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, 2023 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 Financial Services Group, Inc. (NYSE:HIG) Q1 2023 Earnings Conference Call April 28, 2023 9:00 AM ET Company Participants Susan Spivak - SVP, IR Chris Swift - Chairman and CEO Beth Costello - CFO Jonathan Bennett - Head of Group Benefits Stephanie Bush - Head of Small Commercial and Personal Lines Mo Tooker - Head of Middle & Large Commercial and Global Specialty Conference Call Participants Brian Meredith - UBS Yaron Kinar - Jefferies Elyse Greenspan - Wells Fargo Alex Scott - Goldman Sachs Da ...

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 March 31, 2023 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 ____________________ ...

Financial Performance - As of December 31, 2022, The Hartford's total assets were $73.0 billion and total stockholders' equity was $13.6 billion[20]. - 2022 earned premiums for Commercial Lines reached $10,571 million, contributing to total revenues of $22,362 million[37][40]. - Personal Lines generated earned premiums of $2,949 million, with significant contributions from the AARP Program, which accounted for $2.7 billion in 2022[56][57]. - Group Benefits segment reported premiums and other considerations of $6,057 million in 2022, indicating strong performance in the group insurance market[72]. - The Hartford Funds segment had assets under management (AUM) of $124,107 million as of December 31, 2022, showcasing the company's investment management capabilities[82]. - As of December 31, 2022, the fair value of the Company's total assets under management was approximately $108.9 billion, up from $105.4 billion in 2021[115]. - The Hartford's Investment Portfolio was valued at $52.6 billion as of December 31, 2022[117]. Strategic Initiatives - The company aims to enhance its market leadership by focusing on underwriting excellence, digital capabilities, and optimizing organizational efficiency[24]. - In 2023, The Hartford plans to expand telematics and invest in digital capabilities across its product lines[31]. - The company is pursuing a strategy to balance excess capital for organic growth, business investments, and returns to stockholders through dividends and share repurchases[34]. - The Hartford is addressing higher loss cost trends through pricing and underwriting actions to maintain underwriting discipline[34]. - The company is transforming its underwriting processes to improve customer experience and reduce expenses[34]. - The Hartford is regaining competitive momentum with the rollout of its new automobile and homeowners product, Prevail, which includes digital service capabilities[34]. - The company is leveraging data science and analytics to enhance risk selection and portfolio decisions[34]. - The Hartford's strategic priorities include maximizing distribution channels and product breadth to increase market share[34]. - The company is investing in technology and data analytics, including artificial intelligence, to enhance customer experience and improve risk management[35]. - The company is focusing on expanding its market share in voluntary product offerings, including supplemental health coverage and state-paid family leave[35]. Market Dynamics - The competitive landscape in small commercial remains fragmented, with a focus on product expansion and pricing sophistication to differentiate from competitors[48]. - The company is leveraging investments in underwriting and technology to better match pricing to individual risk in the middle & large commercial sector[52]. - The exclusive licensing agreement with AARP, effective through December 31, 2032, provides a competitive advantage in reaching the over 50 population[62]. - Personal Lines no longer offers lifetime continuation agreements for new home and automobile policies since May 2021, affecting policy renewals for AARP members[63]. - The top ten personal lines insurers account for approximately 70% of market share, highlighting the competitive nature of the market[66]. - The Hartford's telematics program, TrueLane, is available in 43 states, offering discounts for good driving behavior, which reflects the company's investment in data analytics and risk management[68]. Operational Challenges - In 2022, inflation and supply chain pressures increased automobile repair costs, impacting the overall cost structure for the insurance industry[70]. - Claims payments for benefits, losses, and loss adjustment expenses represent the largest expenditure for the Company[112]. - The Company leverages data analytics in managing medical costs, focusing on areas such as opioid usage and vocational rehabilitation[110]. - The Company is required to obtain approval for its premium rates from state insurance departments, impacting pricing adequacy[105]. - The Company maintains a dedicated catastrophe claims organization to respond to large-scale catastrophic events across the country[111]. Workforce and Diversity - The Company has approximately 18,800 employees as of December 31, 2022[127]. - As of December 31, 2022, women and people of color represent 61.7% and 31.6% of the workforce, respectively[145]. - Over 55% of employees were members of at least one Employee Resource Group (ERG) as of December 31, 2022[143]. - The Company engages in annual pay equity analyses to ensure fair compensation practices across the organization[133]. - The Company is committed to ethical conduct and a bias-free workplace, holding leaders accountable for DEI goals[141]. - The Company has invested in strategies to improve representation of underrepresented demographics in the insurance industry[142]. Risk Management - The Company underwrites risks to manage exposure to loss through favorable risk selection and diversification, with aggregate exposure limits set by geographic zone and peril[104]. - The concentration of the investment portfolio in specific industries or geographic sectors increases the risk of significant losses[164]. - The Company has a net limit of $1.5 billion for adverse development on A&E reserves, which could impact financial condition if exceeded[174]. - Climate change risks may lead to increased claims for property damage and higher reinsurance costs, affecting overall financial performance[168]. - The Company is exposed to catastrophe losses from both natural and man-made events, which could materially affect financial results[176]. - Pricing for insurance products is contingent on accurate risk assessment and regulatory compliance, impacting profitability[184]. - The potential for increased claims from climate-related events may not be adequately reflected in current pricing models[180]. - Cyber risk exposure is rising due to the increasing frequency of cyber attacks, potentially leading to higher insured losses[182]. - The Company may face challenges in maintaining adequate pricing for catastrophe exposure due to regulatory limitations[180]. - The effects of terrorism and geopolitical crises could disrupt operations and adversely impact the investment portfolio[181]. - Regulatory constraints may prevent the company from achieving targeted profitability levels, potentially leading to lower returns on equity[185]. Corporate Governance - The ability to declare and pay dividends is subject to the discretion of the board of directors, considering operating results, financial condition, and market conditions[204]. - The holding company relies on dividends from insurance subsidiaries as the principal source of cash flow to meet obligations[205]. - Connecticut state laws and other jurisdictions impose limitations on the payment of dividends, requiring approval for declarations above certain levels[205]. - Actual results may materially differ from analytical models used for decision-making in underwriting, pricing, and capital management[206]. - The profitability of the company depends on the consistency of actual experience with the assumptions used in models[207]. - Estimated fair values of investments are based on market information and judgments about financial instruments, which can be subjective[209]. - Market disruptions can make it difficult to value certain securities, impacting the determination of fair values[209]. - Rapidly changing credit and equity market conditions could materially impact the valuation of securities[210]. - Decreases in value of investments could have a material adverse effect on the company's financial condition or liquidity[210].

Financial Performance Highlights - The Hartford's core earnings for 4Q22 were $746 million, a 7% increase compared to $697 million in 4Q21[28] - The Hartford's core earnings Return on Equity (ROE) for 4Q22 was 144%, up 17 points from 127% in 4Q21[28] - The Hartford's full year 2022 core earnings reached $25 billion, a 14% increase from $22 billion in 2021[29] - The Hartford returned $21 billion to stockholders in 2022, including $16 billion in share repurchases and $506 million in common stockholder dividends[26] Segment Performance - Commercial Lines' combined ratio was 890 in 4Q22, compared to 846 in 4Q21[31,49] - Group Benefits' core earnings margin was 83% in 4Q22, a 91 points improvement from 4Q21[20] - Hartford Funds' core earnings were $39 million in 4Q22, down from $60 million in 4Q21, due to lower fee income from a 21% decrease in daily average Assets Under Management (AUM)[28,70] Property & Casualty (P&C) - P&C net written premium growth was 8%[26] - Commercial Lines net written premium grew by 9%[26] - Personal Lines net written premium grew by 4%[31]

The Hartford Financial Services Group, Inc. (NYSE:HIG) Q4 2022 Earnings Conference Call February 3, 2023 9:00 AM ET Company Participants Susan Spivak - Investor Relations Chris Swift - Chairman and Chief Executive Officer Beth Costello - Chief Financial Officer Jonathan Bennett - Head of Group Benefits Stephanie Bush - Head of Small Commercial and Personal Lines Mo Tooker - Head of Middle & Large Commercial and Global Specialty Conference Call Participants Brian Meredith - UBS Mike Ward - Citi Greg Peters - ...

The Hartford Financial Services Group, Inc. (NYSE:HIG) Q3 2022 Results Conference Call October 28, 2022 9:00 AM ET Company Participants Susan Spivak - IR Chris Swift - CEO Beth Costello - CFO Doug Elliot - President Conference Call Participants Alex Scott - Goldman Sachs Elyse Greenspan - Wells Fargo David Motemaden - Evercore ISI Brian Meredith - UBS Greg Peters - Raymond James Andrew Kligerman - Credit Suisse Michael Phillips - Morgan Stanley Josh Shanker - Bank of America Yaron Kinar - Jefferies Michael ...

Part I - Financial Information [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for The Hartford Financial Services Group, Inc. as of September 30, 2022, including statements of operations, comprehensive income, balance sheets, changes in stockholders' equity, and cash flows, along with detailed notes covering significant accounting policies, segment performance, investments, derivatives, reserves, and other financial details Condensed Consolidated Statements of Operations Highlights | Indicator | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | $5,580M | $5,686M | $16,346M | $16,574M | | **Income before income taxes** | $431M | $583M | $1,526M | $1,996M | | **Net income** | $339M | $482M | $1,226M | $1,636M | | **Net income available to common stockholders** | $333M | $476M | $1,210M | $1,620M | | **Diluted EPS** | $1.02 | $1.36 | $3.65 | $4.54 | Condensed Consolidated Balance Sheets Highlights | Indicator | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total investments** | $50,661M | $57,749M | | **Total assets** | $71,801M | $76,578M | | **Total liabilities** | $58,846M | $58,735M | | **Total stockholders' equity** | $12,955M | $17,843M | Condensed Consolidated Statements of Cash Flows Highlights | Indicator | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $2,924M | $2,889M | | **Net cash used for investing activities** | ($705M) | ($1,748M) | | **Net cash used for financing activities** | ($2,253M) | ($963M) | [Note 3 - Segment Information](index=13&type=section&id=Note%203%20-%20Segment%20Information) The company operates in five main segments: Commercial Lines, Personal Lines, P&C Other Operations, Group Benefits, and Hartford Funds, with Commercial Lines being the largest contributor to net income at $1,058 million for the nine months ended September 30, 2022, and total earned premiums and fee income growing to $15.4 billion year-to-date Net Income (Loss) by Segment (YTD ended Sep 30) | Segment | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | :--- | | Commercial Lines | $1,058 | $1,055 | | Personal Lines | $47 | $304 | | P&C Other Operations | ($6) | $26 | | Group Benefits | $184 | $207 | | Hartford Funds | $117 | $155 | | Corporate | ($174) | ($111) | | **Total Net Income** | **$1,226** | **$1,636** | Total Earned Premiums and Fee Income by Segment (YTD ended Sep 30) | Segment | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | :--- | | Commercial Lines | $7,833 | $7,053 | | Personal Lines | $2,218 | $2,240 | | Group Benefits | $4,511 | $4,260 | | Hartford Funds | $803 | $884 | | Corporate | $37 | $38 | | **Total** | **$15,402** | **$14,475** | [Note 5 - Investments](index=24&type=section&id=Note%205%20-%20Investments) The company reported net realized losses of **$649 million** for the nine months ended September 30, 2022, a significant shift from net realized gains of **$297 million** in the prior year, primarily due to net unrealized losses on equity securities and fixed maturities, while the mortgage loan portfolio grew to **$5.9 billion** Net Realized Gains (Losses) (YTD ended Sep 30) | Component | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | :--- | | Gross gains on sales of fixed maturities | $54 | $162 | | Gross losses on sales of fixed maturities | ($256) | ($54) | | Net realized and unrealized gains (losses) on equity securities | ($450) | $134 | | Net credit losses on fixed maturities, AFS | ($15) | $4 | | Change in ACL on mortgage loans | ($7) | $12 | | **Total Net Realized (Losses) Gains** | **($649)** | **$297** | - As of September 30, 2022, fixed maturities (AFS) in an unrealized loss position totaled **$33.4 billion** in fair value, with gross unrealized losses of **$3.9 billion**, a significant increase from December 31, 2021, when unrealized losses were **$144 million**[98](index=98&type=chunk)[99](index=99&type=chunk) Mortgage Loans by Property Type (Amortized Cost) | Property Type | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Industrial | $2,146M (36.0%) | $1,931M (35.7%) | | Multifamily | $2,222M (37.2%) | $1,833M (33.9%) | | Office | $611M (10.2%) | $627M (11.6%) | | Retail | $948M (15.9%) | $951M (17.6%) | | **Total** | **$5,967M** | **$5,412M** | [Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses](index=40&type=section&id=Note%209%20-%20Reserve%20for%20Unpaid%20Losses%20and%20Loss%20Adjustment%20Expenses) For the nine months ended September 30, 2022, the company recorded favorable prior accident year development of **$147 million** for its P&C business, a reversal from **$170 million** of unfavorable development in the prior-year period, driven by workers' compensation, package business, and personal auto liability, while Group Benefits also saw favorable development of **$323 million** P&C Prior Accident Year Development (YTD ended Sep 30) | Line of Business | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | :--- | | Workers' compensation | ($143) | ($113) | | General liability | $33 | $451 | | Package business | ($35) | ($66) | | Automobile liability (Comm. & Pers.) | $9 | ($64) | | Catastrophes | ($32) | ($98) | | **Total Prior Accident Year Development** | **($147)** | **$170** | - For the nine months ended September 30, 2022, favorable development in workers' compensation was driven by lower than estimated claim severity for accident years 2014-2018, while unfavorable development in general liability was driven by increased settlement costs for large claims from 2016-2019[188](index=188&type=chunk)[189](index=189&type=chunk) - Group disability prior period reserve estimates decreased by approximately **$275 million** YTD, driven by lower long-term disability claim incidence, strong recoveries, and higher estimated claim termination rates[213](index=213&type=chunk) [Note 13 - Commitments and Contingencies](index=45&type=section&id=Note%2013%20-%20Commitments%20and%20Contingencies) The company is involved in various legal proceedings, including **over 300 lawsuits** related to COVID-19 business interruption claims, ongoing management of run-off asbestos and environmental (A&E) claims partially mitigated by a reinsurance agreement with NICO, and a pending settlement agreement with the Boy Scouts of America for **$787 million** related to sexual abuse claims - The company has been named in **over 300 lawsuits** seeking coverage for business income losses due to COVID-19, which it denies citing lack of direct physical damage and virus exclusions[235](index=235&type=chunk)[236](index=236&type=chunk) - A settlement agreement with the Boy Scouts of America (BSA) for **$787 million** was executed in February 2022, pending final court approval after bankruptcy court approval in September 2022[203](index=203&type=chunk)[204](index=204&type=chunk) - The company has an Adverse Development Cover (A&E ADC) with NICO to reinsure A&E loss development, with **$1,015 million** of the **$1.5 billion** limit utilized, leaving **$485 million** of available coverage as of September 30, 2022[207](index=207&type=chunk)[251](index=251&type=chunk) [Note 14 - Equity](index=48&type=section&id=Note%2014%20-%20Equity) The company actively repurchased **$1.2 billion (17 million shares)** of its common stock during the nine months ended September 30, 2022, and authorized a new **$3.0 billion** share repurchase program in July 2022, with **$3.1 billion** remaining available for repurchases as of September 30, 2022 - During the nine months ended September 30, 2022, the company repurchased **$1.2 billion (17 million shares)** of its common stock[256](index=256&type=chunk) - In July 2022, the Board of Directors approved a new share repurchase authorization for up to **$3.0 billion**, effective from August 1, 2022, to December 31, 2024, with **$3.1 billion** remaining available for repurchases under all programs as of September 30, 2022[256](index=256&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=61&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting a 30% decrease in Q3 net income available to common stockholders to **$333 million**, driven by net realized investment losses and lower net investment income, while core earnings for Q3 rose to **$471 million** from **$442 million** year-over-year, detailing segment performance, cost reduction plans, enterprise risks, and capital position Reconciliation of Net Income to Core Earnings | (in millions) | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Net income available to common stockholders** | $333 | $476 | $1,210 | $1,620 | | Adjustments (Net realized losses, restructuring, etc.) | $138 | ($34) | $536 | ($139) | | **Core earnings** | **$471** | **$442** | **$1,746** | **$1,481** | - The 'Hartford Next' operational transformation plan is expected to achieve annual expense savings of approximately **$560 million** by 2022 and **$625 million** by 2023, relative to 2019 levels, with cumulative savings for the nine months ended Sep 30, 2022, at **$413 million**[335](index=335&type=chunk)[338](index=338&type=chunk) [Commercial Lines](index=75&type=section&id=Commercial%20Lines) Commercial Lines reported net income of **$286 million** for Q3 2022, down from **$357 million** in Q3 2021, primarily due to net realized losses and lower investment income, despite an improved underwriting result and a combined ratio of **94.3%** Commercial Lines Underwriting Ratios (Q3) | Ratio | 2022 | 2021 | Change (pts) | | :--- | :--- | :--- | :--- | | Total loss and loss adjustment expense ratio | 62.6% | 69.2% | (6.6) | | Expense ratio | 31.5% | 31.8% | (0.3) | | **Combined ratio** | **94.3%** | **101.2%** | **(6.9)** | | **Underlying combined ratio** | **89.3%** | **87.2%** | **2.1** | - Written premiums grew **10%** in Q3 2022 to **$2.8 billion**, driven by growth across Small Commercial, Middle & Large Commercial, and Global Specialty segments, reflecting strong new business, retention, and renewal price increases[422](index=422&type=chunk)[445](index=445&type=chunk) [Personal Lines](index=80&type=section&id=Personal%20Lines) Personal Lines reported a net loss of **$36 million** in Q3 2022, a sharp decline from a **$51 million** net income in Q3 2021, due to higher current accident year loss costs in both auto and homeowners, increased catastrophe losses, and less favorable prior year development, resulting in a combined ratio of **109.6%** Personal Lines Underwriting Ratios (Q3) | Ratio | 2022 | 2021 | Change (pts) | | :--- | :--- | :--- | :--- | | Total loss and loss adjustment expense ratio | 82.5% | 71.2% | 11.3 | | Expense ratio | 27.1% | 27.4% | (0.3) | | **Combined ratio** | **109.6%** | **98.7%** | **10.9** | | **Underlying combined ratio** | **95.9%** | **91.8%** | **4.1** | - The underlying combined ratio for Automobile increased to **102.6%** in Q3 2022 from **99.7%** in Q3 2021, driven by an increase in average physical damage claim severity[470](index=470&type=chunk)[485](index=485&type=chunk) [Group Benefits](index=86&type=section&id=Group%20Benefits) Group Benefits net income rose to **$86 million** in Q3 2022 from **$28 million** in Q3 2021, primarily driven by a significant reduction in excess mortality losses to **$26 million** from **$212 million** in the prior-year quarter, with fully insured ongoing premiums growing 6% to **$1.5 billion** and the total loss ratio improving to **72.8%** - Excess mortality losses were **$26 million** in Q3 2022, a substantial decrease from **$212 million** in Q3 2021, which was the primary driver of the segment's improved profitability[507](index=507&type=chunk)[515](index=515&type=chunk) Group Benefits Ratios, Excluding Buyouts (Q3) | Ratio | 2022 | 2021 | Change (pts) | | :--- | :--- | :--- | :--- | | Group disability loss ratio | 68.4% | 68.4% | 0.0 | | Group life loss ratio | 83.1% | 110.9% | (27.8) | | **Total loss ratio** | **72.8%** | **84.7%** | **(11.9)** | | Expense ratio | 25.4% | 25.2% | 0.2 | [Hartford Funds](index=88&type=section&id=Hartford%20Funds) Hartford Funds reported a net income of **$41 million** for Q3 2022, down 27% from **$56 million** in Q3 2021, due to lower fee income resulting from a **16%** decrease in daily average assets under management (AUM) to **$129.8 billion**, and net outflows of **$2.2 billion** in the quarter - Daily average AUM decreased **16%** to **$129.8 billion** in Q3 2022 from **$155.0 billion** in Q3 2021, leading to lower fee income and net income[519](index=519&type=chunk) - The segment experienced net outflows of **$2.2 billion** in Q3 2022, a reversal from net inflows of **$295 million** in Q3 2021, which, combined with market depreciation, led to a **22%** year-over-year decline in mutual fund and ETF AUM[524](index=524&type=chunk)[529](index=529&type=chunk) [Enterprise Risk Management](index=91&type=section&id=Enterprise%20Risk%20Management) The company categorizes its main risks as insurance, operational, and financial, managed through disciplined underwriting, exposure controls, and risk transfer via reinsurance, maintaining a detailed property catastrophe reinsurance program and a high-quality investment portfolio with **84.8%** of fixed maturities rated 'A' or better Primary Catastrophe Treaty Reinsurance Coverages (as of Sep 30, 2022) | Treaty | Retention / Attachment Point | Coverage | | :--- | :--- | :--- | | **Per Occurrence Property** | | | | Earthquakes/Named Hurricanes | $350M | 75% of $150M xs $350M; 90% of $600M xs $500M | | Other Perils | $100M (subject to $50M AAD) | 70% of $250M xs $100M | | **Aggregate Property** | $700M | 100% of $200M xs $700M | | **Workers' Comp** | $100M | 80% of $350M xs $100M | - The company's estimated deductible under the Terrorism Risk Insurance Program (TRIPRA) is **$1.7 billion** for 2022[555](index=555&type=chunk) Fixed Maturities, AFS by Credit Quality | Rating | Fair Value (Sep 30, 2022) | Percent of Total | | :--- | :--- | :--- | | US Gov't/Agencies | $5,018M | 14.0% | | AAA | $5,675M | 15.9% | | AA | $6,465M | 18.1% | | A | $8,972M | 25.1% | | BBB | $7,732M | 21.7% | | BB & below | $1,855M | 5.2% | | **Total** | **$35,717M** | **100.0%** | [Capital Resources and Liquidity](index=102&type=section&id=Capital%20Resources%20and%20Liquidity) The company maintains a strong capital and liquidity position, with the holding company holding **$1.1 billion** in liquid assets as of September 30, 2022, and expecting to receive approximately **$1.5 billion** in net dividends from its P&C subsidiaries for 2022, despite a decrease in total capitalization to **$17.3 billion** from **$22.8 billion** at year-end 2021 - As of September 30, 2022, the holding company held **$1.1 billion** in liquid assets and had access to a **$750 million** undrawn revolving credit facility[636](index=636&type=chunk) - The company's U.S. P&C insurance subsidiaries have a dividend capacity of **$2.0 billion** for 2022, with approximately **$1.5 billion** of net dividends expected to be paid to the holding company during the year[637](index=637&type=chunk) Capital Structure | (in millions) | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total debt | $4,356 | $4,944 | | Total stockholders' equity | $12,955 | $17,843 | | **Total capitalization** | **$17,311** | **$22,787** | | Debt to capitalization | 25% | 22% | [Controls and Procedures](index=111&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's principal executive officer and principal financial officer concluded that as of September 30, 2022, the company's disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the third quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the quarter[708](index=708&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[709](index=709&type=chunk) Part II - Other Information [Legal Proceedings](index=112&type=section&id=Item%201.%20Legal%20Proceedings) Information regarding the company's legal proceedings is contained in Note 13 of the Notes to Condensed Consolidated Financial Statements - For details on legal proceedings, refer to Note 13 - Commitments and Contingencies[710](index=710&type=chunk) [Risk Factors](index=112&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2021 - The company's risk factors are incorporated by reference from its 2021 Form 10-K Annual Report[711](index=711&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=112&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the third quarter of 2022, the company repurchased approximately **5.4 million** shares of its common stock for a total of **$350 million**, with approximately **$3.1 billion** remaining available for purchase under its publicly announced share repurchase programs as of September 30, 2022 Issuer Purchases of Equity Securities (Q3 2022) | Period | Total Shares Purchased | Average Price Paid | Value of Shares Remaining for Purchase (end of period) | | :--- | :--- | :--- | :--- | | July 2022 | 1,860,590 | $64.15 | $329M | | August 2022 | 2,158,032 | $66.03 | $3,188M | | September 2022 | 1,361,856 | $66.07 | $3,098M | | **Total** | **5,380,478** | **$65.39** | **$3,098M** |

The Hartford Financial Services Group, Inc. (NYSE:HIG) Q2 2022 Earnings Conference Call July 29, 2022 9:00 AM ET Company Participants Susan Spivak - Senior Vice President of Investor Relations Chris Swift - Chairman & Chief Executive Officer Beth Costello - Chief Financial Officer Doug Elliot - President Conference Call Participants Elyse Greenspan - Wells Fargo Greg Peters - Raymond James Brian Meredith - UBS David Motemaden - Evercore Michael Phillips - Morgan Stanley Paul Newsome - Piper Sandler Joshua S ...

4Q21 CORE EARNINGS1 OF $697 MILLION, EPS1,2 OF $2.02, ROE1,3 OF 12.7% The Hartford's Second Quarter 2022 Financial Results The Hartford Financial Services Group, Inc. | July 28, 2022 4Q21 CORE EARNINGS 4Q21 CORE EARNINGS11 OF $697 MILLION, EPS OF $697 MILLION, EPS1,2 1,2 OF $2.02, ROE OF $2.02, ROE1,3 1,3 OF 12.7% OF 12.7% SAFE HARBOR STATEMENT Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Thes ...