corporate		CMBS		Total
Balance as of beginning of period	$	3	$	13	$	16	$	9	$	12	$	21
Credit losses on fixed maturities where an allowance was not previously recorded	—		—		—		—		1		1
Net increases (decreases) on fixed maturities where an allowance was previously recorded	(3)		1		(2)		1		—		1
Write-offs charged against the allowance	—		—		—		(4)		—		(4)
Balance as of end of period	$	—	$	14	$	14	$	6	$	13	$	19

Fixed Maturities, AFS

Fixed Maturities, AFS, by Type
	June 30, 2025										December 31, 2024
	Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
ABS	$	4,355	$	—	$	44	$	(23)	$	4,376	$	3,948	$	—	$	28	$	(39)	$	3,937
CLOs	3,386		—		8		(1)		3,393		3,237		—		13		—		3,250
CMBS	2,758		(14)		24		(183)		2,585		2,976		(13)		21		(248)		2,736
Corporate	22,962		—		289		(726)		22,525		21,555		(3)		117		(1,033)		20,636
Foreign govt./govt. agencies	448		—		12		(5)		455		500		—		3		(23)		480
Municipal	4,985		—		55		(390)		4,650		5,574		—		77		(347)		5,304
RMBS	5,793		—		29		(309)		5,513		5,610		—		13		(393)		5,230
U.S. Treasuries	1,193		—		5		(137)		1,061		1,138		—		—		(144)		994
Total fixed maturities, AFS	$	45,880	$	(14)	$	466	$	(1,774)	$	44,558	$	44,538	$	(16)	$	272	$	(2,227)	$	42,567

Fixed Maturities, AFS, by Contractual Maturity Year
	June 30, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	1,475	$	1,473	$	1,308	$	1,298
Over one year through five years	9,893		9,896		9,564		9,414
Over five years through ten years	8,167		8,065		7,687		7,334
Over ten years	10,053		9,257		10,208		9,368
Subtotal	29,588		28,691		28,767		27,414
Mortgage-backed and asset-backed securities	16,292		15,867		15,771		15,153
Total fixed maturities, AFS	$	45,880	$	44,558	$	44,538	$	42,567

Estimated maturities may differ from contractual maturities due to call or prepayment provisions. Due to the potential for variability in payment speeds (i.e., prepayments or extensions), mortgage-backed and asset-backed securities are not categorized by contractual maturity.

Concentration of Credit Risk

The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where

applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk. The Company had no investment exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholders' equity as of June 30, 2025 or December 31, 2024 other than U.S. government securities and certain U.S. government agencies.

Unrealized Losses on Fixed Maturities, AFS

Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of June 30, 2025
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS	$	548	$	(6)	$	248	$	(17)	$	796	$	(23)
CLOs	555		(1)		—		—		555		(1)
CMBS	107		(5)		2,065		(178)		2,172		(183)
Corporate	3,289		(66)		7,372		(660)		10,661		(726)
Foreign govt./govt. agencies	50		—		85		(5)		135		(5)
Municipal	1,034		(35)		2,427		(355)		3,461		(390)
RMBS	982		(14)		2,548		(295)		3,530		(309)
U.S. Treasuries	229		(8)		577		(129)		806		(137)
Total fixed maturities, AFS in an unrealized loss position	$	6,794	$	(135)	$	15,322	$	(1,639)	$	22,116	$	(1,774)

Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2024
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS	$	1,088	$	(14)	$	407	$	(25)	$	1,495	$	(39)
CLOs	78		—		—		—		78		—
CMBS	228		(4)		2,299		(244)		2,527		(248)
Corporate	5,883		(138)		8,212		(895)		14,095		(1,033)
Foreign govt./govt. agencies	165		(5)		178		(18)		343		(23)
Municipal	1,263		(27)		2,712		(320)		3,975		(347)
RMBS	1,297		(29)		2,672		(364)		3,969		(393)
U.S. Treasuries	406		(26)		461		(118)		867		(144)
Total fixed maturities, AFS in an unrealized loss position	$	10,408	$	(243)	$	16,941	$	(1,984)	$	27,349	$	(2,227)

As of June 30, 2025, fixed maturities, AFS in an unrealized loss position consisted of 3,135 instruments and were primarily depressed due to higher interest rates and/or wider credit spreads since the purchase date. As of June 30, 2025, 93% of these fixed maturities were depressed less than 20% of cost or amortized cost. The decrease in unrealized losses during the six months ended June 30, 2025, was primarily attributable to lower interest rates.

Most of the fixed maturities depressed for twelve months or more relate to the corporate sector, municipal bonds, and RMBS, which were primarily depressed because current rates are higher and/or market spreads are wider than at the respective purchase dates. The Company neither has an intention to sell nor does it expect to be required to sell the fixed maturities outlined in the preceding discussion. The decision to record credit losses on fixed maturities, AFS in the form of an ACL requires us to make qualitative and quantitative estimates of expected future cash flows.

Mortgage Loans

ACL on Mortgage Loans

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. The Company utilizes a third-party forecasting model to estimate lifetime expected credit losses at a loan level under multiple economic scenarios. The scenarios use macroeconomic data provided by an internationally recognized economics firm that generates forecasts of varying economic factors such as GDP growth, unemployment and interest rates. The economic scenarios are projected over 10 years. The first two to four years of the 10-year period assume a specific modeled economic scenario (including moderate upside, moderate recession and severe recession scenarios) and then revert to historical long-term assumptions over the remaining period. Using these economic scenarios, the forecasting model projects

property-specific operating income and capitalization rates used to estimate the value of a future operating income stream. The operating income and the property valuations derived from capitalization rates are compared to loan payment and principal amounts to create debt service coverage ratios ("DSCRs") and LTVs over the forecast period. The Company's process also considers qualitative factors. The model overlays historical data about mortgage loan performance based on DSCRs and LTVs and projects the probability of default, amount of loss given a default and resulting expected loss through maturity for each loan under each economic scenario. Economic scenarios are probability-weighted based on a statistical analysis of the forecasted economic factors and qualitative analysis. The Company records the change in the ACL on mortgage loans based on the weighted-average expected credit losses across the selected economic scenarios.

When a borrower is experiencing financial difficulty, including when foreclosure is probable, the Company measures an ACL on individual mortgage loans. The ACL is established for any shortfall between the amortized cost of the loan and the fair value of the collateral less costs to sell. Estimates of collectibility from an individual borrower require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral such as changes in projected property value estimates. During the period in which all or a portion of the mortgage loan is determined to be uncollectible, the ACL is written off against the amortized cost.

There were no mortgage loans held-for-sale as of June 30, 2025 or December 31, 2024. In addition, for the three and six months ended June 30, 2025 and 2024, the Company had no mortgage

loans that have had extensions or restructurings other than what is allowable under the original terms of the contract or with borrowers experiencing financial difficulties.

The one mortgage loan extension that was granted over the past twelve months to a borrower that was experiencing financial difficulties is current and performing in conjunction with the modified terms.

ACL on Mortgage Loans
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
ACL as of beginning of period	$	43	$	48	$	44	$	51
Current period provision (release)	—		—		—		(3)
Current period gross write-offs	—		—		(1)		—
ACL as of June 30,	$	43	$	48	$	43	$	48

The weighted-average LTV ratio of the Company’s mortgage loan portfolio was 56% as of June 30, 2025, while the weighted-average LTV ratio at origination of these loans was 59%. LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan with property values based on appraisals updated no less than annually. Factors considered in estimating property values include, among other things, actual and expected property cash flows, geographic market data and the ratio of the property's net operating income to its value. DSCR compares a property’s net operating income to the borrower’s principal and interest payments and are updated no less than annually through reviews of underlying properties.

Mortgage Loans LTV & DSCR by Origination Year as of June 30, 2025
	2025			2024			2023			2022			2021			2020 & Prior			Total
Loan-to-value	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost [1]		Avg. DSCR
Greater than 80%	$	30	1.83x	$	26	0.78x	$	—	—x	$	15	0.80x	$	37	1.00x	$	144	1.58x	$	252	1.39x
65% - 80%	56		1.52x	49		0.90x	7		1.09x	156		1.96x	388		2.43x	365		2.21x	1,021		2.15x
Less than 65%	342		2.00x	479		1.55x	513		1.39x	682		2.91x	1,141		2.98x	2,076		2.66x	5,233		2.49x
Total mortgage loans	$	428	1.92x	$	554	1.45x	$	520	1.39x	$	853	2.70x	$	1,566	2.80x	$	2,585	2.54x	$	6,506	2.39x

[1]Amortized cost of mortgage loans excludes ACL of $43.

Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2024
	2024			2023			2022			2021			2020			2019 & Prior			Total
Loan-to-value	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost [1]		Avg. DSCR
Greater than 80%	$	25	0.63x	$	—	—x	$	16	1.05x	$	37	1.03x	$	—	—x	$	110	1.68x	$	188	1.34x
65% - 80%	89		1.42x	7		1.35x	204		1.89x	421		2.55x	100		3.60x	439		2.01x	1,260		2.26x
Less than 65%	357		1.62x	489		1.39x	696		2.85x	1,108		2.93x	518		2.67x	1,824		2.71x	4,992		2.57x
Total mortgage loans	$	471	1.52x	$	496	1.39x	$	916	2.61x	$	1,566	2.79x	$	618	2.82x	$	2,373	2.53x	$	6,440	2.47x

[1]Amortized cost of mortgage loans excludes ACL of $44.

Mortgage Loans by Region
	June 30, 2025				December 31, 2024
	Amortized Cost		Percent of Total		Amortized Cost		Percent of Total
East North Central	$	337	5.2	%	$	362	5.6	%
Middle Atlantic	275		4.2	%	259		4.0	%
Mountain	840		12.9	%	764		11.9	%
New England	353		5.4	%	356		5.5	%
Pacific	1,374		21.1	%	1,400		21.8	%
South Atlantic	1,830		28.1	%	1,821		28.3	%
West North Central	144		2.2	%	97		1.5	%
West South Central	685		10.6	%	588		9.1	%
Other [1]	668		10.3	%	793		12.3	%
Total mortgage loans	6,506		100.0	%	6,440		100.0	%
ACL	(43)				(44)
Total mortgage loans, net of ACL	$	6,463			$	6,396

[1]Primarily represents loans collateralized by multiple properties in various regions.

Mortgage Loans by Property Type
	June 30, 2025				December 31, 2024
	Amortized Cost		Percent of Total		Amortized Cost		Percent of Total
Commercial
Industrial	$	2,904	44.6	%	$	2,737	42.5	%
Multifamily	2,152		33.1	%	2,161		33.5	%
Office	404		6.2	%	507		7.9	%
Retail [1]	968		14.9	%	957		14.9	%
Single Family	78		1.2	%	78		1.2	%
Total mortgage loans	6,506		100.0	%	6,440		100.0	%
ACL	(43)				(44)
Total mortgage loans, net of ACL	$	6,463			$	6,396

[1]Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.

Past-Due Mortgage Loans

Mortgage loans are considered past due if a payment of principal or interest is not received according to the contractual terms of the loan agreement, which typically includes a grace period. As of June 30, 2025 and December 31, 2024, the Company held no mortgage loans considered past due.

Mortgage Servicing

The Company originates, sells and services commercial mortgage loans on behalf of third parties and recognizes servicing fee income over the period that services are performed. As of June 30, 2025, under this program, the Company serviced mortgage loans with a total outstanding principal of $10.1 billion, of which $4.8 billion was serviced on

behalf of third parties and $5.3 billion was retained and reported in total investments on the Company's Condensed Consolidated Balance Sheets. As of December 31, 2024, the Company serviced mortgage loans with a total outstanding principal balance of $10.0 billion, of which $4.8 billion was serviced on behalf of third parties and $5.2 billion was retained and reported in total investments on the Company's Condensed Consolidated Balance Sheets. Servicing rights are carried at the lower of cost or fair value and were $0 as of June 30, 2025 and December 31, 2024, because servicing fees were market-level fees at origination and remain adequate to compensate the Company for servicing the loans.

Variable Interest Entities

The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs primarily as an investor through normal investment activities or, at times, as an investment manager.

A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Condensed Consolidated Financial Statements.

Consolidated VIEs

As of June 30, 2025 and December 31, 2024, the Company did not hold any securities for which it is the primary beneficiary.

Non-Consolidated VIEs

The Company, through normal investment activities, makes passive investments in limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of June 30, 2025 and December 31, 2024 was limited to the total carrying value of $3.6 billion and $3.2 billion, respectively, which are a portion of the investments in limited partnerships and other alternative investments in the Company's Condensed Consolidated Balance Sheets that are primarily recorded using the equity method of accounting. As of June 30, 2025 and December 31, 2024, the Company has outstanding commitments totaling $2.1 billion and $2.0 billion, respectively, whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. For further discussion of these investments, see Equity Method

Investments within Note 5 - Investments of Notes to Consolidated Financial Statements included in the Company’s 2024 Form 10-K Annual Report.

Furthermore, the Company makes investments in entities that sponsor affordable housing projects. Similarly, for these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company applies the proportional amortization method to subsequently measure its investments in such qualified affordable housing projects, where costs are amortized over the period in which the investor expects to receive tax credits and the resulting amortization is recognized as a component of income tax expense on the Company's Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2025, the Company recognized amortization of $4 and $8, respectively, and related tax benefits of $7 and $13, respectively. For the three and six months ended June 30, 2024, the Company recognized amortization of $1 and $2, respectively, and related tax benefits of $3 and $5, respectively. The income tax credits and other income tax benefits are recognized in operating activities in the Condensed Consolidated Statement of Cash Flows. The carrying value of these investments, which are reported in other assets on the Company’s Condensed Consolidated Balance Sheets was $84 and $51 as of June 30, 2025, and December 31, 2024, respectively. As of June 30, 2025 and December 31, 2024, the Company has outstanding commitments related to affordable housing projects of $226 and $267, respectively, that are contingent on various conditions precedent to funding.

In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in ABS, CLOs, CMBS, and RMBS and are reported in fixed maturities, AFS, and FVO securities on the Company's Condensed Consolidated Balance Sheets. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs, and, where applicable, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment.

Collateral Transactions and Restricted Investments

Collateral Transactions

As of both June 30, 2025 and December 31, 2024, the Company pledged collateral of $1, of U.S. government securities or cash primarily related to certain bank loan participations committed through a limited partnership agreement.

For disclosure of collateral in support of derivative transactions, refer to the Derivative Collateral Arrangements section in Note 6 - Derivatives of Notes to Condensed Consolidated Financial Statements.

Other Restricted Investments

The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. In addition, the Company is required to hold fixed maturities and short-term investments in trust for the benefit of syndicate policyholders, hold fixed maturities in a Lloyd's of London ("Lloyd's") trust account to provide a portion of the required capital, and maintain other investments primarily consisting of overseas deposits in various countries with Lloyd's to support underwriting activities in those countries. Lloyd's is an insurance market-place operating worldwide. Lloyd's does not underwrite risks. The Company accepts risks as the sole member of Lloyd's Syndicate 1221 ("Lloyd's Syndicate").

The following table presents the components of the Company’s exposure to other restricted investments.

	June 30, 2025		December 31, 2024
	Fair Value		Fair Value
Securities on deposit with government agencies	$	2,504	$	2,362
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders	1,090		1,056
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders	36		25
Other investments	71		61
Total Other Restricted Investments	$	3,701	$	3,504

XML

Derivatives

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Instruments

6. Derivatives

The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions or income generation covered call transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, credit spread, issuer default, price, and currency exchange rate or volatility. Replication transactions 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.

Strategies that Qualify for Hedge Accounting

Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements, included in The Hartford’s 2024 Form 10-K Annual Report. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap.

Cash Flow Hedges

Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on variable-rate fixed maturity securities to fixed rates. The Company has also entered into interest rate swaps to convert the variable interest payments on the $500 junior subordinated debentures due 2067 to fixed interest payments. For further information, see the Junior Subordinated Debentures section within Note 13 - Debt of Notes to Consolidated Financial Statements, included in The Hartford's 2024 Form 10-K Annual Report.

Foreign currency swaps are used to convert foreign currency denominated cash flows related to certain investment receipts to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates.

Non-qualifying Strategies

Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include hedges of interest rate, foreign currency, and equity risk of certain fixed maturities and equities. In addition, hedging and replication strategies that utilize credit default swaps do not qualify for hedge accounting. The non-qualifying strategies include:

Credit Contracts

Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge

against default risk and credit-related changes in the value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty or the Company should the referenced security issuers experience a credit event, as defined in the contract. The Company also enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward.

Interest Rate Swaps and Futures

The Company uses interest rate swaps and, to a lesser extent, futures to manage interest rate duration between assets and liabilities. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap going forward. As of June 30, 2025 and December 31, 2024, the notional amount of interest rate swaps in offsetting relationships was $333 and $344, respectively.

Foreign Currency Swaps

The Company enters into foreign currency swaps to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars.

Equity Index Options

The Company enters into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio.

Derivative Balance Sheet Classification

For reporting purposes, the Company has elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. The following fair value amounts do not include income accruals or related cash collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation. The Company’s derivative instruments are held for risk management purposes, unless otherwise noted in the following table. The notional amount of derivative contracts represents the basis upon which payments or receipts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are not necessarily reflective of credit risk.

Derivative Balance Sheet Presentation
	Net Derivatives								Asset Derivatives				Liability Derivatives
	Notional Amount				Fair Value				Fair Value				Fair Value
Hedge Designation/ Derivative Type	Jun 30, 2025		Dec. 31, 2024		Jun 30, 2025		Dec. 31, 2024		Jun 30, 2025		Dec. 31, 2024		Jun 30, 2025		Dec. 31, 2024
Cash flow hedges
Interest rate swaps	$	3,975	$	4,225	$	1	$	—	$	1	$	—	$	—	$	—
Foreign currency swaps	590		646		(12)		41		21		52		(33)		(11)
Total cash flow hedges	4,565		4,871		(11)		41		22		52		(33)		(11)
Non-qualifying strategies
Interest rate contracts
Interest rate swaps and futures	333		344		(2)		—		—		1		(2)		(1)
Foreign exchange contracts
Foreign currency swaps	590		647		—		—		—		—		—		—
Credit contracts
Credit derivatives in offsetting positions	985		986		—		—		28		31		(28)		(31)
Equity contracts
Equity index options	943		233		5		4		5		4		—		—
Total non-qualifying strategies	2,851		2,210		3		4		33		36		(30)		(32)
Total cash flow hedges and non-qualifying strategies	$	7,416	$	7,081	$	(8)	$	45	$	55	$	88	$	(63)	$	(43)
Balance Sheet Location
Fixed maturities, AFS	$	590	$	647	$	—	$	—	$	—	$	—	$	—	$	—
Other investments	1,640		3,011		35		57		43		66		(8)		(9)
Other liabilities	5,186		3,423		(43)		(12)		12		22		(55)		(34)
Total derivatives	$	7,416	$	7,081	$	(8)	$	45	$	55	$	88	$	(63)	$	(43)

Offsetting of Derivative Assets/Liabilities

The following tables present the gross fair value amounts, the offsetting amounts, and net position of derivative instruments eligible for offset in the Company's Condensed Consolidated Balance Sheets. Offsetting amounts include fair value amounts, income accruals and related cash collateral receivables and payables associated with derivative instruments that are traded under a common master netting agreement, as described in the preceding discussion. Also included in the tables are financial collateral receivables and payables, which are contractually permitted to be offset upon an event of default, although are disallowed for offsetting under U.S. GAAP.

Offsetting Derivative Assets and Liabilities
	(i)		(ii)		(iii) = (i) - (ii)				(iv)		(v) = (iii) - (iv)
					Net Amounts Presented in the Statement of Financial Position				Collateral Disallowed for Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Statement of Financial Position		Derivative Assets [1] (Liabilities) [2]		Accrued Interest and Cash Collateral (Received) [3] Pledged [2]		Financial Collateral (Received) Pledged [4]		Net Amount
As of June 30, 2025
Other investments	$	55	$	50	$	35	$	(30)	$	—	$	5
Other liabilities	$	(63)	$	(40)	$	(43)	$	20	$	(21)	$	(2)
As of December 31, 2024
Other investments	$	88	$	86	$	57	$	(55)	$	—	$	2
Other liabilities	$	(43)	$	(42)	$	(12)	$	11	$	(1)	$	—

[1]Included in other investments in the Company's Condensed Consolidated Balance Sheets.

[2]Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.

[3]Included in other investments in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.

[4] Excludes collateral associated with exchange-traded derivative instruments.

Cash Flow Hedges

For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Gains (Losses) Recognized in OCI
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest rate swaps	$	3	$	(4)	$	13	$	(21)
Foreign currency swaps	(43)		15		(49)		32
Total	$	(40)	$	11	$	(36)	$	11

Gains (Losses) Reclassified from AOCI into Income
	Three months ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
	Net Investment Income		Interest Expense		Net Investment Income		Interest Expense		Net Investment Income		Interest Expense		Net Investment Income		Interest Expense
Interest rate swaps	$	(2)	$	3	$	(8)	$	5	$	(4)	$	6	$	(15)	$	9
Foreign currency swaps	2		—		3		—		5		—		6		—
Total	$	—	$	3	$	(5)	$	5	$	1	$	6	$	(9)	$	9
Total amounts presented on the Condensed Consolidated Statement of Operations	$	664	$	50	$	602	$	50	$	1,320	$	100	$	1,195	$	100

As of June 30, 2025, the before tax deferred net losses on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are $21. This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities and long-term debt that will occur over the next twelve months. At that time, the Company will recognize the deferred net gains (losses) as an adjustment to net investment income or interest expense, as applicable, over the term of the hedged instrument cash flows.

During the three and six months ended June 30, 2025 and 2024, the Company had no net reclassifications from AOCI to earnings resulting from the discontinuance of cash-flow hedges due to forecasted transactions that were no longer probable of occurring.

Non-qualifying Strategies

For non-qualifying strategies, including embedded derivatives that are required to be bifurcated from their host contracts and accounted for as derivatives, the gain or loss on the derivative is recognized currently in earnings within net realized gains (losses).

Non-Qualifying Strategies Recognized within Net Realized Gains (Losses)
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest rate contracts
Interest rate swaps and futures	$	(1)	$	(6)	$	(2)	$	(3)
Equity contracts
Equity index options	(10)		—		(9)		(5)
Total [1]	$	(11)	$	(6)	$	(11)	$	(8)

[1]Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.

Credit Risk Assumed through Credit Derivatives

The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that are permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk may primarily reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and CMBS issuers.

Credit Risk Assumed Derivatives by Type
						Underlying Referenced Credit Obligation(s) [1]
	Notional Amount [2]		Fair Value		Weighted Average Years to Maturity	Type	Average Credit Rating	Offsetting Notional Amount [3]		Offsetting Fair Value [3]
As of June 30, 2025
Basket credit default swaps [4]
Investment grade risk exposure	$	100	$	1	3 years	CMBS Credit	AAA	$	100	$	(1)
Below investment grade risk exposure	392		27		3 years	Corporate Credit	B+	392		(27)
Below investment grade risk exposure	1		(1)		Less than 1 year	CMBS Credit	CCC	1		1
Total [5]	$	493	$	27				$	493	$	(27)
As of December 31, 2024
Basket credit default swaps [4]
Investment grade risk exposure	$	100	$	—	4 years	CMBS Credit	AAA	$	100	$	—
Below investment grade risk exposure	392		30		3 years	Corporate Credit	B+	392		(30)
Below investment grade risk exposure	1		(1)		Less than 1 year	CMBS Credit	CCC	1		1
Total [5]	$	493	$	29				$	493	$	(29)

[1]The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.

[2]Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law, which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses.

[3]The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap.

[4] Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index.

[5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.

Derivative Collateral Arrangements

The Company enters into various collateral arrangements in connection with its derivative instruments, which require both the pledging and accepting of collateral. As of June 30, 2025 and December 31, 2024, the Company has pledged cash collateral associated with derivative instruments of $27 and $31, respectively. In general, collateral receivable is recorded in other assets or other liabilities on the Company's Condensed Consolidated Balance Sheets as determined by the Company's election to offset on the balance sheet. As of June 30, 2025 and December 31, 2024, the Company pledged securities collateral associated with derivative instruments with a fair value of $23 and $1, respectively, which have been included in fixed maturities on the Company's Condensed Consolidated Balance Sheets. The counterparties generally have the right to sell or re-pledge these securities.

In addition, as of June 30, 2025 and December 31, 2024, the Company has pledged initial margin of cash related to OTC-cleared and exchange traded derivatives with a fair value of $12 and $10, respectively, which is recorded in other investments or other assets on the Company's Condensed Consolidated Balance Sheets. As of June 30, 2025 and December 31, 2024, the Company has pledged initial margin of securities related to OTC-cleared and exchange traded derivatives with a fair value of $104 and $103, respectively, which are included within fixed maturities on the Company's Condensed Consolidated Balance Sheets.

As of June 30, 2025 and December 31, 2024, the Company accepted cash collateral associated with derivative instruments of $40 and $78, respectively, which was invested and recorded in the Company's Condensed Consolidated Balance Sheets in fixed maturities and short-term investments with corresponding amounts recorded in other investments or other liabilities as determined by the Company's election to offset on the balance sheet. Also, as of June 30, 2025 and December 31, 2024, the Company did not hold securities collateral.

Derivatives, Policy [Policy Text Block]

For reporting purposes, the Company has elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset.

XML

Premiums Receivable (Notes)

6 Months Ended

Jun. 30, 2025

Credit Loss [Abstract]

Premiums Receivable Note [Text Block]

7. Premiums Receivable and Agents' Balances

Premiums Receivable and Agents' Balances
	As of June 30, 2025		As of December 31, 2024
Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums ("loss sensitive business")	$	6,347	$	5,624
Receivables for loss sensitive business, by credit quality:
AA	94		97
A	56		57
BBB	196		193
BB	91		94
Below BB	49		50
Total receivables for loss sensitive business	486		491
Total Premiums Receivable and Agents' Balances, Gross	6,833		6,115
ACL	(135)		(117)
Total Premiums Receivable and Agents' Balances, Net of ACL	$	6,698	$	5,998

ACL on Premiums Receivable and Agents' Balances

Premiums receivable and agents' balances, excluding receivables for loss sensitive business, are primarily comprised of premiums due from policyholders, which are typically collectible within one year or less. For these balances, the ACL is estimated based on an aging of receivables and recent historical credit loss and collection experience, adjusted for current economic conditions and reasonable and supportable forecasts, when appropriate. Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods.

A portion of the Company's Business Insurance business is written with large deductibles or under retrospectively-rated plans (referred to as "loss sensitive business"). Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the deductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are utilized primarily for workers' compensation coverage, whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements, and oversight.

The ACL for receivables for loss sensitive business is estimated as the amount of the receivable exposed to loss multiplied by estimated factors for probability of default and the amount of loss given a default. The probability of default is assigned based on each policyholder's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed and updated at least annually. The exposure amount is estimated net of collateral and other credit enhancement, considering the nature of the collateral, potential future changes in collateral values, and historical loss information for the type of collateral obtained. The probability of default factors are historical corporate defaults for receivables with similar durations estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The loss given default factors are based on a study of historical recovery rates for general creditors through multiple economic cycles. The Company's evaluation of the required ACL for receivables for loss sensitive business considers the current economic environment as well as the probability-weighted macroeconomic scenarios similar to the approach used for estimating the ACL for mortgage loans. See Note 5 - Investments

Rollforward of ACL on Premiums Receivable and Agents' Balances for the Three Months Ended
	June 30, 2025						June 30, 2024
	Receivables Excluding Receivables for Loss Sensitive Business		Receivables for Loss Sensitive Business		Total		Receivables Excluding Receivables for Loss Sensitive Business		Receivables for Loss Sensitive Business		Total
Beginning ACL	$	105	$	21	$	126	$	91	$	20	$	111
Current period provision	24		1		25		15		1		16
Current period write-offs	(18)		—		(18)		(12)		—		(12)
Current period recoveries	2		—		2		1		—		1
Ending ACL	$	113	$	22	$	135	$	95	$	21	$	116

Rollforward of ACL on Premiums Receivable and Agents' Balances for the Six Months Ended
	June 30, 2025						June 30, 2024
	Receivables Excluding Receivables for Loss Sensitive Business		Receivables for Loss Sensitive Business		Total		Receivables Excluding Receivables for Loss Sensitive Business		Receivables for Loss Sensitive Business		Total
Beginning ACL	$	97	$	20	$	117	$	89	$	20	$	109
Current period provision	47		2		49		30		1		31
Current period write-offs	(35)		—		(35)		(27)		—		(27)
Current period recoveries	4		—		4		3		—		3
Ending ACL	$	113	$	22	$	135	$	95	$	21	$	116

XML

Reinsurance

6 Months Ended

Jun. 30, 2025

Reinsurance Disclosures [Abstract]

Reinsurance [Text Block]

8. Reinsurance

The Company cedes insurance risk to reinsurers to enable the Company to manage capital and risk exposure. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company's procedures include carefully selecting its reinsurers, structuring agreements to provide collateral funds where necessary, and regularly monitoring the financial condition and ratings of its reinsurers.

Reinsurance Recoverables

Reinsurance recoverables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include

an estimate of the amount of gross losses and LAE reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported ("IBNR") unpaid losses. The Company’s estimate of losses and LAE reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for amounts the Company owes to its claimants. The Company estimates its ceded reinsurance recoverables based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how IBNR unpaid losses will ultimately be ceded under reinsurance agreements. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and loss adjustment expenses.

Reinsurance Recoverables by Credit Quality Indicator
	As of June 30, 2025								As of December 31, 2024
	P&C		Employee Benefits		Corporate		Total		P&C		Employee Benefits		Corporate		Total
A.M. Best Financial Strength Rating
A++	$	2,200	$	—	$	—	$	2,200	$	2,271	$	—	$	—	$	2,271
A+	2,257		283		217		2,757		2,169		281		224		2,674
A	755		1		—		756		829		1		—		830
A-	615		3		—		618		622		4		—		626
B++	2		—		2		4		2		—		2		4
Below B++	22		—		—		22		22		—		—		22
Total Rated by A.M. Best	5,851		287		219		6,357		5,915		286		226		6,427
Mandatory (Assigned) and Voluntary Risk Pools	204		—		—		204		205		—		—		205
Captives	425		—		—		425		402		—		—		402
Other not rated companies	183		6		—		189		176		5		—		181
Gross Reinsurance Recoverables	6,663		293		219		7,175		6,698		291		226		7,215
Allowance for uncollectible reinsurance	(72)		(1)		(2)		(75)		(72)		(1)		(2)		(75)
Net Reinsurance Recoverables	$	6,591	$	292	$	217	$	7,100	$	6,626	$	290	$	224	$	7,140

Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods, generally 30, 60 or 90 days. To manage reinsurer credit risk, a reinsurance security review committee evaluates the credit standing, financial performance, management and operational quality of each potential reinsurer. In placing

reinsurance, the Company considers the nature of the risk reinsured, including the expected liability payout duration, and establishes limits tiered by reinsurer credit rating.

Where its contracts permit, the Company secures future claim obligations with various forms of collateral or other credit enhancement, including irrevocable letters of credit, secured

trusts, funds held accounts and group wide offsets. As part of its reinsurance recoverable review, the Company analyzes recent developments in commutation activity between reinsurers and cedants, recent trends in arbitration and litigation outcomes in disputes between cedants and reinsurers and the overall credit quality of the Company’s reinsurers.

Due to the inherent uncertainties as to collection and the length of time before reinsurance recoverables become due, it is possible that future adjustments to the Company’s reinsurance recoverables, net of the allowance, could be required, which could have a material adverse effect on the Company’s consolidated results of operations or cash flows in a particular quarter or annual period.

The allowance for uncollectible reinsurance comprises an ACL and an allowance for disputed balances. The ACL is estimated as the amount of reinsurance recoverables exposed to loss multiplied by estimated factors for the probability of default and the amount of loss given a default. The probability of default is assigned based on each reinsurer's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed on a quarterly basis and any significant changes are reflected in an updated estimate. The probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The loss

given default factors are based on a study of historical recovery rates for general creditors of corporations through multiple economic cycles or, in the case of purchased annuities funding structured settlements accounted for as reinsurance, historical recovery rates for annuity contract holders.

As shown in the table above, a portion of the total gross reinsurance recoverable balance relates to the Company’s participation in various mandatory (assigned) and voluntary risk pools. Reinsurance recoverables due from pools are backed by the financial position of all insurance companies participating in the pools and the credit backing the reinsurance recoverable is not limited to the financial strength of each pool. The mandatory pools generally are funded through policy assessments or surcharges and if any participant in the pool defaults, remaining liabilities are apportioned among the other members.

The Company's evaluation of the required ACL for reinsurance recoverables considers the current economic environment as well as macroeconomic scenarios similar to the approach used to estimate the ACL for mortgage loans. See Note 5 - Investments. Insurance companies, including reinsurers, are regulated and hold risk-based capital ("RBC") to mitigate the risk of loss due to economic factors and other risks. Non-U.S. reinsurers are either subject to a capital regime substantively equivalent to domestic insurers or we hold collateral to support collection of reinsurance recoverables. As a result, there is limited history of losses from insurer defaults.

Allowance for Uncollectible Reinsurance for the Three and Six Months Ended
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
P&C beginning allowance for uncollectible reinsurance	$	72	$	98	$	72	$	100
Beginning allowance for disputed amounts	52		54		48		57
P&C beginning ACL	20		44		24		43
Current period provision (release)	1		1		(3)		2
P&C ending ACL	21		45		21		45
Ending allowance for disputed amounts	51		54		51		54
P&C ending allowance for uncollectible reinsurance	72		99		72		99
Employee Benefits allowance for uncollectible reinsurance	1		1		1		1
Corporate allowance for uncollectible reinsurance	2		2		2		2
Total allowance for uncollectible reinsurance	$	75	$	102	$	75	$	102

XML

Reserve for Unpaid Losses and Loss Adjustment Expenses

6 Months Ended

Jun. 30, 2025

Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]

Reserve for Unpaid Losses and Loss Adjustment Expenses

Property & Casualty Insurance Product Reserves, Net of Reinsurance

Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses

	For the six months ended June 30,
	2025		2024
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	36,404	$	34,044
Reinsurance and other recoverables	6,753		6,696
Beginning liabilities for unpaid losses and loss adjustment expenses, net	29,651		27,348
Provision for unpaid losses and loss adjustment expenses
Current accident year	5,670		5,088
Prior accident year development [1]	(309)		(171)
Total provision for unpaid losses and loss adjustment expenses	5,361		4,917
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	56		61
Payments
Current accident year	(1,175)		(987)
Prior accident years	(3,205)		(2,849)
Total payments	(4,380)		(3,836)
Foreign currency adjustment	39		(9)
Ending liabilities for unpaid losses and loss adjustment expenses, net	30,727		28,481
Reinsurance and other recoverables	6,631		6,656
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	37,358	$	35,137

[1] Prior accident year development for the six months ended June 30, 2025 and 2024 included a $56 and $61 benefit for amortization of a deferred gain under retroactive reinsurance accounting, respectively, related to the Navigators Adverse Development Cover (the "Navigator's ADC"). For additional information regarding the ADC reinsurance agreement, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below.

Unfavorable (Favorable) Prior Accident Year Development

	For the six months ended June 30,
	2025		2024
Workers’ compensation	$	(126)	$	(119)
Workers’ compensation discount accretion	23		23
General liability	—		49
Marine	—		(1)
Package business	—		(1)
Commercial property	(23)		(5)
Professional liability	(11)		(7)
Bond	(22)		(22)
Assumed reinsurance	—		24
Commercial automobile liability	—		10
Personal automobile liability	(22)		(13)
Homeowners	(31)		(10)
Net asbestos and environmental ("A&E") reserves	—		—
Catastrophes	(39)		(38)
Uncollectible reinsurance	—		—
Other reserve re-estimates, net	(2)		—
Prior accident year development before change in deferred gain	(253)		(110)
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	(56)		(61)
Total prior accident year development	$	(309)	$	(171)

[1]The $56 and $61 change in deferred gain on retroactive reinsurance for the six months ended June 30, 2025 and 2024, respectively, is related to amortization of the Navigators ADC deferred gain. For additional information regarding the ADC reinsurance agreement, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below.

Re-estimates of prior accident year reserves for the six months ended June 30, 2025

Workers’ compensation reserves were decreased within the 2016 to 2021 accident years primarily in small business, driven by lower than previously estimated claim severity.

Commercial property reserves were decreased primarily within accident years 2023 and 2024 as a result of lower than expected severity.

Professional liability reserves were decreased due to favorable development on directors and officers ("D&O") claims driven by the 2020 to 2023 accident years, partially offset by deterioration in employment practices liability and errors and omissions ("E&O") claims across multiple accident years.

Bond reserves decreased due primarily to favorable development on commercial and contract surety bonds driven by accident years 2019 to 2021.

Personal automobile liability reserves were decreased primarily within accident years 2020 to 2023 as a result of lower than expected severity.

Homeowners reserves were decreased primarily due to favorable severity impacting accident year 2024.

Catastrophes reserves were decreased across Business Insurance and Personal Insurance primarily driven by a reduction in reserves in accident years 2021 to 2024, including favorable emergence related to various hail events.

Other reserve re-estimates, net, were decreased due to lower than expected severity on Personal Insurance automobile physical damage for accident year 2024, partially offset by unfavorable development from participation in involuntary market pools.

Re-estimates of prior accident year reserves for the six months ended June 30, 2024

Workers’ compensation reserves were decreased within the 2016 to 2020 accident years primarily in small business, driven by lower than previously estimated claim severity. In addition, the 2020 accident year includes a $20 reduction of COVID-19 related reserves driven by favorable claim count emergence.

General liability reserves were increased primarily in response to higher frequency of large losses within certain lines in the 2016 to 2019 accident years, with some modest increases in the more recent accident years. In addition, reserves for sexual molestation and sexual abuse claims were increased for older accident years. Lastly, reserves for extra contractual liability claims and other miscellaneous run-off lines were reduced in response to recent favorable loss activity.

Professional liability reserves decreased modestly due to favorable development on D&O claims driven by the 2020 to 2022 accident years, partially offset by deterioration in older accident years.

Bond reserves decreased due to favorable development on commercial and contract surety driven by accident years 2019 and prior.

Assumed reinsurance reserves were increased due to higher reserve estimates in the Latin America surety and Latin America P&C businesses related to the 2020 to 2023 accident years.

Automobile liability reserves - Business Insurance increased primarily due to adverse loss development within accident year 2022 driven by higher severity than estimated.

Automobile liability reserves - Personal Insurance were decreased primarily in response to better than anticipated accident year 2023 claim severity for property damage liability.

Catastrophes reserves were decreased primarily within Business Insurance driven by a reduction in reserves in accident years 2021 to 2022 related to favorable emergence related to various hail events, as well as favorable development in accident year 2022 related to Hurricane Ian.

Other reserve re-estimates, net, included a decrease in reserves due to lower severity than expected on Personal

Insurance automobile physical damage for accident year 2023, offset by an increase in reserves related to unfavorable development from participation in involuntary market pools.

Settlement Agreement with Boy Scouts of America

On February 14, 2022, the Company executed a final settlement agreement (the “Settlement”) with the Boy Scouts of America ("BSA"), the Local Councils, and the attorneys representing a majority of the alleged victims, pursuant to which The Hartford agreed to pay $787 for sexual molestation and sexual abuse claims associated with liability policies issued by various Hartford writing companies in the 1970s and early 1980s. In exchange for its payment, the Company receives a complete release of its policies issued to BSA and the Local Councils, as well as an injunction against further abuse claims involving BSA. All conditions precedent to the Settlement have been satisfied, including approval by the bankruptcy court and the district court, and on April 20, 2023, The Hartford paid the Settlement amount of $787. Certain objecting parties appealed the district court’s ruling. As to issues material to The Hartford’s settlement, the Third Circuit has dismissed those appeals as moot. The objecting parties' only remaining option is to petition by September 11, 2025, for U.S. Supreme Court review. If a petition is filed and the U.S. Supreme Court agrees to hear the case, the court approvals for the BSA’s plan of reorganization could be open to challenge, and it is possible that adverse outcomes, if any, could have a material adverse effect on the Company’s operating results.

Change in Deferred Gain on Retroactive Reinsurance

The Company has in place an ADC reinsurance agreement that covered substantially all reserve development of Navigators Insurance Company and certain of its affiliates for 2018 and prior accident years (the “Navigators ADC”) up to an aggregate limit of $300, for which the Company had previously ceded the available limit. The Company has collected recoveries from National Indemnity Company ("NICO"), a subsidiary of Berkshire Hathaway Inc., and as a result amortized $24 and $56 of the deferred gain within benefits, losses and loss adjustment expenses during the three and six months ended June 30, 2025, respectively, and amortized $37 and $61 during the three and six months ended June 30, 2024, respectively. As of June 30, 2025 and December 31, 2024, the deferred gain on the Navigators ADC was $8 and $64, respectively, and is included in other liabilities on the Condensed Consolidated Balance Sheets.

Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses

	For the six months ended June 30,
	2025		2024
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	8,206	$	8,274
Reinsurance recoverables	282		254
Beginning liabilities for unpaid losses and loss adjustment expenses, net	7,924		8,020
Provision for unpaid losses and loss adjustment expenses
Current incurral year	2,692		2,662
Prior year's discount accretion	105		103
Prior incurral year development [1]	(377)		(339)
Total provision for unpaid losses and loss adjustment expenses [2]	2,420		2,426
Payments
Current incurral year	(1,076)		(1,071)
Prior incurral years	(1,430)		(1,455)
Total payments	(2,506)		(2,526)
Ending liabilities for unpaid losses and loss adjustment expenses, net	7,838		7,920
Reinsurance recoverables	286		266
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	8,124	$	8,186

[1]Prior incurral year development represents the change in estimated ultimate incurred losses and loss adjustment expenses for prior incurral years on a discounted basis.

[2]Includes unallocated loss adjustment expenses ("ULAE") of $88 and $92 for the six months ended June 30, 2025 and 2024, respectively, that are recorded in insurance operating costs and other expenses in the Condensed Consolidated Statements of Operations.

Re-estimates of prior incurral years reserves for the six months ended June 30, 2025

Group disability - Prior period reserve estimates decreased by approximately $307 driven by strong long-term disability claim recoveries, paid family medical leave incidence lower than prior assumptions, as well as a higher New York paid family leave risk adjustment benefit than expected.

Group life and accident (including group life premium waiver) - Prior period reserve estimates decreased by approximately $69 driven by favorable mortality emergence in both group term life and group accidental death and dismemberment, and continued low incidence in group life premium waiver.

Re-estimates of prior incurral years reserves for the six months ended June 30, 2024

Group disability- Prior period reserve estimates decreased by approximately $282 largely driven by group long-term disability claim incidence lower than prior assumptions and favorable recoveries on prior incurral year claims, as well as a higher New York paid family leave risk adjustment benefit than expected.

Group life and accident (including group life premium waiver)- Prior period reserve estimates decreased by approximately $56 largely driven by favorable mortality emergence and continued low incidence in group life premium waiver.

10. Reserve for Future Policy Benefits

Rollforward of Reserve for Future Policy Benefits
	For the six months ended June 30,
	2025						2024
	Payout Annuities		Life Conversions		Paid-up Life		Payout Annuities		Life Conversions		Paid-up Life
Present Value of Expected Net Premiums
Balance, beginning of the period			$	45					$	49
Balance, ending of the period			$	43					$	45
Present Value of Expected Future Policy Benefits
Beginning balance at single-A rate	$	128	$	106	$	168	$	137	$	113	$	185
Beginning adjustment for changes in single-A rate	—		(15)		(33)		7		(11)		(32)
Beginning balance at original discount rate	128		121		201		130		124		217
Effect of changes in cash flow assumptions	—		—		—		—		—		—
Effect of actual variances from expected experience	(2)		3		(1)		1		2		—
Adjusted beginning balance	126		124		200		131		126		217
Interest accrual and other	3		11		3		3		9		3
Benefit Payments	(6)		(16)		(12)		(6)		(16)		(12)
Ending balance at original discount rate	123		119		191		128		119		208
Ending adjustment for changes in single-A rate	1		(15)		(28)		1		(14)		(36)
Ending balance at single-A rate	$	124	$	104	$	163	$	129	$	105	$	172
Net reserve for future policy benefits	$	124	$	61	$	163	$	129	$	60	$	172
Weighted-average duration of the reserve for future policy benefits (years)	9.3		11.0		6.5		9.0		11.5		6.3

Net Reserve for Future Policy Benefits
	As of June 30,
	2025		2024
Payout Annuities	$	124	$	129
Life Conversions	61		60
Paid-up Life	163		172
Deferred Profit Liability	19		20
Other	76		83
Total	$	443	$	464

Undiscounted Expected Future Gross Premiums and Benefit Payments
	As of June 30,
	2025		2024
Payout Annuities [1]
Expected future benefit payments	$	242	$	252
Life Conversions
Expected future gross premiums	$	102	$	109
Expected future benefit payments	$	192	$	199
Paid-up Life [1]
Expected future benefit payments	$	249	$	268

[1]Payout Annuities and Paid-up Life have no expected future gross premiums.

Weighted-Average Interest Rates
	As of June 30,
	2025		2024
Payout Annuities
Interest accretion rate	5.6	%	5.6	%
Current discount rate	5.4	%	5.5	%
Life Conversions
Interest accretion rate	4.3	%	4.2	%
Current discount rate	5.6	%	5.5	%
Paid-up Life
Interest accretion rate	2.9	%	2.9	%
Current discount rate	5.0	%	5.4	%

Gross premiums and interest accretion recognized on long-duration insurance policies for the six months ended June 30, 2025 and 2024 were immaterial.

XML

Reserve for Future Policy Benefits

6 Months Ended

Jun. 30, 2025

Insurance Loss Reserves [Abstract]

Reserve for Future Policy Benefits

Property & Casualty Insurance Product Reserves, Net of Reinsurance

Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses

	For the six months ended June 30,
	2025		2024
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	36,404	$	34,044
Reinsurance and other recoverables	6,753		6,696
Beginning liabilities for unpaid losses and loss adjustment expenses, net	29,651		27,348
Provision for unpaid losses and loss adjustment expenses
Current accident year	5,670		5,088
Prior accident year development [1]	(309)		(171)
Total provision for unpaid losses and loss adjustment expenses	5,361		4,917
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	56		61
Payments
Current accident year	(1,175)		(987)
Prior accident years	(3,205)		(2,849)
Total payments	(4,380)		(3,836)
Foreign currency adjustment	39		(9)
Ending liabilities for unpaid losses and loss adjustment expenses, net	30,727		28,481
Reinsurance and other recoverables	6,631		6,656
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	37,358	$	35,137

[1] Prior accident year development for the six months ended June 30, 2025 and 2024 included a $56 and $61 benefit for amortization of a deferred gain under retroactive reinsurance accounting, respectively, related to the Navigators Adverse Development Cover (the "Navigator's ADC"). For additional information regarding the ADC reinsurance agreement, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below.

Unfavorable (Favorable) Prior Accident Year Development

	For the six months ended June 30,
	2025		2024
Workers’ compensation	$	(126)	$	(119)
Workers’ compensation discount accretion	23		23
General liability	—		49
Marine	—		(1)
Package business	—		(1)
Commercial property	(23)		(5)
Professional liability	(11)		(7)
Bond	(22)		(22)
Assumed reinsurance	—		24
Commercial automobile liability	—		10
Personal automobile liability	(22)		(13)
Homeowners	(31)		(10)
Net asbestos and environmental ("A&E") reserves	—		—
Catastrophes	(39)		(38)
Uncollectible reinsurance	—		—
Other reserve re-estimates, net	(2)		—
Prior accident year development before change in deferred gain	(253)		(110)
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	(56)		(61)
Total prior accident year development	$	(309)	$	(171)

[1]The $56 and $61 change in deferred gain on retroactive reinsurance for the six months ended June 30, 2025 and 2024, respectively, is related to amortization of the Navigators ADC deferred gain. For additional information regarding the ADC reinsurance agreement, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below.

Re-estimates of prior accident year reserves for the six months ended June 30, 2025

Workers’ compensation reserves were decreased within the 2016 to 2021 accident years primarily in small business, driven by lower than previously estimated claim severity.

Commercial property reserves were decreased primarily within accident years 2023 and 2024 as a result of lower than expected severity.

Professional liability reserves were decreased due to favorable development on directors and officers ("D&O") claims driven by the 2020 to 2023 accident years, partially offset by deterioration in employment practices liability and errors and omissions ("E&O") claims across multiple accident years.

Bond reserves decreased due primarily to favorable development on commercial and contract surety bonds driven by accident years 2019 to 2021.

Personal automobile liability reserves were decreased primarily within accident years 2020 to 2023 as a result of lower than expected severity.

Homeowners reserves were decreased primarily due to favorable severity impacting accident year 2024.

Catastrophes reserves were decreased across Business Insurance and Personal Insurance primarily driven by a reduction in reserves in accident years 2021 to 2024, including favorable emergence related to various hail events.

Other reserve re-estimates, net, were decreased due to lower than expected severity on Personal Insurance automobile physical damage for accident year 2024, partially offset by unfavorable development from participation in involuntary market pools.

Re-estimates of prior accident year reserves for the six months ended June 30, 2024

Workers’ compensation reserves were decreased within the 2016 to 2020 accident years primarily in small business, driven by lower than previously estimated claim severity. In addition, the 2020 accident year includes a $20 reduction of COVID-19 related reserves driven by favorable claim count emergence.

General liability reserves were increased primarily in response to higher frequency of large losses within certain lines in the 2016 to 2019 accident years, with some modest increases in the more recent accident years. In addition, reserves for sexual molestation and sexual abuse claims were increased for older accident years. Lastly, reserves for extra contractual liability claims and other miscellaneous run-off lines were reduced in response to recent favorable loss activity.

Professional liability reserves decreased modestly due to favorable development on D&O claims driven by the 2020 to 2022 accident years, partially offset by deterioration in older accident years.

Bond reserves decreased due to favorable development on commercial and contract surety driven by accident years 2019 and prior.

Assumed reinsurance reserves were increased due to higher reserve estimates in the Latin America surety and Latin America P&C businesses related to the 2020 to 2023 accident years.

Automobile liability reserves - Business Insurance increased primarily due to adverse loss development within accident year 2022 driven by higher severity than estimated.

Automobile liability reserves - Personal Insurance were decreased primarily in response to better than anticipated accident year 2023 claim severity for property damage liability.

Catastrophes reserves were decreased primarily within Business Insurance driven by a reduction in reserves in accident years 2021 to 2022 related to favorable emergence related to various hail events, as well as favorable development in accident year 2022 related to Hurricane Ian.

Other reserve re-estimates, net, included a decrease in reserves due to lower severity than expected on Personal

Insurance automobile physical damage for accident year 2023, offset by an increase in reserves related to unfavorable development from participation in involuntary market pools.

Settlement Agreement with Boy Scouts of America

On February 14, 2022, the Company executed a final settlement agreement (the “Settlement”) with the Boy Scouts of America ("BSA"), the Local Councils, and the attorneys representing a majority of the alleged victims, pursuant to which The Hartford agreed to pay $787 for sexual molestation and sexual abuse claims associated with liability policies issued by various Hartford writing companies in the 1970s and early 1980s. In exchange for its payment, the Company receives a complete release of its policies issued to BSA and the Local Councils, as well as an injunction against further abuse claims involving BSA. All conditions precedent to the Settlement have been satisfied, including approval by the bankruptcy court and the district court, and on April 20, 2023, The Hartford paid the Settlement amount of $787. Certain objecting parties appealed the district court’s ruling. As to issues material to The Hartford’s settlement, the Third Circuit has dismissed those appeals as moot. The objecting parties' only remaining option is to petition by September 11, 2025, for U.S. Supreme Court review. If a petition is filed and the U.S. Supreme Court agrees to hear the case, the court approvals for the BSA’s plan of reorganization could be open to challenge, and it is possible that adverse outcomes, if any, could have a material adverse effect on the Company’s operating results.

Change in Deferred Gain on Retroactive Reinsurance

The Company has in place an ADC reinsurance agreement that covered substantially all reserve development of Navigators Insurance Company and certain of its affiliates for 2018 and prior accident years (the “Navigators ADC”) up to an aggregate limit of $300, for which the Company had previously ceded the available limit. The Company has collected recoveries from National Indemnity Company ("NICO"), a subsidiary of Berkshire Hathaway Inc., and as a result amortized $24 and $56 of the deferred gain within benefits, losses and loss adjustment expenses during the three and six months ended June 30, 2025, respectively, and amortized $37 and $61 during the three and six months ended June 30, 2024, respectively. As of June 30, 2025 and December 31, 2024, the deferred gain on the Navigators ADC was $8 and $64, respectively, and is included in other liabilities on the Condensed Consolidated Balance Sheets.

Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses

	For the six months ended June 30,
	2025		2024
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	8,206	$	8,274
Reinsurance recoverables	282		254
Beginning liabilities for unpaid losses and loss adjustment expenses, net	7,924		8,020
Provision for unpaid losses and loss adjustment expenses
Current incurral year	2,692		2,662
Prior year's discount accretion	105		103
Prior incurral year development [1]	(377)		(339)
Total provision for unpaid losses and loss adjustment expenses [2]	2,420		2,426
Payments
Current incurral year	(1,076)		(1,071)
Prior incurral years	(1,430)		(1,455)
Total payments	(2,506)		(2,526)
Ending liabilities for unpaid losses and loss adjustment expenses, net	7,838		7,920
Reinsurance recoverables	286		266
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	8,124	$	8,186

[1]Prior incurral year development represents the change in estimated ultimate incurred losses and loss adjustment expenses for prior incurral years on a discounted basis.

[2]Includes unallocated loss adjustment expenses ("ULAE") of $88 and $92 for the six months ended June 30, 2025 and 2024, respectively, that are recorded in insurance operating costs and other expenses in the Condensed Consolidated Statements of Operations.

Re-estimates of prior incurral years reserves for the six months ended June 30, 2025

Group disability - Prior period reserve estimates decreased by approximately $307 driven by strong long-term disability claim recoveries, paid family medical leave incidence lower than prior assumptions, as well as a higher New York paid family leave risk adjustment benefit than expected.

Group life and accident (including group life premium waiver) - Prior period reserve estimates decreased by approximately $69 driven by favorable mortality emergence in both group term life and group accidental death and dismemberment, and continued low incidence in group life premium waiver.

Re-estimates of prior incurral years reserves for the six months ended June 30, 2024

Group disability- Prior period reserve estimates decreased by approximately $282 largely driven by group long-term disability claim incidence lower than prior assumptions and favorable recoveries on prior incurral year claims, as well as a higher New York paid family leave risk adjustment benefit than expected.

Group life and accident (including group life premium waiver)- Prior period reserve estimates decreased by approximately $56 largely driven by favorable mortality emergence and continued low incidence in group life premium waiver.

10. Reserve for Future Policy Benefits

Rollforward of Reserve for Future Policy Benefits
	For the six months ended June 30,
	2025						2024
	Payout Annuities		Life Conversions		Paid-up Life		Payout Annuities		Life Conversions		Paid-up Life
Present Value of Expected Net Premiums
Balance, beginning of the period			$	45					$	49
Balance, ending of the period			$	43					$	45
Present Value of Expected Future Policy Benefits
Beginning balance at single-A rate	$	128	$	106	$	168	$	137	$	113	$	185
Beginning adjustment for changes in single-A rate	—		(15)		(33)		7		(11)		(32)
Beginning balance at original discount rate	128		121		201		130		124		217
Effect of changes in cash flow assumptions	—		—		—		—		—		—
Effect of actual variances from expected experience	(2)		3		(1)		1		2		—
Adjusted beginning balance	126		124		200		131		126		217
Interest accrual and other	3		11		3		3		9		3
Benefit Payments	(6)		(16)		(12)		(6)		(16)		(12)
Ending balance at original discount rate	123		119		191		128		119		208
Ending adjustment for changes in single-A rate	1		(15)		(28)		1		(14)		(36)
Ending balance at single-A rate	$	124	$	104	$	163	$	129	$	105	$	172
Net reserve for future policy benefits	$	124	$	61	$	163	$	129	$	60	$	172
Weighted-average duration of the reserve for future policy benefits (years)	9.3		11.0		6.5		9.0		11.5		6.3

Net Reserve for Future Policy Benefits
	As of June 30,
	2025		2024
Payout Annuities	$	124	$	129
Life Conversions	61		60
Paid-up Life	163		172
Deferred Profit Liability	19		20
Other	76		83
Total	$	443	$	464

Undiscounted Expected Future Gross Premiums and Benefit Payments
	As of June 30,
	2025		2024
Payout Annuities [1]
Expected future benefit payments	$	242	$	252
Life Conversions
Expected future gross premiums	$	102	$	109
Expected future benefit payments	$	192	$	199
Paid-up Life [1]
Expected future benefit payments	$	249	$	268

[1]Payout Annuities and Paid-up Life have no expected future gross premiums.

Weighted-Average Interest Rates
	As of June 30,
	2025		2024
Payout Annuities
Interest accretion rate	5.6	%	5.6	%
Current discount rate	5.4	%	5.5	%
Life Conversions
Interest accretion rate	4.3	%	4.2	%
Current discount rate	5.6	%	5.5	%
Paid-up Life
Interest accretion rate	2.9	%	2.9	%
Current discount rate	5.0	%	5.4	%

Gross premiums and interest accretion recognized on long-duration insurance policies for the six months ended June 30, 2025 and 2024 were immaterial.

XML

Other Policyholder Funds and Benefits Payable

6 Months Ended

Jun. 30, 2025

Insurance Loss Reserves [Abstract]

Policyholder Account Balance Disclosure [Text Block]

11. Other Policyholder Funds and Benefits Payable

Other policyholder funds and benefits payable of $612 and $622 as of June 30, 2025 and 2024 respectively, included universal life long-duration contracts of $201 and $210 as well as policyholder balances related to short-duration contracts of $411

and $412. The universal life long-duration contracts presented in the table below were economically ceded to Prudential as part of the sale of the Company's former individual life business, which closed in 2013.

Universal Life Long Duration Contracts Rollforward
	For the six months ended June 30,
	2025			2024
Balance, beginning of the period	$	206		$	223
Premiums Received	6			6
Policy Charges	(9)			(13)
Surrenders and Withdrawals	(3)			(4)
Benefit Payments	(3)			(6)
Interest Credited	4			4
Balance, end of the period	$	201		$	210
Weighted-average crediting rate	4.3		%	4.2		%
Net Amount at Risk [1]	$	791		$	870
Cash Surrender Value	$	199		$	209

[1]Net amount at risk is defined as the current death benefit in excess of the current account value as of the balance sheet date.

As of June 30, 2025 and 2024, universal life contracts of $199 and $$209, respectively, had crediting rates at their guaranteed minimums ranging from 4%-5%

XML

Income Taxes

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

Income Tax Expense

Income Tax Rate Reconciliation
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Tax provision at U.S. federal statutory rate	$	261	$	192	$	426	$	383
Nontaxable net investment income	(9)		(11)		(14)		(22)
Other	(1)		(7)		(8)		(29)
Provision for income taxes	$	251	$	174	$	404	$	332

Uncertain Tax Positions

Rollforward of Unrecognized Tax Benefits
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Balance, beginning of period	$	24	$	27	$	24	$	26
Gross increases - tax positions in current period	1		—		1		1
Balance, end of period	$	25	$	27	$	25	$	27

The entire amount of unrecognized tax benefits, if recognized, would affect the effective tax rate in the period of the release. The Company believes it is reasonably possible approximately $14 of its currently unrecognized tax benefits may be recognized by the end of 2025 as a result of a lapse of the applicable statute of limitations.

Other Tax Matters

H.R.1, known as the “One Big Beautiful Bill Act” was signed into law on July 4, 2025. This comprehensive budget reconciliation package consolidates a wide array of public policy priorities, reshaping federal policy across numerous sectors of the American economy, including taxation, healthcare, social safety nets, immigration, and education. The changes in H.R.1 are not expected to have a material impact on the Company's results of operations.

The federal statute of limitations for the Company is closed through the 2020 tax year with the exception of net operating loss carryforwards utilized in open tax years and the Navigators pre-acquisition 2019 tax period. Management believes that adequate provision has been made in the Company's Condensed Consolidated Financial Statements for any potential adjustments that may result from tax examinations and other tax-related matters for all open tax years.

XML

Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

13. Commitments and Contingencies

Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses.

Litigation

The Hartford is involved in claims litigation arising in the ordinary course of business, both as a liability insurer defending or providing indemnity for third-party claims brought against insureds and as an insurer defending coverage claims brought against it. The Hartford accounts for such activity through the establishment of unpaid loss and loss adjustment expense reserves. Subject to the uncertainties related to sexual molestation and sexual abuse claims, including those discussed in Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of this Form 10-Q and in Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses, of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and in the following discussion under the caption “Run-off Asbestos and Environmental Claims,” management expects that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses and costs of defense, will not be material to the consolidated financial condition, results of operations or cash flows of The Hartford.

The Hartford is also involved in other kinds of legal actions, some of which assert claims for substantial amounts. In addition to the matter described below, these actions include putative class actions seeking certification of a state or national class. Such putative class actions have alleged, for example, underpayment of claims or improper sales or underwriting practices in connection with various kinds of insurance policies, such as personal and commercial automobile and property. The Hartford also is involved in individual actions in which punitive damages are sought, such as claims alleging bad faith in the handling of insurance claims or other allegedly unfair or improper business practices. Management expects that the ultimate liability, if any, with respect to such lawsuits, after consideration of provisions made for estimated losses, will not be material to the consolidated financial condition of The Hartford. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation, the outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods.

Run-off Asbestos and Environmental Claims

The Company continues to receive A&E claims. Asbestos claims relate primarily to bodily injuries asserted by people who came in contact with asbestos or products containing asbestos. Environmental claims relate primarily to pollution and related clean-up costs.

The vast majority of the Company's exposure to A&E relates to accident years prior to 1986 that are reported in Property & Casualty Other Operations ("Run-off A&E"). In addition, since 1986, the Company has written A&E exposures under general liability policies and pollution liability under homeowners policies, which are reported in the Business Insurance and Personal Insurance segments, respectively.

Prior to 1986, the Company wrote several different categories of insurance contracts that may cover A&E claims. First, the Company wrote primary policies providing the first layer of coverage in an insured’s liability program. Second, the Company wrote excess and umbrella policies providing higher layers of coverage for losses that exhaust the limits of underlying coverage. Third, the Company acted as a reinsurer assuming a portion of those risks assumed by other insurers writing primary, excess, umbrella and reinsurance coverages.

Significant uncertainty limits the ability of insurers and reinsurers to estimate the ultimate reserves necessary for unpaid gross losses and expenses related to environmental and asbestos claims. The degree of variability of gross reserve estimates for these exposures is significantly greater than for other more traditional exposures.

In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty include inadequate loss development patterns, plaintiffs’ expanding theories of liability, the risks inherent in major litigation, and inconsistent and emerging legal doctrines with respect to the underlying claims and with respect to the Company's coverage obligations. Furthermore, over time, insurers, including the Company, have experienced significant changes in the rate at which asbestos claims are brought, the claims experience of particular insureds, and the value of claims, making predictions of future exposure from past experience uncertain. Plaintiffs and insureds also have sought to use bankruptcy proceedings, including “pre-packaged” bankruptcies, to accelerate and increase loss payments by insurers. In addition, some policyholders have asserted new classes of claims for coverages to which an aggregate limit of liability may not apply. Further uncertainties include insolvencies of other carriers, insolvencies of insureds and unanticipated developments pertaining to the Company’s ability to recover reinsurance for A&E claims. Management believes these issues are not likely to be resolved in the near future.

In the case of the reserves for environmental exposures, factors contributing to the high degree of uncertainty include expanding theories of liability and damages against insureds, emerging risks from products and substances alleged to cause damage, such as per-and polyfluoroalkyl substances ("PFAS"), the risks inherent in major litigation, inconsistent and emerging legal doctrines concerning the existence and scope of coverage for

environmental claims, and the scope and level of complexity of the remediation required by regulators.

The reporting pattern for assumed reinsurance claims, including those related to A&E claims, is much longer than for direct claims. In many instances, it takes months or years to determine that the policyholder’s own obligations have been met and how the reinsurance in question may apply to such claims. The delay in reporting reinsurance claims and exposures adds to the uncertainty of estimating the related reserves.

It is also not possible to predict changes in the legal and legislative environment and their effect on the future development of A&E claims.

Given the factors described above, the Company believes the actuarial tools and other techniques it employs to estimate the ultimate cost of claims for more traditional kinds of insurance exposure are less precise in estimating reserves for A&E exposures. For this reason, the Company principally relies on exposure-based analysis to estimate the ultimate costs of these claims, both gross and net of reinsurance, and regularly evaluates new account information in assessing its potential A&E exposures. The Company supplements this exposure-based analysis with evaluations of the Company’s historical direct net loss and expense paid and reported experience, and net loss and expense paid and reported experience by calendar and/or report year, to assess any emerging trends, fluctuations or characteristics suggested by the aggregate paid and reported activity.

For its Run-off A&E claims, as of June 30, 2025, the Company reported $141 of net A&E reserves, including the benefit of losses ceded to the A&E ADC with NICO. In addition, the Company has recorded a $850 deferred gain within other liabilities for losses economically ceded to NICO but for which the benefit is not recognized in earnings until later periods. While the Company believes that its current Run-off A&E reserves are appropriate, significant uncertainties limit our ability to estimate the ultimate reserves necessary for unpaid losses and related expenses. The ultimate liabilities, thus, could exceed the currently recorded reserves, and any such additional liability, while not reasonably estimable now, could be material to The Hartford's consolidated operating results or liquidity.

The Company’s A&E ADC reinsurance agreement reinsures substantially all A&E reserve development for 2016 and prior accident years, including Run-off A&E and A&E reserves included in Business Insurance and Personal Insurance. The A&E ADC has a coverage limit of $1.5 billion above the Company’s existing net A&E reserves as of December 31, 2016 of approximately $1.7 billion. As of June 30, 2025, the Company has incurred $1.5 billion in cumulative adverse development on A&E reserves that have been ceded under the A&E ADC treaty, leaving no remaining coverage available for future adverse net reserve development, if any. Cumulative adverse development of A&E claims for accident years 2016 and prior in excess of the treaty limit are absorbed as a charge to earnings by the Company. The effect of future charges could be material to the Company’s consolidated operating results or liquidity. For more information on the A&E ADC, refer to Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements included in the Company's 2024 Form 10-K Annual Report.

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 agencies, 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, in certain instances, terminate the agreements and demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement.

The settlement amount is determined by netting the derivative positions transacted under each agreement. If the termination rights were to be exercised by the counterparties, it could impact the legal entity’s ability to conduct hedging activities by

increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of June 30, 2025 was $57 for which the legal entities have posted collateral of $50 in the normal course of business. Based on derivative contractual terms as of June 30, 2025, a downgrade of the current financial strength ratings by either Moody's or S&P would not require additional assets to be posted as collateral. This requirement could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated. The nature of the additional collateral that we would post, if required, would be primarily in the form of U.S. Treasury bills, U.S. Treasury notes and government agency securities.

XML

Equity

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Equity

14. Equity

Equity Repurchase Program

During the six months ended June 30, 2025 and 2024, the Company repurchased $800 (6.8 million shares) and $700 (7.3 million shares), respectively, of common stock under Board authorized share repurchase programs covering the applicable periods. As of June 30, 2025, the Company has $2.35 billion remaining for equity repurchases under the current $3.3 billion share repurchase program, which is effective until December 31, 2026. During the period July 1, 2025 through July 25, 2025,

the Company repurchased $146 (1.2 million common shares) under this repurchase program.

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

XML

Changes in and Reclassifications from Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2025

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Changes in and Reclassifications from Accumulated Other Comprehensive Income (Loss)

15. Changes In and Reclassifications From Accumulated Other Comprehensive Income (Loss)

Changes in AOCI, Net of Tax for the Three Months Ended June 30, 2025
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(1,237)	$	(6)	$	40	$	29	$	30	$	(1,436)	$	(2,580)
OCI before reclassifications	237		1		(40)		20		(1)		(1)		216
Amounts reclassified from AOCI	26		—		(3)		—		—		9		32
OCI, before tax	263		1		(43)		20		(1)		8		248
Income tax benefit (expense)	(55)		—		9		(4)		—		(2)		(52)
OCI, net of tax	208		1		(34)		16		(1)		6		196
Ending balance	$	(1,029)	$	(5)	$	6	$	45	$	29	$	(1,430)	$	(2,384)

Changes in AOCI, Net of Tax for the Six Months Ended June 30, 2025
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(1,539)	$	(6)	$	40	$	29	$	33	$	(1,443)	$	(2,886)
OCI before reclassifications	610		1		(36)		20		(5)		—		590
Amounts reclassified from AOCI	36		—		(7)		—		—		16		45
OCI, before tax	646		1		(43)		20		(5)		16		635
Income tax benefit (expense)	(136)		—		9		(4)		1		(3)		(133)
OCI, net of tax	510		1		(34)		16		(4)		13		502
Ending balance	$	(1,029)	$	(5)	$	6	$	45	$	29	$	(1,430)	$	(2,384)

Reclassifications from AOCI
	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025		Affected Line Item in the Condensed Consolidated Statement of Operations
Net Unrealized Gain (Loss) on Fixed Maturities, AFS
Fixed Maturities, AFS	$	(26)	$	(36)	Net realized losses
	(26)		(36)		Total before tax
	(5)		(8)		Income tax expense
	$	(21)	$	(28)	Net income
Net Gain (Loss) on Cash Flow Hedging Instruments
Interest rate swaps	$	(2)	$	(4)	Net investment income
Interest rate swaps	3		6		Interest expense
Foreign currency swaps	2		5		Net investment income
	3		7		Total before tax
	—		1		Income tax expense
	$	3	$	6	Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit	$	1	$	3	Insurance operating costs and other expenses
Amortization of actuarial loss	(10)		(19)		Insurance operating costs and other expenses
	(9)		(16)		Total before tax
	(2)		(3)		Income tax expense
	$	(7)	$	(13)	Net income
Total amounts reclassified from AOCI	$	(25)	$	(35)	Net income

Changes in AOCI, Net of Tax for the Three Months Ended June 30, 2024
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(1,642)	$	(7)	$	21	$	36	$	30	$	(1,435)	$	(2,997)
OCI before reclassifications	(184)		—		11		(1)		6		(1)		(169)
Amounts reclassified from AOCI	70		—		—		—		—		9		79
OCI, before tax	(114)		—		11		(1)		6		8		(90)
Income tax benefit (expense)	24		—		(2)		—		(1)		(2)		19
OCI, net of tax	(90)		—		9		(1)		5		6		(71)
Ending balance	$	(1,732)	$	(7)	$	30	$	35	$	35	$	(1,429)	$	(3,068)

Changes in AOCI, Net of Tax for the Six Months Ended June 30, 2024
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(1,482)	$	(8)	$	21	$	37	$	25	$	(1,442)	$	(2,849)
OCI before reclassifications	(393)		1		11		(3)		13		1		(370)
Amounts reclassified from AOCI	77		—		—		—		—		16		93
OCI, before tax	(316)		1		11		(3)		13		17		(277)
Income tax benefit (expense)	66		—		(2)		1		(3)		(4)		58
OCI, net of tax	(250)		1		9		(2)		10		13		(219)
Ending balance	$	(1,732)	$	(7)	$	30	$	35	$	35	$	(1,429)	$	(3,068)

Reclassifications from AOCI
	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024		Affected Line Item in the Condensed Consolidated Statement of Operations
Net Unrealized Gain (Loss) on Fixed Maturities, AFS
Fixed Maturities, AFS	$	(70)	$	(77)	Net realized losses
	(70)		(77)		Total before tax
	(15)		(16)		Income tax expense
	$	(55)	$	(61)	Net income
Net Gain (Loss) on Cash Flow Hedging Instruments
Interest rate swaps	$	(8)	$	(15)	Net investment income
Interest rate swaps	5		9		Interest expense
Foreign currency swaps	3		6		Net investment income
	—		—		Total before tax
	—		—		Income tax expense
	$	—	$	—	Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit	$	1	$	3	Insurance operating costs and other expenses
Amortization of actuarial loss	(10)		(19)		Insurance operating costs and other expenses
	(9)		(16)		Total before tax
	(2)		(3)		Income tax expense
	$	(7)	$	(13)	Net income
Total amounts reclassified from AOCI	$	(62)	$	(74)	Net income

XML

Employee Benefit Plans

6 Months Ended

Jun. 30, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans

16. Employee Benefit Plans

The Company’s employee benefit plans are described in Note 18 - Employee Benefit Plans of Notes to Consolidated Financial Statements included in The Hartford’s 2024 Form 10-K Annual Report. Net periodic cost (benefit) is recognized in insurance operating costs and other expenses in the Condensed Consolidated Statement of Operations.

The Company has not determined whether, and to what extent, contributions may be made to the U.S. qualified defined benefit pension plan in 2025. The Company will monitor the funded status of the U.S. qualified defined benefit pension plan during 2025 to make this determination.

Net Periodic Cost (Benefit)
	Pension Benefits								Other Postretirement Benefits
	Three Months Ended June 30,				Six Months Ended June 30,				Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024		2025		2024		2025		2024
Service cost	$	1	$	1	$	1	$	1	$	—	$	—	$	—	$	—
Interest cost	43		44		87		88		1		1		3		3
Expected return on plan assets	(61)		(58)		(121)		(115)		—		—		—		—
Amortization of prior service credit	—		—		—		—		(1)		(1)		(3)		(3)
Amortization of actuarial loss	9		9		17		17		1		1		2		2
Net periodic cost (benefit)	$	(8)	$	(4)	$	(16)	$	(9)	$	1	$	1	$	2	$	2

XML

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
Net income	$ 995	$ 738	$ 1,625	$ 1,491

XML

Insider Trading Arrangements				3 Months Ended
	May 16, 2025	May 15, 2025	May 05, 2025	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted				false
Non-Rule 10b5-1 Arrangement Adopted				false
Non-Rule 10b5-1 Arrangement Terminated				false
Christopher J. Swift [Member]
Trading Arrangements, by Individual
Name				Christopher J. Swift
Title				Chief Executive Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 16, 2025
Adin M. Tooker [Member]
Trading Arrangements, by Individual
Name				Adin M. Tooker
Title				President
Rule 10b5-1 Arrangement Terminated		true
Termination Date		May 15, 2025
Amy Stepnowski [Member]
Trading Arrangements, by Individual
Name				Amy Stepnowski,
Title				Executive Vice President, Chief Investment Officer and President, Hartford Investment Management Company ("HIMCO")
Rule 10b5-1 Arrangement Terminated			true
Termination Date			May 5, 2025

XML

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The Hartford Insurance Group, Inc. is a holding company for insurance and financial services subsidiaries that provide property and casualty insurance, employee group benefits insurance and services, and mutual funds and exchange-traded funds ("ETF") to individual and business customers in the United States as well as in the United Kingdom and other international locations (collectively, “The Hartford”, the “Company”, “we” or “our”).

The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities. These Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2024 Form 10-K Annual Report. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year.

The accompanying Condensed Consolidated Financial Statements and Notes are unaudited. These financial statements reflect all adjustments (generally consisting only of normal accruals) which are, in the opinion of management, necessary for the fair statement of the financial position, results of operations and cash flows for the interim periods.

Consolidation

Consolidation

The Condensed Consolidated Financial Statements include the accounts of The Hartford Insurance Group, Inc., and entities in which the Company directly or indirectly has a controlling financial interest. Entities in which the Company has significant influence over the operating and financing decisions but does not control are reported using the equity method. Intercompany transactions and balances between The Hartford and its subsidiaries and affiliates have been eliminated.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates include those used in determining property and casualty and group long-term disability ("LTD") insurance product reserves, net of reinsurance; evaluation of goodwill for impairment; valuation of investments and derivative instruments; and contingencies relating to corporate litigation and regulatory matters.

Commitments and Contingencies, Policy [Policy Text Block]

Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses.

Fair Value Measurement, Policy

The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs.

The fair value hierarchy levels are as follows:

Level 1    Fair values based on unadjusted quoted prices for identical assets or liabilities, in active markets that the Company has the ability to access at the measurement date.

Level 2    Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities.

Level 3    Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers.

The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Valuation Techniques

The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar

instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a "waterfall" approach comprised of the following pricing sources and techniques, which are listed in priority order:

•Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1.

•Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow

technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3.

•Internal matrix pricing is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s sector, financial strength, and term to maturity, using an independent public security index, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the significant inputs are observable or can be corroborated with observable data.

•Independent broker quotes, which are typically non-binding, use inputs that can be difficult to corroborate with observable market-based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3.

The fair value of derivative instruments is determined primarily using a discounted cash flow model or option model technique and incorporates counterparty credit risk. In some cases, quoted market prices for exchange-traded and over-the-counter ("OTC") cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments.

Valuation Controls

The process for determining the fair value of investments is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company. The purpose of the Valuation Committee is to provide oversight of the pricing policy, procedures, and controls, including approval of valuation methodologies and pricing sources. The Valuation Committee reviews market data trends, pricing statistics and trading statistics to ensure that prices are reasonable and consistent with our fair value framework. Controls and procedures used to assess third-party pricing services are reviewed by the Valuation Committee, including the results of annual due-diligence reviews. Controls include, but are not limited to, reviewing daily and monthly price changes, stale prices, and missing prices and comparing new trade prices to third-party pricing services, weekly price changes to published bond index prices, and daily OTC derivative market valuations to counterparty valuations. The Company has a dedicated pricing group that works with trading and investment professionals to challenge prices received by a third-party pricing source if the Company believes that the valuation received does not accurately reflect the fair value. New valuation models and changes to current models require approval by the Valuation Committee. In addition, the Company’s enterprise-wide Operational Risk Management function provides an independent review of the suitability and reliability of model inputs, as well as an analysis of significant changes to current models.

Valuation Inputs

Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, certain short-term investments, and exchange traded derivative instruments.

Valuation Inputs Used in Levels 2 and 3 Measurements for Securities and Derivatives
Level 2 Primary Observable Inputs		Level 3 Primary Unobservable Inputs
Fixed Maturity Investments
Structured securities (includes ABS, CLOs, CMBS and RMBS)
	• Benchmark yields and spreads • Monthly payment information • Collateral performance, which varies by vintage year and includes delinquency rates, loss severity rates and refinancing assumptions • Credit default swap indices Other inputs for ABS, CLOs, and RMBS: • Estimate of future principal prepayments, derived from the characteristics of the underlying structure • Prepayment speeds previously experienced at the interest rate levels projected for the collateral	• Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve Other inputs for less liquid securities or those that trade less actively, including subprime RMBS: • Estimated cash flows • Credit spreads, which include illiquidity premium • Constant prepayment rates • Constant default rates • Loss severity
Corporates
	• Benchmark yields and spreads • Reported trades, bids, offers of the same or similar securities • Issuer spreads and credit default swap curves Other inputs for investment grade privately placed securities that utilize internal matrix pricing: • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature	• Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve Other inputs for below investment grade privately placed securities and private bank loans: • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
U.S. Treasuries, Municipals, and Foreign government/government agencies
	• Benchmark yields and spreads • Issuer credit default swap curves • Political events in emerging market economies • Municipal Securities Rulemaking Board reported trades and material event notices • Issuer financial statements	• Credit spreads beyond observable curve • Interest rates beyond observable curve
Equity Securities
	• Quoted prices in markets that are not active	• For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable
Short-term Investments
	• Benchmark yields and spreads • Reported trades, bids, offers • Issuer spreads and credit default swap curves • Material event notices and new issue money market rates	• Independent broker quotes • For privately traded investments, credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
Derivatives
Credit derivatives
	• Swap yield curve • Credit default swap curves	• Not applicable
Foreign exchange derivatives
	• Swap yield curve • Currency spot and forward rates • Cross currency basis curves	• Not applicable
Interest rate derivatives
	• Swap yield curve	• Not applicable
Equity derivatives
	• Equity index levels	• Not applicable

Derivatives, Policy [Policy Text Block]

For reporting purposes, the Company has elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset.

XML

Earnings (Loss) Per Common Share Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Earnings (Loss) Per Common Share

Computation of Basic and Diluted Earnings per Common Share
	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except for per share data)	2025		2024		2025		2024
Earnings
Net income	$	995	$	738	$	1,625	$	1,491
Less: Preferred stock dividends	5		5		10		10
Net income available to common stockholders	$	990	$	733	$	1,615	$	1,481
Shares
Weighted average common shares outstanding, basic	283.7		295.5		285.1		296.8
Dilutive effect of stock-based awards under compensation plans	4.0		4.4		4.1		4.5
Weighted average common shares outstanding and dilutive potential common shares	287.7		299.9		289.2		301.3
Net income available to common stockholders per common share
Basic	$	3.49	$	2.48	$	5.66	$	4.99
Diluted	$	3.44	$	2.44	$	5.58	$	4.92

XML

Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

Segment Revenues

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Business Insurance
Workers’ compensation	$	917	$	926	$	1,835	$	1,843
General liability	609		540		1,193		1,066
Marine	68		67		137		134
Package business	659		572		1,278		1,121
Commercial property	355		306		694		596
Professional liability	208		200		414		403
Bond	83		80		168		158
Assumed reinsurance	222		180		442		361
Commercial automobile	314		261		609		509
Business Insurance earned premium and fee income	3,435		3,132		6,770		6,191
Net investment income	449		402		886		793
Net realized losses	(20)		(50)		(44)		(38)
Other revenue [1]	1		—		2		—
Total Business Insurance	3,865		3,484		7,614		6,946
Personal Insurance
Personal automobile	634		598		1,258		1,170
Homeowners	305		259		588		508
Personal Insurance earned premium and fee income [2]	939		857		1,846		1,678
Net investment income	58		50		115		100
Net realized losses	(4)		(8)		(6)		(7)
Other revenue	24		25		44		44
Total Personal Insurance	1,017		924		1,999		1,815
P&C Other Operations
Net investment income	19		19		37		37
Net realized losses	(2)		(3)		(2)		(3)
Total P&C Other Operations	17		16		35		34
Employee Benefits
Group disability	899		895		1,799		1,785
Group life	644		663		1,294		1,308
Other	120		107		238		211
Employee Benefits premium and other considerations	1,663		1,665		3,331		3,304
Net investment income	118		112		244		226
Net realized losses	(16)		(9)		(20)		(8)
Total Employee Benefits	1,765		1,768		3,555		3,522
Hartford Funds
Mutual fund and ETF	239		235		481		466
Third-party life and annuity separate accounts [3]	17		18		35		37
Hartford Funds fee income	256		253		516		503
Net investment income	6		5		10		9
Net realized gains	9		3		9		8
Total Hartford Funds	271		261		535		520
Total segment revenues	$	6,935	$	6,453	$	13,738	$	12,837

[1] Other revenues for Business Insurance includes revenues from equity method investments that are not considered revenues from contracts with customers in the table below.

[2] For the three months ended June 30, 2025 and 2024, AARP members accounted for earned premiums of $841 and $788, respectively. For the six months ended June 30, 2025 and 2024, AARP members accounted for earned premiums of $1.66 billion and $1.55 billion, respectively.

[3] Represents revenues earned for investment advisory services on third party life and annuity separate account assets under management ("AUM") by the Company's Hartford Funds segment.

Segment, Reconciliation of Other Items from Segments to Consolidated

Significant Segment Expenses

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Business Insurance
Current accident year losses and loss adjustment expenses ("LAE") before catastrophes	$	1,952	$	1,750	$	3,843	$	3,475
Current accident year catastrophe losses and LAE	114		155		394		264
Prior accident year development of losses and LAE	(146)		(81)		(229)		(137)
Amortization of DAC	546		489		1,077		965
Insurance operating costs	507		484		1,019		971
Amortization of other intangible assets	7		7		14		14
Dividends to policyholders	11		9		21		19
Total Business Insurance	2,991		2,813		6,139		5,571
Personal Insurance
Current accident year losses and LAE before catastrophes	585		597		1,148		1,172
Current accident year catastrophe losses and LAE	98		125		285		177
Prior accident year development of losses and LAE	(41)		(34)		(80)		(41)
Amortization of DAC	70		63		138		123
Insurance operating costs	172		169		354		322
Amortization of other intangible assets	—		—		1		1
Total Personal Insurance	884		920		1,846		1,754
P&C Other Operations
Prior accident year development of losses and LAE	—		—		—		7
Insurance operating costs	2		2		4		4
Total P&C Other Operations	2		2		4		11
Employee Benefits
Group disability losses	617		601		1,238		1,225
Group life losses	478		497		997		1,030
Group losses - other	55		49		114		96
Amortization of DAC	9		9		17		18
Insurance operating costs and other expenses	407		387		813		784
Amortization of other intangible assets	10		10		20		20
Total Employee Benefits	1,576		1,553		3,199		3,173
Hartford Funds
Sub-advisory expense	72		71		145		140
Employee compensation and benefits	31		32		70		67
Distribution and service	70		74		143		147
General, administrative and other	30		26		54		52
Total Hartford Funds	203		203		412		406
Total significant segment expenses	$	5,656	$	5,491	$	11,600	$	10,915

Reconciliation of Net Income from Segments to Consolidated

Segment/Category Summary For the Three Months Ended June 30, 2025
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Hartford Funds		Total Reportable Segments		Corporate		Consolidated
Earned premium and fee income from external customers	$	3,435	$	939	$	—	$	1,663	$	256	$	6,293	$	10	$	6,303
Net investment income	449		58		19		118		6		650		14		664
Net realized gains (losses)	(20)		(4)		(2)		(16)		9		(33)		23		(10)
Other revenue [1]	1		24		—		—		—		25		5		30
Total Revenues	3,865		1,017		17		1,765		271		6,935		52		6,987
Significant segment expenses	2,991		884		2		1,576		203		5,656				5,656
Other segment expenses [2]	2		19		—		—		—		21				21
Corporate expenses													64		64
Income tax expense (benefit)	176		23		2		39		14		254		(3)		251
Net income (loss)	$	696	$	91	$	13	$	150	$	54	$	1,004	$	(9)	$	995
Other segment disclosures:
Amortization of DAC	$	546	$	70	$	—	$	9	$	—	$	625	$	—	$	625
Amortization of other intangibles	$	7	$	—	$	—	$	10	$	—	$	17	$	—	$	17

Segment/Category Summary For the Six Months Ended June 30, 2025
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Hartford Funds		Total Reportable Segments		Corporate		Consolidated
Earned premium and fee income from external customers	$	6,770	$	1,846	$	—	$	3,331	$	516	$	12,463	$	21	$	12,484
Net investment income	886		115		37		244		10		1,292		28		1,320
Net realized gains (losses)	(44)		(6)		(2)		(20)		9		(63)		4		(59)
Other revenue [1]	2		44		—		—		—		46		6		52
Total Revenues	7,614		1,999		35		3,555		535		13,738		59		13,797
Significant segment expenses	6,139		1,846		4		3,199		412		11,600				11,600
Other segment expenses [2]	4		34		—		—		—		38				38
Corporate expenses													130		130
Income tax expense (benefit)	298		23		5		73		26		425		(21)		404
Net income (loss)	$	1,173	$	96	$	26	$	283	$	97	$	1,675	$	(50)	$	1,625
Other segment disclosures:
Amortization of DAC	$	1,077	$	138	$	—	$	17	$	—	$	1,232	$	—	$	1,232
Amortization of other intangibles	$	14	$	1	$	—	$	20	$	—	$	35	$	—	$	35

Segment/Category Summary For the Three Months Ended June 30, 2024
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Hartford Funds		Total Reportable Segments		Corporate		Consolidated
Earned premium and fee income from external customers	$	3,132	$	857	$	—	$	1,665	$	253	$	5,907	$	10	$	5,917
Net investment income	402		50		19		112		5		588		14		602
Net realized gains (losses)	(50)		(8)		(3)		(9)		3		(67)		8		(59)
Other revenue [1]	—		25		—		—		—		25		1		26
Total Revenues	3,484		924		16		1,768		261		6,453		33		6,486
Significant segment expenses	2,813		920		2		1,553		203		5,491				5,491
Other segment expenses [2]	1		19		—		—		—		20				20
Corporate expenses													63		63
Income tax expense (benefit)	130		(4)		3		44		14		187		(13)		174
Net income (loss)	$	540	$	(11)	$	11	$	171	$	44	$	755	$	(17)	$	738
Other segment disclosures:
Amortization of DAC	$	489	$	63	$	—	$	9	$	—	$	561	$	—	$	561
Amortization of other intangibles	$	7	$	—	$	—	$	10	$	—	$	17	$	—	$	17

Segment/Category Summary For the Six Months Ended June 30, 2024
	Reportable Segments
	Business Insurance		Personal Insurance		P&C Other Operations		Employee Benefits		Hartford Funds		Total Reportable Segments		Corporate		Consolidated
Earned premium and fee income from external customers	$	6,191	$	1,678	$	—	$	3,304	$	503	$	11,676	$	20	$	11,696
Net investment income	793		100		37		226		9		1,165		30		1,195
Net realized gains (losses)	(38)		(7)		(3)		(8)		8		(48)		17		(31)
Other revenue [1]	—		44		—		—		—		44		1		45
Total Revenues	6,946		1,815		34		3,522		520		12,837		68		12,905
Significant segment expenses	5,571		1,754		11		3,173		406		10,915				10,915
Other segment expenses [2]	3		34		—		—		—		37				37
Corporate expenses													130		130
Income tax expense (benefit)	259		4		4		70		25		362		(30)		332
Net income (loss)	$	1,113	$	23	$	19	$	279	$	89	$	1,523	$	(32)	$	1,491
Other segment disclosures:
Amortization of DAC	$	965	$	123	$	—	$	18	$	—	$	1,106	$	—	$	1,106
Amortization of other intangibles	$	14	$	1	$	—	$	20	$	—	$	35	$	—	$	35

[1] Other revenues for Business Insurance and Corporate includes revenues from equity method investments that are not considered revenues from contracts with customers in the table below.

[2] Other segment expenses primarily consists of integration costs associated with the 2019 acquisition of Navigators Group for Business Insurance and servicing expenses for Personal Insurance

Reconciliation of Assets from Segment to Consolidated

Assets
	June 30, 2025		December 31, 2024
Business Insurance	$	55,682	$	53,296
Personal Insurance	6,453		6,034
Property & Casualty Other Operations	4,237		4,312
Employee Benefits	13,289		13,502
Hartford Funds	755		761
Total Reportable Segments	80,416		77,905
Corporate	3,223		3,012
Total assets	$	83,639	$	80,917

Disaggregation of Revenue [Table Text Block]

Non-Insurance Revenue from Contracts with Customers

		Three Months Ended June 30,				Six Months Ended June 30,
	Revenue Line Item	2025		2024		2025		2024
Business Insurance
Installment billing fees	Fee income	$	11	$	11	$	22	$	22
Personal Insurance
Installment billing fees	Fee income	8		8		16		16
Insurance servicing revenues	Other revenues	24		25		44		44
Employee Benefits
Administrative services	Fee income	57		57		113		111
Hartford Funds
Advisory, servicing and distribution fees	Fee income	256		253		516		503
Corporate
Investment management and other fees	Fee income	10		10		21		20
Total non-insurance revenues with customers		$	366	$	364	$	732	$	716

XML

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of June 30, 2025
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
Asset-backed securities ("ABS")	$	4,376	$	—	$	4,284	$	92
Collateralized loan obligations ("CLOs")	3,393		—		3,323		70
Commercial mortgage-backed securities ("CMBS")	2,585		—		2,448		137
Corporate	22,525		—		19,791		2,734
Foreign government/government agencies	455		—		455		—
Municipal	4,650		—		4,650		—
Residential mortgage-backed securities ("RMBS")	5,513		—		5,501		12
U.S. Treasuries	1,061		115		946		—
Total fixed maturities, AFS	44,558		115		41,398		3,045
FVO securities	181		—		—		181
Equity securities, at fair value [1]	529		390		46		93
Derivative assets
Credit derivatives	27		—		27		—
Foreign exchange derivatives	3		—		3		—
Equity derivatives	5		—		5		—
Total derivative assets [2]	35		—		35		—
Short-term investments	3,649		604		2,929		116
Total assets accounted for at fair value on a recurring basis	$	48,952	$	1,109	$	44,408	$	3,435
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives	$	(27)	$	—	$	(27)	$	—
Foreign exchange derivatives	(15)		—		(15)		—
Interest rate derivatives	(1)		—		(1)		—
Total derivative liabilities [3]	(43)		—		(43)		—
Total liabilities accounted for at fair value on a recurring basis	$	(43)	$	—	$	(43)	$	—

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2024
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
ABS	$	3,937	$	—	$	3,915	$	22
CLOs	3,250		—		3,134		116
CMBS	2,736		—		2,569		167
Corporate	20,636		—		18,355		2,281
Foreign government/government agencies	480		—		480		—
Municipal	5,304		—		5,304		—
RMBS	5,230		—		5,206		24
U.S. Treasuries	994		57		937		—
Total fixed maturities, AFS	42,567		57		39,900		2,610
FVO securities	308		—		111		197
Equity securities, at fair value [1]	603		372		144		87
Derivative assets
Credit derivatives	30		—		30		—
Equity derivatives	4		—		4		—
Foreign exchange derivatives	23		—		23		—
Total derivative assets [2]	57		—		57		—
Short-term investments	4,068		1,271		2,699		98
Total assets accounted for at fair value on a recurring basis	$	47,603	$	1,700	$	42,911	$	2,992
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives	$	(30)	$	—	$	(30)	$	—
Foreign exchange derivatives	18		—		18		—
Total derivative liabilities [3]	(12)		—		(12)		—
Total liabilities accounted for at fair value on a recurring basis	$	(12)	$	—	$	(12)	$	—

[1]Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company.

[2]Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 3 to this table for derivative liabilities.

[3]Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.

Fair Value Inputs, Assets, Quantitative Information

Significant Unobservable Inputs for Level 3 - Securities
Assets accounted for at fair value on a recurring basis	Fair Value		Predominant Valuation Technique	Significant Unobservable Input	Minimum	Maximum	Weighted Average [1]	Impact of Increase in Input on Fair Value [2]
As of June 30, 2025
ABS [3]	$	84	Discounted cash flows	Spread	487 bps	752 bps	505 bps	Decrease
CLOs [3]	$	55	Discounted cash flows	Spread	450 bps	1,009 bps	851 bps	Decrease
CMBS [3]	$	136	Discounted cash flows	Spread (encompasses prepayment, default risk and loss severity)	200 bps	1,897 bps	563 bps	Decrease
Corporate [4]	$	2,620	Discounted cash flows	Spread	84 bps	737 bps	274 bps	Decrease
RMBS	$	12	Discounted cash flows	Spread [6]	61 bps	573 bps	183 bps	Decrease
				Constant prepayment rate [6]	2%	5%	3%	Decrease [5]
				Constant default rate [6]	—%	5%	2%	Decrease
				Loss severity [6]	35%	50%	44%	Decrease
Short-term investments	$	116	Discounted cash flows	Spread	156 bps	269 bps	220 bps	Decrease
As of December 31, 2024
CMBS [3]	$	166	Discounted cash flows	Spread (encompasses prepayment, default risk and loss severity)	200 bps	1,221 bps	418 bps	Decrease
Corporate [4]	$	2,166	Discounted cash flows	Spread	81 bps	794 bps	286 bps	Decrease
RMBS [3]	$	19	Discounted cash flows	Spread [6]	100 bps	372 bps	181 bps	Decrease
				Constant prepayment rate [6]	1%	6%	4%	Decrease [5]
				Constant default rate [6]	1%	4%	2%	Decrease
				Loss severity [6]	30%	50%	41%	Decrease
Short-term investments	$	98	Discounted cash flows	Spread	266 bps	266 bps	266 bps	Decrease

[1]The weighted average is determined based on the fair value of the securities.

[2]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.

[3]Excludes securities for which the Company bases fair value on broker quotations.

[4]Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value.

[5]Decrease for above market rate coupons and increase for below market rate coupons.

[6]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended June 30, 2025
				Total realized/unrealized gains (losses)
		Fair value as of March 31, 2025		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2025
Assets
Fixed maturities, AFS
	ABS	$	56	$	—	$	—	$	39	$	(3)	$	—	$	—	$	—	$	92
	CLOs	233		—		—		20		(18)		—		—		(165)		70
	CMBS	150		(1)		1		—		(13)		(8)		8		—		137
	Corporate	2,401		2		47		460		(109)		(67)		—		—		2,734
	RMBS	39		—		—		—		(3)		—		—		(24)		12
Total fixed maturities, AFS		2,879		1		48		519		(146)		(75)		8		(189)		3,045
FVO securities		195		(13)		—		2		(3)		—		—		—		181
Equity securities, at fair value		91		—		—		2		—		—		—		—		93
Short-term investments		59		—		—		57		—		—		—		—		116
Total Assets		$	3,224	$	(12)	$	48	$	580	$	(149)	$	(75)	$	8	$	(189)	$	3,435

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Six Months Ended June 30, 2025
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2025		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2025
Assets
Fixed maturities, AFS
	ABS	$	22	$	—	$	1	$	73	$	(4)	$	—	$	—	$	—	$	92
	CLOs	116		—		—		228		(19)		—		—		(255)		70
	CMBS	167		(1)		4		—		(13)		(10)		43		(53)		137
	Corporate	2,281		3		62		624		(198)		(76)		38		—		2,734
	RMBS	24		—		—		24		(7)		—		—		(29)		12
Total fixed maturities, AFS		2,610		2		67		949		(241)		(86)		81		(337)		3,045
FVO securities		197		(17)		—		8		(7)		—		—		—		181
Equity securities, at fair value		87		(1)		—		10		(3)		—		—		—		93
Short-term investments		98		—		—		67		(49)		—		—		—		116
Total Assets		$	2,992	$	(16)	$	67	$	1,034	$	(300)	$	(86)	$	81	$	(337)	$	3,435

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Three Months Ended June 30, 2024
				Total realized/unrealized gains (losses)
		Fair value as of March 31, 2024		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2024
Assets
Fixed maturities, AFS
	ABS	$	16	$	—	$	—	$	—	$	—	$	—	$	—	$	(8)	$	8
	CLOs	184		—		—		460		(14)		—		—		(130)		500
	CMBS	241		(2)		2		—		(3)		(48)		—		—		190
	Corporate	1,923		—		(18)		206		(49)		(1)		—		—		2,061
	RMBS	69		—		—		14		(5)		—		—		(38)		40
Total fixed maturities, AFS		2,433		(2)		(16)		680		(71)		(49)		—		(176)		2,799
FVO securities		167		(2)		—		—		(5)		—		—		—		160
Equity securities, at fair value		58		—		—		—		—		—		—		—		58
Short-term investments		26		—		—		—		(1)		—		—		—		25
Total Assets		$	2,684	$	(4)	$	(16)	$	680	$	(77)	$	(49)	$	—	$	(176)	$	3,042

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Six Months Ended June 30, 2024
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2024		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of June 30, 2024
Assets
Fixed maturities, AFS
	ABS	$	—	$	—	$	—	$	16	$	—	$	—	$	—	$	(8)	$	8
	CLOs	113		—		—		590		(26)		—		—		(177)		500
	CMBS	227		(2)		12		—		(5)		(48)		6		—		190
	Corporate	1,861		—		(33)		312		(76)		(3)		—		—		2,061
	RMBS	36		—		—		52		(10)		—		—		(38)		40
Total fixed maturities, AFS		2,237		(2)		(21)		970		(117)		(51)		6		(223)		2,799
FVO securities		167		1		—		—		(8)		—		—		—		160
Equity securities, at fair value		58		—		—		—		—		—		—		—		58
Short-term investments		25		—		—		1		(1)		—		—		—		25
Total Assets		$	2,487	$	(1)	$	(21)	$	971	$	(126)	$	(51)	$	6	$	(223)	$	3,042

[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes.

[2]All amounts are before income taxes.

[3]Transfers into and/or (out of) Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Level 3 Still Held at End of Period
		Three Months Ended June 30,								Six Months Ended June 30,
		2025		2024		2025		2024		2025		2024		2025		2024
		Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]				Changes in Unrealized Gain/(Loss) included in OCI [3]				Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]				Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
Fixed maturities, AFS
	ABS	$	—	$	—	$	—	$	—	$	—	$	—	$	1	$	—
	CMBS	—		—		1		1		—		—		3		10
	Corporate	—		—		45		(18)		3		—		58		(32)
Total fixed maturities, AFS		—		—		46		(17)		3		—		62		(22)
FVO securities		(13)		(2)		—		—		(17)		1		—		—
Total Assets		$	(13)	$	(2)	$	46	$	(17)	$	(14)	$	1	$	62	$	(22)

[1]All amounts in these rows are reported in net realized gains (losses). All amounts are before income taxes.

[2]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein.

[3]Changes in unrealized gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities in the Condensed Consolidated Statements of Comprehensive Income (Loss).

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

Financial Assets and Liabilities Not Carried at Fair Value
	June 30, 2025					December 31, 2024
	Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value		Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value
Assets
Mortgage loans	Level 3	$	6,463	$	6,166	Level 3	$	6,396	$	5,901
Liabilities
Other policyholder funds and benefits payable	Level 3	$	612	$	612	Level 3	$	614	$	614
Senior notes [2]	Level 2	$	3,870	$	3,445	Level 2	$	3,867	$	3,406
Junior subordinated debentures [2]	Level 2	$	499	$	465	Level 2	$	499	$	460

[1]As of June 30, 2025 and December 31, 2024, the carrying amount of mortgage loans is net of ACL of $43 and $44, respectively.

[2]Included in long-term debt in the Condensed Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable.

XML

Investments (Tables)

6 Months Ended

Jun. 30, 2025

Investments [Abstract]

Net Realized Capital Gains (Losses)

Net Realized Gains (Losses)
	Three Months Ended June 30,				Six Months Ended June 30,
(Before tax)	2025		2024		2025		2024
Gross gains on sales of fixed maturities	$	19	$	6	$	32	$	11
Gross losses on sales of fixed maturities	(45)		(75)		(70)		(86)
Equity securities [1]
Net realized gains (losses) on sales of equity securities	5		(3)		5		(15)
Change in net unrealized gains (losses) of equity securities	31		17		20		64
Net realized and unrealized gains (losses) on equity securities	36		14		25		49
Net credit losses on fixed maturities, AFS	—		(1)		2		(2)
Change in ACL on mortgage loans	—		—		—		3
Other, net [2]	(20)		(3)		(48)		(6)
Net realized losses	$	(10)	$	(59)	$	(59)	$	(31)

[1]The change in net unrealized gains on equity securities still held as of June 30, 2025, and included in net realized gains were $34 and $21 for the three and six months ended June 30, 2025, respectively. The change in net unrealized gains on equity securities still held as of June 30, 2024, and included in net realized gains were $15 and $44 for the three and six months ended June 30, 2024, respectively.

[2]For the three and six months ended June 30, 2025, includes losses from transactional foreign currency revaluation of $8 and $18, respectively, and losses on non-qualifying derivatives of $11 and $11, respectively. For the three and six months ended June 30, 2024, includes gains from transactional foreign currency revaluation of $4 and $6, respectively, and losses on non-qualifying derivatives of $6 and $8, respectively.

Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]

ACL on Fixed Maturities, AFS by Type
	Three Months Ended June 30,
	2025				2024
(Before tax)	CMBS		Total		Corporate		CMBS		Total
Balance as of beginning of period	$	14	$	14	$	6	$	12	$	18
Credit losses on fixed maturities where an allowance was not previously recorded	—		—		—		1		1
Balance as of end of period	$	14	$	14	$	6	$	13	$	19

ACL on Fixed Maturities, AFS by Type
	Six Months Ended June 30,
	2025						2024
(Before tax)	Corporate		CMBS		Total		Corporate		CMBS		Total
Balance as of beginning of period	$	3	$	13	$	16	$	9	$	12	$	21
Credit losses on fixed maturities where an allowance was not previously recorded	—		—		—		—		1		1
Net increases (decreases) on fixed maturities where an allowance was previously recorded	(3)		1		(2)		1		—		1
Write-offs charged against the allowance	—		—		—		(4)		—		(4)
Balance as of end of period	$	—	$	14	$	14	$	6	$	13	$	19

Schedule of Available-for-sale Securities

Fixed Maturities, AFS, by Type
	June 30, 2025										December 31, 2024
	Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		ACL		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
ABS	$	4,355	$	—	$	44	$	(23)	$	4,376	$	3,948	$	—	$	28	$	(39)	$	3,937
CLOs	3,386		—		8		(1)		3,393		3,237		—		13		—		3,250
CMBS	2,758		(14)		24		(183)		2,585		2,976		(13)		21		(248)		2,736
Corporate	22,962		—		289		(726)		22,525		21,555		(3)		117		(1,033)		20,636
Foreign govt./govt. agencies	448		—		12		(5)		455		500		—		3		(23)		480
Municipal	4,985		—		55		(390)		4,650		5,574		—		77		(347)		5,304
RMBS	5,793		—		29		(309)		5,513		5,610		—		13		(393)		5,230
U.S. Treasuries	1,193		—		5		(137)		1,061		1,138		—		—		(144)		994
Total fixed maturities, AFS	$	45,880	$	(14)	$	466	$	(1,774)	$	44,558	$	44,538	$	(16)	$	272	$	(2,227)	$	42,567

Investments by Contractual Maturity Year

Fixed Maturities, AFS, by Contractual Maturity Year
	June 30, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	1,475	$	1,473	$	1,308	$	1,298
Over one year through five years	9,893		9,896		9,564		9,414
Over five years through ten years	8,167		8,065		7,687		7,334
Over ten years	10,053		9,257		10,208		9,368
Subtotal	29,588		28,691		28,767		27,414
Mortgage-backed and asset-backed securities	16,292		15,867		15,771		15,153
Total fixed maturities, AFS	$	45,880	$	44,558	$	44,538	$	42,567

Unrealized Gain (Loss) on Investments [Table Text Block]

Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of June 30, 2025
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS	$	548	$	(6)	$	248	$	(17)	$	796	$	(23)
CLOs	555		(1)		—		—		555		(1)
CMBS	107		(5)		2,065		(178)		2,172		(183)
Corporate	3,289		(66)		7,372		(660)		10,661		(726)
Foreign govt./govt. agencies	50		—		85		(5)		135		(5)
Municipal	1,034		(35)		2,427		(355)		3,461		(390)
RMBS	982		(14)		2,548		(295)		3,530		(309)
U.S. Treasuries	229		(8)		577		(129)		806		(137)
Total fixed maturities, AFS in an unrealized loss position	$	6,794	$	(135)	$	15,322	$	(1,639)	$	22,116	$	(1,774)

Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2024
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS	$	1,088	$	(14)	$	407	$	(25)	$	1,495	$	(39)
CLOs	78		—		—		—		78		—
CMBS	228		(4)		2,299		(244)		2,527		(248)
Corporate	5,883		(138)		8,212		(895)		14,095		(1,033)
Foreign govt./govt. agencies	165		(5)		178		(18)		343		(23)
Municipal	1,263		(27)		2,712		(320)		3,975		(347)
RMBS	1,297		(29)		2,672		(364)		3,969		(393)
U.S. Treasuries	406		(26)		461		(118)		867		(144)
Total fixed maturities, AFS in an unrealized loss position	$	10,408	$	(243)	$	16,941	$	(1,984)	$	27,349	$	(2,227)

Financing Receivable, Allowance for Credit Loss [Table Text Block]

ACL on Mortgage Loans
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
ACL as of beginning of period	$	43	$	48	$	44	$	51
Current period provision (release)	—		—		—		(3)
Current period gross write-offs	—		—		(1)		—
ACL as of June 30,	$	43	$	48	$	43	$	48

Loans Credit Quality

Mortgage Loans LTV & DSCR by Origination Year as of June 30, 2025
	2025			2024			2023			2022			2021			2020 & Prior			Total
Loan-to-value	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost [1]		Avg. DSCR
Greater than 80%	$	30	1.83x	$	26	0.78x	$	—	—x	$	15	0.80x	$	37	1.00x	$	144	1.58x	$	252	1.39x
65% - 80%	56		1.52x	49		0.90x	7		1.09x	156		1.96x	388		2.43x	365		2.21x	1,021		2.15x
Less than 65%	342		2.00x	479		1.55x	513		1.39x	682		2.91x	1,141		2.98x	2,076		2.66x	5,233		2.49x
Total mortgage loans	$	428	1.92x	$	554	1.45x	$	520	1.39x	$	853	2.70x	$	1,566	2.80x	$	2,585	2.54x	$	6,506	2.39x

[1]Amortized cost of mortgage loans excludes ACL of $43.

Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2024
	2024			2023			2022			2021			2020			2019 & Prior			Total
Loan-to-value	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost		Avg. DSCR	Amortized Cost [1]		Avg. DSCR
Greater than 80%	$	25	0.63x	$	—	—x	$	16	1.05x	$	37	1.03x	$	—	—x	$	110	1.68x	$	188	1.34x
65% - 80%	89		1.42x	7		1.35x	204		1.89x	421		2.55x	100		3.60x	439		2.01x	1,260		2.26x
Less than 65%	357		1.62x	489		1.39x	696		2.85x	1,108		2.93x	518		2.67x	1,824		2.71x	4,992		2.57x
Total mortgage loans	$	471	1.52x	$	496	1.39x	$	916	2.61x	$	1,566	2.79x	$	618	2.82x	$	2,373	2.53x	$	6,440	2.47x

[1]Amortized cost of mortgage loans excludes ACL of $44.

Mortgage Loans by Region
	June 30, 2025				December 31, 2024
	Amortized Cost		Percent of Total		Amortized Cost		Percent of Total
East North Central	$	337	5.2	%	$	362	5.6	%
Middle Atlantic	275		4.2	%	259		4.0	%
Mountain	840		12.9	%	764		11.9	%
New England	353		5.4	%	356		5.5	%
Pacific	1,374		21.1	%	1,400		21.8	%
South Atlantic	1,830		28.1	%	1,821		28.3	%
West North Central	144		2.2	%	97		1.5	%
West South Central	685		10.6	%	588		9.1	%
Other [1]	668		10.3	%	793		12.3	%
Total mortgage loans	6,506		100.0	%	6,440		100.0	%
ACL	(43)				(44)
Total mortgage loans, net of ACL	$	6,463			$	6,396

[1]Primarily represents loans collateralized by multiple properties in various regions.

Mortgage Loans by Property Type
	June 30, 2025				December 31, 2024
	Amortized Cost		Percent of Total		Amortized Cost		Percent of Total
Commercial
Industrial	$	2,904	44.6	%	$	2,737	42.5	%
Multifamily	2,152		33.1	%	2,161		33.5	%
Office	404		6.2	%	507		7.9	%
Retail [1]	968		14.9	%	957		14.9	%
Single Family	78		1.2	%	78		1.2	%
Total mortgage loans	6,506		100.0	%	6,440		100.0	%
ACL	(43)				(44)
Total mortgage loans, net of ACL	$	6,463			$	6,396

[1]Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.

Schedule of Financial Instruments Owned and Pledged as Collateral

	June 30, 2025		December 31, 2024
	Fair Value		Fair Value
Securities on deposit with government agencies	$	2,504	$	2,362
Fixed maturities in trust for benefit of Lloyd's Syndicate policyholders	1,090		1,056
Short-term investments in trust for benefit of Lloyd's Syndicate policyholders	36		25
Other investments	71		61
Total Other Restricted Investments	$	3,701	$	3,504

XML

Derivatives (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Balance Sheet Presentation

Derivative Balance Sheet Presentation
	Net Derivatives								Asset Derivatives				Liability Derivatives
	Notional Amount				Fair Value				Fair Value				Fair Value
Hedge Designation/ Derivative Type	Jun 30, 2025		Dec. 31, 2024		Jun 30, 2025		Dec. 31, 2024		Jun 30, 2025		Dec. 31, 2024		Jun 30, 2025		Dec. 31, 2024
Cash flow hedges
Interest rate swaps	$	3,975	$	4,225	$	1	$	—	$	1	$	—	$	—	$	—
Foreign currency swaps	590		646		(12)		41		21		52		(33)		(11)
Total cash flow hedges	4,565		4,871		(11)		41		22		52		(33)		(11)
Non-qualifying strategies
Interest rate contracts
Interest rate swaps and futures	333		344		(2)		—		—		1		(2)		(1)
Foreign exchange contracts
Foreign currency swaps	590		647		—		—		—		—		—		—
Credit contracts
Credit derivatives in offsetting positions	985		986		—		—		28		31		(28)		(31)
Equity contracts
Equity index options	943		233		5		4		5		4		—		—
Total non-qualifying strategies	2,851		2,210		3		4		33		36		(30)		(32)
Total cash flow hedges and non-qualifying strategies	$	7,416	$	7,081	$	(8)	$	45	$	55	$	88	$	(63)	$	(43)
Balance Sheet Location
Fixed maturities, AFS	$	590	$	647	$	—	$	—	$	—	$	—	$	—	$	—
Other investments	1,640		3,011		35		57		43		66		(8)		(9)
Other liabilities	5,186		3,423		(43)		(12)		12		22		(55)		(34)
Total derivatives	$	7,416	$	7,081	$	(8)	$	45	$	55	$	88	$	(63)	$	(43)

Offsetting Liabilities

Offsetting Derivative Assets and Liabilities
	(i)		(ii)		(iii) = (i) - (ii)				(iv)		(v) = (iii) - (iv)
					Net Amounts Presented in the Statement of Financial Position				Collateral Disallowed for Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Statement of Financial Position		Derivative Assets [1] (Liabilities) [2]		Accrued Interest and Cash Collateral (Received) [3] Pledged [2]		Financial Collateral (Received) Pledged [4]		Net Amount
As of June 30, 2025
Other investments	$	55	$	50	$	35	$	(30)	$	—	$	5
Other liabilities	$	(63)	$	(40)	$	(43)	$	20	$	(21)	$	(2)
As of December 31, 2024
Other investments	$	88	$	86	$	57	$	(55)	$	—	$	2
Other liabilities	$	(43)	$	(42)	$	(12)	$	11	$	(1)	$	—

[1]Included in other investments in the Company's Condensed Consolidated Balance Sheets.

[2]Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.

[3]Included in other investments in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.

[4] Excludes collateral associated with exchange-traded derivative instruments.

Derivatives in Cash Flow Hedging Relationships

Gains (Losses) Recognized in OCI
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest rate swaps	$	3	$	(4)	$	13	$	(21)
Foreign currency swaps	(43)		15		(49)		32
Total	$	(40)	$	11	$	(36)	$	11

Gains (Losses) Reclassified from AOCI into Income
	Three months ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
	Net Investment Income		Interest Expense		Net Investment Income		Interest Expense		Net Investment Income		Interest Expense		Net Investment Income		Interest Expense
Interest rate swaps	$	(2)	$	3	$	(8)	$	5	$	(4)	$	6	$	(15)	$	9
Foreign currency swaps	2		—		3		—		5		—		6		—
Total	$	—	$	3	$	(5)	$	5	$	1	$	6	$	(9)	$	9
Total amounts presented on the Condensed Consolidated Statement of Operations	$	664	$	50	$	602	$	50	$	1,320	$	100	$	1,195	$	100

Non-Qualifying Strategies Recognized within Net Realized Capital Gains (Losses)

Non-Qualifying Strategies Recognized within Net Realized Gains (Losses)
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest rate contracts
Interest rate swaps and futures	$	(1)	$	(6)	$	(2)	$	(3)
Equity contracts
Equity index options	(10)		—		(9)		(5)
Total [1]	$	(11)	$	(6)	$	(11)	$	(8)

[1]Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.

Credit Derivatives by Type

Credit Risk Assumed Derivatives by Type
						Underlying Referenced Credit Obligation(s) [1]
	Notional Amount [2]		Fair Value		Weighted Average Years to Maturity	Type	Average Credit Rating	Offsetting Notional Amount [3]		Offsetting Fair Value [3]
As of June 30, 2025
Basket credit default swaps [4]
Investment grade risk exposure	$	100	$	1	3 years	CMBS Credit	AAA	$	100	$	(1)
Below investment grade risk exposure	392		27		3 years	Corporate Credit	B+	392		(27)
Below investment grade risk exposure	1		(1)		Less than 1 year	CMBS Credit	CCC	1		1
Total [5]	$	493	$	27				$	493	$	(27)
As of December 31, 2024
Basket credit default swaps [4]
Investment grade risk exposure	$	100	$	—	4 years	CMBS Credit	AAA	$	100	$	—
Below investment grade risk exposure	392		30		3 years	Corporate Credit	B+	392		(30)
Below investment grade risk exposure	1		(1)		Less than 1 year	CMBS Credit	CCC	1		1
Total [5]	$	493	$	29				$	493	$	(29)

[1]The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.

[2]Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law, which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses.

[3]The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap.

[4] Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index.

[5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.

XML

Premiums Receivable (Tables)

6 Months Ended

Jun. 30, 2025

Credit Loss [Abstract]

Premium Receivable, Allowance for Credit Loss [Table Text Block]

Premiums Receivable and Agents' Balances
	As of June 30, 2025		As of December 31, 2024
Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums ("loss sensitive business")	$	6,347	$	5,624
Receivables for loss sensitive business, by credit quality:
AA	94		97
A	56		57
BBB	196		193
BB	91		94
Below BB	49		50
Total receivables for loss sensitive business	486		491
Total Premiums Receivable and Agents' Balances, Gross	6,833		6,115
ACL	(135)		(117)
Total Premiums Receivable and Agents' Balances, Net of ACL	$	6,698	$	5,998

Rollforward of ACL on Premiums Receivable and Agents' Balances for the Three Months Ended
	June 30, 2025						June 30, 2024
	Receivables Excluding Receivables for Loss Sensitive Business		Receivables for Loss Sensitive Business		Total		Receivables Excluding Receivables for Loss Sensitive Business		Receivables for Loss Sensitive Business		Total
Beginning ACL	$	105	$	21	$	126	$	91	$	20	$	111
Current period provision	24		1		25		15		1		16
Current period write-offs	(18)		—		(18)		(12)		—		(12)
Current period recoveries	2		—		2		1		—		1
Ending ACL	$	113	$	22	$	135	$	95	$	21	$	116

Rollforward of ACL on Premiums Receivable and Agents' Balances for the Six Months Ended
	June 30, 2025						June 30, 2024
	Receivables Excluding Receivables for Loss Sensitive Business		Receivables for Loss Sensitive Business		Total		Receivables Excluding Receivables for Loss Sensitive Business		Receivables for Loss Sensitive Business		Total
Beginning ACL	$	97	$	20	$	117	$	89	$	20	$	109
Current period provision	47		2		49		30		1		31
Current period write-offs	(35)		—		(35)		(27)		—		(27)
Current period recoveries	4		—		4		3		—		3
Ending ACL	$	113	$	22	$	135	$	95	$	21	$	116

XML

Reinsurance (Tables)

6 Months Ended

Jun. 30, 2025

Reinsurance Disclosures [Abstract]

Reinsurance Recoverable, Credit Quality Indicator [Table Text Block]

Reinsurance Recoverables by Credit Quality Indicator
	As of June 30, 2025								As of December 31, 2024
	P&C		Employee Benefits		Corporate		Total		P&C		Employee Benefits		Corporate		Total
A.M. Best Financial Strength Rating
A++	$	2,200	$	—	$	—	$	2,200	$	2,271	$	—	$	—	$	2,271
A+	2,257		283		217		2,757		2,169		281		224		2,674
A	755		1		—		756		829		1		—		830
A-	615		3		—		618		622		4		—		626
B++	2		—		2		4		2		—		2		4
Below B++	22		—		—		22		22		—		—		22
Total Rated by A.M. Best	5,851		287		219		6,357		5,915		286		226		6,427
Mandatory (Assigned) and Voluntary Risk Pools	204		—		—		204		205		—		—		205
Captives	425		—		—		425		402		—		—		402
Other not rated companies	183		6		—		189		176		5		—		181
Gross Reinsurance Recoverables	6,663		293		219		7,175		6,698		291		226		7,215
Allowance for uncollectible reinsurance	(72)		(1)		(2)		(75)		(72)		(1)		(2)		(75)
Net Reinsurance Recoverables	$	6,591	$	292	$	217	$	7,100	$	6,626	$	290	$	224	$	7,140

Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block]

Allowance for Uncollectible Reinsurance for the Three and Six Months Ended
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
P&C beginning allowance for uncollectible reinsurance	$	72	$	98	$	72	$	100
Beginning allowance for disputed amounts	52		54		48		57
P&C beginning ACL	20		44		24		43
Current period provision (release)	1		1		(3)		2
P&C ending ACL	21		45		21		45
Ending allowance for disputed amounts	51		54		51		54
P&C ending allowance for uncollectible reinsurance	72		99		72		99
Employee Benefits allowance for uncollectible reinsurance	1		1		1		1
Corporate allowance for uncollectible reinsurance	2		2		2		2
Total allowance for uncollectible reinsurance	$	75	$	102	$	75	$	102

XML

Reserve for Unpaid Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

Unfavorable (Favorable) Prior Accident Year Development

	For the six months ended June 30,
	2025		2024
Workers’ compensation	$	(126)	$	(119)
Workers’ compensation discount accretion	23		23
General liability	—		49
Marine	—		(1)
Package business	—		(1)
Commercial property	(23)		(5)
Professional liability	(11)		(7)
Bond	(22)		(22)
Assumed reinsurance	—		24
Commercial automobile liability	—		10
Personal automobile liability	(22)		(13)
Homeowners	(31)		(10)
Net asbestos and environmental ("A&E") reserves	—		—
Catastrophes	(39)		(38)
Uncollectible reinsurance	—		—
Other reserve re-estimates, net	(2)		—
Prior accident year development before change in deferred gain	(253)		(110)
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	(56)		(61)
Total prior accident year development	$	(309)	$	(171)

[1]The $56 and $61 change in deferred gain on retroactive reinsurance for the six months ended June 30, 2025 and 2024, respectively, is related to amortization of the Navigators ADC deferred gain. For additional information regarding the ADC reinsurance agreement, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below.

Property, Liability and Casualty Insurance Product Line

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses

	For the six months ended June 30,
	2025		2024
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	36,404	$	34,044
Reinsurance and other recoverables	6,753		6,696
Beginning liabilities for unpaid losses and loss adjustment expenses, net	29,651		27,348
Provision for unpaid losses and loss adjustment expenses
Current accident year	5,670		5,088
Prior accident year development [1]	(309)		(171)
Total provision for unpaid losses and loss adjustment expenses	5,361		4,917
Change in deferred gain on retroactive reinsurance included in other liabilities [1]	56		61
Payments
Current accident year	(1,175)		(987)
Prior accident years	(3,205)		(2,849)
Total payments	(4,380)		(3,836)
Foreign currency adjustment	39		(9)
Ending liabilities for unpaid losses and loss adjustment expenses, net	30,727		28,481
Reinsurance and other recoverables	6,631		6,656
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	37,358	$	35,137

[1] Prior accident year development for the six months ended June 30, 2025 and 2024 included a $56 and $61 benefit for amortization of a deferred gain under retroactive reinsurance accounting, respectively, related to the Navigators Adverse Development Cover (the "Navigator's ADC"). For additional information regarding the ADC reinsurance agreement, refer to "Change in Deferred Gain on Retroactive Reinsurance" discussion below.

Group Insurance Policy [Member]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses

	For the six months ended June 30,
	2025		2024
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	8,206	$	8,274
Reinsurance recoverables	282		254
Beginning liabilities for unpaid losses and loss adjustment expenses, net	7,924		8,020
Provision for unpaid losses and loss adjustment expenses
Current incurral year	2,692		2,662
Prior year's discount accretion	105		103
Prior incurral year development [1]	(377)		(339)
Total provision for unpaid losses and loss adjustment expenses [2]	2,420		2,426
Payments
Current incurral year	(1,076)		(1,071)
Prior incurral years	(1,430)		(1,455)
Total payments	(2,506)		(2,526)
Ending liabilities for unpaid losses and loss adjustment expenses, net	7,838		7,920
Reinsurance recoverables	286		266
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	8,124	$	8,186

[1]Prior incurral year development represents the change in estimated ultimate incurred losses and loss adjustment expenses for prior incurral years on a discounted basis.

[2]Includes unallocated loss adjustment expenses ("ULAE") of $88 and $92 for the six months ended June 30, 2025 and 2024, respectively, that are recorded in insurance operating costs and other expenses in the Condensed Consolidated Statements of Operations

XML

Reserve for Future Policy Benefits (Tables)

6 Months Ended

Jun. 30, 2025

Insurance Loss Reserves [Abstract]

Liability for Future Policy Benefit, Activity [Table Text Block]

Rollforward of Reserve for Future Policy Benefits
	For the six months ended June 30,
	2025						2024
	Payout Annuities		Life Conversions		Paid-up Life		Payout Annuities		Life Conversions		Paid-up Life
Present Value of Expected Net Premiums
Balance, beginning of the period			$	45					$	49
Balance, ending of the period			$	43					$	45
Present Value of Expected Future Policy Benefits
Beginning balance at single-A rate	$	128	$	106	$	168	$	137	$	113	$	185
Beginning adjustment for changes in single-A rate	—		(15)		(33)		7		(11)		(32)
Beginning balance at original discount rate	128		121		201		130		124		217
Effect of changes in cash flow assumptions	—		—		—		—		—		—
Effect of actual variances from expected experience	(2)		3		(1)		1		2		—
Adjusted beginning balance	126		124		200		131		126		217
Interest accrual and other	3		11		3		3		9		3
Benefit Payments	(6)		(16)		(12)		(6)		(16)		(12)
Ending balance at original discount rate	123		119		191		128		119		208
Ending adjustment for changes in single-A rate	1		(15)		(28)		1		(14)		(36)
Ending balance at single-A rate	$	124	$	104	$	163	$	129	$	105	$	172
Net reserve for future policy benefits	$	124	$	61	$	163	$	129	$	60	$	172
Weighted-average duration of the reserve for future policy benefits (years)	9.3		11.0		6.5		9.0		11.5		6.3

Net Reserve for Future Policy Benefits
	As of June 30,
	2025		2024
Payout Annuities	$	124	$	129
Life Conversions	61		60
Paid-up Life	163		172
Deferred Profit Liability	19		20
Other	76		83
Total	$	443	$	464

Undiscounted Expected Future Gross Premiums and Benefit Payments
	As of June 30,
	2025		2024
Payout Annuities [1]
Expected future benefit payments	$	242	$	252
Life Conversions
Expected future gross premiums	$	102	$	109
Expected future benefit payments	$	192	$	199
Paid-up Life [1]
Expected future benefit payments	$	249	$	268

[1]Payout Annuities and Paid-up Life have no expected future gross premiums.

Weighted-Average Interest Rates
	As of June 30,
	2025		2024
Payout Annuities
Interest accretion rate	5.6	%	5.6	%
Current discount rate	5.4	%	5.5	%
Life Conversions
Interest accretion rate	4.3	%	4.2	%
Current discount rate	5.6	%	5.5	%
Paid-up Life
Interest accretion rate	2.9	%	2.9	%
Current discount rate	5.0	%	5.4	%

XML

Other Policyholder Funds and Benefits Payable (Tables)

6 Months Ended

Jun. 30, 2025

Insurance Loss Reserves [Abstract]

Policyholder Account Balance

Universal Life Long Duration Contracts Rollforward
	For the six months ended June 30,
	2025			2024
Balance, beginning of the period	$	206		$	223
Premiums Received	6			6
Policy Charges	(9)			(13)
Surrenders and Withdrawals	(3)			(4)
Benefit Payments	(3)			(6)
Interest Credited	4			4
Balance, end of the period	$	201		$	210
Weighted-average crediting rate	4.3		%	4.2		%
Net Amount at Risk [1]	$	791		$	870
Cash Surrender Value	$	199		$	209

XML

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Tax Rate Reconciliation

Income Tax Rate Reconciliation
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Tax provision at U.S. federal statutory rate	$	261	$	192	$	426	$	383
Nontaxable net investment income	(9)		(11)		(14)		(22)
Other	(1)		(7)		(8)		(29)
Provision for income taxes	$	251	$	174	$	404	$	332

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

Rollforward of Unrecognized Tax Benefits
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Balance, beginning of period	$	24	$	27	$	24	$	26
Gross increases - tax positions in current period	1		—		1		1
Balance, end of period	$	25	$	27	$	25	$	27

XML

Accumulated Other Comprehensive Income Loss (Tables)

6 Months Ended

Jun. 30, 2025

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Changes in AOCI, net of tax

Changes in AOCI, Net of Tax for the Three Months Ended June 30, 2025
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(1,237)	$	(6)	$	40	$	29	$	30	$	(1,436)	$	(2,580)
OCI before reclassifications	237		1		(40)		20		(1)		(1)		216
Amounts reclassified from AOCI	26		—		(3)		—		—		9		32
OCI, before tax	263		1		(43)		20		(1)		8		248
Income tax benefit (expense)	(55)		—		9		(4)		—		(2)		(52)
OCI, net of tax	208		1		(34)		16		(1)		6		196
Ending balance	$	(1,029)	$	(5)	$	6	$	45	$	29	$	(1,430)	$	(2,384)

Changes in AOCI, Net of Tax for the Six Months Ended June 30, 2025
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(1,539)	$	(6)	$	40	$	29	$	33	$	(1,443)	$	(2,886)
OCI before reclassifications	610		1		(36)		20		(5)		—		590
Amounts reclassified from AOCI	36		—		(7)		—		—		16		45
OCI, before tax	646		1		(43)		20		(5)		16		635
Income tax benefit (expense)	(136)		—		9		(4)		1		(3)		(133)
OCI, net of tax	510		1		(34)		16		(4)		13		502
Ending balance	$	(1,029)	$	(5)	$	6	$	45	$	29	$	(1,430)	$	(2,384)

Changes in AOCI, Net of Tax for the Three Months Ended June 30, 2024
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(1,642)	$	(7)	$	21	$	36	$	30	$	(1,435)	$	(2,997)
OCI before reclassifications	(184)		—		11		(1)		6		(1)		(169)
Amounts reclassified from AOCI	70		—		—		—		—		9		79
OCI, before tax	(114)		—		11		(1)		6		8		(90)
Income tax benefit (expense)	24		—		(2)		—		(1)		(2)		19
OCI, net of tax	(90)		—		9		(1)		5		6		(71)
Ending balance	$	(1,732)	$	(7)	$	30	$	35	$	35	$	(1,429)	$	(3,068)

Changes in AOCI, Net of Tax for the Six Months Ended June 30, 2024
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities, AFS with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(1,482)	$	(8)	$	21	$	37	$	25	$	(1,442)	$	(2,849)
OCI before reclassifications	(393)		1		11		(3)		13		1		(370)
Amounts reclassified from AOCI	77		—		—		—		—		16		93
OCI, before tax	(316)		1		11		(3)		13		17		(277)
Income tax benefit (expense)	66		—		(2)		1		(3)		(4)		58
OCI, net of tax	(250)		1		9		(2)		10		13		(219)
Ending balance	$	(1,732)	$	(7)	$	30	$	35	$	35	$	(1,429)	$	(3,068)

Reclassifications from AOCI

Reclassifications from AOCI
	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025		Affected Line Item in the Condensed Consolidated Statement of Operations
Net Unrealized Gain (Loss) on Fixed Maturities, AFS
Fixed Maturities, AFS	$	(26)	$	(36)	Net realized losses
	(26)		(36)		Total before tax
	(5)		(8)		Income tax expense
	$	(21)	$	(28)	Net income
Net Gain (Loss) on Cash Flow Hedging Instruments
Interest rate swaps	$	(2)	$	(4)	Net investment income
Interest rate swaps	3		6		Interest expense
Foreign currency swaps	2		5		Net investment income
	3		7		Total before tax
	—		1		Income tax expense
	$	3	$	6	Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit	$	1	$	3	Insurance operating costs and other expenses
Amortization of actuarial loss	(10)		(19)		Insurance operating costs and other expenses
	(9)		(16)		Total before tax
	(2)		(3)		Income tax expense
	$	(7)	$	(13)	Net income
Total amounts reclassified from AOCI	$	(25)	$	(35)	Net income

Reclassifications from AOCI
	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024		Affected Line Item in the Condensed Consolidated Statement of Operations
Net Unrealized Gain (Loss) on Fixed Maturities, AFS
Fixed Maturities, AFS	$	(70)	$	(77)	Net realized losses
	(70)		(77)		Total before tax
	(15)		(16)		Income tax expense
	$	(55)	$	(61)	Net income
Net Gain (Loss) on Cash Flow Hedging Instruments
Interest rate swaps	$	(8)	$	(15)	Net investment income
Interest rate swaps	5		9		Interest expense
Foreign currency swaps	3		6		Net investment income
	—		—		Total before tax
	—		—		Income tax expense
	$	—	$	—	Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit	$	1	$	3	Insurance operating costs and other expenses
Amortization of actuarial loss	(10)		(19)		Insurance operating costs and other expenses
	(9)		(16)		Total before tax
	(2)		(3)		Income tax expense
	$	(7)	$	(13)	Net income
Total amounts reclassified from AOCI	$	(62)	$	(74)	Net income

XML

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2025

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

Net Periodic Cost (Benefit)
	Pension Benefits								Other Postretirement Benefits
	Three Months Ended June 30,				Six Months Ended June 30,				Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024		2025		2024		2025		2024
Service cost	$	1	$	1	$	1	$	1	$	—	$	—	$	—	$	—
Interest cost	43		44		87		88		1		1		3		3
Expected return on plan assets	(61)		(58)		(121)		(115)		—		—		—		—
Amortization of prior service credit	—		—		—		—		(1)		(1)		(3)		(3)
Amortization of actuarial loss	9		9		17		17		1		1		2		2
Net periodic cost (benefit)	$	(8)	$	(4)	$	(16)	$	(9)	$	1	$	1	$	2	$	2

XML

Earnings (Loss) Per Common Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Earnings
Net income	$ 995	$ 738	$ 1,625	$ 1,491
Less: Preferred stock dividends	5	5	10	10
Net income available to common stockholders	$ 990	$ 733	$ 1,615	$ 1,481
Shares
Weighted average common shares outstanding, basic	283.7	295.5	285.1	296.8
Dilutive effect of stock-based awards under compensation plans	4.0	4.4	4.1	4.5
Weighted average common shares outstanding and dilutive potential common shares	287.7	299.9	289.2	301.3
Earnings Per Share, Basic [Abstract]
Net income available to common stockholders	$ 3.49	$ 2.48	$ 5.66	$ 4.99
Earnings Per Share, Diluted [Abstract]
Net income available to common stockholders	$ 3.44	$ 2.44	$ 5.58	$ 4.92

XML

Segment Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2025
Statement of Financial Position [Abstract]
Number of Reportable Segments	5

XML

Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information [Line Items]
Earned premiums and fee income	$ 6,303	$ 5,917	$ 12,484	$ 11,696
Net investment income	664	602	1,320	1,195
Realized Investment Gains (Losses)	(10)	(59)	(59)	(31)
Other Income	30	26	52	45
Total revenues	6,987	6,486	13,797	12,905
P&C Personal Insurance | AARP Members [Member]
Segment Reporting Information [Line Items]
Earned premiums and fee income	841	788	1,660	1,550
Operating Segments [Member]
Segment Reporting Information [Line Items]
Earned premiums and fee income	6,293	5,907	12,463	11,676
Net investment income	650	588	1,292	1,165
Realized Investment Gains (Losses)	(33)	(67)	(63)	(48)
Other Income	25	25	46	44
Total revenues	6,935	6,453	13,738	12,837
Operating Segments [Member] | P&C Business Insurance
Segment Reporting Information [Line Items]
Earned premiums and fee income	3,435	3,132	6,770	6,191
Net investment income	449	402	886	793
Realized Investment Gains (Losses)	(20)	(50)	(44)	(38)
Other Income	1	0	2	0
Total revenues	3,865	3,484	7,614	6,946
Operating Segments [Member] | P&C Personal Insurance
Segment Reporting Information [Line Items]
Earned premiums and fee income	939	857	1,846	1,678
Net investment income	58	50	115	100
Realized Investment Gains (Losses)	(4)	(8)	(6)	(7)
Other Income	24	25	44	44
Total revenues	1,017	924	1,999	1,815
Operating Segments [Member] | Property & Casualty Other Operations [Member]
Segment Reporting Information [Line Items]
Earned premiums and fee income	0	0	0	0
Net investment income	19	19	37	37
Realized Investment Gains (Losses)	(2)	(3)	(2)	(3)
Other Income	0	0	0	0
Total revenues	17	16	35	34
Operating Segments [Member] | Employee Benefits [Member]
Segment Reporting Information [Line Items]
Earned premiums and fee income	1,663	1,665	3,331	3,304
Net investment income	118	112	244	226
Realized Investment Gains (Losses)	(16)	(9)	(20)	(8)
Other Income	0	0	0	0
Total revenues	1,765	1,768	3,555	3,522
Operating Segments [Member] | Hartford Funds [Member]
Segment Reporting Information [Line Items]
Earned premiums and fee income	256	253	516	503
Net investment income	6	5	10	9
Realized Investment Gains (Losses)	9	3	9	8
Other Income	0	0	0	0
Total revenues	271	261	535	520
Operating Segments [Member] | Hartford Funds [Member] | Mutual fund and ETF
Segment Reporting Information [Line Items]
Earned premiums and fee income	239	235	481	466
Operating Segments [Member] | Hartford Funds [Member] | Third-party life and annuity separate accounts [3]
Segment Reporting Information [Line Items]
Earned premiums and fee income	17	18	35	37
Operating Segments [Member] | Workers' Compensation | P&C Business Insurance
Segment Reporting Information [Line Items]
Earned premiums and fee income	917	926	1,835	1,843
Operating Segments [Member] | General liability | P&C Business Insurance
Segment Reporting Information [Line Items]
Earned premiums and fee income	609	540	1,193	1,066
Operating Segments [Member] | Marine | P&C Business Insurance
Segment Reporting Information [Line Items]
Earned premiums and fee income	68	67	137	134
Operating Segments [Member] | Package business | P&C Business Insurance
Segment Reporting Information [Line Items]
Earned premiums and fee income	659	572	1,278	1,121
Operating Segments [Member] | Property | P&C Business Insurance
Segment Reporting Information [Line Items]
Earned premiums and fee income	355	306	694	596
Operating Segments [Member] | Property | P&C Personal Insurance
Segment Reporting Information [Line Items]
Earned premiums and fee income	305	259	588	508
Operating Segments [Member] | Professional liability | P&C Business Insurance
Segment Reporting Information [Line Items]
Earned premiums and fee income	208	200	414	403
Operating Segments [Member] | Bond | P&C Business Insurance
Segment Reporting Information [Line Items]
Earned premiums and fee income	83	80	168	158
Operating Segments [Member] | Assumed reinsurance | P&C Business Insurance
Segment Reporting Information [Line Items]
Earned premiums and fee income	222	180	442	361
Operating Segments [Member] | Automobile | P&C Business Insurance
Segment Reporting Information [Line Items]
Earned premiums and fee income	314	261	609	509
Operating Segments [Member] | Automobile | P&C Personal Insurance
Segment Reporting Information [Line Items]
Earned premiums and fee income	634	598	1,258	1,170
Operating Segments [Member] | Group disability | Employee Benefits [Member]
Segment Reporting Information [Line Items]
Earned premiums and fee income	899	895	1,799	1,785
Operating Segments [Member] | Group life | Employee Benefits [Member]
Segment Reporting Information [Line Items]
Earned premiums and fee income	644	663	1,294	1,308
Operating Segments [Member] | Other | Employee Benefits [Member]
Segment Reporting Information [Line Items]
Earned premiums and fee income	$ 120	$ 107	$ 238	$ 211

XML

Segment Information - Reconciliation of Other Items from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information [Line Items]
Deferred Policy Acquisition Costs, Amortization Expense	$ 625	$ 561	$ 1,232	$ 1,106
Insurance operating costs and other expense	1,337	1,285	2,689	2,568
Amortization of other intangible assets	17	17	35	35
Benefits, Losses and Expenses	5,741	5,574	11,768	11,082
Policyholder Benefits and Claims Incurred, Net	3,712	3,661	7,712	7,272
Operating Segments [Member]
Segment Reporting Information [Line Items]
Deferred Policy Acquisition Costs, Amortization Expense	625	561	1,232	1,106
Amortization of other intangible assets	17	17	35	35
Benefits, Losses and Expenses	5,656	5,491	11,600	10,915
Operating Segments [Member] | P&C Business Insurance
Segment Reporting Information [Line Items]
Prior accident year development [1]	(146)	(81)	(229)	(137)
Deferred Policy Acquisition Costs, Amortization Expense	546	489	1,077	965
Insurance operating costs and other expense	507	484	1,019	971
Amortization of other intangible assets	7	7	14	14
Policyholder Dividends, Expense	11	9	21	19
Benefits, Losses and Expenses	2,991	2,813	6,139	5,571
Operating Segments [Member] | P&C Personal Insurance
Segment Reporting Information [Line Items]
Prior accident year development [1]	(41)	(34)	(80)	(41)
Deferred Policy Acquisition Costs, Amortization Expense	70	63	138	123
Insurance operating costs and other expense	172	169	354	322
Amortization of other intangible assets	0	0	1	1
Benefits, Losses and Expenses	884	920	1,846	1,754
Operating Segments [Member] | Property & Casualty Other Operations [Member]
Segment Reporting Information [Line Items]
Prior accident year development [1]	0	0	0	7
Deferred Policy Acquisition Costs, Amortization Expense	0	0	0	0
Insurance operating costs and other expense	2	2	4	4
Amortization of other intangible assets	0	0	0	0
Benefits, Losses and Expenses	2	2	4	11
Operating Segments [Member] | Employee Benefits [Member]
Segment Reporting Information [Line Items]
Deferred Policy Acquisition Costs, Amortization Expense	9	9	17	18
Insurance operating costs and other expense	407	387	813	784
Amortization of other intangible assets	10	10	20	20
Benefits, Losses and Expenses	1,576	1,553	3,199	3,173
Operating Segments [Member] | Employee Benefits [Member] | Disability Insurance Policy [Member]
Segment Reporting Information [Line Items]
Policyholder Benefits and Claims Incurred, Net	617	601	1,238	1,225
Operating Segments [Member] | Employee Benefits [Member] | Life Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Policyholder Benefits and Claims Incurred, Net	478	497	997	1,030
Operating Segments [Member] | Employee Benefits [Member] | Insurance, Other [Member]
Segment Reporting Information [Line Items]
Policyholder Benefits and Claims Incurred, Net	55	49	114	96
Operating Segments [Member] | Hartford Funds [Member]
Segment Reporting Information [Line Items]
Deferred Policy Acquisition Costs, Amortization Expense	0	0	0	0
Amortization of other intangible assets	0	0	0	0
Benefits, Losses and Expenses	203	203	412	406
Investment Company, General Partner, Advisory Service Allocation	72	71	145	140
Employee Benefits and Share-Based Compensation	31	32	70	67
Selling Expense	70	74	143	147
Other General and Administrative Expense	30	26	54	52
Non-Catastrophe [Member] | Operating Segments [Member] | P&C Business Insurance
Segment Reporting Information [Line Items]
Current accident year	1,952	1,750	3,843	3,475
Non-Catastrophe [Member] | Operating Segments [Member] | P&C Personal Insurance
Segment Reporting Information [Line Items]
Current accident year	585	597	1,148	1,172
Catastrophe | Operating Segments [Member] | P&C Business Insurance
Segment Reporting Information [Line Items]
Current accident year	114	155	394	264
Catastrophe | Operating Segments [Member] | P&C Personal Insurance
Segment Reporting Information [Line Items]
Current accident year	$ 98	$ 125	$ 285	$ 177

XML

Segment Information - Net Income From Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information [Line Items]
Earned premiums and fee income	$ 6,303	$ 5,917	$ 12,484	$ 11,696
Insurance Commissions and Fees	342	339	688	672
Net Investment Income	664	602	1,320	1,195
Net realized losses	(10)	(59)	(59)	(31)
Other Income	30	26	52	45
Total revenues	6,987	6,486	13,797	12,905
Benefits, Losses and Expenses	5,741	5,574	11,768	11,082
Segment Reporting, Other Segment Item, Amount	21	20	38	37
Income tax expense	251	174	404	332
Net income	995	738	1,625	1,491
Deferred Policy Acquisition Costs, Amortization Expense	625	561	1,232	1,106
Amortization of other intangible assets	17	17	35	35
Operating Segments [Member]
Segment Reporting Information [Line Items]
Earned premiums and fee income	6,293	5,907	12,463	11,676
Net Investment Income	650	588	1,292	1,165
Net realized losses	(33)	(67)	(63)	(48)
Other Income	25	25	46	44
Total revenues	6,935	6,453	13,738	12,837
Benefits, Losses and Expenses	5,656	5,491	11,600	10,915
Segment Reporting, Other Segment Item, Amount	21	20	38	37
Income tax expense	254	187	425	362
Net income	1,004	755	1,675	1,523
Deferred Policy Acquisition Costs, Amortization Expense	625	561	1,232	1,106
Amortization of other intangible assets	17	17	35	35
Operating Segments [Member] | P&C Business Insurance
Segment Reporting Information [Line Items]
Earned premiums and fee income	3,435	3,132	6,770	6,191
Net Investment Income	449	402	886	793
Net realized losses	(20)	(50)	(44)	(38)
Other Income	1	0	2	0
Total revenues	3,865	3,484	7,614	6,946
Benefits, Losses and Expenses	2,991	2,813	6,139	5,571
Segment Reporting, Other Segment Item, Amount	2	1	4	3
Income tax expense	176	130	298	259
Net income	696	540	1,173	1,113
Deferred Policy Acquisition Costs, Amortization Expense	546	489	1,077	965
Amortization of other intangible assets	7	7	14	14
Operating Segments [Member] | P&C Personal Insurance
Segment Reporting Information [Line Items]
Earned premiums and fee income	939	857	1,846	1,678
Net Investment Income	58	50	115	100
Net realized losses	(4)	(8)	(6)	(7)
Other Income	24	25	44	44
Total revenues	1,017	924	1,999	1,815
Benefits, Losses and Expenses	884	920	1,846	1,754
Segment Reporting, Other Segment Item, Amount	19	19	34	34
Income tax expense	23	(4)	23	4
Net income	91	(11)	96	23
Deferred Policy Acquisition Costs, Amortization Expense	70	63	138	123
Amortization of other intangible assets	0	0	1	1
Operating Segments [Member] | Property & Casualty Other Operations [Member]
Segment Reporting Information [Line Items]
Earned premiums and fee income	0	0	0	0
Net Investment Income	19	19	37	37
Net realized losses	(2)	(3)	(2)	(3)
Other Income	0	0	0	0
Total revenues	17	16	35	34
Benefits, Losses and Expenses	2	2	4	11
Segment Reporting, Other Segment Item, Amount	0	0	0	0
Income tax expense	2	3	5	4
Net income	13	11	26	19
Deferred Policy Acquisition Costs, Amortization Expense	0	0	0	0
Amortization of other intangible assets	0	0	0	0
Operating Segments [Member] | Employee Benefits [Member]
Segment Reporting Information [Line Items]
Earned premiums and fee income	1,663	1,665	3,331	3,304
Net Investment Income	118	112	244	226
Net realized losses	(16)	(9)	(20)	(8)
Other Income	0	0	0	0
Total revenues	1,765	1,768	3,555	3,522
Benefits, Losses and Expenses	1,576	1,553	3,199	3,173
Segment Reporting, Other Segment Item, Amount	0	0	0	0
Income tax expense	39	44	73	70
Net income	150	171	283	279
Deferred Policy Acquisition Costs, Amortization Expense	9	9	17	18
Amortization of other intangible assets	10	10	20	20
Operating Segments [Member] | Hartford Funds [Member]
Segment Reporting Information [Line Items]
Earned premiums and fee income	256	253	516	503
Net Investment Income	6	5	10	9
Net realized losses	9	3	9	8
Other Income	0	0	0	0
Total revenues	271	261	535	520
Benefits, Losses and Expenses	203	203	412	406
Segment Reporting, Other Segment Item, Amount	0	0	0	0
Income tax expense	14	14	26	25
Net income	54	44	97	89
Deferred Policy Acquisition Costs, Amortization Expense	0	0	0	0
Amortization of other intangible assets	0	0	0	0
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Segment Reporting Information [Line Items]
Net Investment Income	14	14	28	30
Net realized losses	23	8	4	17
Other Income	5	1	6	1
Total revenues	52	33	59	68
Benefits, Losses and Expenses	64	63	130	130
Income tax expense	(3)	(13)	(21)	(30)
Net income	(9)	(17)	(50)	(32)
Deferred Policy Acquisition Costs, Amortization Expense	0	0	0	0
Amortization of other intangible assets	0	0	0	0
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | Investment management and other fees
Segment Reporting Information [Line Items]
Insurance Commissions and Fees	$ 10	$ 10	$ 21	$ 20

XML

Segment Information - Reconciliation of Assets From Segment To Consolidated (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Total assets	$ 83,639	$ 80,917
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	80,416	77,905
Operating Segments [Member] | P&C Business Insurance
Segment Reporting Information [Line Items]
Total assets	55,682	53,296
Operating Segments [Member] | P&C Personal Insurance
Segment Reporting Information [Line Items]
Total assets	6,453	6,034
Operating Segments [Member] | Property & Casualty Other Operations [Member]
Segment Reporting Information [Line Items]
Total assets	4,237	4,312
Operating Segments [Member] | Employee Benefits [Member]
Segment Reporting Information [Line Items]
Total assets	13,289	13,502
Operating Segments [Member] | Hartford Funds [Member]
Segment Reporting Information [Line Items]
Total assets	755	761
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 3,223	$ 3,012

XML

Segment Information - Non-insurance Revenue from Customers (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information [Line Items]
Insurance Commissions and Fees	$ 342	$ 339	$ 688	$ 672
Other Income	30	26	52	45
Non-insurance revenues with customers	366	364	732	716
Operating Segments [Member]
Segment Reporting Information [Line Items]
Other Income	25	25	46	44
Operating Segments [Member] | P&C Business Insurance
Segment Reporting Information [Line Items]
Other Income	1	0	2	0
Operating Segments [Member] | P&C Personal Insurance
Segment Reporting Information [Line Items]
Other Income	24	25	44	44
Operating Segments [Member] | Employee Benefits [Member]
Segment Reporting Information [Line Items]
Other Income	0	0	0	0
Operating Segments [Member] | Hartford Funds [Member]
Segment Reporting Information [Line Items]
Other Income	0	0	0	0
Operating Segments [Member] | Installment billing fees [Member] | P&C Business Insurance
Segment Reporting Information [Line Items]
Insurance Commissions and Fees	11	11	22	22
Operating Segments [Member] | Installment billing fees [Member] | P&C Personal Insurance
Segment Reporting Information [Line Items]
Insurance Commissions and Fees	8	8	16	16
Operating Segments [Member] | Insurance servicing revenues | P&C Personal Insurance
Segment Reporting Information [Line Items]
Other Income	24	25	44	44
Operating Segments [Member] | Administrative services | Employee Benefits [Member]
Segment Reporting Information [Line Items]
Insurance Commissions and Fees	57	57	113	111
Operating Segments [Member] | Advisor, distribution and other management fees | Hartford Funds [Member]
Segment Reporting Information [Line Items]
Insurance Commissions and Fees	256	253	516	503
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Segment Reporting Information [Line Items]
Other Income	5	1	6	1
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | Investment management and other fees
Segment Reporting Information [Line Items]
Insurance Commissions and Fees	$ 10	$ 10	$ 21	$ 20

XML

Fair Value Measurements - Fair Value by Hierarchy (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	$ 44,558	$ 42,567
Fixed maturities, at fair value using the fair value option ("FVO Securities")	181	308
Equity securities, at fair value [1]	529	603
Derivative assets	35	57
Short-term investments	3,649	4,068
Total assets accounted for at fair value on a recurring basis	48,952	47,603
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	(43)	(12)
Total liabilities accounted for at fair value on a recurring basis	$ (43)	$ (12)
Equity Security, FV-NI, Contractual Sale Restriction, Nature of Restriction and Circumstance for Lapse	Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company.	Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company.
Credit derivatives
Assets accounted for at fair value on a recurring basis
Derivative assets	$ 27	$ 30
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	(27)	(30)
Foreign exchange derivatives
Assets accounted for at fair value on a recurring basis
Derivative assets	3	23
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	(15)	18
Equity
Assets accounted for at fair value on a recurring basis
Derivative assets	5	4
Interest rate derivatives
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	(1)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	115	57
Fixed maturities, at fair value using the fair value option ("FVO Securities")	0	0
Equity securities, at fair value [1]	390	372
Derivative assets	0	0
Short-term investments	604	1,271
Total assets accounted for at fair value on a recurring basis	1,109	1,700
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	0	0
Total liabilities accounted for at fair value on a recurring basis	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Credit derivatives
Assets accounted for at fair value on a recurring basis
Derivative assets	0	0
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange derivatives
Assets accounted for at fair value on a recurring basis
Derivative assets	0	0
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity
Assets accounted for at fair value on a recurring basis
Derivative assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate derivatives
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	0
Significant Observable Inputs (Level 2)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	41,398	39,900
Fixed maturities, at fair value using the fair value option ("FVO Securities")	0	111
Equity securities, at fair value [1]	46	144
Derivative assets	35	57
Short-term investments	2,929	2,699
Total assets accounted for at fair value on a recurring basis	44,408	42,911
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	(43)	(12)
Total liabilities accounted for at fair value on a recurring basis	(43)	(12)
Significant Observable Inputs (Level 2) | Credit derivatives
Assets accounted for at fair value on a recurring basis
Derivative assets	27	30
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	(27)	(30)
Significant Observable Inputs (Level 2) | Foreign exchange derivatives
Assets accounted for at fair value on a recurring basis
Derivative assets	3	23
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	(15)	18
Significant Observable Inputs (Level 2) | Equity
Assets accounted for at fair value on a recurring basis
Derivative assets	5	4
Significant Observable Inputs (Level 2) | Interest rate derivatives
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	(1)
Fair Value, Inputs, Level 3 [Member]
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	3,045	2,610
Fixed maturities, at fair value using the fair value option ("FVO Securities")	181	197
Equity securities, at fair value [1]	93	87
Derivative assets	0	0
Short-term investments	116	98
Total assets accounted for at fair value on a recurring basis	3,435	2,992
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	0	0
Total liabilities accounted for at fair value on a recurring basis	0	0
Fair Value, Inputs, Level 3 [Member] | Credit derivatives
Assets accounted for at fair value on a recurring basis
Derivative assets	0	0
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Foreign exchange derivatives
Assets accounted for at fair value on a recurring basis
Derivative assets	0	0
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Equity
Assets accounted for at fair value on a recurring basis
Derivative assets	0	0
Fair Value, Inputs, Level 3 [Member] | Interest rate derivatives
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities	0
Fair Value Measured at Net Asset Value Per Share [Member]
Liabilities accounted for at fair value on a recurring basis
Deposit Assets	71	61
Asset-backed securities ("ABS")
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	4,376	3,937
Asset-backed securities ("ABS") | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	0	0
Asset-backed securities ("ABS") | Significant Observable Inputs (Level 2)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	4,284	3,915
Asset-backed securities ("ABS") | Fair Value, Inputs, Level 3 [Member]
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	92	22
Collateralized Loan Obligations [Member]
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	3,393	3,250
Fixed maturities, at fair value using the fair value option ("FVO Securities")	181	308
Collateralized Loan Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	0	0
Collateralized Loan Obligations [Member] | Significant Observable Inputs (Level 2)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	3,323	3,134
Collateralized Loan Obligations [Member] | Fair Value, Inputs, Level 3 [Member]
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	70	116
CMBS
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	2,585	2,736
CMBS | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	0	0
CMBS | Significant Observable Inputs (Level 2)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	2,448	2,569
CMBS | Fair Value, Inputs, Level 3 [Member]
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	137	167
Corporate
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	22,525	20,636
Corporate | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	0	0
Corporate | Significant Observable Inputs (Level 2)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	19,791	18,355
Corporate | Fair Value, Inputs, Level 3 [Member]
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	2,734	2,281
Foreign government/government agencies
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	455	480
Foreign government/government agencies | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	0	0
Foreign government/government agencies | Significant Observable Inputs (Level 2)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	455	480
Foreign government/government agencies | Fair Value, Inputs, Level 3 [Member]
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	0	0
Municipal
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	4,650	5,304
Municipal | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	0	0
Municipal | Significant Observable Inputs (Level 2)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	4,650	5,304
Municipal | Fair Value, Inputs, Level 3 [Member]
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	0	0
RMBS
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	5,513	5,230
RMBS | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	0	0
RMBS | Significant Observable Inputs (Level 2)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	5,501	5,206
RMBS | Fair Value, Inputs, Level 3 [Member]
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	12	24
U.S. Treasuries
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	1,061	994
U.S. Treasuries | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	115	57
U.S. Treasuries | Significant Observable Inputs (Level 2)
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	946	937
U.S. Treasuries | Fair Value, Inputs, Level 3 [Member]
Assets accounted for at fair value on a recurring basis
Debt Securities, Available-for-sale	$ 0	$ 0

XML

Fair Value Measurements - Significant Unobservable Inputs Securities (Details) $ in Millions	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	$ 44,558	$ 42,567
Other Short-term Investments	3,649	4,068
ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	4,376	3,937
Collateralized Loan Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	3,393	3,250
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	2,585	2,736
Corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	22,525	20,636
RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	5,513	5,230
Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	3,045	2,610
Other Short-term Investments	116	98
Significant Unobservable Inputs (Level 3) | ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	92	22
Significant Unobservable Inputs (Level 3) | Collateralized Loan Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	70	116
Significant Unobservable Inputs (Level 3) | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	137	167
Significant Unobservable Inputs (Level 3) | Corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	2,734	2,281
Significant Unobservable Inputs (Level 3) | RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	12	24
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	$ 84
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | ABS | Minimum | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	4.87
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | ABS | Maximum | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	7.52
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | ABS | Weighted Average [Member] | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	5.05
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	$ 55
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Minimum | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	4.50
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Maximum | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	10.09
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Weighted Average [Member] | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	8.51
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	$ 136	$ 166
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | CMBS | Minimum | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	2	2
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | CMBS | Maximum | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	18.97	12.21
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | CMBS | Weighted Average [Member] | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	5.63	4.18
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	$ 2,620	$ 2,166
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Corporate | Minimum | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.84	0.81
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Corporate | Maximum | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	7.37	7.94
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Corporate | Weighted Average [Member] | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	2.74	2.86
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale	$ 12	$ 19
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | RMBS | Minimum | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.61	1
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | RMBS | Minimum | Measurement Input, Constant Prepayment Rate [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.02	0.01
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | RMBS | Minimum | Measurement Input, Default Rate [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0	0.01
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | RMBS | Minimum | Measurement Input, Loss Severity [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.35	0.30
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | RMBS | Maximum | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	5.73	3.72
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | RMBS | Maximum | Measurement Input, Constant Prepayment Rate [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.05	0.06
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | RMBS | Maximum | Measurement Input, Default Rate [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.05	0.04
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | RMBS | Maximum | Measurement Input, Loss Severity [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.50	0.50
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | RMBS | Weighted Average [Member] | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	1.83	1.81
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | RMBS | Weighted Average [Member] | Measurement Input, Constant Prepayment Rate [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.03	0.04
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | RMBS | Weighted Average [Member] | Measurement Input, Default Rate [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.02	0.02
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | RMBS | Weighted Average [Member] | Measurement Input, Loss Severity [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.44	0.41
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Short-term investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other Short-term Investments	$ 116	$ 98
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Short-term investments | Minimum | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Instrument, Measurement Input	1.56	2.66
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Short-term investments | Maximum | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Instrument, Measurement Input	2.69	2.66
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Short-term investments | Weighted Average [Member] | Measurement Input, Credit Spread [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Instrument, Measurement Input	2.20	2.66

XML

Fair Value Measurements - Significant Unobservable Inputs Freestanding Derivatives (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Adjustment Resulting from Broker Prices Received	$ 0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Derivative Assets (Liabilities), at Fair Value, Net	$ 1	$ 1

XML

Fair Value Measurements - Fair Value Recurring Basis, Unobservable Input (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Liabilities
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net realized losses	Net realized losses	Net realized losses	Net realized losses
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Assets
Beginning balance	$ 3,224	$ 2,684	$ 2,992	$ 2,487
Total realized/unrealized gains (losses), Included in net income	(12)	(4)	(16)	(1)
Total realized/unrealized gains (losses), Included in OCI	48	(16)	67	(21)
Purchases	580	680	1,034	971
Settlements	(149)	(77)	(300)	(126)
Sales	(75)	(49)	(86)	(51)
Transfers into Level 3	8	0	81	6
Transfers out of Level 3	(189)	(176)	(337)	(223)
Ending balance	3,435	3,042	3,435	3,042
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Equity securities, at fair value
Assets
Beginning balance	91	58	87	58
Total realized/unrealized gains (losses), Included in net income	0	0	(1)	0
Total realized/unrealized gains (losses), Included in OCI	0	0	0	0
Purchases	2	0	10	0
Settlements	0	0	(3)	0
Sales	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Ending balance	93	58	93	58
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Short-term investments
Assets
Beginning balance	59	26	98	25
Total realized/unrealized gains (losses), Included in net income	0	0	0	0
Total realized/unrealized gains (losses), Included in OCI	0	0	0	0
Purchases	57	0	67	1
Settlements	0	(1)	(49)	(1)
Sales	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Ending balance	116	25	116	25
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Available-for-sale Securities [Member] | Total Fixed Maturities, AFS
Assets
Beginning balance	2,879	2,433	2,610	2,237
Total realized/unrealized gains (losses), Included in net income	1	(2)	2	(2)
Total realized/unrealized gains (losses), Included in OCI	48	(16)	67	(21)
Purchases	519	680	949	970
Settlements	(146)	(71)	(241)	(117)
Sales	(75)	(49)	(86)	(51)
Transfers into Level 3	8	0	81	6
Transfers out of Level 3	(189)	(176)	(337)	(223)
Ending balance	3,045	2,799	3,045	2,799
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Fair Value Option, Other Eligible Items | Total Fixed Maturities, AFS
Assets
Beginning balance	195		197
Total realized/unrealized gains (losses), Included in net income	(13)		(17)
Total realized/unrealized gains (losses), Included in OCI	0		0
Purchases	2		8
Settlements	(3)		(7)
Sales	0		0
Transfers into Level 3	0		0
Transfers out of Level 3	0		0
Ending balance	181		181
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ABS | Available-for-sale Securities [Member] | Total Fixed Maturities, AFS
Assets
Beginning balance	56	16	22	0
Total realized/unrealized gains (losses), Included in net income	0	0	0	0
Total realized/unrealized gains (losses), Included in OCI	0	0	1	0
Purchases	39	0	73	16
Settlements	(3)	0	(4)	0
Sales	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	(8)	0	(8)
Ending balance	92	8	92	8
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Collateralized Loan Obligations [Member] | Available-for-sale Securities [Member] | Total Fixed Maturities, AFS
Assets
Beginning balance	233	184	116	113
Total realized/unrealized gains (losses), Included in net income	0	0	0	0
Total realized/unrealized gains (losses), Included in OCI	0	0	0	0
Purchases	20	460	228	590
Settlements	(18)	(14)	(19)	(26)
Sales	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	(165)	(130)	(255)	(177)
Ending balance	70	500	70	500
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Collateralized Loan Obligations [Member] | Fair Value Option, Other Eligible Items | Total Fixed Maturities, AFS
Assets
Beginning balance		167		167
Total realized/unrealized gains (losses), Included in net income		(2)		1
Total realized/unrealized gains (losses), Included in OCI		0		0
Purchases		0		0
Settlements		(5)		(8)
Sales		0		0
Transfers into Level 3		0		0
Transfers out of Level 3		0		0
Ending balance		160		160
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | CMBS | Available-for-sale Securities [Member] | Total Fixed Maturities, AFS
Assets
Beginning balance	150	241	167	227
Total realized/unrealized gains (losses), Included in net income	(1)	(2)	(1)	(2)
Total realized/unrealized gains (losses), Included in OCI	1	2	4	12
Purchases	0	0	0	0
Settlements	(13)	(3)	(13)	(5)
Sales	(8)	(48)	(10)	(48)
Transfers into Level 3	8	0	43	6
Transfers out of Level 3	0	0	(53)	0
Ending balance	137	190	137	190
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Corporate | Available-for-sale Securities [Member] | Total Fixed Maturities, AFS
Assets
Beginning balance	2,401	1,923	2,281	1,861
Total realized/unrealized gains (losses), Included in net income	2	0	3	0
Total realized/unrealized gains (losses), Included in OCI	47	(18)	62	(33)
Purchases	460	206	624	312
Settlements	(109)	(49)	(198)	(76)
Sales	(67)	(1)	(76)	(3)
Transfers into Level 3	0	0	38	0
Transfers out of Level 3	0	0	0	0
Ending balance	2,734	2,061	2,734	2,061
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | RMBS | Available-for-sale Securities [Member] | Total Fixed Maturities, AFS
Assets
Beginning balance	39	69	24	36
Total realized/unrealized gains (losses), Included in net income	0	0	0	0
Total realized/unrealized gains (losses), Included in OCI	0	0	0	0
Purchases	0	14	24	52
Settlements	(3)	(5)	(7)	(10)
Sales	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	(24)	(38)	(29)	(38)
Ending balance	$ 12	$ 40	$ 12	$ 40

XML

Fair Value Measurements - Changes in Unrealized Gains (Losses) Included in Net Income for Financial Instruments Classified as Level 3 Still Held at Year End (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net realized losses	Net realized losses	Net realized losses	Net realized losses
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets	$ (13)	$ (2)	$ (14)	$ 1
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Other Comprehensive Income (Loss) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets	46	(17)	62	(22)
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Securities available-for-sale and other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets	0	0	3	0
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Securities available-for-sale and other | Other Comprehensive Income (Loss) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets	46	(17)	62	(22)
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | ABS | Securities available-for-sale and other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets	0	0	0	0
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | ABS | Securities available-for-sale and other | Other Comprehensive Income (Loss) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets	0	0	1	0
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | CMBS | Securities available-for-sale and other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets	0	0	0	0
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | CMBS | Securities available-for-sale and other | Other Comprehensive Income (Loss) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets	1	1	3	10
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Corporate | Securities available-for-sale and other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets	0	0	3	0
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Corporate | Securities available-for-sale and other | Other Comprehensive Income (Loss) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets	45	(18)	58	(32)
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Fair Value Option, Other Eligible Items
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets	(13)	(2)	(17)	1
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Fair Value Option, Other Eligible Items | Other Comprehensive Income (Loss) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets	$ 0	$ 0	$ 0	$ 0

XML

Fair Value Measurements - Fair Value Option (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]
Fixed maturities, at fair value using the fair value option ("FVO Securities")	$ 181		$ 181		$ 308
Changes in fair value of assets using fair value option	(13)	$ (1)	(17)	$ 3
Collateralized Loan Obligations [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fixed maturities, at fair value using the fair value option ("FVO Securities")	181		181		308
Fair Value, Option, Residual Interest of Securitizations	$ 181		$ 181		$ 197

XML

Fair Value Measurements - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing Receivable, after Allowance for Credit Loss	$ 6,463		$ 6,396
Other policyholder funds and benefits payable	612		614	$ 622
Commercial Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing Receivable, after Allowance for Credit Loss	6,463		6,396
Financing Receivable, Allowance for Credit Loss	43	$ 43	44	$ 48	$ 48	$ 51
Significant Unobservable Inputs (Level 3) | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing Receivable, after Allowance for Credit Loss	6,463		6,396
Other policyholder funds and benefits payable	612		614
Significant Unobservable Inputs (Level 3) | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing Receivable, after Allowance for Credit Loss	6,166		5,901
Other policyholder funds and benefits payable	612		614
Significant Observable Inputs (Level 2) | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	3,870		3,867
Junior Subordinated Debentures	499		499
Significant Observable Inputs (Level 2) | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	3,445		3,406
Junior Subordinated Debentures	$ 465		$ 460

XML

Investments - Investments - Net Realized Capital Gains (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Schedule of Investments [Line Items]
Net realized losses	$ (10)	$ (59)	$ (59)	$ (31)
Proceeds from Sale of Debt Securities, Available-for-sale			4,755	5,151
Transfer to Investments	0	0	0	0
Gain (Loss) on Sale of Other Investments	(20)	(3)	(48)	(6)
Debt Securities [Member]
Schedule of Investments [Line Items]
Proceeds from Sale of Debt Securities, Available-for-sale	1,700	2,300	2,700	2,700
Not Designated as Hedging Instrument
Schedule of Investments [Line Items]
Translation Adjustment Functional to Reporting Currency, Increase (Decrease), Gross of Tax	(8)	4	(18)	6
Non-qualifying foreign currency derivatives	(11)	(6)	(11)	(8)
Realized Investment Gains Losses
Schedule of Investments [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)	34	15	21	44
Total Fixed Maturities, AFS
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Realized Gain	19	6	32	11
Gross losses on sales of fixed maturities	(45)	(75)	(70)	(86)
Change in ACL on fixed maturities, AFS	0	(1)	2	(2)
Equity Securities [Member]
Schedule of Investments [Line Items]
Equity Securities, FV-NI, Realized Gain (Loss)	5	(3)	5	(15)
Equity Securities, FV-NI, Unrealized Gain (Loss)	31	17	20	64
Equity securities	36	14	25	49
Mortgages [Member]
Schedule of Investments [Line Items]
Change in ACL on mortgage loans	$ 0	$ 0	$ 0	$ 3

XML

Investments - Investments - Accrued Interest Receivable on Fixed Maturities, AFS and Mortgage Loans (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Debt Securities [Member]
Schedule of Investments [Line Items]
Interest Receivable	$ 428	$ 412
Mortgages [Member]
Schedule of Investments [Line Items]
Interest Receivable	$ 23	$ 22

XML

Investments - Investments - ACL on Fixed Maturities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	$ 14	$ 18	$ 16	$ 21
Credit losses on fixed maturities where credit losses were not previously recorded	0	1	0	1
Net increases (decreases) in allowance on fixed maturities that had an allowance in a previous period			(2)	1
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Writeoff			0	4
Corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance		6	3	9
Credit losses on fixed maturities where credit losses were not previously recorded		0	0	0
Net increases (decreases) in allowance on fixed maturities that had an allowance in a previous period			(3)	1
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Writeoff			0	4
CMBS
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	14	12	13	12
Credit losses on fixed maturities where credit losses were not previously recorded	$ 0	$ 1	0	1
Net increases (decreases) in allowance on fixed maturities that had an allowance in a previous period			1	0
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Writeoff			$ 0	$ 0

XML

Investments - Investments - Available-for-Sale Securities (Details) - USD ($) $ in Millions	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale, at fair value, amortized cost	$ 45,880		$ 44,538
Allowance for credit losses, fixed maturity, AFS	(14)	$ (14)	(16)	$ (19)	$ (18)	$ (21)
Gross Unrealized Gains, fixed maturities, available-for-sale	466		272
Gross Unrealized Losses, fixed maturities, available-for-sale	(1,774)		(2,227)
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805)	44,558		42,567
ABS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale, at fair value, amortized cost	4,355		3,948
Allowance for credit losses, fixed maturity, AFS	0		0
Gross Unrealized Gains, fixed maturities, available-for-sale	44		28
Gross Unrealized Losses, fixed maturities, available-for-sale	(23)		(39)
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805)	4,376		3,937
Collateralized Loan Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale, at fair value, amortized cost	3,386		3,237
Allowance for credit losses, fixed maturity, AFS	0		0
Gross Unrealized Gains, fixed maturities, available-for-sale	8		13
Gross Unrealized Losses, fixed maturities, available-for-sale	(1)		0
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805)	3,393		3,250
CMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale, at fair value, amortized cost	2,758		2,976
Allowance for credit losses, fixed maturity, AFS	(14)	$ (14)	(13)	(13)	(12)	(12)
Gross Unrealized Gains, fixed maturities, available-for-sale	24		21
Gross Unrealized Losses, fixed maturities, available-for-sale	(183)		(248)
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805)	2,585		2,736
Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale, at fair value, amortized cost	22,962		21,555
Allowance for credit losses, fixed maturity, AFS	0		(3)	$ (6)	$ (6)	$ (9)
Gross Unrealized Gains, fixed maturities, available-for-sale	289		117
Gross Unrealized Losses, fixed maturities, available-for-sale	(726)		(1,033)
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805)	22,525		20,636
Foreign Govt./Govt. Agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale, at fair value, amortized cost	448		500
Allowance for credit losses, fixed maturity, AFS	0		0
Gross Unrealized Gains, fixed maturities, available-for-sale	12		3
Gross Unrealized Losses, fixed maturities, available-for-sale	(5)		(23)
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805)	455		480
Municipal
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale, at fair value, amortized cost	4,985		5,574
Allowance for credit losses, fixed maturity, AFS	0		0
Gross Unrealized Gains, fixed maturities, available-for-sale	55		77
Gross Unrealized Losses, fixed maturities, available-for-sale	(390)		(347)
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805)	4,650		5,304
RMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale, at fair value, amortized cost	5,793		5,610
Allowance for credit losses, fixed maturity, AFS	0		0
Gross Unrealized Gains, fixed maturities, available-for-sale	29		13
Gross Unrealized Losses, fixed maturities, available-for-sale	(309)		(393)
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805)	5,513		5,230
U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale, at fair value, amortized cost	1,193		1,138
Allowance for credit losses, fixed maturity, AFS	0		0
Gross Unrealized Gains, fixed maturities, available-for-sale	5		0
Gross Unrealized Losses, fixed maturities, available-for-sale	(137)		(144)
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805)	$ 1,061		$ 994

XML

Investments - Investments - Fixed Maturities, AFS, by Contractual Maturity Year (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Amortized Cost
One year or less	$ 1,475	$ 1,308
Over one year through five years	9,893	9,564
Over five years through ten years	8,167	7,687
Over ten years	10,053	10,208
Subtotal	29,588	28,767
Mortgage-backed and asset-backed securities	16,292	15,771
Fixed maturities, available-for-sale, at fair value, amortized cost	45,880	44,538
Fair Value
One year or less	1,473	1,298
Over one year through five years	9,896	9,414
Over five years through ten years	8,065	7,334
Over ten years	9,257	9,368
Subtotal	28,691	27,414
Mortgage-backed and asset-backed securities	15,867	15,153
Fixed maturities, available-for-sale, at fair value (amortized cost of $54,478 and $53,805)	$ 44,558	$ 42,567

XML

Investments - Investments - Concentration of Credit Risk (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Investments, All Other Investments [Abstract]
Fair Value, Concentration of Risk, Investments	$ 0	$ 0

XML

Investments - Investments - Unrealized Losses on AFS Securities (Details) $ in Millions	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions	3,135
Percentage of Gross Unrealized Losses Depressed Less than Twenty Percent of Cost or Amortized Cost	93.00%
ABS
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 548	$ 1,088
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	6	14
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	248	407
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	17	25
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	796	1,495
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total	23	39
Collateralized Loan Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	555	78
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	1	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	555	78
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total	1	0
CMBS
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	107	228
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	5	4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	2,065	2,299
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	178	244
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	2,172	2,527
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total	183	248
Corporate
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	3,289	5,883
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	66	138
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	7,372	8,212
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	660	895
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	10,661	14,095
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total	726	1,033
Foreign Govt./Govt. Agencies
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	50	165
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	5
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	85	178
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	5	18
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	135	343
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total	5	23
Municipal
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	1,034	1,263
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	35	27
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	2,427	2,712
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	355	320
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	3,461	3,975
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total	390	347
RMBS
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	982	1,297
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	14	29
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	2,548	2,672
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	295	364
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	3,530	3,969
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total	309	393
U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	229	406
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	8	26
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	577	461
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	129	118
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	806	867
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total	137	144
Available-for-sale Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	6,794	10,408
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	135	243
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	15,322	16,941
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	1,639	1,984
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	22,116	27,349
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total	$ 1,774	$ 2,227

XML

Investments - Investments - Mortgage Loans- Valuation Allowance Activity (Details)	Jun. 30, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans held-for-sale	0	0

XML

Investments - Investments - ACL on Mortgages (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
us-gaap_FinancingReceivableModificationsNumberOfContracts2	0	0	0	0	1
Commercial Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	$ (43)	$ (48)	$ (44)	$ (51)	$ (48)
Current period provision	0	0	0	(3)
Financing Receivable, Allowance for Credit Loss, Writeoff	$ 0	$ 0	$ (1)	$ 0

XML

Investments - Investments - Loan-to-Value and Debt Service Coverage Ratio by Origination Year (Details) $ in Millions	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Investments [Line Items]
Current Weighted Average Loan to Value Ratio of Commercial Mortgage Loan	56.00%
Original Weighted Average Loan to Value Ratio of Commercial Mortgage loan	59.00%
Commercial Loan [Member]
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	2.39		2.47
Financing Receivable, before Allowance for Credit Loss	$ 6,506		$ 6,440
Financing Receivable, Allowance for Credit Loss	$ 43	$ 43	$ 44	$ 48	$ 48	$ 51
Commercial Loan [Member] | Originated in Current Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	1.92		1.52
Commercial Loan [Member] | Originated in Fiscal Year Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	1.45		1.39
Commercial Loan [Member] | Originated Two Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	1.39		2.61
Commercial Loan [Member] | Originated Three Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	2.70		2.79
Commercial Loan [Member] | Originated Four Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	2.80		2.82
Commercial Loan [Member] | Originated Five or More Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	2.54		2.53
Commercial Loan [Member] | LTV Greater than 80 Percent
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	1.39		1.34
Commercial Loan [Member] | LTV Greater than 80 Percent | Originated in Current Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	1.83		0.63
Commercial Loan [Member] | LTV Greater than 80 Percent | Originated in Fiscal Year Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	0.78		0
Commercial Loan [Member] | LTV Greater than 80 Percent | Originated Two Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	0		1.05
Commercial Loan [Member] | LTV Greater than 80 Percent | Originated Three Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	0.80		1.03
Commercial Loan [Member] | LTV Greater than 80 Percent | Originated Four Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	1.00		0
Commercial Loan [Member] | LTV Greater than 80 Percent | Originated Five or More Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	1.58		1.68
Commercial Loan [Member] | 65% - 80%
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	2.15		2.26
Commercial Loan [Member] | 65% - 80% | Originated in Current Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	1.52		1.42
Commercial Loan [Member] | 65% - 80% | Originated in Fiscal Year Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	0.90		1.35
Commercial Loan [Member] | 65% - 80% | Originated Two Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	1.09		1.89
Commercial Loan [Member] | 65% - 80% | Originated Three Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	1.96		2.55
Commercial Loan [Member] | 65% - 80% | Originated Four Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	2.43		3.60
Commercial Loan [Member] | 65% - 80% | Originated Five or More Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	2.21		2.01
Commercial Loan [Member] | Less than 65%
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	2.49		2.57
Commercial Loan [Member] | Less than 65% | Originated in Current Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	2.00		1.62
Commercial Loan [Member] | Less than 65% | Originated in Fiscal Year Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	1.55		1.39
Commercial Loan [Member] | Less than 65% | Originated Two Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	1.39		2.85
Commercial Loan [Member] | Less than 65% | Originated Three Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	2.91		2.93
Commercial Loan [Member] | Less than 65% | Originated Four Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	2.98		2.67
Commercial Loan [Member] | Less than 65% | Originated Five or More Years Before Latest Fiscal Year
Schedule of Investments [Line Items]
Avg. Debt-Service Coverage Ratio	2.66		2.71
Amortized Cost [Member] | Commercial Loan [Member]
Schedule of Investments [Line Items]
Mortgage loans originated in current year	$ 428		$ 471
Mortgage loans originated in year before latest fiscal year	554		496
Mortgage loans originated two years before latest fiscal year	520		916
Mortgage loans originated three years before latest fiscal year	853		1,566
Mortgage loans originated four years before latest fiscal year	1,566		618
Mortgage loans originated five or more years before latest fiscal year	2,585		2,373
Financing Receivable, before Allowance for Credit Loss	6,506		6,440
Amortized Cost [Member] | Commercial Loan [Member] | LTV Greater than 80 Percent
Schedule of Investments [Line Items]
Mortgage loans originated in current year	30		25
Mortgage loans originated in year before latest fiscal year	26		0
Mortgage loans originated two years before latest fiscal year	0		16
Mortgage loans originated three years before latest fiscal year	15		37
Mortgage loans originated four years before latest fiscal year	37		0
Mortgage loans originated five or more years before latest fiscal year	144		110
Financing Receivable, before Allowance for Credit Loss	252		188
Amortized Cost [Member] | Commercial Loan [Member] | 65% - 80%
Schedule of Investments [Line Items]
Mortgage loans originated in current year	56		89
Mortgage loans originated in year before latest fiscal year	49		7
Mortgage loans originated two years before latest fiscal year	7		204
Mortgage loans originated three years before latest fiscal year	156		421
Mortgage loans originated four years before latest fiscal year	388		100
Mortgage loans originated five or more years before latest fiscal year	365		439
Financing Receivable, before Allowance for Credit Loss	1,021		1,260
Amortized Cost [Member] | Commercial Loan [Member] | Less than 65%
Schedule of Investments [Line Items]
Mortgage loans originated in current year	342		357
Mortgage loans originated in year before latest fiscal year	479		489
Mortgage loans originated two years before latest fiscal year	513		696
Mortgage loans originated three years before latest fiscal year	682		1,108
Mortgage loans originated four years before latest fiscal year	1,141		518
Mortgage loans originated five or more years before latest fiscal year	2,076		1,824
Financing Receivable, before Allowance for Credit Loss	$ 5,233		$ 4,992

XML

Investments - Investments - Mortgage Loans by Region and Property Type (Details) - USD ($) $ in Millions	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, after Allowance for Credit Loss	$ 6,463		$ 6,396
Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 6,506		$ 6,440
Percent of Total	100.00%		100.00%
Financing Receivable, Allowance for Credit Loss	$ (43)	$ (43)	$ (44)	$ (48)	$ (48)	$ (51)
Financing Receivable, after Allowance for Credit Loss	6,463		6,396
Commercial Loan [Member] | Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 2,904		$ 2,737
Percent of Total	44.60%		42.50%
Commercial Loan [Member] | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 2,152		$ 2,161
Percent of Total	33.10%		33.50%
Commercial Loan [Member] | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 404		$ 507
Percent of Total	6.20%		7.90%
Commercial Loan [Member] | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 968		$ 957
Percent of Total	14.90%		14.90%
Commercial Loan [Member] | Residential Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 78		$ 78
Percent of Total	1.20%		1.20%
Commercial Loan [Member] | Regional Shopping Malls
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 0		$ 0
East North Central [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 337		$ 362
Percent of Total	5.20%		5.60%
Middle Atlantic [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 275		$ 259
Percent of Total	4.20%		4.00%
Mountain [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 840		$ 764
Percent of Total	12.90%		11.90%
New England [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 353		$ 356
Percent of Total	5.40%		5.50%
Pacific [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 1,374		$ 1,400
Percent of Total	21.10%		21.80%
South Atlantic [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 1,830		$ 1,821
Percent of Total	28.10%		28.30%
West North Central [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 144		$ 97
Percent of Total	2.20%		1.50%
West South Central [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 685		$ 588
Percent of Total	10.60%		9.10%
Region Others [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 668		$ 793
Percent of Total	10.30%		12.30%

XML

Investments - Investments - Past-Due Mortgage Loans (Details) - Commercial Loan [Member] - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 6,506	$ 6,440
Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 0	$ 0

XML

Investments - Investments - Mortgage Servicing (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Continuing Involvement with Transferred Financial Assets, Principal Amount Outstanding	$ 10,100	$ 10,000
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding	4,800	4,800
Servicing Asset at Fair Value, Amount	0	0
Investments [Member]
Continuing Involvement with Continued to be Recognized Transferred Financial Assets, Amount Outstanding	$ 5,300	$ 5,200

XML

Investments - Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Schedule of Investments [Line Items]
Variable Interest Entity, Primary Beneficiary, Maximum Loss Exposure, Amount	$ 0		$ 0		$ 0
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	3,600		3,600		3,200
Investment Program, Proportional Amortization Method, Applied, Amortization Expense	4	$ 1	8	$ 2
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, before Amortization Expense	7	$ 3	13	$ 5
Other Assets	2,379		2,379		1,981
Investment Program, Proportional Amortization Method, Elected, Commitment	226		226		267
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding	4,800		4,800		4,800
Variable Interest Entity, Not Primary Beneficiary [Member]
Schedule of Investments [Line Items]
Other Assets	84		84		51
Variable Interest Entity, Not Primary Beneficiary [Member]
Schedule of Investments [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Commitments	$ 2,100		$ 2,100		$ 2,000

XML

Investments - Investments - Securities Lending, Repurchase Agreements, and Other Collateral Transactions (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
US Treasury Securities [Member]
Reverse Repurchase Agreements, Other Collateral Transactions and Restricted Investments
Debt Securities, Available-for-sale, Restricted	$ 1	$ 1

XML

Investments - Restricted Investments (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Schedule of Investments [Line Items]
Assets Held by Insurance Regulators	$ 2,504	$ 2,362
Restricted Investments	3,701	3,504
US Treasury Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Restricted	1	1
Fair Value Measured at Net Asset Value Per Share [Member]
Schedule of Investments [Line Items]
Deposit Assets	71	61
Syndicate Policyholders [Member] | Debt Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Restricted	1,090	1,056
Syndicate Policyholders [Member] | Short-term investments
Schedule of Investments [Line Items]
Restricted Investments, Current	$ 36	$ 25

XML

Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Noncash or Part Noncash Acquisitions [Line Items]
Transfer to Investments	$ 0	$ 0	$ 0	$ 0

XML

Derivatives - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 7,416		$ 7,416		$ 7,081
Derivative, Collateral, Right to Reclaim Cash	27		27		31
Cash collateral held	40		40		78
Securities Received as Collateral	0		0		0
Collateral Pledged
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Collateral, Right to Reclaim Cash	12		12		10
Asset Pledged as Collateral [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Collateral, Right to Reclaim Securities	23		23		1
Asset Pledged as Collateral [Member] | Over the Counter [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Collateral, Right to Reclaim Securities	104		104		103
Reclassification out of Accumulated Other Comprehensive Income [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring	0	$ 0	0	$ 0
AOCI Attributable to Parent [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			21
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	2,851		2,851		2,210
Interest rate swaps | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	333		333		$ 344
SOFR Plus Two Point One Two Five Percent Plus Zero Point Two Six One Six One Percent Junior Subordinated Notes Due Two Thousand Sixty Seven
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Junior Subordinated Debentures	$ 500		$ 500

XML

Derivatives - Derivative Balance Sheet Classification (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 7,416	$ 7,081
Fair Value	(8)	45
Asset Derivatives	55	88
Liability Derivatives	(63)	(43)
Available-for-sale Securities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	590	647
Fair Value	0	0
Asset Derivatives	0	0
Liability Derivatives	0	0
Other investments
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	1,640	3,011
Fair Value	35	57
Asset Derivatives	43	66
Liability Derivatives	(8)	(9)
Other liabilities
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	5,186	3,423
Fair Value	(43)	(12)
Asset Derivatives	12	22
Liability Derivatives	(55)	(34)
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	2,851	2,210
Fair Value	3	4
Asset Derivatives	33	36
Liability Derivatives	(30)	(32)
Interest rate swaps | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,975	4,225
Fair Value	1	0
Asset Derivatives	1	0
Liability Derivatives	0	0
Interest rate swaps | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	333	344
Foreign currency swaps | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	590	646
Fair Value	(12)	41
Asset Derivatives	21	52
Liability Derivatives	(33)	(11)
Total cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	4,565	4,871
Fair Value	(11)	41
Asset Derivatives	22	52
Liability Derivatives	(33)	(11)
Interest rate swaps and futures | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	333	344
Fair Value	(2)	0
Asset Derivatives	0	1
Liability Derivatives	(2)	(1)
Foreign currency swaps | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	590	647
Fair Value	0	0
Asset Derivatives	0	0
Liability Derivatives	0	0
Credit derivatives in offsetting positions | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	985	986
Fair Value	0	0
Asset Derivatives	28	31
Liability Derivatives	(28)	(31)
Equity Option [Member] | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	943	233
Fair Value	5	4
Asset Derivatives	5	4
Liability Derivatives	$ 0	$ 0

XML

Derivatives - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Derivative [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Investments	Other Investments
Asset Derivatives	$ 55	$ 88
Derivative assets	35	57
Gross Amounts of Recognized (Liabilities)	(63)	(43)
Derivative Liability	(43)	(12)
Other liabilities
Derivative [Line Items]
Derivative, Collateral, Obligation to Return Cash	(20)	(11)
Gross Amounts of Recognized (Liabilities)	(63)	(43)
Gross Amounts Offset in the Statement of Financial Position, liabilities	(40)	(42)
Derivative Liability	(43)	(12)
Financial Collateral (Received)	(21)	(1)
Net amount, liabilities	(2)	0
Other investments
Derivative [Line Items]
Asset Derivatives	55	88
Gross Amounts Offset in the Statement of Financial Position, assets	50	86
Derivative assets	35	57
Derivative, Collateral, Obligation to Return Cash	30	55
Financial Collateral Pledged	0	0
Net Amount, assets	$ 5	$ 2

XML

Derivatives - Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net Investment Income	$ 664	$ 602	$ 1,320	$ 1,195
Interest Expense	50	50	100	100
Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	(40)	11	(36)	11
Cash Flow Hedging | Designated as Hedging Instrument | Net investment income | Reclassification out of Accumulated Other Comprehensive Income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) on Hedging Activity	0	(5)	1	(9)
Cash Flow Hedging | Designated as Hedging Instrument | Interest expense | Reclassification out of Accumulated Other Comprehensive Income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) on Hedging Activity	3	5	6	9
Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net Investment Income	(2)	(8)	(4)	(15)
Interest Expense	3	5	6	9
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	3	(4)	13	(21)
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument | Net investment income | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) on Hedging Activity	(2)	(8)	(4)	(15)
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument | Interest expense | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) on Hedging Activity	3	5	6	9
Foreign currency swaps | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net Investment Income	2	3	5	6
Foreign currency swaps | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	(43)	15	(49)	32
Foreign currency swaps | Cash Flow Hedging | Designated as Hedging Instrument | Net investment income | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) on Hedging Activity	2	3	5	6
Foreign currency swaps | Cash Flow Hedging | Designated as Hedging Instrument | Interest expense | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) on Hedging Activity	$ 0	$ 0	$ 0	$ 0

XML

Derivatives - Non-qualifying Strategies (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Non-qualifying foreign currency derivatives	$ (11)	$ (6)	$ (11)	$ (8)
Interest rate swaps and futures
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Non-qualifying foreign currency derivatives	(1)	(6)	(2)	(3)
Equity Option [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Non-qualifying foreign currency derivatives	$ (10)	$ 0	$ (9)	$ (5)

XML

Derivatives - Credit Risk Assumed through Credit Derivatives (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Credit Derivatives [Line Items]
Derivative, Notional Amount	$ 7,416	$ 7,081
Fair Value	(8)	45
Credit derivatives
Credit Derivatives [Line Items]
Derivative, Notional Amount	493	493
Fair Value	27	29
Derivative, Nominal Value, Amount Offset Against Collateral, Net	493	493
Offsetting Fair Value	(27)	(29)
Standard & Poor's, AAA Rating [Member] | Basket credit default swaps | Credit derivatives | Investment grade risk exposure
Credit Derivatives [Line Items]
Derivative, Notional Amount	100	100
Fair Value	$ 1	$ 0
Weighted Average Years to Maturity	3 years	4 years
Derivative, Nominal Value, Amount Offset Against Collateral, Net	$ 100	$ 100
Offsetting Fair Value	(1)	0
Standard & Poor's, B+ Rating | Basket credit default swaps | Credit derivatives | Below investment grade risk exposure
Credit Derivatives [Line Items]
Derivative, Notional Amount	392	392
Fair Value	$ 27	$ 30
Weighted Average Years to Maturity	3 years	3 years
Derivative, Nominal Value, Amount Offset Against Collateral, Net	$ 392	$ 392
Offsetting Fair Value	(27)	(30)
Standard & Poor's, CCC Rating | Basket credit default swaps | Credit derivatives | Below investment grade risk exposure
Credit Derivatives [Line Items]
Derivative, Notional Amount	1	1
Fair Value	$ (1)	$ (1)
Average Term of Credit Risk Derivatives Less than 1 Year	Less than 1 year	Less than 1 year
Derivative, Nominal Value, Amount Offset Against Collateral, Net	$ 1	$ 1
Offsetting Fair Value	$ 1	$ 1

XML

Premiums Receivable - Premiums Receivable and Agents' Balances (Details) - USD ($) $ in Millions	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Premiums Receivable, Gross	$ 6,833		$ 6,115
ACL	(135)	$ (126)	(117)	$ (116)	$ (111)	$ (109)
Premiums receivable and agents' balances, net of ACL	6,698		5,998
Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums ("loss sensitive business")
Financing Receivable, Credit Quality Indicator [Line Items]
Premiums Receivable, Gross	6,347		5,624
ACL	(113)	(105)	(97)	(95)	(91)	(89)
Receivables for Loss Sensitive Business
Financing Receivable, Credit Quality Indicator [Line Items]
Premiums Receivable, Gross	486		491
ACL	(22)	$ (21)	(20)	$ (21)	$ (20)	$ (20)
Receivables for Loss Sensitive Business | Standard & Poor's, AA Rating
Financing Receivable, Credit Quality Indicator [Line Items]
Premiums Receivable, Gross	94		97
Receivables for Loss Sensitive Business | Standard & Poor's, A Rating [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Premiums Receivable, Gross	56		57
Receivables for Loss Sensitive Business | Standard & Poor's, BBB Rating
Financing Receivable, Credit Quality Indicator [Line Items]
Premiums Receivable, Gross	196		193
Receivables for Loss Sensitive Business | Standard & Poor's, BB Rating
Financing Receivable, Credit Quality Indicator [Line Items]
Premiums Receivable, Gross	91		94
Receivables for Loss Sensitive Business | Standard & Poor's, Below BB Rating
Financing Receivable, Credit Quality Indicator [Line Items]
Premiums Receivable, Gross	$ 49		$ 50

XML

Premiums Receivable - Rollforward of Premiums Receivable and Agents' Balances (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Premium Receivable, Allowance for Credit Loss	$ (126)	$ (111)	$ (117)	$ (109)
Premium Receivable, Credit Loss Expense (Reversal)	25	16	49	31
Premium Receivable, Allowance for Credit Loss, Writeoff	(18)	(12)	(35)	(27)
Premium Receivable, Allowance for Credit Loss, Recovery	2	1	4	3
Premiums Receivable, Due in One Year or Less, Excluding Receivables for Loss within a Deductible and Retrospectively-Rated Policy Premiums [Member]
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Premium Receivable, Allowance for Credit Loss	(105)	(91)	(97)	(89)
Premium Receivable, Credit Loss Expense (Reversal)	24	15	47	30
Premium Receivable, Allowance for Credit Loss, Writeoff	(18)	(12)	(35)	(27)
Premium Receivable, Allowance for Credit Loss, Recovery	2	1	4	3
Premiums Receivable, Loss Within a Deductible and Retrospectively-Rated Policy Premiums [Member]
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Premium Receivable, Allowance for Credit Loss	(21)	(20)	(20)	(20)
Premium Receivable, Credit Loss Expense (Reversal)	1	1	2	1
Premium Receivable, Allowance for Credit Loss, Writeoff	0	0	0	0
Premium Receivable, Allowance for Credit Loss, Recovery	$ 0	$ 0	$ 0	$ 0

XML

Reinsurance - Credit Quality Information (Details) - USD ($) $ in Millions	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	$ 7,175		$ 7,215
Reinsurance Recoverable, Allowance for Credit Loss	(75)		(75)	$ (102)
Net Reinsurance Recoverables	7,100		7,140
Mandatory and Voluntary Risk Pools [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	204		205
Captives [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	425		402
Other not rated companies [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	189		181
AMBestRated [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	6,357		6,427
AM Best, A++ Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	2,200		2,271
AM Best, A+ Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	2,757		2,674
AM Best, A Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	756		830
AM Best, A- Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	618		626
AM Best, B++ Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	4		4
AM Best, Below B plus plus Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	22		22
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	6,663		6,698
Reinsurance Recoverable, Allowance for Credit Loss	(72)	$ (72)	(72)	(99)	$ (98)	$ (100)
Net Reinsurance Recoverables	6,591		6,626
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | Mandatory and Voluntary Risk Pools [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	204		205
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | Captives [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	425		402
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | Other not rated companies [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	183		176
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | Reinsurance Contract [Axis]: Before Disputed Amounts [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverable, Allowance for Credit Loss	(21)	(20)	(24)	(45)	(44)	(43)
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | Reinsurance Contract [Axis]: Disputes [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverable, Allowance for Credit Loss	(51)	$ (52)	(48)	(54)	$ (54)	$ (57)
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | AMBestRated [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	5,851		5,915
Operating Segments [Member] | Group Insurance Policy [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	293		291
Reinsurance Recoverable, Allowance for Credit Loss	(1)		(1)	(1)
Net Reinsurance Recoverables	292		290
Operating Segments [Member] | Group Insurance Policy [Member] | Mandatory and Voluntary Risk Pools [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	0		0
Operating Segments [Member] | Group Insurance Policy [Member] | Captives [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	0		0
Operating Segments [Member] | Group Insurance Policy [Member] | Other not rated companies [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	6		5
Operating Segments [Member] | Group Insurance Policy [Member] | AMBestRated [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	287		286
Operating Segments [Member] | AM Best, A++ Rating [Member] | Property, Liability and Casualty Insurance Product Line
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	2,200		2,271
Operating Segments [Member] | AM Best, A++ Rating [Member] | Group Insurance Policy [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	0		0
Operating Segments [Member] | AM Best, A+ Rating [Member] | Property, Liability and Casualty Insurance Product Line
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	2,257		2,169
Operating Segments [Member] | AM Best, A+ Rating [Member] | Group Insurance Policy [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	283		281
Operating Segments [Member] | AM Best, A Rating [Member] | Property, Liability and Casualty Insurance Product Line
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	755		829
Operating Segments [Member] | AM Best, A Rating [Member] | Group Insurance Policy [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	1		1
Operating Segments [Member] | AM Best, A- Rating [Member] | Property, Liability and Casualty Insurance Product Line
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	615		622
Operating Segments [Member] | AM Best, A- Rating [Member] | Group Insurance Policy [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	3		4
Operating Segments [Member] | AM Best, B++ Rating [Member] | Property, Liability and Casualty Insurance Product Line
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	2		2
Operating Segments [Member] | AM Best, B++ Rating [Member] | Group Insurance Policy [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	0		0
Operating Segments [Member] | AM Best, Below B plus plus Rating [Member] | Property, Liability and Casualty Insurance Product Line
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	22		22
Operating Segments [Member] | AM Best, Below B plus plus Rating [Member] | Group Insurance Policy [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	0		0
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	219		226
Reinsurance Recoverable, Allowance for Credit Loss	(2)		(2)	$ (2)
Net Reinsurance Recoverables	217		224
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | Mandatory and Voluntary Risk Pools [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	0		0
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | Captives [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	0		0
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | Other not rated companies [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	0		0
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | AMBestRated [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	219		226
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | AM Best, A++ Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	0		0
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | AM Best, A+ Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	217		224
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | AM Best, A Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	0		0
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | AM Best, A- Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	0		0
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | AM Best, B++ Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	2		2
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | AM Best, Below B plus plus Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	$ 0		$ 0

XML

Reinsurance - Reinsurance Recoverable, Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance			$ 75
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance	$ 72	$ 98	72	$ 100
Reinsurance Recoverable, Credit Loss Expense (Reversal)	1	1	(3)	2
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | Reinsurance Contract [Axis]: Before Disputed Amounts [Member]
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance	20	44	24	43
Operating Segments [Member] | Property, Liability and Casualty Insurance Product Line | Reinsurance Contract [Axis]: Disputes [Member]
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance	$ 52	$ 54	48	$ 57
Operating Segments [Member] | Group Insurance Policy [Member]
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance			1
Corporate, Non-Segment [Member]
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance			$ 2

XML

Reserve for Unpaid Losses and Loss Adjustment Expenses - P&C Liabilities for Unpaid Losses and Loss Adjustment Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning liabilities for unpaid losses and loss adjustment expenses, gross			$ 44,610
Less: payments
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$ 45,482		45,482
Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group
Provision for unpaid losses and loss adjustment expense
Increase (Decrease) in Deferred Revenue	24	$ 37	(56)	$ 61
Less: payments
Amortization of Deferred Gain on Retroactive Reinsurance			56	61
Property, Liability and Casualty Insurance Product Line
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning liabilities for unpaid losses and loss adjustment expenses, gross			36,404	34,044
Reinsurance and other recoverables	6,631	6,656	6,631	6,656	$ 6,753	$ 6,696
Liability for Unpaid Claims and Claims Adjustment Expense, Net	30,727	28,481	30,727	28,481	29,651	27,348
Provision for unpaid losses and loss adjustment expense
Current accident year			5,670	5,088
Prior accident year development [1]			(309)	(171)
Total provision for unpaid losses and loss adjustment expenses			5,361	4,917
Less: payments
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year			(1,175)	(987)
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years			(3,205)	(2,849)
Total payments			(4,380)	(3,836)
Foreign currency adjustment			39	(9)
Ending liabilities for unpaid losses and loss adjustment expenses, net	30,727	28,481	30,727	28,481
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments	(6,631)	(6,656)	(6,631)	(6,656)	$ (6,753)	$ (6,696)
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$ 37,358	$ 35,137	37,358	35,137
Property, Liability and Casualty Insurance Product Line | Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group
Provision for unpaid losses and loss adjustment expense
Increase (Decrease) in Deferred Revenue			$ (56)	$ (61)

XML

Reserve for Unpaid Losses and Loss Adjustment Expenses - P&C Prior Accident Years Reserve Development (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group
Condensed Balance Sheet Statements, Captions [Line Items]
Increase (Decrease) in Deferred Revenue	$ 24	$ 37	$ (56)	$ 61
Amortization of Deferred Gain on Retroactive Reinsurance			56	61
Property, Liability and Casualty Insurance Product Line
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			(309)	(171)
Prior accident year development before change in deferred gain			(253)	(110)
Property, Liability and Casualty Insurance Product Line | Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group
Condensed Balance Sheet Statements, Captions [Line Items]
Increase (Decrease) in Deferred Revenue			(56)	(61)
Segment Reconciling Items
Condensed Balance Sheet Statements, Captions [Line Items]
Increase (Decrease) in Deferred Revenue			(56)	(61)
Segment Reconciling Items | Catastrophe
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			(39)	(38)
Segment Reconciling Items | Asbestos and Environmental
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			0	0
Segment Reconciling Items | Workers' Compensation
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			(126)	(119)
Segment Reconciling Items | Workers' Compensation | COVID-19 related Claims
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]				(20)
Segment Reconciling Items | Change in Workers Compensation Discount Including Accretion [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			23	23
Segment Reconciling Items | General Liability [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			0	49
Segment Reconciling Items | Marine
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			0	(1)
Segment Reconciling Items | Package Business [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			0	(1)
Segment Reconciling Items | Property Insurance [Member] | P&C Business Insurance
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			(23)	(5)
Segment Reconciling Items | Property Insurance [Member] | P&C Personal Insurance
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			(31)	(10)
Segment Reconciling Items | Professional Liability Insurance [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			(11)	(7)
Segment Reconciling Items | Surety Product Line [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			(22)	(22)
Segment Reconciling Items | Assumed reinsurance
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			0	24
Segment Reconciling Items | Automobiles [Member] | P&C Business Insurance
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			0	10
Segment Reconciling Items | Automobiles [Member] | P&C Personal Insurance
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			(22)	(13)
Segment Reconciling Items | Uncollectible reinsurance
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			0	0
Segment Reconciling Items | Insurance, Other [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Prior accident year development [1]			$ (2)	$ 0

XML

Reserve for Unpaid Losses and Loss Adjustment Expenses - PC Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for Claims and Claims Adjustment Expense	$ 45,482		$ 45,482		$ 44,610
Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group
Liability for Claims and Claims Adjustment Expense [Line Items]
Increase (Decrease) in Deferred Revenue	24	$ 37	(56)	$ 61
Change in Deferred Gain on Retroactive Reinsurance	8		8		$ 64
Maximum | Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group
Liability for Claims and Claims Adjustment Expense [Line Items]
Reinsurance, Excess Retention, Amount Reinsured, Per Policy			300
General Liability [Member] | Abuse Claims
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for Claims and Claims Adjustment Expense	$ 787		$ 787

XML

Reserve for Unpaid Losses and Loss Adjustment Expenses - EB Liabilities for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$ 44,610
Ending liabilities for unpaid losses and loss adjustment expenses, gross	45,482
Group Insurance Policy [Member]
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	8,206	$ 8,274
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments	(286)	(266)	$ (282)	$ (254)
Ending liabilities for unpaid losses and loss adjustment expenses, gross	7,838	7,920	$ 7,924	$ 8,020
Ending liabilities for unpaid losses and loss adjustment expenses, gross	8,124	8,186
Provision for unpaid losses and loss adjustment expense
Current incurral year	2,692	2,662
Prior year's discount accretion	105	103
Prior incurral year development [1]	(377)	(339)
Total provision for unpaid losses and loss adjustment expenses	2,420	2,426
Less: payments
Current incurral year	(1,076)	(1,071)
Prior incurral years	(1,430)	(1,455)
Total payments	(2,506)	(2,526)
Group Insurance Policy [Member] | Other Operating Income (Expense) [Member]
Provision for unpaid losses and loss adjustment expense
Total provision for unpaid losses and loss adjustment expenses	$ 88	$ 92

XML

Reserve for Unpaid Losses and Loss Adjustment Expenses - EB Additional information (Details) - Group Insurance Policy [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior incurral year development [1]	$ (377)	$ (339)
Disability Insurance Policy [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior incurral year development [1]	307	282
group life term, disability and accident [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior incurral year development [1]	$ 69	$ 56

XML

Reserve for Future Policy Benefits (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Liability for Future Policy Benefit, before Reinsurance	$ 443	$ 464	$ 448
Fixed Annuity
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	124	129	128	$ 137
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax	1	1	0	7
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance	123	128	128	130
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change			0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			(2)	1
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change			126	131
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense	3	3
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment	(6)	(6)
Liability for Future Policy Benefit, before Reinsurance	$ 124	$ 129
Liability for Future Policy Benefit, Weighted-Average Duration	9 years 3 months 18 days	9 years
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance	$ 242	$ 252
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance	$ 0	$ 0
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	5.60%	5.60%
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate	5.40%	5.50%
Life Conversions
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance	$ 43	$ 45	45	49
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	104	105	106	113
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax	(15)	(14)	(15)	(11)
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance	119	119	121	124
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change			0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			3	2
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change			124	126
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense	11	9
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment	(16)	(16)
Liability for Future Policy Benefit, before Reinsurance	$ 61	$ 60
Liability for Future Policy Benefit, Weighted-Average Duration	11 years	11 years 6 months
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance	$ 192	$ 199
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance	$ 102	$ 109
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	4.30%	4.20%
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate	5.60%	5.50%
Paid Up Life
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	$ 163	$ 172	168	185
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax	(28)	(36)	(33)	(32)
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance	191	208	201	217
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change			0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			(1)	0
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change			$ 200	$ 217
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense	3	3
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment	(12)	(12)
Liability for Future Policy Benefit, before Reinsurance	$ 163	$ 172
Liability for Future Policy Benefit, Weighted-Average Duration	6 years 6 months	6 years 3 months 18 days
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance	$ 249	$ 268
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance	$ 0	$ 0
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	2.90%	2.90%
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate	5.00%	5.40%
Deferred Profit Liability
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Liability for Future Policy Benefit, before Reinsurance	$ 19	$ 20
Long-Duration Insurance, Other
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Liability for Future Policy Benefit, before Reinsurance	$ 76	$ 83

XML

Other Policyholder Funds and Benefits Payable (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Other policyholder funds and benefits payable	$ 612	$ 622	$ 614
Universal Life
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Other policyholder funds and benefits payable	201	210	$ 206	$ 223
Policyholder Account Balance, Premium Received	6	6
Policyholder Account Balance, Policy Charge	9	13
Policyholder Account Balance, Surrender and Withdrawal	3	4
Policyholder Account Balance, Benefit Payment	3	6
Policyholder Account Balance, Interest Expense	$ 4	$ 4
Policyholder Account Balance, Weighted Average Crediting Rate	4.30%	4.20%
Policyholder Account Balance, Net Amount at Risk	$ 791	$ 870
Policyholder Account Balance, Cash Surrender Value	$ 199	209
Universal Life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 to 0499 | Minimum
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	4.00%
Universal Life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 to 0499 | Maximum
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Policyholder Account Balance, Guaranteed Minimum Credit Rating	5.00%
Universal Life | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 to 0499
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Other policyholder funds and benefits payable	$ 199	209
Short-Duration Insurance, Other
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Other policyholder funds and benefits payable	$ 411	$ 412

XML

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Tax provision at U.S. federal statutory rate	$ 261	$ 192	$ 426	$ 383
Nontaxable net investment income	(9)	(11)	(14)	(22)
Other	1	7	8	29
Income tax expense	$ 251	$ 174	$ 404	$ 332

XML

Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized Tax Benefits	$ 25	$ 27	$ 25	$ 27	$ 24	$ 24	$ 27	$ 26
Gross increases - tax positions in current period	1	0	1	1
Balance, end of period	25	27	25	27
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Unrecognized Tax Benefits	25	$ 27	25	$ 27	$ 24	$ 24	$ 27	$ 26
TaxYear2022 and Prior
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized Tax Benefits	14		14
Balance, end of period	14		14
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Unrecognized Tax Benefits	$ 14		$ 14

XML

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended	102 Months Ended
	Jun. 30, 2025	Dec. 31, 2016	Jun. 30, 2025	Dec. 31, 2024
Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group
Loss Contingencies [Line Items]
Change in Deferred Gain on Retroactive Reinsurance	$ 8		$ 8	$ 64
Reinsurance Contract [Axis]: Adverse Development Cover Navigators Group | Maximum
Loss Contingencies [Line Items]
Reinsurance, Excess Retention, Amount Reinsured, Per Policy	300
Asbestos and Environmental
Loss Contingencies [Line Items]
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented	141		141
Asbestos and Environmental | Reinsurance Contract [Axis]: Asbestos and Environmental
Loss Contingencies [Line Items]
Change in Deferred Gain on Retroactive Reinsurance	850		850
Reinsurance, Amount Retained, Per Policy		$ 1,700
Reinsurance Retention Policy, Excess Retention, Amount Reinsured			$ 1,500
Asbestos and Environmental | Reinsurance Contract [Axis]: Asbestos and Environmental | Remaining [Member]
Loss Contingencies [Line Items]
Reinsurance, Excess Retention, Amount Reinsured, Per Policy	0
Asbestos and Environmental | Reinsurance Contract [Axis]: Asbestos and Environmental | Maximum
Loss Contingencies [Line Items]
Reinsurance, Excess Retention, Amount Reinsured, Per Policy	$ 1,500

XML

Commitments and Contingencies - Derivative Instruments (Details) $ in Millions	Jun. 30, 2025 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative, Net Liability Position, Aggregate Fair Value	$ 57
Collateral Already Posted, Aggregate Fair Value	50
Additional Collateral, Aggregate Fair Value	$ 0

XML

Equity Equity Repurchase Program (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Jul. 25, 2025	Jun. 30, 2025	Jun. 30, 2024	Jul. 25, 2024
Equity, Class of Treasury Stock [Line Items]
Value of shares acquired		$ 800	$ 700
Number of shares acquired		6.8	7.3
Subsequent Event [Member]
Equity, Class of Treasury Stock [Line Items]
Value of shares acquired	$ 146
Number of shares acquired	1.2
8/1/2024 - 12/31/2026 [Member]
Equity, Class of Treasury Stock [Line Items]
Remaining authorized repurchase amount		$ 2,350
Stock repurchase authorization amount				$ 3,300

XML

Accumulated Other Comprehensive Income Loss - AOCI Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ 16,447
OCI, net of tax	$ 196	$ (71)	502	$ (219)
Ending balance	17,518	15,680	17,518	15,680
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,237)	(1,642)	(1,539)	(1,482)
OCI before reclassifications	237	(184)	610	(393)
Amounts reclassified from AOCI	26	70	36	77
OCI, before tax	263	(114)	646	(316)
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	(55)	24	(136)	66
OCI, net of tax	208	(90)	510	(250)
Ending balance	(1,029)	(1,732)	(1,029)	(1,732)
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(6)	(7)	(6)	(8)
OCI before reclassifications	1	0	1	1
Amounts reclassified from AOCI	0	0	0	0
OCI, before tax	1	0	1	1
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	0	0	0	0
OCI, net of tax	1	0	1	1
Ending balance	(5)	(7)	(5)	(7)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	40	21	40	21
OCI before reclassifications	(40)	11	(36)	11
Amounts reclassified from AOCI	(3)	0	(7)	0
OCI, before tax	(43)	11	(43)	11
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	9	(2)	9	(2)
OCI, net of tax	(34)	9	(34)	9
Ending balance	6	30	6	30
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	29	36	29	37
OCI before reclassifications	20	(1)	20	(3)
Amounts reclassified from AOCI	0	0	0	0
OCI, before tax	20	(1)	20	(3)
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	(4)	0	(4)	1
OCI, net of tax	16	(1)	16	(2)
Ending balance	45	35	45	35
AOCI, Liability for Future Policy Benefit, Parent
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	30	30	33	25
OCI before reclassifications	(1)	6	(5)	13
Amounts reclassified from AOCI	0	0	0	0
OCI, before tax	(1)	6	(5)	13
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	0	(1)	1	(3)
OCI, net of tax	(1)	5	(4)	10
Ending balance	29	35	29	35
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,436)	(1,435)	(1,443)	(1,442)
OCI before reclassifications	(1)	(1)	0	1
Amounts reclassified from AOCI	9	9	16	16
OCI, before tax	8	8	16	17
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	(2)	(2)	(3)	(4)
OCI, net of tax	6	6	13	13
Ending balance	(1,430)	(1,429)	(1,430)	(1,429)
AOCI Attributable to Parent [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2,580)	(2,997)	(2,886)	(2,849)
OCI before reclassifications	216	(169)	590	(370)
Amounts reclassified from AOCI	32	79	45	93
OCI, before tax	248	(90)	635	(277)
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	(52)	19	(133)	58
OCI, net of tax	196	(71)	502	(219)
Ending balance	$ (2,384)	$ (3,068)	$ (2,384)	$ (3,068)

XML

Accumulated Other Comprehensive Income Loss - Reclassifications from AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net realized losses	$ (10)	$ (59)	$ (59)	$ (31)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	1,246	912	2,029	1,823
Income tax expense	251	174	404	332
Net income	995	738	1,625	1,491
Net Investment Income	664	602	1,320	1,195
Interest Expense	50	50	100	100
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net income	(25)	(62)	(35)	(74)
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized Gain on Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net realized losses	(26)	(70)	(36)	(77)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(26)	(70)	(36)	(77)
Income tax expense	(5)	(15)	(8)	(16)
Net income	(21)	(55)	(28)	(61)
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	3	0	7	0
Income tax expense	0	0	1	0
Net income	3	0	6	0
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net Investment Income	(2)	(8)	(4)	(15)
Interest Expense	3	5	6	9
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Currency Swap [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net Investment Income	2	3	5	6
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service credit
Accumulated Other Comprehensive Income (Loss) [Line Items]
Insurance operating costs and other expenses	1	1	3	3
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Insurance operating costs and other expenses	(10)	(10)	(19)	(19)
Reclassification out of Accumulated Other Comprehensive Income | Pension and Other Postretirement Plan Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(9)	(9)	(16)	(16)
Income tax expense	(2)	(2)	(3)	(3)
Net income	$ (7)	$ (7)	$ (13)	$ (13)

XML

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1	$ 1	$ 1
Interest cost	(43)	(44)	(87)	(88)
Expected return on plan assets	(61)	(58)	(121)	(115)
Amortization of prior service credit	0	0	0	0
Amortization of actuarial loss	(9)	(9)	(17)	(17)
Net periodic cost (benefit)	(8)	(4)	(16)	(9)
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	0	0
Interest cost	(1)	(1)	(3)	(3)
Expected return on plan assets	0	0	0	0
Amortization of prior service credit	(1)	(1)	(3)	(3)
Amortization of actuarial loss	(1)	(1)	(2)	(2)
Net periodic cost (benefit)	$ 1	$ 1	$ 2	$ 2