Hartford Financial Services Group Inc.

Solid Q2 fundamentals + strong profitability/ROE - Core earnings: $945m ($3.42/share), trailing 12-mo ROE: 18.7%. - Business insurance: written premium +5%; underlying combined ratio 89.3. - Personal insurance: underlying combined ratio 86.3; agency growth remained strong, but overall written premium declined (see next bullet). - Employee benefits: core earnings margin 7.4% with solid fully insured premium growth; net investment income remained strong.

Underwriting execution: good momentum, but property and liability volatility exists - Business insurance pricing: renewal pricing excluding workers’ comp ~5.8%; commercial auto & general liability above loss trend; umbrella/excess had some of the highest rate increases. - Small business: written premium +7% with underlying combined ratio 86.5 (driven by package + ENS; citing automation/digital quoting strength). - Middle & large: written premium +4% with underlying combined ratio 95.3; included elevated non-cat property losses (a few large fires) and mix shift (national accounts + commercial auto). - Global specialty: written premium +4%, underlying combined ratio ~85.8 (increase vs prior year from higher international loss ratio and higher expense ratio tied to technology costs).

Personal lines: profitability holding up, growth challenged by competition (especially Direct) - Personal insurance written premium: -7% overall (auto -10%, home flat growth). - Agency growth: +7% YoY (stronger retention/renewals; effective policy count retention stable-to-improved). - Pricing: renewal written pricing auto +5.5%, home +10.4% (earned pricing still exceeding loss trend). - Competitive market: Management acknowledged elevated competition impacting new business growth, particularly in Direct; headwinds expected into 2027, while agency rollout is progressing.