The Hartford Financial Services Group, Inc. (HIG) 8-K Results of Operations and Financial Condition

Exhibit 99.1

INVESTOR FINANCIAL SUPPLEMENT

SEPTEMBER 30, 2004

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

Address:
690 Asylum Avenue
Hartford, CT 06115

Internet address:
http://www.thehartford.com

Contacts:
Hans Miller
Senior Vice President
Planning, Development and Investor Relations
Phone (860) 547-2751

Kimberly Johnson	Roza Kogan
Vice President	Senior Analyst
Investor Relations	Investor Relations
Phone (860) 547-6781	Phone (860) 547-5748

Marcia Dietrich
Executive Assistant
Investor Relations
Phone (860) 547-2537

As of November 1, 2004

	A.M. Best		Fitch		Standard & Poor’s		Moody’s
Insurance Financial Strength Ratings:
Hartford Fire		A+	AA		AA-		Aa3
Hartford Life Insurance Company		A+	AA		AA-		Aa3
Hartford Life & Accident		A+	AA		AA-		Aa3
Hartford Life Group Insurance Company		A+	AA		AA-			—
Hartford Life & Annuity		A+	AA		AA-		Aa3
Hartford Life Insurance KK		—		—	AA-			—
Other Ratings:
The Hartford Financial Services Group, Inc.:
Senior debt		a-		A		A-		A3
Commercial paper	AMB-2			F1		A-2		P-2
Hartford Life, Inc.:
Senior debt		a-		A		A-		A3
Commercial paper		—		F1		A-2		P-2

TRANSFER AGENT
The Bank of New York
Shareholder Relations Department - 12E
P.O. Box 11258
Church Street Station
New York, NY 10286
1 (800) 524-4458

COMMON STOCK

Common stock of The Hartford Financial Services Group, Inc. is traded on the New York Stock Exchange under the symbol “HIG”.

This report is for information purposes only. It should be read in conjunction with documents filed by The Hartford Financial Services Group, Inc. with the U.S. Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTOR FINANCIAL SUPPLEMENT
TABLE OF CONTENTS

	Basis of Presentation	i, ii
CONSOLIDATED	Consolidated Financial Results		C-1
	Operating Results by Segment		C-2
	Analysis of Operating Results by Segment		C-2a
	Consolidating Statements of Operations
	Third Quarter Ended September 30, 2004 and 2003		C-3
	Nine Months Ended September 30, 2004 and 2003		C-4
	Consolidating Balance Sheets
	As of September 30, 2004 and December 31, 2003		C-5
	Capital Structure		C-6
	Accumulated Other Comprehensive Income		C-7
	Computation of Basic and Diluted Earnings (Loss) Per Share		C-8
LIFE	Financial Highlights		L-1
	Operating Results		L-2
	Total Assets Under Management/Japan Data		L-3
	Consolidated Balance Sheets		L-4
	Deferred Policy Acquisition Costs and Present Value of Future Profits		L-5
	Reinsurance Recoverable Analysis
	As of June 30, 2004		L-6
	Statutory Surplus to GAAP Stockholders’ Equity Reconciliation		L-7
	Retail Products Group
	Income Statements
	Individual Annuity		L-8
	Other		L-9
	Supplemental Data
	Sales/Other Deposits		L-10
	Assets Under Management		L-11
	Individual Annuity - Account Value Rollforward		L-12
	Other - Account Value Rollforward		L-13
	Guaranteed Minimum Death Benefits		L-14
	Institutional Solutions Group
	Income Statements		L-15
	Supplemental Data
	Sales/Other Deposits		L-16
	Assets Under Management		L-17
	Account Value and Asset Rollforward		L-18
	Individual Life
	Income Statements		L-19
	Supplemental Data		L-20
	Account Value Rollforward		L-21
	Group Benefits
	Income Statements		L-22
	Supplemental Data		L-23
PROPERTY & CASUALTY	Financial Highlights	PC-1
	Operating Results	PC-2
	Consolidating Underwriting Results
	Third Quarter Ended September 30, 2004 and 2003	PC-3
	Nine Months Ended September 30, 2004 and 2003	PC-4
	Consolidating Underwriting Results, As Adjusted	PC-5
	Ongoing Property & Casualty Underwriting Results	PC-6
	Business Insurance Underwriting Results	PC-7
	Business Insurance Written and Earned Premiums	PC-8
	Personal Lines Underwriting Results	PC-9
	Personal Lines Written and Earned Premiums	PC-10
	Specialty Commercial Underwriting Results	PC-11
	Specialty Commercial Written and Earned Premiums	PC-12
	Statistical Premium Information (Year over Year)	PC-13
	Other Operations Operating Results	PC-14
	Other Operations Claims and Claim Adjustment Expenses	PC-15
	Summary of Gross Environmental Reserves	PC-16
	Paid and Incurred Loss and Loss Adjustment Expense Development - A&E	PC-17
	Unpaid Claims and Claim Adjustment Expense Reserve Rollforward
	Third Quarter Ended September 30, 2004 and 2003	PC-18
	Nine Months Ended September 30, 2004 and 2003	PC-19
	Reinsurance Recoverable Analysis	PC-20
	Consolidated Income Statements	PC-21
	Consolidated Balance Sheets	PC-22
	Statutory Surplus to GAAP Stockholders’ Equity Reconciliation	PC-23
INVESTMENTS	General Account - Investment Earnings Before-tax
	Consolidated		I-1
	Life		I-2
	Property & Casualty		I-3
	Corporate		I-4
	Composition of Invested Assets
	Consolidated - General and Guaranteed Separate Account		I-5
	Life - General and Guaranteed Separate Account		I-6
	Property & Casualty - General Account		I-7
	Unrealized Loss Aging
	Consolidated - General and Guaranteed Separate Account		I-8
	Life - General and Guaranteed Separate Account		I-9
	Property & Casualty - General Account		I-10
	General and Guaranteed Separate Account - Invested Asset Exposures
	As of September 30, 2004		I-11

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
BASIS OF PRESENTATION

DEFINITIONS AND PRESENTATION

• All amounts are in millions, except for per share and ratio information.

• Life is organized into four reportable operating segments: Retail Products Group, Institutional Solutions Group, Individual Life and Group Benefits. Life also includes in an Other category its international operations, which are located primarily in Japan and Brazil; net realized capital gains and losses other than periodic net coupon settlements on non-qualifying derivatives and net realized capital gains and losses related to guaranteed minimum withdrawal benefits; corporate items not directly allocated to any of its reportable operating segments; and intersegment eliminations. Periodic net coupon settlements on non-qualifying derivatives and net realized capital gains and losses related to guaranteed minimum withdrawal benefits are reflected in each applicable segment in net realized capital gains and losses.

• Property and Casualty includes Ongoing Operations and Other Operations. Ongoing Operations includes the underwriting results of the Business Insurance, Personal Lines and Specialty Commercial segments. Other Operations includes the underwriting results of certain property and casualty insurance operations that have discontinued writing new business and substantially all of the Company’s asbestos and environmental exposures. Property & Casualty includes the underwriting results of Ongoing Operations and Other Operations along with income and expense items not directly allocated to the Company’s property and casualty segments, such as net investment income, net realized capital gains and losses, other expenses and income taxes.

• Corporate includes all of the Company’s debt financing and related interest expense, as well as certain capital raising and purchase accounting adjustment activities.

• On January 1, 2004, the Company adopted Statement of Position 03-1, “Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts” (“SOP 03-1”). The major provisions of SOP 03-1 require establishing guaranteed minimum death benefits and other benefit reserves for annuity contracts and reclassifying certain separate account assets to general account assets.

• Operating income is a non-GAAP measure representing net income, before the after-tax effect of net realized capital gains and losses other than periodic net coupon settlements on non-qualifying derivatives and the cumulative effect of accounting changes. The Company believes that operating income provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it excludes the effect of those realized capital gains and losses that tend to be highly variable from period to period. Net income is the most directly comparable GAAP measure.

• The Company has included the non-GAAP measure operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges, in its presentation of operating results by segment. The Company has provided this measure to enhance investor understanding of the financial performance of the Company’s operating businesses by eliminating the effect of the 2003 asbestos reserve addition, which relates solely to legacy businesses, and the tax related items, Bancorp litigation, and severance charges, because these items either are non-recurring or are highly variable from period to period. Net income is the most directly comparable GAAP measure.

• Certain operating and statistical measures have been incorporated herein to provide supplemental data that indicate trends in The Hartford’s current business. These measures include sales, account value, insurance in-force and written premiums. Written premiums is a non-GAAP measure and represents the amount of premiums charged for policies issued, net of reinsurance, during a fiscal period. Management believes that this performance measure is useful to investors as it reflects current trends in the Company’s sale of property and casualty insurance products. Earned premiums is the most directly comparable GAAP measure. Premiums are considered earned and are included in the financial results on a pro rata basis over the policy period. Premium renewal retention is defined as renewal premium written in the current period divided by total premium written in the prior period.

• The Hartford, along with others in the property and casualty insurance industry, uses underwriting ratios as measures of performance. The loss and loss adjustment expense ratio is the ratio of claims and claim adjustment expenses to earned premiums. The expense ratio is the ratio of underwriting expenses (amortization of deferred policy acquisition costs, as well as other underwriting expenses) to earned premiums. The policyholder dividend ratio is the ratio of policyholder dividends to earned premiums. The combined ratio is the sum of the loss and loss adjustment expense ratio, the expense ratio and the policyholder dividend ratio. These ratios are relative measurements that describe 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. The catastrophe ratio (a component of the loss ratio) represents the ratio of catastrophe losses to earned premiums.

i

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
BASIS OF PRESENTATION

DEFINITIONS AND PRESENTATION (continued)

• The Hartford, along with others in the life insurance industry, uses underwriting ratios as measures of the group benefits segment’s performance. The loss ratio is the ratio of total benefits, claims and claim adjustment expenses, excluding buyouts, to total premiums and other considerations excluding buyout premiums. The expense ratio is the ratio of insurance operating costs and other expenses to total premiums and other considerations excluding buyout premiums.

• Accumulated other comprehensive income (“AOCI”) represents net of tax unrealized gain (loss) on available-for-sale securities; net gain (loss) on cash-flow hedging instruments; foreign currency translation adjustments; and minimum pension liability adjustment.

• Assets under management is an internal performance measure used by the Company because a significant portion of the Company’s revenues are based upon asset values. These revenues increase or decrease with a rise or fall, correspondingly, in the level of assets under management.

• Investment yield, before- or after-tax, is calculated by dividing before- or after-tax, respectively, annualized net investment income (excluding net realized capital gains (losses) and change in fair value of trading securities) by average invested assets at cost (fixed maturities at amortized cost, excluding trading securities).

• Book value per share (including AOCI) is calculated by dividing equity including AOCI, net of tax, by common shares outstanding. Book value per share (excluding AOCI) is calculated by dividing equity excluding AOCI, net of tax, by common shares outstanding.

• Certain reclassifications have been made to the prior periods to conform to the September 30, 2004 presentation.

• NM — Not meaningful means increases or decreases greater than 200%, or changes from a net gain to a net loss position, or vice versa.

ii

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATED FINANCIAL RESULTS

	3Q			4Q			1Q			2Q			3Q
	2003			2003			2004			2004			2004
HIGHLIGHTS
Net income (loss)	$	343		$	454		$	568		$	433		$	494
Operating income (loss)	$	335		$	433		$	501		$	403		$	468
Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [1]	$	375		$	433		$	501		$	403		$	252
Total revenues	$	4,947		$	4,773		$	5,732		$	5,444		$	5,416
Total assets	$	211,362		$	225,850		$	237,261		$	240,219		$	246,489
Total assets under management [2]	$	232,112		$	250,365		$	263,810		$	268,526		$	274,961
PER SHARE AND SHARES DATA
Basic earnings (loss) per share
Net income (loss)	$	1.21		$	1.60		$	1.96		$	1.48		$	1.68
Operating income (loss)	$	1.19		$	1.53		$	1.73		$	1.38		$	1.60
Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [1]	$	1.33		$	1.53		$	1.73		$	1.38		$	0.86
Diluted earnings (loss) per share [3]
Net income (loss)	$	1.20		$	1.59		$	1.93		$	1.46		$	1.66
Operating income (loss)	$	1.18		$	1.52		$	1.70		$	1.35		$	1.57
Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [1] [4]	$	1.32		$	1.52		$	1.70		$	1.35		$	0.85
Weighted average common shares outstanding (basic)		282.5			283.0			289.9			292.3			293.2
Weighted average common shares outstanding and dilutive potential common shares (diluted) [3]		284.8			285.6			294.9			297.5			297.5
Common shares outstanding		282.7			283.4			291.7			293.0			293.5
Book value per share (including AOCI)	$	40.13		$	41.07		$	46.41		$	41.89		$	46.51
Book value per share (excluding AOCI)	$	35.33		$	36.67		$	38.97		$	40.26		$	41.70
FINANCIAL RATIOS
ROE (net income (loss) last 12 months to equity including AOCI)		(2.6	%)		(0.8	%)		16.3	%		15.1	%		15.6	%
ROE (operating income (loss) last 12 months to equity excluding AOCI)		(4.0	%)		(2.5	%)		16.5	%		15.6	%		16.2	%
ROE (operating income before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges last 12 months to equity excluding AOCI) [1]		13.9	%		14.8	%		15.9	%		15.9	%		14.3	%
Debt to capitalization including AOCI		31.2	%		32.7	%		27.6	%		28.6	%		26.5	%
Investment yield, after-tax		3.9	%		3.9	%		3.9	%		3.9	%		3.9	%
Ongoing Property & Casualty GAAP combined ratio		98.8			94.6			89.8			91.4			108.9

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Year Over Year Quarter				Sequential Quarter				NINE MONTHS ENDED SEPTEMBER 30,
	Change				Change				2003			2004			Change
HIGHLIGHTS
Net income (loss)		44	%			14	%		$	(545	)	$	1,495			NM
Operating income (loss)		40	%			16	%		$	(686	)	$	1,372			NM
Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [1]		(33	%)			(37	%)		$	1,052		$	1,156			10	%
Total revenues		9	%			(1	%)		$	13,960		$	16,592			19	%
Total assets		17	%			3	%
Total assets under management [2]		18	%			2	%
PER SHARE AND SHARES DATA
Basic earnings (loss) per share
Net income (loss)		39	%			14	%		$	(2.03	)	$	5.12			NM
Operating income (loss)		34	%			16	%		$	(2.55	)	$	4.70			NM
Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [1]		(35	%)			(38	%)		$	3.91		$	3.96			1	%
Diluted earnings (loss) per share [3]
Net income (loss)		38	%			14	%		$	(2.03	)	$	5.04			NM
Operating income (loss)		33	%			16	%		$	(2.55	)	$	4.63			NM
Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [1] [4]		(36	%)			(37	%)		$	3.89		$	3.90			—
Weighted average common shares outstanding (basic)		10.7		sh		0.9		sh		268.9			291.8			22.9		sh
Weighted average common shares outstanding and dilutive potential common shares (diluted) [3]		12.7		sh		—		sh		268.9			296.6			27.7		sh
Common shares outstanding		10.8		sh		0.5		sh		282.7			293.5			10.8		sh
Book value per share (including AOCI)		16	%			11	%
Book value per share (excluding AOCI)		18	%			4	%
FINANCIAL RATIOS
ROE (net income (loss) last 12 months to equity including AOCI)		18.2				0.5
ROE (operating income (loss) last 12 months to equity excluding AOCI)		20.2				0.6
ROE (operating income before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges last 12 months to equity excluding AOCI) [1]		0.4				(1.6	)
Debt to capitalization including AOCI		(4.7	)			(2.1	)
Investment yield, after-tax		—				—				4.1	%		3.9	%		(0.2	)
Ongoing Property & Casualty GAAP combined ratio		(10.1	)			(17.5	)			97.1			97.1			—

[1]	See p. C-8 for reconciliation of net income to operating income before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges.
[2]	Includes mutual fund assets (see page L-3) and third party assets managed by HIMCO (see page I-5).
[3]	As a result of the antidilutive impact from the net loss in the nine months ended September 30, 2003, The Hartford is required by generally accepted accounting principles to use basic weighted average shares in the calculation of diluted earnings per share for the nine months ended September 30, 2003. In the absence of the net loss, 270.4 weighted average common shares outstanding and dilutive potential common shares would have been used in the calculation for the nine months ended September 30, 2003.
[4]	Calculated using weighted average common shares outstanding and dilutive potential common shares of 270.4 for the nine months ended September 30, 2003.

C-1

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
OPERATING RESULTS BY SEGMENT

																Year Over						NINE MONTHS ENDED
	3Q			4Q			1Q			2Q			3Q			Year Quarter			Sequential Quarter			SEPTEMBER 30,
	2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
Life [1]
Individual Annuity	$	98		$	111		$	112		$	112		$	127			30	%		13	%	$	262		$	351			34	%
Other Retail		9			10			15			14			13			44	%		(7	%)		23			42			83	%
Total Retail Products Group		107			121			127			126			140			31	%		11	%		285			393			38	%
Institutional Solutions Group		32			31			29			28			33			3	%		18	%		91			90			(1	%)
Individual Life		36			41			34			37			44			22	%		19	%		102			115			13	%
Group Benefits		38			41			47			48			70			84	%		46	%		107			165			54	%
Other		8			15			19			14			19			138	%		36	%		12			52			NM
Life operating income, before tax related items and Bancorp litigation		221			249			256			253			306			38	%		21	%		597			815			37	%
Tax related items		—			—			—			—			190			NM			NM			30			190			NM
Bancorp litigation		(40	)		—			—			—			—			100	%		—			(40	)		—			100	%
Total Life operating income [2]		181			249			256			253			496			174	%		96	%		587			1,005			71	%
Property & Casualty
Ongoing Operations Underwriting Results
Business Insurance		34			67			225			97			(25	)		NM			NM			91			297			NM
Personal Lines		40			26			106			75			(137	)		NM			NM			104			44			(58	%)
Specialty Commercial		(46	)		26			(110	)		29			(58	)		(26	%)		NM			(16	)		(139	)		NM
Total Ongoing Operations underwriting results		28			119			221			201			(220	)		NM			NM			179			202			13	%
Other Operations underwriting results		(22	)		(78	)		(65	)		(214	)		(110	)		NM			49	%		(158	)		(389	)		(146	%)
Total Property & Casualty underwriting results		6			41			156			(13	)		(330	)		NM			NM			21			(187	)		NM
Net investment income		297			308			311			295			309			4	%		5	%		864			915			6	%
Periodic net coupon settlements on non-qualifying derivatives, before-tax		5			4			4			3			1			(80	%)		(67	%)		14			8			(43	%)
Net servicing and other income (loss)		9			(7	)		9			21			10			11	%		(52	%)		15			40			167	%
Other expenses		(38	)		(42	)		(68	)		(60	)		(53	)		(39	%)		12	%		(131	)		(181	)		(38	%)
Income tax (expense) benefit		(70	)		(79	)		(115	)		(58	)		50			NM			NM			(178	)		(123	)		31	%
Property & Casualty operating income (loss), before tax related items, 2003 asbestos reserve addition, and severance charges		209			225			297			188			(13	)		NM			NM			605			472			(22	%)
Tax related items		—			—			—			—			26			NM			NM			—			26			NM
2003 asbestos reserve addition		—			—			—			—			—			—			—			(1,701	)		—			100	%
Severance charges		—			—			—			—			—			—			—			(27	)		—			100	%
Total Property & Casualty operating income (loss) [2]		209			225			297			188			13			(94	%)		(93	%)		(1,123	)		498			NM
Interest and Other Corporate		(55	)		(41	)		(52	)		(38	)		(41	)		25	%		(8	%)		(150	)		(131	)		13	%
Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges [2]		375			433			501			403			252			(33	%)		(37	%)		1,052			1,156			10	%
Tax related items		—			—			—			—			216			NM			NM			30			216			NM
2003 asbestos reserve addition		—			—			—			—			—			—			—			(1,701	)		—			100	%
Bancorp litigation		(40	)		—			—			—			—			100	%		—			(40	)		—			100	%
Severance charges		—			—			—			—			—			—			—			(27	)		—			100	%
Operating income (loss) [2]		335			433			501			403			468			40	%		16	%		(686	)		1,372			NM
Add: Net realized capital gains, after-tax [2]		15			29			95			31			29			93	%		(6	%)		162			155			(4	%)
Less: Periodic net coupon settlements on non-qualifying derivatives, after-tax [2]		7			8			5			1			3			(57	%)		NM			21			9			(57	%)
Add: Cumulative effect of accounting change, after-tax		—			—			(23	)		—			—			—			—			—			(23	)		NM
Net income (loss)	$	343		$	454		$	568		$	433		$	494			44	%		14	%	$	(545	)	$	1,495			NM
PER SHARE DATA
Diluted earnings (loss) per share
Operating income, before tax related items, 2003 asbestos reserve addition, Bancorp litigation, and severance charges	$	1.32		$	1.52		$	1.70		$	1.35		$	0.85			(36	%)		(37	%)	$	3.89		$	3.90			—
Operating income (loss)	$	1.18		$	1.52		$	1.70		$	1.35		$	1.57			33	%		16	%	$	(2.55	)	$	4.63			NM
Net income (loss)	$	1.20		$	1.59		$	1.93		$	1.46		$	1.66			38	%		14	%	$	(2.03	)	$	5.04			NM

[1]	Life allocates net realized capital gains and losses from periodic net coupon settlements on non-qualifying derivatives to its segments.
[2]	Operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax. For GAAP reporting, such effects are included in net realized capital gains and losses for financial reporting purposes.

C-2

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
ANALYSIS OF OPERATING RESULTS BY SEGMENT

																Year Over
																Year			Sequential
	3Q			4Q			1Q			2Q			3Q			Quarter			Quarter
	2003			2003			2004			2004			2004			Change			Change
Life [1]
Individual Annuity	$	98		$	111		$	112		$	112		$	127			30	%		13	%
Other Retail		9			10			15			14			13			44	%		(7	%)
Total Retail Products Group		107			121			127			126			140			31	%		11	%
Institutional Solutions Group		32			31			29			28			33			3	%		18	%
Individual Life		36			41			34			37			44			22	%		19	%
Group Benefits		38			41			47			48			70			84	%		46	%
Other		8			15			19			14			19			138	%		36	%
Life operating income, before tax related items and Bancorp litigation		221			249			256			253			306			38	%		21	%
Tax related items		—			—			—			—			190		NM			NM
Bancorp litigation		(40	)		—			—			—			—			100	%		—
Total Life operating income [2]		181			249			256			253			496			174	%		96	%
Property & Casualty
Ongoing Operations Underwriting Results Before Catastrophes and Prior Year Development:
Business Insurance		64			75			99			124			108			69	%		(13	%)
Personal Lines		74			51			116			110			99			34	%		(10	%)
Specialty Commercial		10			35			33			36			48		NM				33	%
Catastrophe impacts, excluding prior year development [3]		(75	)		(47	)		(36	)		(53	)		(422	)	NM			NM
Prior year reserve development:
Catastrophe loss and loss adjustment expenses		—			14			301			(4	)		17		NM			NM
Other loss and loss adjustment expenses		(45	)		(9	)		(202	)		(12	)		(70	)		(56	%)	NM
Prior year earned premium adjustment on retrospectively rated policies		—			—			(90	)		—			—			—			—
Total Ongoing Operations underwriting results		28			119			221			201			(220	)	NM			NM
Other Operations underwriting results [4]		(22	)		(78	)		(65	)		(214	)		(110	)	NM				49	%
Total Property & Casualty underwriting results		6			41			156			(13	)		(330	)	NM			NM
Net investment income		297			308			311			295			309			4	%		5	%
Periodic net coupon settlements on non-qualifying derivatives, before-tax		5			4			4			3			1			(80	%)		(67	%)
Net servicing and other income (loss)		9			(7	)		9			21			10			11	%		(52	%)
Other expenses		(38	)		(42	)		(68	)		(60	)		(53	)		(39	%)		12	%
Income tax (expense) benefit		(70	)		(79	)		(115	)		(58	)		50		NM			NM
Property & Casualty operating income (loss), before tax related items		209			225			297			188			(13	)	NM			NM
Tax related items		—			—			—			—			26		NM			NM
Total Property & Casualty operating income [2]		209			225			297			188			13			(94	%)		(93	%)
Interest and Other Corporate		(55	)		(41	)		(52	)		(38	)		(41	)		25	%		(8	%)
Operating income, before tax related items and Bancorp litigation [2]		375			433			501			403			252			(33	%)		(37	%)
Tax related items		—			—			—			—			216		NM			NM
Bancorp litigation		(40	)		—			—			—			—			100	%		—
Operating income [2]		335			433			501			403			468			40	%		16	%
Add: Net realized capital gains, after-tax [2]		15			29			95			31			29			93	%		(6	%)
Less: Periodic net coupon settlements on non-qualifying derivatives, after-tax [2]		7			8			5			1			3			(57	%)	NM
Add: Cumulative effect of accounting change, after-tax		—			—			(23	)		—			—			—			—
Net income	$	343		$	454		$	568		$	433		$	494			44	%		14	%

[1]	Life allocates net realized capital gains and losses from periodic net coupon settlements on non-qualifying derivatives to its segments.
[2]	Operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax. For GAAP reporting, such effects are included in net realized capital gains and losses for financial reporting purposes.
[3]	Catastrophe impacts include reinstatement premium of $17. Catastrophe impacts for the third quarter ended September 30, 2004 include $133 from Hurricane Charley, $113 from Hurricane Frances, $65 from Hurricane Ivan, and $100 from Hurricane Jeanne.
[4]	The first quarter ended March 31, 2004 includes a net reserve release of $97 related to September 11th and an increase of $130 for assumed casualty reinsurance reserves. The second quarter ended June 30, 2004 includes a provision of $181 associated with the evaluation of the reinsurance recoverable asset. The third quarter ended September 30, 2004 includes $75 of environmental reserve strengthening.

C-2a

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING STATEMENTS OF OPERATIONS
THIRD QUARTER ENDED SEPTEMBER 30, 2004 AND 2003

	LIFE								PROPERTY & CASUALTY								CORPORATE									CONSOLIDATED
	2004			2003		Change			2004			2003		Change			2004			2003			Change			2004			2003		Change
Earned premiums	$	1,058		$	981		8	%	$	2,474		$	2,268		9	%	$	—		$	—			—		$	3,532		$	3,249		9	%
Fee income		805			716		12	%		—			—		—			3			—		NM				808			716		13	%
Net investment income		611			512		19	%		309			297		4	%		5			5			—			925			814		14	%
Other revenues		—			35		(100	%)		107			110		(3	%)		—			—			—			107			145		(26	%)
Net realized capital gains (losses)		28			4	NM				18			19		(5	%)		(2	)		—		NM				44			23		91	%
Total revenues		2,502			2,248		11	%		2,908			2,694		8	%		6			5			20	%		5,416			4,947		9	%
Benefits, claims and claim adjustment expenses		1,325			1,375		(4	%)		2,140			1,622		32	%		2			1			100	%		3,467			2,998		16	%
Amortization of deferred policy acquisition costs and present value of future profits		236			202		17	%		471			431		9	%		—			—			—			707			633		12	%
Insurance operating costs and expenses		526			379		39	%		193			209		(8	%)		—			—			—			719			588		22	%
Interest expense		—			—		—			—			—		—			61			70			(13	%)		61			70		(13	%)
Other expenses [1]		(1	)		65	NM				150			139		8	%		6			18			(67	%)		155			222		(30	%)
Total benefits and expenses		2,086			2,021		3	%		2,954			2,401		23	%		69			89			(22	%)		5,109			4,511		13	%
Income (loss) before income taxes		416			227		83	%		(46	)		293	NM				(63	)		(84	)		25	%		307			436		(30	%)
Income tax expense (benefit) [2]		(96	)		47	NM				(70	)		75	NM				(21	)		(29	)		28	%		(187	)		93	NM
Net income (loss) [3]		512			180		184	%		24			218		(89	%)		(42	)		(55	)		24	%		494			343		44	%
Less: Net realized capital gains (losses), after-tax		18			3	NM				12			12		—			(1	)		—		NM				29			15		93	%
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax		2			4		(50	%)		1			3		(67	%)		—			—			—			3			7		(57	%)
Operating income (loss) [3] [4]	$	496		$	181		174	%	$	13		$	209		(94	%)	$	(41	)	$	(55	)		25	%	$	468		$	335		40	%

[1]	Life includes $62 in 2003 of before-tax expense related to the settlement of the Bancorp litigation dispute.
[2]	Life includes $190 and Property and Casualty includes $26 in 2004 of tax benefit related to tax years prior to 2004.
[3]	Life includes $40 in 2003 of after-tax expense related to the settlement of the Bancorp litigation dispute.
[4]	Operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax. For GAAP reporting, such effects are included in net realized capital gains and losses.

C-3

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING STATEMENTS OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003

	LIFE								PROPERTY & CASUALTY								CORPORATE									CONSOLIDATED
	2004			2003		Change			2004		2003			Change			2004			2003			Change			2004			2003			Change
Earned premiums	$	3,023		$	2,370		28	%	$	7,013	$	6,540			7	%	$	—		$	—			—		$	10,036		$	8,910			13	%
Fee income		2,381			1,989		20	%		—		—			—			6			—		NM				2,387			1,989			20	%
Net investment income		2,670			1,519		76	%		915		864			6	%		15			15			—			3,600			2,398			50	%
Other revenues		—			99		(100	%)		328		318			3	%		1			(3	)	NM				329			414			(21	%)
Net realized capital gains (losses)		130			19	NM				116		230			(50	%)		(6	)		—		NM				240			249			(4	%)
Total revenues		8,204			5,996		37	%		8,372		7,952			5	%		16			12			33	%		16,592			13,960			19	%
Benefits, claims and claim adjustment expenses [1]		4,733			3,544		34	%		5,314		7,324			(27	%)		5			4			25	%		10,052			10,872			(8	%)
Amortization of deferred policy acquisition costs and present value of future profits		702			540		30	%		1,372		1,214			13	%		—			—			—			2,074			1,754			18	%
Insurance operating costs and expenses		1,563			1,125		39	%		514		585			(12	%)		—			—			—			2,077			1,710			21	%
Interest expense		—			—		—			—		—			—			189			205			(8	%)		189			205			(8	%)
Other expenses [2]		3			72		(96	%)		469		475			(1	%)		26			32			(19	%)		498			579			(14	%)
Total benefits and expenses		7,001			5,281		33	%		7,669		9,598			(20	%)		220			241			(9	%)		14,890			15,120			(2	%)
Income (loss) before income taxes and cumulative effect of accounting change		1,203			715		68	%		703		(1,646	)	NM				(204	)		(229	)		11	%		1,702			(1,160	)	NM
Income tax expense (benefit) [3]		118			128		(8	%)		135		(664	)	NM				(69	)		(79	)		13	%		184			(615	)	NM
Income (loss) before cumulative effect of accounting changes		1,085			587		85	%		568		(982	)	NM				(135	)		(150	)		10	%		1,518			(545	)	NM
Cumulative effect of accounting changes, after-tax [4]		(23	)		—					—		—			—			—			—			—			(23	)		—			—
Net income (loss) [5]		1,062			587		81	%		568		(982	)	NM				(135	)		(150	)		10	%		1,495			(545	)	NM
Less: Net realized capital gains (losses), after-tax		84			12	NM				75		150			(50	%)		(4	)		—		NM				155			162			(4	%)
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax		4			12		(67	%)		5		9			(44	%)		—			—			—			9			21			(57	%)
Less: Cumulative effect of accounting changes, after-tax		(23	)		—					—		—			—			—			—			—			(23	)		—			—
Operating income (loss) [5] [6]	$	1,005		$	587		71	%	$	498	$	(1,123	)	NM			$	(131	)	$	(150	)		13	%	$	1,372		$	(686	)	NM

[1]	Property & Casualty includes $2,604 in 2003 of before-tax impact of asbestos reserve addition. Property & Casualty includes $181 in 2004 resulting from the evaluation of the reinsurance recoverable asset associated with older, long-term casualty liabilities reported in the Other Operations segment, including asbestos liabilities.
[2]	Property & Casualty includes $41 in 2003 of before-tax severance charges. Life includes $62 in 2003 of before-tax expense related to the Bancorp litigation dispute.
[3]	Life includes $190 and Property and Casualty includes $26 in 2004 of tax benefit related to tax years prior to 2004.
[4]	Represents the cumulative effect of the Company’s adoption of SOP 03-1.
[5]	Property & Casualty includes $1,701 in 2003 of after-tax impact of the 2003 asbestos reserve addition and $27 in 2003 of after-tax severance charges. Life includes $40 in 2003 of after-tax expense related to settlement of the Bancorp litigation dispute. Life includes $30 in 2003 of tax benefit related to the favorable treatment of certain tax items arising during the 1996-2002 tax years.
[6]	Operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax. For GAAP reporting, such effects are included in net realized capital gains and losses.

C-4

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING BALANCE SHEETS
AS OF SEPTEMBER 30, 2004 AND DECEMBER 31, 2003

	LIFE									PROPERTY & CASUALTY							CORPORATE									CONSOLIDATED
	Sept. 30,			Dec. 31,						Sept. 30,		Dec. 31,					Sept. 30,			Dec. 31,						Sept. 30,		Dec. 31,
	2004			2003			Change			2004		2003		Change			2004			2003			Change			2004		2003		Change
Investments
Fixed maturities, available-for-sale, at fair value	$	50,200		$	37,462			34	%	$	23,932	$	23,715		1	%	$	144		$	86			67	%	$	74,276	$	61,263		21	%
Equity securities, trading, at fair value		10,685			—		NM				—		—		—			—			—			—			10,685		—	NM
Equity securities, available-for-sale, at fair value		449			357			26	%		201		208		(3	%)		—			—			—			650		565		15	%
Policy loans, at outstanding balance		2,665			2,512			6	%		—		—		—			—			—			—			2,665		2,512		6	%
Other investments		1,287			823			56	%		799		682		17	%		10			2		NM				2,096		1,507		39	%
Total investments		65,286			41,154			59	%		24,932		24,605		1	%		154			88			75	%		90,372		65,847		37	%
Cash		625			265			136	%		194		197		(2	%)		—			—			—			819		462		77	%
Premiums receivable and agents’ balances		412			335			23	%		3,009		2,750		9	%		—			—			—			3,421		3,085		11	%
Reinsurance recoverables		713			604			18	%		5,139		5,354		(4	%)		—			—			—			5,852		5,958		(2	%)
Deferred policy acquisition costs and present value of future profits		7,146			6,623			8	%		1,046		975		7	%		1			1			—			8,193		7,599		8	%
Deferred income taxes		(763	)		(486	)		(57	%)		995		1,101		(10	%)		255			230			11	%		487		845		(42	%)
Goodwill		796			796			—			152		152		—			772			772			—			1,720		1,720		—
Other assets		1,732			1,668			4	%		2,182		2,025		8	%		56			8		NM				3,970		3,701		7	%
Separate account assets		131,655			136,633			(4	%)		—		—		—			—			—			—			131,655		136,633		(4	%)
Total assets	$	207,602		$	187,592			11	%	$	37,649	$	37,159		1	%	$	1,238		$	1,099			13	%	$	246,489	$	225,850		9	%
Future policy benefits, unpaid claims and claim adjustment expenses	$	11,805		$	11,411			3	%	$	21,314	$	21,715		(2	%)	$	(5	)	$	(9	)		44	%	$	33,114	$	33,117		—
Other policyholder funds and benefits payable		49,347			26,186			88	%		—		—		—			—			(1	)		100	%		49,347		26,185		88	%
Unearned premiums		52			58			(10	%)		4,865		4,372		11	%		(6	)		(7	)		14	%		4,911		4,423		11	%
Debt [1]		—			—			—			—		—		—			4,933			5,660			(13	%)		4,933		5,660		(13	%)
Other liabilities		4,878			4,440			10	%		3,531		3,285		7	%		470			468			—			8,879		8,193		8	%
Separate account liabilities		131,655			136,633			(4	%)		—		—		—			—			—			—			131,655		136,633		(4	%)
Total liabilities		197,737			178,728			11	%		29,710		29,372		1	%		5,392			6,111			(12	%)		232,839		214,211		9	%
Equity excluding AOCI, net of tax		8,744			8,003			9	%		7,320		7,080		3	%		(3,824	)		(4,690	)		18	%		12,240		10,393		18	%
AOCI, net of tax		1,121			861			30	%		619		707		(12	%)		(330	)		(322	)		(2	%)		1,410		1,246		13	%
Total stockholders’ equity		9,865			8,864			11	%		7,939		7,787		2	%		(4,154	)		(5,012	)		17	%		13,650		11,639		17	%
Total liabilities and stockholders’ equity	$	207,602		$	187,592			11	%	$	37,649	$	37,159		1	%	$	1,238		$	1,099			13	%	$	246,489	$	225,850		9	%

[1] Includes junior subordinated debentures.

C-5

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CAPITAL STRUCTURE

																Year Over
																Year			Sequential
	3Q			4Q			1Q			2Q			3Q			Quarter			Quarter
	2003			2003			2004			2004			2004			Change			Change
DEBT
Short-term debt (includes current maturities of long-term debt)	$	515		$	1,050		$	573		$	622		$	621			21	%		—
Senior notes		2,637			2,638			2,839			2,583			2,586			(2	%)		—
Subtotal		3,152			3,688			3,412			3,205			3,207			2	%		—
Equity unit notes		1,020			1,020			1,020			1,020			1,020			—			—
Junior subordinated debentures [1]		962			952			718			698			706			(27	%)		1	%
Total debt	$	5,134		$	5,660		$	5,150		$	4,923		$	4,933			(4	%)		—
STOCKHOLDERS’ EQUITY
Equity excluding AOCI, net of tax	$	9,987		$	10,393		$	11,369		$	11,795		$	12,240			23	%		4	%
AOCI, net of tax		1,357			1,246			2,168			480			1,410			4	%		194	%
Total stockholders’ equity	$	11,344		$	11,639		$	13,537		$	12,275		$	13,650			20	%		11	%
CAPITALIZATION
Total capitalization including AOCI, net of tax	$	16,478		$	17,299		$	18,687		$	17,198		$	18,583			13	%		8	%
Total capitalization excluding AOCI, net of tax	$	15,121		$	16,053		$	16,519		$	16,718		$	17,173			14	%		3	%
DEBT TO CAPITALIZATION RATIOS
Ratios Including AOCI
Total debt to capitalization		31.2	%		32.7	%		27.6	%		28.6	%		26.5	%		(4.7	)		(2.1	)
Debt (excluding 75% of equity unit notes) to capitalization [2]		26.5	%		28.3	%		23.5	%		24.2	%		22.4	%		(4.1	)		(1.7	)
Debt (excluding equity unit notes and junior subordinated debentures) to capitalization		19.1	%		21.3	%		18.3	%		18.6	%		17.3	%		(1.8	)		(1.3	)
Ratios Excluding AOCI
Total debt to capitalization		34.0	%		35.3	%		31.2	%		29.4	%		28.7	%		(5.3	)		(0.7	)
Debt (excluding 75% of equity unit notes) to capitalization [2]		28.9	%		30.5	%		26.6	%		24.9	%		24.3	%		(4.6	)		(0.6	)
Debt (excluding equity unit notes and junior subordinated debentures) to capitalization		20.9	%		23.0	%		20.7	%		19.2	%		18.7	%		(2.2	)		(0.5	)

[1]	In accordance with the adoption of FASB Interpretation No. 46 “Consolidation of Variable Interest Entities, an interpretation of ARB No. 51”, the Company deconsolidated its trust preferred securities and simultaneously recognized as debt an equivalent note payable representing junior subordinated debentures.
[2]	Reflects the treatment of equity units by certain rating agencies in the leverage calculation.

C-6

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
ACCUMULATED OTHER COMPREHENSIVE INCOME

				PROPERTY &
	LIFE			CASUALTY			CORPORATE			CONSOLIDATED
As of September 30, 2004
Fixed maturities unrealized gain	$	1,190		$	713		$	9		$	1,912
Equities unrealized gain		7			19			—			26
Net deferred loss on cash-flow hedging instruments		(36	)		(16	)		—			(52	)
Total unrealized gain		1,161			716			9			1,886
Foreign currency translation adjustments		(40	)		(61	)		—			(101	)
Minimum pension liability adjustment		—			(36	)		(339	)		(375	)
Total accumulated other comprehensive income (loss)	$	1,121		$	619		$	(330	)	$	1,410
As of December 31, 2003
Fixed maturities unrealized gain	$	914		$	793		$	17		$	1,724
Equities unrealized gain (loss)		14			26			—			40
Net deferred gain on cash-flow hedging instruments		(25	)		(17	)		—			(42	)
Total unrealized gain		903			802			17			1,722
Foreign currency translation adjustments		(42	)		(59	)		—			(101	)
Minimum pension liability adjustment		—			(36	)		(339	)		(375	)
Total accumulated other comprehensive income (loss)	$	861		$	707		$	(322	)	$	1,246

C-7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMPUTATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE

													NINE MONTHS ENDED
													SEPTEMBER 30,
	3Q			4Q		1Q			2Q		3Q
	2003			2003		2004			2004		2004		2003			2004
Numerator:
Net income (loss)	$	343		$	454	$	568		$	433	$	494	$	(545	)	$	1,495
Less: Net realized capital gains, after-tax		15			29		95			31		29		162			155
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax		7			8		5			1		3		21			9
Less: Cumulative effect of accounting changes, after-tax		—			—		(23	)		—		—		—			(23	)
Operating income (loss)		335			433		501			403		468		(686	)		1,372
Impact of tax related items		—			—		—			—		216		30			216
Impact of 2003 asbestos reserve addition		—			—		—			—		—		(1,701	)		—
Impact of Bancorp litigation		(40	)		—		—			—		—		(40	)		—
Impact of severance charges		—			—		—			—		—		(27	)		—
Operating income before Bancorp litigation, tax related items, severance charges, and 2003 asbestos reserve addition	$	375		$	433	$	501		$	403	$	252	$	1,052		$	1,156
Denominator:
Weighted average common shares outstanding (basic)		282.5			283.0		289.9			292.3		293.2		268.9			291.8
Dilutive effect of convertible securities		—			—		1.9			2.2		1.7		—			1.9
Dilutive effect of options		2.3			2.6		3.1			3.0		2.6		—			2.9
Weighted average common shares outstanding and dilutive potential common shares (diluted) [1]		284.8			285.6		294.9			297.5		297.5		268.9			296.6
Basic earnings (loss) per share
Net income (loss)	$	1.21		$	1.60	$	1.96		$	1.48	$	1.68	$	(2.03	)	$	5.12
Less: Net realized capital gains, after-tax		0.05			0.10		0.33			0.10		0.09		0.60			0.53
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax		0.03			0.03		0.02			—		0.01		0.08			0.03
Less: Cumulative effect of accounting changes, after-tax		—			—		(0.08	)		—		—		—			(0.08	)
Operating income (loss)		1.19			1.53		1.73			1.38		1.60		(2.55	)		4.70
Impact of tax related items		—			—		—			—		0.74		0.11			0.74
Impact of 2003 asbestos reserve addition		—			—		—			—		—		(6.32	)		—
Impact of Bancorp litigation		(0.14	)		—		—			—		—		(0.15	)		—
Impact of severance charges		—			—		—			—		—		(0.10	)		—
Operating income before Bancorp litigation, tax related items, severance charges, and 2003 asbestos reserve addition	$	1.33		$	1.53	$	1.73		$	1.38	$	0.86	$	3.91		$	3.96
Diluted earnings (loss) per share [1]
Net income (loss)	$	1.20		$	1.59	$	1.93		$	1.46	$	1.66	$	(2.03	)	$	5.04
Less: Net realized capital gains, after-tax		0.05			0.10		0.33			0.11		0.10		0.60			0.52
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax		0.03			0.03		0.02			—		0.01		0.08			0.03
Less: Cumulative effect of accounting changes, after-tax		—			—		(0.08	)		—		—		—			(0.08	)
Operating income (loss)		1.18			1.52		1.70			1.35		1.57		(2.55	)		4.63
Impact of tax related items		—			—		—			—		0.72		0.11			0.73
Impact of 2003 asbestos reserve addition		—			—		—			—		—		(6.30	)		—
Impact of Bancorp litigation		(0.14	)		—		—			—		—		(0.15	)		—
Impact of severance charges		—			—		—			—		—		(0.10	)		—
Operating income before Bancorp litigation, tax related items, severance charges, and 2003 asbestos reserve addition [2]	$	1.32		$	1.52	$	1.70		$	1.35	$	0.85	$	3.89		$	3.90

[1]

As a result of the antidilutive impact from the net loss in the nine months ended September 30, 2003, The Hartford is required by generally accepted accounting principles to use basic weighted average shares in the calculation of diluted earnings per share for the nine months ended September 30, 2003. In the absence of the net loss, 270.4 weighted average common shares outstanding and dilutive potential common shares would have been used in the calculation for the nine months ended September 30, 2003.

[2]

Calculated using weighted average common shares outstanding and dilutive potential common shares of 270.4 for the nine months ended September 30, 2003.

C-8

LIFE

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
FINANCIAL HIGHLIGHTS

																Year Over						NINE MONTHS ENDED
																Year			Sequential			SEPTEMBER 30,
	3Q			4Q			1Q			2Q			3Q			Quarter			Quarter
	2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
REVENUES
Retail Products Group
Individual Annuity [1]	$	454		$	487		$	625		$	629		$	705			55	%		12	%	$	1,269		$	1,959			54	%
Other Retail		112			123			138			135			137			22	%		1	%		308			410			33	%
Total Retail Products Group		566			610			763			764			842			49	%		10	%		1,577			2,369			50	%
Institutional Solutions Group		733			485			442			434			448			(39	%)		3	%		1,625			1,324			(19	%)
Individual Life		249			249			254			252			263			6	%		4	%		733			769			5	%
Group Benefits [2]		663			656			1,004			1,000			1,009			52	%		1	%		1,968			3,013			53	%
Other [1]		37			62			595			194			(60	)	NM			NM				93			729		NM
Total revenues	$	2,248		$	2,062		$	3,058		$	2,644		$	2,502			11	%		(5	%)	$	5,996		$	8,204			37	%
OPERATING RESULTS BY SEGMENT
Retail Products Group
Individual Annuity	$	98		$	111		$	112		$	112		$	127			30	%		13	%	$	262		$	351			34	%
Other Retail		9			10			15			14			13			44	%		(7	%)		23			42			83	%
Total Retail Products Group		107			121			127			126			140			31	%		11	%		285			393			38	%
Institutional Solutions Group		32			31			29			28			33			3	%		18	%		91			90			(1	%)
Individual Life		36			41			34			37			44			22	%		19	%		102			115			13	%
Group Benefits		38			41			47			48			70			84	%		46	%		107			165			54	%
Other		8			15			19			14			19			138	%		36	%		12			52		NM
Operating income, before tax related items and Bancorp litigation		221			249			256			253			306			38	%		21	%		597			815			37	%
Tax related items		—			—			—			—			190			—			—			30			190		NM
Bancorp litigation		(40	)		—			—			—			—			100	%		—			(40	)		—			100	%
Operating income		181			249			256			253			496			174	%		96	%		587			1,005			71	%
Add: Net realized capital gains, after-tax		3			14			50			16			18		NM				13	%		12			84		NM
Less: Periodic net coupon settlements on non-qualifying derivatives, after-tax		4			5			2			—			2			(50	%)		—			12			4			(67	%)
Income before cumulative effect of accounting change, net of tax		180			258			304			269			512			184	%		90	%		587			1,085			85	%
Add: Cumulative effect of accounting change, net of tax		—			—			(23	)		—			—			—			—			—			(23	)		—
Net income	$	180		$	258		$	281		$	269		$	512			184	%		90	%	$	587		$	1,062			81	%
Operating income ROE (last 12 months to equity excluding AOCI)		14.6	%		15.0	%		15.8	%		15.7	%		20.4	%		5.8			4.7
Operating income ROE (operating income before tax related items and Bancorp litigation last 12 months to equity excluding AOCI)		14.8	%		15.2	%		15.8	%		16.4	%		17.1	%		2.3			0.5
Assets under management	$	192,038		$	210,054		$	222,712		$	227,698		$	232,800			21	%		2	%
DAC capitalization	$	441		$	457		$	494		$	477		$	492						3	%
DAC amortization	$	202		$	229		$	233		$	233		$	236						1	%
DAC and PVFP assets	$	6,265		$	6,623		$	6,523		$	7,073		$	7,146						1	%
Statutory net income (YTD)				$	1,026
Statutory surplus				$	4,470

[1]	With the adoption of SOP 03-1, in the first quarter of 2004 certain annuity products were required to be accounted for in the general account. Revenues in Other will fluctuate principally due to the mark-to-market adjustment of the trading investment portfolio supporting the variable annuity business in the Japanese operations.
[2]	Beginning in the first quarter of 2004, Group Benefits revenues include revenues associated with the newly acquired business.

L - 1

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
OPERATING RESULTS

													Year Over						NINE MONTHS ENDED
													Year			Sequential			SEPTEMBER 30,
	3Q		4Q		1Q			2Q		3Q			Quarter			Quarter
	2003		2003		2004			2004		2004			Change			Change			2003		2004			Change
REVENUES
Earned premiums	$	981	$	716	$	995		$	970	$	1,058			8	%		9	%	$	2,370	$	3,023			28	%
Fee income		716		771		786			790		805			12	%		2	%		1,989		2,381			20	%
Net investment income [1]		512		522		1,201			858		611			19	%		(29	%)		1,519		2,670			76	%
Other revenues		35		32		—			—		—			(100	%)		—			99		—			(100	%)
Net realized capital gains [2]		4		21		76			26		28		NM				8	%		19		130		NM
Total revenues		2,248		2,062		3,058			2,644		2,502			11	%		(5	%)		5,996		8,204			37	%
BENEFITS AND EXPENSES
Benefits, claims and claim adjustment expenses		1,375		1,072		1,877			1,531		1,325			(4	%)		(13	%)		3,544		4,733			34	%
Amortization of deferred policy acquisition costs and present value of future profits		202		229		233			233		236			17	%		1	%		540		702			30	%
Insurance operating costs and expenses		379		410		526			511		526			39	%		3	%		1,125		1,563			39	%
Other expenses [3]		65		—		1			3		(1	)	NM			NM				72		3			(96	%)
Total benefits and expenses		2,021		1,711		2,637			2,278		2,086			3	%		(8	%)		5,281		7,001			33	%
NET INCOME
Income before income taxes		227		351		421			366		416			83	%		14	%		715		1,203			68	%
Income tax expense (benefit) [4]		47		93		117			97		(96	)	NM			NM				128		118			(8	%)
Income before cumulative effect of accounting change, net of tax		180		258		304			269		512			184	%		90	%		587		1,085			85	%
Cumulative effect of accounting change, net of tax		—		—		(23	)		—		—			—			—			—		(23	)		—
Net income		180		258		281			269		512			184	%		90	%		587		1,062			81	%
Less: Cumulative effect of accounting change, net of tax		—		—		(23	)		—		—			—			—			—		(23	)		—
Less: Net realized capital gains, after-tax [2]		3		14		50			16		18		NM				13	%		12		84		NM
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax [1]		4		5		2			—		2			(50	%)		—			12		4			(67	%)
Operating income [4] [5]	$	181	$	249	$	256		$	253	$	496			174	%		96	%	$	587	$	1,005			71	%

[1]	With the adoption of SOP 03-1, certain annuity products were required to be accounted for in the general account. This change in accounting results in an increase in net investment income and benefits expense, as well as a decrease in other revenues beginning in the first quarter of 2004.
[2]	Includes periodic net coupon settlements on non-qualifying derivatives.
[3]	The third quarter ended September 30, 2003 includes an expense related to the Bancorp litigation dispute of $62.
[4]	The third quarter ended September 30, 2004 includes a $190 tax benefit related to the favorable treatment of certain tax items for tax years prior to 2004.
[5]	The third quarter ended September 30, 2003 includes an after-tax expense related to the Bancorp litigation dispute of $40.

L - 2

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
TOTAL ASSETS UNDER MANAGEMENT/JAPAN DATA

													Year Over						NINE MONTHS ENDED
TOTAL ASSETS		3Q			4Q		1Q		2Q		3Q		Year Quarter			Sequential Quarter			SEPTEMBER 30,
UNDER MANAGEMENT		2003			2003		2004		2004		2004		Change			Change			2003		2004		Change
	Assets
	General account	$	48,028		$	50,959	$	71,348	$	71,689	$	75,947		58	%		6	%
	Separate account		125,110	��		136,633		127,141		130,840		131,655		5	%		1	%
	Total assets		173,138			187,592		198,489		202,529		207,602		20	%		3	%
	Mutual fund assets		18,900			22,462		24,223		25,169		25,198		33	%		—
	Total assets under management	$	192,038		$	210,054	$	222,712	$	227,698	$	232,800		21	%		2	%
JAPAN
	Account Value
	Yen ¥	¥	535,180		¥	666,878	¥	846,172	¥	1,009,075	¥	1,224,483		129	%		21	%
	U.S.$	$	4,800		$	6,220	$	8,119	$	9,277	$	11,127		132	%		20	%
	Sales
	Yen ¥	¥	149,326		¥	126,708	¥	153,402	¥	174,231	¥	251,303		68	%		44	%	¥	303,802	¥	578,936		91	%
	U.S.$	$	1,276		$	1,159	$	1,436	$	1,599	$	2,295		80	%		44	%	$	2,576	$	5,330		107	%

L - 3

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
CONSOLIDATED BALANCE SHEETS

																Year Over
																Year			Sequential
	3Q			4Q			1Q			2Q			3Q			Quarter			Quarter
	2003			2003			2004			2004			2004			Change			Change
Investments
Fixed maturities, available-for-sale, at fair value	$	35,237		$	37,462		$	49,580		$	47,807		$	50,200			42	%		5	%
Equity securities, available-for-sale, at fair value		424			357			406			383			449			6	%		17	%
Equity securities, trading, at fair value		—			—			7,831			8,995			10,685			—			19	%
Policy loans, at outstanding balance		2,533			2,512			2,655			2,650			2,665			5	%		1	%
Other investments		891			823			1,167			1,229			1,287			44	%		5	%
Total investments		39,085			41,154			61,639			61,064			65,286			67	%		7	%
Cash		293			265			460			509			625			113	%		23	%
Premiums receivable and agents’ balances		205			335			338			379			412			101	%		9	%
Reinsurance recoverables		686			604			763			665			713			4	%		7	%
Deferred policy acquisition costs and present value of future profits		6,265			6,623			6,523			7,073			7,146			14	%		1	%
Deferred income taxes		(479	)		(486	)		(927	)		(444	)		(763	)		(59	%)		(72	%)
Goodwill		796			796			796			796			796			—			—
Other assets		1,177			1,668			1,756			1,647			1,732			47	%		5	%
Separate account assets		125,110			136,633			127,141			130,840			131,655			5	%		1	%
Total assets	$	173,138		$	187,592		$	198,489		$	202,529		$	207,602			20	%		3	%
Future policy benefits, unpaid claims and claim adjustment expenses	$	9,362		$	11,411		$	11,666		$	11,753		$	11,805			26	%		—
Other policyholder funds and benefits payable		26,241			26,186			45,322			46,606			49,347			88	%		6	%
Unearned premiums		63			58			55			54			52			(17	%)		(4	%)
Other liabilities		4,150			4,440			4,542			4,484			4,878			18	%		9	%
Separate account liabilities		125,110			136,633			127,141			130,840			131,655			5	%		1	%
Total liabilities		164,926			178,728			188,726			193,737			197,737			20	%		2	%
Equity excluding AOCI, net of tax		7,263			8,003			8,137			8,268			8,744			20	%		6	%
AOCI, net of tax		949			861			1,626			524			1,121			18	%		114	%
Total stockholders’ equity		8,212			8,864			9,763			8,792			9,865			20	%		12	%
Total liabilities and stockholders’ equity	$	173,138		$	187,592		$	198,489		$	202,529		$	207,602			20	%		3	%
Hartford Life and Accident Insurance Company NAIC RBC					301	%
Hartford Life Insurance Company NAIC RBC					393	%
Hartford Life and Annuity Insurance Company NAIC RBC					493	%

L - 4

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
DEFERRED POLICY ACQUISITION COSTS and PRESENT VALUE OF FUTURE PROFITS

				Other			Institutional
	Individual			Retail Products			Solutions			Individual			Group						Other
	Annuity			Group			Group			Life			Benefits			Japan			Life			Total
QUARTER-TO-DATE
Balance, June 30, 2004	$	4,273		$	235		$	164		$	1,794		$	100		$	497		$	10		$	7,073
Adjustments to unrealized gains and losses on securities available - for - sale and other		224			13			24			85			—			—			—			346
Balance excluding adjustments to unrealized gains and losses on securities available - for - sale and other		4,497			248			188			1,879			100			497			10			7,419
Capitalization		218			29			16			67			11			151			—			492
Purchase Price Adjustment - related to the acquisition of Hartford Life Group Insurance Company		—			—			—			—			(3	)		—			—			(3	)
Amortization - Deferred Policy Acquisition Costs		(139	)		(17	)		(9	)		(37	)		(5	)		(18	)		—			(225	)
Amortization - Present Value of Future Profits		(3	)		—			—			(6	)		(2	)		—			—			(11	)
Amortization - Realized Capital Gains		(1	)		—			—			—			—			—			1			—
Balance, September 30, 2004		4,572			260			195			1,903			101			630			11			7,672
Adjustments to unrealized gains and losses on securities available - for - sale and other		(329	)		(22	)		(50	)		(125	)		—			—			—			(526	)
Balance, September 30, 2004 including adjustments to unrealized gains and losses on securities available-for-sale and other	$	4,243		$	238		$	145		$	1,778		$	101		$	630		$	11		$	7,146
YEAR-TO-DATE
Balance, December 31, 2003	$	4,170		$	195		$	105		$	1,700		$	101		$	331		$	21		$	6,623
Adjustments to unrealized gains and losses on securities available - for - sale and other		190			28			67			131			—			—			—			416
Balance excluding adjustments to unrealized gains and losses on securities available - for - sale and other		4,360			223			172			1,831			101			331			21			7,039
Cumulative effect of accounting change (SOP 03-1)		(105	)		—			—			—			—			—			—			(105	)
Capitalization		753			89			51			194			29			347			—			1,463
Purchase Price Adjustment - related to the acquisition of Hartford Life Group Insurance Company		—			—			—			—			(11	)		—			—			(11	)
Amortization - Deferred Policy Acquisition Costs		(424	)		(52	)		(28	)		(103	)		(16	)		(48	)		—			(671	)
Amortization - Present Value of Future Profits		(10	)		—			—			(19	)		(2	)		—			—			(31	)
Amortization - Realized Capital Gains		(2	)		—			—			—			—			—			(10	)		(12	)
Balance, September 30, 2004		4,572			260			195			1,903			101			630			11			7,672
Adjustments to unrealized gains and losses on securities available - for - sale and other		(329	)		(22	)		(50	)		(125	)		—			—			—			(526	)
Balance, September 30, 2004 including adjustments to unrealized gains and losses on securities available-for-sale and other	$	4,243		$	238		$	145		$	1,778		$	101		$	630		$	11		$	7,146

L - 5

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
REINSURANCE RECOVERABLE ANALYSIS
As of June 30, 2004

Statutory Reserve Credit and Amounts Recoverable

Gross statutory reinsurance reserve credit	$	1,649
Liability for reinsurance in unauthorized companies		(4	)
Net statutory reinsurance reserve credit	$	1,645
Statutory amounts recoverable from reinsurers	$	164

The top ten reinsurers represent $1,645 or 91% of the total statutory reserve credit and amounts recoverable.

• 18% of this amount is with reinsurers rated “A++” by A.M. Best at October 20, 2004.

• 40% of this amount is with reinsurers rated “A+” by A.M. Best at October 20, 2004.

• 38% of this amount is with reinsurers rated “A-” by A.M. Best at October 20, 2004.

• 4% of this amount is with reinsurers rated “B+” by A.M. Best at October 20, 2004.

L - 6

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
STATUTORY SURPLUS TO GAAP STOCKHOLDERS’ EQUITY RECONCILIATION

	June 30, 2004			December 31, 2003
Statutory Capital and Surplus	$	4,318		$	4,470
GAAP Adjustments
Investment in subsidiaries		(593	)		(390	)
Deferred policy acquisition costs		7,073			6,623
Deferred taxes		(616	)		(679	)
Benefit reserves		(3,283	)		(3,664	)
Unrealized gains on investments, net of impairments		1,150			1,945
Asset valuation reserve and interest maintenance reserve		629			460
Goodwill		392			472
Other, net		(278	)		(373	)
GAAP Stockholders’ Equity	$	8,792		$	8,864

L - 7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
RETAIL PRODUCTS GROUP - INDIVIDUAL ANNUITY
INCOME STATEMENTS

																Year Over						NINE MONTHS ENDED
	3Q			4Q			1Q			2Q			3Q			Year Quarter			Sequential Quarter			SEPTEMBER 30,
	2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
Revenues
Premiums and other considerations
Variable annuity fees	$	296		$	326		$	359		$	369		$	376			27	%		2	%	$	786		$	1,104			40	%
Mutual fund and other fees		28			32			26			26			26			(7	%)		—			99			78			(21	%)
Total fee income		324			358			385			395			402			24	%		2	%		885			1,182			34	%
Net guaranteed separate account income		29			27			—			—			—			(100	%)		—			74			—			(100	%)
Direct premiums		20			18			20			17			87		NM			NM				78			124			59	%
Reinsurance premiums		(29	)		(32	)		(34	)		(34	)		(38	)		(31	%)		(12	%)		(98	)		(106	)		(8	%)
Total premiums and other considerations		344			371			371			378			451			31	%		19	%		939			1,200			28	%
Net investment income
Net investment income on G/A assets		128			125			275			271			276			116	%		2	%		371			822			122	%
Net investment income on assigned capital		16			18			16			18			18			13	%		—			46			52			13	%
Charge for invested capital		(36	)		(36	)		(36	)		(40	)		(39	)		(8	%)		3	%		(97	)		(115	)		(19	%)
Total net investment income		108			107			255			249			255			136	%		2	%		320			759			137	%
Net realized capital gains (losses) [1]		2			9			(1	)		2			(1	)	NM			NM				10			—			(100	%)
Total revenues		454			487			625			629			705			55	%		12	%		1,269			1,959			54	%
Benefits and Expenses
Benefits and claims
Death benefits		12			8			4			8			14			17	%		75	%		43			26			(40	%)
Other contract benefits		15			15			16			18			19			27	%		6	%		58			53			(9	%)
Change in reserve		10			7			9			6			73		NM			NM				38			88			132	%
Sales inducements		18			17			6			6			7			(61	%)		17	%		49			19			(61	%)
Interest credited on G/A assets		73			69			211			211			211			189	%		—			215			633			194	%
Total benefits and claims		128			116			246			249			324			153	%		30	%		403			819			103	%
Other insurance expenses
Commissions & wholesaling expenses		286			290			325			290			264			(8	%)		(9	%)		797			879			10	%
Operating expenses		46			50			46			47			50			9	%		6	%		140			143			2	%
Premium taxes and other expenses		5			2			4			5			4			(20	%)		(20	%)		15			13			(13	%)
Subtotal — expenses before deferral		337			342			375			342			318			(6	%)		(7	%)		952			1,035			9	%
Deferred policy acquisition costs		(256	)		(254	)		(286	)		(249	)		(218	)		15	%		12	%		(711	)		(753	)		(6	%)
Total other insurance expense		81			88			89			93			100			23	%		8	%		241			282			17	%
Amortization of deferred policy acquisition costs		125			137			149			143			142			14	%		(1	%)		313			434			39	%
Total benefits and expenses		334			341			484			485			566			69	%		17	%		957			1,535			60	%
Income before income tax expense		120			146			141			144			139			16	%		(3	%)		312			424			36	%
Income tax expense [3]		22			31			30			30			12			(45	%)		(60	%)		31			72			132	%
Income before cumulative effect of accounting change		98			115			111			114			127			30	%		11	%		281			352			25	%
Cumulative effect of accounting change, net of tax		—			—			(19	)		—			—			—			—			—			(19	)		—
Net income		98			115			92			114			127			30	%		11	%		281			333			19	%
Less: cumulative effect of accounting change, net of tax		—			—			(19	)		—			—			—			—			—			(19	)		—
Less: Non operating net realized gains (losses), net of tax [2]		—			4			(1	)		2			—			—			(100	%)		—			1			—
Operating income		98			111			112			112			127			30	%		13	%		281			351			25	%
Less: Tax related items		—			—			—			—			—			—			—			19			—			(100	%)
Operating income, before tax related items	$	98		$	111		$	112		$	112		$	127			30	%		13	%	$	262		$	351			34	%

[1]	Includes periodic net coupon settlements on non-qualifying derivatives and derivatives used as economic hedges of policyholder liabilities.
[2]	Net gains (losses) on derivatives used as economic hedges of certain policyholder liabilities.
[3]	The quarter ended September 30, 2004 includes $18 of additional tax benefits related to the change in estimate of 2004 DRD benefits.

L - 8

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
RETAIL PRODUCTS GROUP - OTHER
INCOME STATEMENTS

																Year Over						NINE MONTHS ENDED
	3Q			4Q			1Q			2Q			3Q			Year Quarter			Sequential Quarter			SEPTEMBER 30,
	2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
Revenues
Premiums and other considerations
Variable annuity fees	$	11		$	13		$	16		$	16		$	18			64	%		13	%	$	27		$	50			85	%
Mutual fund and other fees		84			92			105			102			101			20	%		(1	%)		227			308			36	%
Total fee income		95			105			121			118			119			25	%		1	%		254			358			41	%
Direct premiums		(1	)		1			—			—			1		NM				—			2			1			(50	%)
Reinsurance premiums		—			—			—			—			—			—			—			—			—			—
Total premiums and other considerations		94			106			121			118			120			28	%		2	%		256			359			40	%
Net investment income
Net investment income on G/A assets		16			17			17			16			17			6	%		6	%		48			50			4	%
Net investment income on assigned capital		1			—			—			1			—			(100	%)		(100	%)		2			1			(50	%)
Charge for invested capital		—			—			—			—			—			—			—			—			—			—
Total net investment income		17			17			17			17			17			—			—			50			51			2	%
Net realized capital gains [1]		1			—			—			—			—			(100	%)		—			2			—			(100	%)
Total revenues		112			123			138			135			137			22	%		1	%		308			410			33	%
Benefits and Expenses
Benefits and claims
Other contract benefits		2			2			2			2			1			(50	%)		(50	%)		5			5			—
Change in reserve		—			—			(1	)		(1	)		—			—			100	%		—			(2	)		—
Sales inducements		—			—			—			—			1			—			—			1			1			—
Interest credited on G/A assets		10			10			10			9			10			—			11	%		31			29			(6	%)
Total benefits and claims		12			12			11			10			12			—			20	%		37			33			(11	%)
Other insurance expenses
Commissions & wholesaling expenses		58			69			79			75			71			22	%		(5	%)		155			225			45	%
Operating expenses		37			38			35			39			44			19	%		13	%		99			118			19	%
Premium taxes and other expenses		1			3			2			3			3		NM				—			7			8			14	%
Subtotal - expenses before deferral		96			110			116			117			118			23	%		1	%		261			351			34	%
Deferred policy acquisition costs		(24	)		(30	)		(30	)		(30	)		(29	)		(21	%)		3	%		(68	)		(89	)		(31	%)
Total other insurance expense		72			80			86			87			89			24	%		2	%		193			262			36	%
Amortization of deferred policy acquisition costs		14			16			18			17			17			21	%		—			43			52			21	%
Total benefits and expenses		98			108			115			114			118			20	%		4	%		273			347			27	%
Income before income tax expense		14			15			23			21			19			36	%		(10	%)		35			63			80	%
Income tax expense		5			5			8			7			6			20	%		(14	%)		11			21			91	%
Net income		9			10			15			14			13			44	%		(7	%)		24			42			75	%
Less: Tax related items		—			—			—			—			—			—			—			1			—			(100	%)
Operating income, before tax related items	$	9		$	10		$	15		$	14		$	13			44	%		(7	%)	$	23		$	42			83	%

[1] Includes periodic net coupon settlements on non-qualifying derivatives.

L - 9

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
RETAIL PRODUCTS GROUP
SUPPLEMENTAL DATA - SALES/OTHER DEPOSITS

											Year Over						NINE MONTHS ENDED
	3Q		4Q		1Q		2Q		3Q		Year Quarter			Sequential Quarter			SEPTEMBER 30,
	2003		2003		2004		2004		2004		Change			Change			2003		2004		Change
SALES
Individual Annuity
Broker-dealer	$	2,853	$	2,824	$	3,082	$	2,582	$	2,216		(22	%)		(14	%)	$	8,377	$	7,880		(6	%)
Banks		1,464		1,530		1,619		1,602		1,325		(9	%)		(17	%)		3,749		4,546		21	%
Total sales by distribution	$	4,317	$	4,354	$	4,701	$	4,184	$	3,541		(18	%)		(15	%)	$	12,126	$	12,426		2	%
Variable	$	3,954	$	4,074	$	4,581	$	3,938	$	3,341		(16	%)		(15	%)	$	11,597	$	11,860		2	%
Fixed MVA/other		363		280		120		246		200		(45	%)		(19	%)		529		566		7	%
Total sales by product	$	4,317	$	4,354	$	4,701	$	4,184	$	3,541		(18	%)		(15	%)	$	12,126	$	12,426		2	%
Retail Mutual Funds	$	1,138	$	1,634	$	1,942	$	1,409	$	1,258		11	%		(11	%)	$	3,137	$	4,609		47	%
401K
Annuity	$	337	$	570	$	279	$	383	$	444		32	%		16	%	$	792	$	1,106		40	%
Mutual funds		—		—		—		—		—		—			—			3		—		(100	%)
Total 401K	$	337	$	570	$	279	$	383	$	444		32	%		16	%	$	795	$	1,106		39	%
529 College Savings Plan/Specialty Products/Other	$	56	$	91	$	100	$	86	$	79		41	%		(8	%)	$	141	$	265		88	%
SALES & OTHER DEPOSITS
Individual Annuity
Variable	$	3,954	$	4,074	$	4,581	$	3,938	$	3,341		(16	%)		(15	%)	$	11,597	$	11,860		2	%
Fixed MVA/other		452		365		232		359		316		(30	%)		(12	%)		783		907		16	%
Total Individual Annuity		4,406		4,439		4,813		4,297		3,657		(17	%)		(15	%)		12,380		12,767		3	%
Retail Mutual Funds		1,138		1,634		1,942		1,409		1,258		11	%		(11	%)		3,137		4,609		47	%
401K
Annuity		409		440		650		507		557		36	%		10	%		1,132		1,714		51	%
Mutual funds		55		63		70		48		38		(31	%)		(21	%)		152		156		3	%
Total 401K		464		503		720		555		595		28	%		7	%		1,284		1,870		46	%
529 College Savings Plan/Specialty Products/Other		56		91		100		86		79		41	%		(8	%)		141		265		88	%
Total Retail Products Group	$	6,064	$	6,667	$	7,575	$	6,347	$	5,589		(8	%)		(12	%)	$	16,942	$	19,511		15	%

L - 10

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
RETAIL PRODUCTS GROUP
SUPPLEMENTAL DATA - ASSETS UNDER MANAGEMENT

											Year Over
											Year			Sequential
	3Q		4Q		1Q		2Q		3Q		Quarter			Quarter
	2003		2003		2004		2004		2004		Change			Change
INDIVIDUAL ANNUITY
General account	$	9,796	$	9,351	$	19,338	$	19,302	$	19,322		97	%		—
Guaranteed separate account		9,996		10,239		—		—		—		(100	%)		—
Non-guaranteed separate account		68,719		78,126		82,360		84,574		84,228		23	%		—
Total Individual Annuity	$	88,511	$	97,716	$	101,698	$	103,876	$	103,550		17	%		—
401K
General account	$	1,027	$	1,024	$	1,048	$	1,077	$	1,132		10	%		5	%
Non-guaranteed separate account		3,017		3,582		4,110		4,408		4,659		54	%		6	%
Total 401K	$	4,044	$	4,606	$	5,158	$	5,485	$	5,791		43	%		6	%
TOTAL RETAIL PRODUCTS GROUP
General account	$	10,823	$	10,375	$	20,386	$	20,379	$	20,454		89	%		—
Guaranteed separate account		9,996		10,239		—		—		—		(100	%)		—
Non-guaranteed separate account		71,736		81,708		86,470		88,982		88,887		24	%		—
Total Retail Products Group account value	$	92,555	$	102,322	$	106,856	$	109,361	$	109,341		18	%		—
BY PRODUCT
Individual Annuity
Individual Variable Annuities
General account	$	8,816	$	8,345	$	7,999	$	7,900	$	7,820		(11	%)		(1	%)
Separate account		68,756		78,156		82,387		84,604		84,259		23	%		—
Total individual variable annuities		77,572		86,501		90,386		92,504		92,079		19	%		—
Fixed MVA & other individual annuities		10,939		11,215		11,312		11,372		11,471		5	%		1	%
Total Individual Annuity		88,511		97,716		101,698		103,876		103,550		17	%		—
401K - Annuity		4,044		4,606		5,158		5,485		5,791		43	%		6	%
Total Retail Products Group account value		92,555		102,322		106,856		109,361		109,341		18	%		—
Specialty Products/Other - Segregated Assets		30		48		72		103		135	NM				31	%
Mutual Fund Assets
Retail mutual fund assets		17,208		20,301		21,888		22,734		22,694		32	%		—
401K mutual fund assets		502		585		644		668		662		32	%		(1	%)
Specialty Product/Other mutual fund assets		122		109		121		127		144		18	%		13	%
529 College Savings Plan assets		177		259		324		368		398		125	%		8	%
Total Mutual Fund Assets		18,009		21,254		22,977		23,897		23,898		33	%		—
Total Retail Products Group Assets Under Management	$	110,594	$	123,624	$	129,905	$	133,361	$	133,374		21	%		—

L - 11

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
RETAIL PRODUCTS GROUP
SUPPLEMENTAL DATA - INDIVIDUAL ANNUITY - ACCOUNT VALUE ROLLFORWARD [1]

		3Q			4Q			1Q			2Q			3Q
		2003			2003			2004			2004			2004
VARIABLE ANNUITIES	Beginning balance	$	73,748		$	77,572		$	86,501		$	90,386		$	92,504
	Sales/premiums/other deposits		3,954			4,074			4,581			3,938			3,341
	Surrenders		(1,427	)		(2,163	)		(2,033	)		(1,953	)		(2,100	)
	Death benefits/annuitizations/other		(270	)		(278	)		(359	)		(334	)		(313	)
	Net exchanges		11			5			12			29			35
	Net Flows		2,268			1,638			2,201			1,680			963
	Change in market value/change in reserve/interest credited		1,556			7,291			1,684			438			(1,388	)
	Ending balance	$	77,572		$	86,501		$	90,386		$	92,504		$	92,079
FIXED MVA AND OTHER	Beginning balance	$	10,587		$	10,939		$	11,215		$	11,312		$	11,372
	Sales/premiums/other deposits		452			365			232			359			316
	Acquisitions		—			—			—			—			176
	Surrenders		(149	)		(159	)		(176	)		(313	)		(387	)
	Death benefits/annuitizations/other		(98	)		(93	)		(105	)		(116	)		(127	)
	Net exchanges		(11	)		(4	)		(12	)		(28	)		(35	)
	Net Flows		194			109			(61	)		(98	)		(57	)
	Change in market value/change in reserve/interest credited		158			167			158			158			156
	Ending balance	$	10,939		$	11,215		$	11,312		$	11,372		$	11,471
TOTAL INDIVIDUAL ANNUITY	Beginning balance	$	84,335		$	88,511		$	97,716		$	101,698		$	103,876
	Sales/premiums/other deposits		4,406			4,439			4,813			4,297			3,657
	Acquisitions		—			—			—			—			176
	Surrenders		(1,576	)		(2,322	)		(2,209	)		(2,266	)		(2,487	)
	Death benefits/annuitizations/other		(368	)		(371	)		(464	)		(450	)		(440	)
	Net exchanges		—			1			—			1			—
	Net Flows		2,462			1,747			2,140			1,582			906
	Change in market value/change in reserve/interest credited		1,714			7,458			1,842			596			(1,232	)
	Ending balance	$	88,511		$	97,716		$	101,698		$	103,876		$	103,550

[1] Account value includes policyholder balances for investment contracts and reserves for future policy benefits for insurance contracts.

L - 12

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
RETAIL PRODUCTS GROUP
SUPPLEMENTAL DATA — OTHER RETAIL — ACCOUNT VALUE ROLLFORWARD [1]

		3Q			4Q			1Q			2Q			3Q
		2003			2003			2004			2004			2004
401K
(EXCLUDING ALL MUTUAL FUNDS)	Account Value Rollforward                             Beginning balance	$	3,700		$	4,044		$	4,606		$	5,158		$	5,485
	Sales/premiums/other deposits		409			440			650			507			557
	Surrenders		(138	)		(205	)		(197	)		(209	)		(203	)
	Death benefits/annuitizations/other		(8	)		(1	)		(8	)		(7	)		(8
	Net Flows		263			234			445			291			346
	Change in market value/change in reserve/interest credited		81			328			107			36			(40	)
	Ending balance	$	4,044		$	4,606		$	5,158		$	5,485		$	5,791
RETAIL MUTUAL FUNDS	Asset Rollforward                                               Beginning balance	$	16,290		$	17,208		$	20,301		$	21,888		$	22,734
	Sales		1,138			1,634			1,942			1,409			1,258
	Redemptions		(654	)		(631	)		(887	)		(785	)		(819	)
	Net Sales		484			1,003			1,055			624			439
	Change in market value		462			2,110			557			245			(459	)
	Other		(28	)		(20	)		(25	)		(23	)		(20	)
	Ending balance	$	17,208		$	20,301		$	21,888		$	22,734		$	22,694

[1] Account value includes policyholder balances for investment contracts and reserves for future policy benefits for insurance contracts.

L - 13

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
RETAIL PRODUCTS GROUP - INDIVIDUAL ANNUITY
SUPPLEMENTAL DATA - GUARANTEED MINIMUM DEATH BENEFITS

	As of September 30, 2004
	ACCOUNT		NET AMT AT		% of NAR			RETAINED
	VALUE		RISK		REINSURED			NAR
BREAKDOWN OF VARIABLE ANNUITY ACCOUNT VALUE BY GMDB TYPE
Maximum anniversary value (MAV) [1]
MAV only	$	58,782	$	8,817		88	%	$	1,040
with 5% rollup [2]		3,996		733		81	%		137
with Earnings Protection Benefit Rider (EPB) [3]		4,236		146		70	%		44
with 5% rollup & EPB		1,425		124		83	%		21
Total MAV		68,439		9,820		87	%		1,242
Asset Protection Benefit (APB) [4]		13,837		53		41	%		31
Ratchet [5] (5 years)		41		4		97	%		0
Reset [6] (5-7 years)		8,011		933		0	%		933
Return of Premium [7]/Other		1,751		14		1	%		14
TOTAL	$	92,079	$	10,824		80	%	$	2,220

	As of			As of			As of			As of			As of
	September 30,			December 31,			March 31,			June 30,			September 30,
OTHER DATA	2003			2003			2004			2004			2004
S&P500 Index Value at end of period		995.97			1,111.92			1,126.21			1,140.80			1,114.58
Total Account Value	$	77,572		$	86,500		$	90,386		$	92,504		$	92,079
Net Amount at risk		16,200			11,388			10,462			10,111			10,824
Retained net amount at risk		3,689			2,230			2,042			1,976			2,220
GMDB net GAAP liability [8]		—			—			106			103			111
GMDB net statutory reserve		205			149			160			168			185
Present value of retained guaranteed death benefits [9]		176			132			141			161			165
95% Confidence interval of present value of retained guaranteed death benefits [9]		(110 - 368	)		(88 - 282	)		(77 - 417	)		(98-456	)		(101-443	)
Embedded value of variable annuity in-force business [10]
Value of in-force	$	2,492		$	2,805		$	2,941		$	2,966		$	2,854
Cost of capital		(350	)		(400	)		(401	)		(392	)		(376	)
Total embedded value	$	2,142		$	2,405		$	2,540		$	2,574		$	2,478

[1]	MAV: the death benefit is the greatest of current account value, net premiums paid and the highest account value on any anniversary before age 80 (adjusted for withdrawals).
[2]	Rollup: the death benefit is the greatest of the MAV, current account value, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 or 100% of adjusted premiums.
[3]	EPB: The death benefit is the greatest of the MAV, current account value, or contract value plus a percentage of the contract’s growth. The contract’s growth is account value less premiums net of withdrawals, subject to a cap of 200% of premiums net of withdrawals.
[4]	APB: the death benefit is the greater of current account value or MAV, not to exceed current account value plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months).
[5]	Ratchet: the death benefit is the greatest of current account value, net premiums paid and the highest account value on any specified anniversary before age 85 (adjusted for withdrawals).
[6]	Reset: the death benefit is the greatest of current account value, net premiums paid and the most recent five to seven year anniversary account value before age 80 (adjusted for withdrawals).
[7]	Return of premium: the death benefit is the greater of current account value and net premiums paid.
[8]	This reserve was established for GAAP in 2004 with the adoption of SOP 03-1.
[9]	For the March 31, 2004 determination of the 95% confidence interval of present value retained guaranteed death benefits, the Hartford enhanced and expanded the stochastically generated investment performance scenarios to 1,000. This more refined projection of the range of future death claims results in a wider confidence interval.
[10]	Significant Assumptions: (a) 9.25% Cost of capital, (b) 9% separate account appreciation, (c) 35% Effective tax rate. Excludes the value of statutory surplus required to support the in-force business.

L - 14

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INSTITUTIONAL SOLUTIONS GROUP
INCOME STATEMENTS

	3Q			4Q			1Q			2Q			3Q			Year Over Year Quarter			Sequential Quarter			NINE MONTHS ENDED SEPTEMBER 30,
	2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
Revenues
Premiums and other considerations
Variable annuity fees	$	22		$	25		$	25		$	23		$	23			5	%		—		$	63		$	71			13	%
Cost of insurance charges		51			50			47			50			48			(6	%)		(4	%)		157			145			(8	%)
Mutual fund and other fees		—			—			2			3			6			—			100	%		4			11			175	%
Total fee income		73			75			74			76			77			5	%		1	%		224			227			1	%
Net guaranteed separate account income		2			2			—			—			—			(100	%)		—			7			—			(100	%)
Direct premiums		403			150			109			95			100			(75	%)		5	%		645			304			(53	%)
Total premiums and other considerations		478			227			183			171			177			(63	%)		4	%		876			531			(39	%)
Net investment income
Net investment income on G/A assets		245			247			249			255			262			7	%		3	%		719			766			7	%
Net investment income on assigned capital		6			7			7			6			7			17	%		17	%		19			20			5	%
Charge for invested capital		1			1			1			1			—			(100	%)		(100	%)		2			2			—
Total net investment income		252			255			257			262			269			7	%		3	%		740			788			6	%
Net realized capital gains [1]		3			3			2			1			2			(33	%)		100	%		9			5			(44	%)
Total revenues		733			485			442			434			448			(39	%)		3	%		1,625			1,324			(19	%)
Benefits and Expenses
Benefits and claims
Death benefits		39			38			37			46			38			(3	%)		(17	%)		129			121			(6	%)
Other contract benefits		74			66			82			81			87			18	%		7	%		225			250			11	%
Change in reserve		387			148			94			85			92			(76	%)		8	%		576			271			(53	%)
Sales inducements		1			—			—			—			—			(100	%)		—			1			—			(100	%)
Interest credited on G/A assets		144			143			142			145			146			1	%		1	%		423			433			2	%
Total benefits and claims		645			395			355			357			363			(44	%)		2	%		1,354			1,075			(21	%)
Other insurance expenses
Commissions & wholesaling expenses		10			13			10			9			10			—			11	%		31			29			(6	%)
Operating expenses		29			31			30			26			29			—			12	%		82			85			4	%
Dividends to policyholders		14			7			12			8			2			(86	%)		(75	%)		53			22			(58	%)
Premium taxes and other expenses [2]		62			(2	)		3			1			4			(94	%)	NM				64			8			(88	%)
Subtotal - expenses before deferral		115			49			55			44			45			(61	%)		2	%		230			144			(37	%)
Deferred policy acquisition costs		(17	)		(19	)		(18	)		(17	)		(16	)		6	%		6	%		(48	)		(51	)		(6	%)
Total other insurance expense		98			30			37			27			29			(70	%)		7	%		182			93			(49	%)
Amortization of deferred policy acquisition costs		6			15			9			10			9			50	%		(10	%)		19			28			47	%
Total benefits and expenses		749			440			401			394			401			(46	%)		2	%		1,555			1,196			(23	%)
Income (loss) before income taxes		(16	)		45			41			40			47		NM				18	%		70			128			83	%
Income tax expense (benefit)		(8	)		14			12			12			14		NM				17	%		18			38			111	%
Income (loss) before cumulative effect of accounting change		(8	)		31			29			28			33		NM				18	%		52			90			73	%
Cumulative effect of accounting change, net of tax		—			—			(1	)		—			—			—			—			—			(1	)		—
Net income (loss)		(8	)		31			28			28			33		NM				18	%		52			89			71	%
Less: cumulative effect of accounting change, net of tax		—			—			(1	)		—			—			—			—			—			(1	)		—
Operating income (loss)		(8	)		31			29			28			33		NM				18	%		52			90			73	%
Less: Tax related items		—			—			—			—			—			—			—			1			—			(100	%)
Less: Bancorp litigation		(40	)		—			—			—			—			100	%		—			(40	)		—			100	%
Operating income, before tax related items and Bancorp litigation	$	32		$	31		$	29		$	28		$	33			3	%		18	%	$	91		$	90			(1	%)

[1]	Includes periodic net coupon settlements on non-qualifying derivatives.
[2]	The third quarter ended September 30, 2003 includes an expense related to the Bancorp litigation dispute of $62.

L - 15

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INSTITUTIONAL SOLUTIONS GROUP
SUPPLEMENTAL DATA - SALES/OTHER DEPOSITS

	3Q		4Q		1Q		2Q		3Q		Year Over YearQuarter			Sequential Quarter			NINE MONTHS ENDED SEPTEMBER 30,
	2003		2003		2004		2004		2004		Change			Change			2003		2004		Change
SALES
Institutional
Structured settlements	$	172	$	219	$	140	$	156	$	175		2	%		12	%	$	496	$	471		(5	%)
Institutional annuities		308		59		11		7		22		(93	%)	NM				369		40		(89	%)
Mutual funds		55		221		96		38		62		13	%		63	%		118		196		66	%
GIC/Funding agreements		351		562		74		1,000		624		78	%		(38	%)		1,324		1,698		28	%
Total Institutional	$	886	$	1,061	$	321	$	1,201	$	883		—			(26	%)	$	2,307	$	2,405		4	%
Governmental
Annuity	$	345	$	102	$	126	$	111	$	73		(79	%)		(34	%)	$	526	$	310		(41	%)
Mutual funds		9		8		10		8		8		(11	%)		—			25		26		4	%
Total Governmental	$	354	$	110	$	136	$	119	$	81		(77	%)		(32	%)	$	551	$	336		(39	%)
Private Placement Life Insurance
Corporate owned	$	12	$	89	$	103	$	142	$	146	NM				3	%	$	107	$	391	NM
High net worth		4		15		49		16		5		25	%		(69	%)		112		70		(38	%)
Total Private Placement Life Insurance	$	16	$	104	$	152	$	158	$	151	NM				(4	%)	$	219	$	461		111	%
SALES & OTHER DEPOSITS
Institutional
Structured settlements	$	161	$	151	$	203	$	180	$	156		(3	%)		(13	%)	$	458	$	539		18	%
Institutional annuities		304		64		7		11		22		(93	%)		100	%		366		40		(89	%)
Mutual funds		55		221		96		38		82		49	%		116	%		118		216		83	%
GIC/Funding agreements		327		466		18		319		546		67	%		71	%		1,115		883		(21	%)
Other		7		6		4		316		4		(43	%)		(99	%)		318		324		2	%
Total Institutional		854		908		328		864		810		(5	%)		(6	%)		2,375		2,002		(16	%)
Governmental
Annuity		520		297		358		307		255		(51	%)		(17	%)		1,028		920		(11	%)
Mutual funds		9		8		10		8		8		(11	%)		—			25		26		4	%
Total Governmental		529		305		368		315		263		(50	%)		(17	%)		1,053		946		(10	%)
Private Placement Life Insurance
Corporate owned		55		89		175		131		137		149	%		5	%		144		443	NM
High net worth		4		15		48		16		5		25	%		(69	%)		112		69		(38	%)
Total Private Placement Life Insurance		59		104		223		147		142		141	%		(3	%)		256		512		100	%
Total Institutional Solutions Group	$	1,442	$	1,317	$	919	$	1,326	$	1,215		(16	%)		(8	%)	$	3,684	$	3,460		(6	%)

L - 16

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INSTITUTIONAL SOLUTIONS GROUP
SUPPLEMENTAL DATA - ASSETS UNDER MANAGEMENT

											Year Over Year			Sequential
	3Q		4Q		1Q		2Q		3Q		Quarter			Quarter
	2003		2003		2004		2004		2004		Change			Change
INSTITUTIONAL
General account	$	9,270	$	9,912	$	10,135	$	10,318	$	10,919		18	%		6	%
Guaranteed separate account		367		343		357		335		352		(4	%)		5	%
Non-guaranteed separate account		2,265		2,405		2,449		2,724		2,740		21	%		1	%
Total Institutional	$	11,902	$	12,660	$	12,941	$	13,377	$	14,011		18	%		5	%
GOVERNMENTAL
General account	$	3,787	$	3,819	$	3,831	$	3,907	$	3,994		5	%		2	%
Non-guaranteed separate account		4,532		5,146		5,412		5,538		5,443		20	%		(2	%)
Total Governmental	$	8,319	$	8,965	$	9,243	$	9,445	$	9,437		13	%		—
PRIVATE PLACEMENT LIFE INSURANCE
General account	$	2,448	$	2,403	$	2,417	$	2,397	$	2,409		(2	%)		1	%
Non-guaranteed separate account		20,711		21,114		21,425		21,703		22,000		6	%		1	%
Total Private Placement Life Insurance	$	23,159	$	23,517	$	23,842	$	24,100	$	24,409		5	%		1	%
TOTAL INSTITUTIONAL SOLUTIONS GROUP
General account	$	15,505	$	16,134	$	16,383	$	16,622	$	17,322		12	%		4	%
Guaranteed separate account		367		343		357		335		352		(4	%)		5	%
Non-guaranteed separate account		27,508		28,665		29,286		29,965		30,183		10	%		1	%
Total Institutional Solutions Group account value	$	43,380	$	45,142	$	46,026	$	46,922	$	47,857		10	%		2	%
BY PRODUCT
Institutional
Structured settlements	$	3,140	$	3,285	$	3,492	$	3,673	$	3,828		22	%		4	%
Institutional annuities		2,333		2,395		2,418		2,397		2,418		4	%		1	%
GIC/Funding agreements		4,261		4,677		4,686		4,690		5,129		20	%		9	%
Other		2,168		2,303		2,345		2,617		2,636		22	%		1	%
Total Institutional		11,902		12,660		12,941		13,377		14,011		18	%		5	%
Governmental - Annuity		8,319		8,965		9,243		9,445		9,437		13	%		—
Private Placement Life Insurance
Variable		20,557		20,993		21,305		21,592		21,889		6	%		1	%
Leveraged		2,602		2,524		2,537		2,508		2,520		(3	%)		—
Total Private Placement Life Insurance		23,159		23,517		23,842		24,100		24,409		5	%		1	%
Total Institutional Solutions Group account value		43,380		45,142		46,026		46,922		47,857		10	%		2	%
Mutual Fund Assets
Institutional mutual fund assets		196		438		484		508		569		190	%		12	%
Governmental mutual fund assets		695		770		762		764		731		5	%		(4	%)
Total Mutual Fund Assets		891		1,208		1,246		1,272		1,300		46	%		2	%
Total Institutional Solutions Group Assets Under Management	$	44,271	$	46,350	$	47,272	$	48,194	$	49,157		11	%		2	%

L - 17

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INSTITUTIONAL SOLUTIONS GROUP
SUPPLEMENTAL DATA — ACCOUNT VALUE AND ASSET ROLLFORWARD [1]

		3Q			4Q			1Q			2Q			3Q
		2003			2003			2004			2004			2004
INSTITUTIONAL	Account Value Rollforward
(EXCLUDING ALL MUTUAL FUNDS)	Beginning balance	$	11,224		$	11,902		$	12,660		$	12,941		$	13,377
	Sales/premiums/other deposits		799			687			232			826			728
	Acquisitions		—			—			—			—			—
	Surrenders		(114	)		(210	)		(88	)		(402	)		(197	)
	Death benefits/annuitizations/other		(90	)		(82	)		(99	)		(101	)		(104	)
	Net Flows		595			395			45			323			427
	Change in market value/change in reserve/interest credited		83			363			236			113			207
	Ending balance	$	11,902		$	12,660		$	12,941		$	13,377		$	14,011
GOVERNMENTAL	Account Value Rollforward
(EXCLUDING ALL MUTUAL FUNDS)	Beginning balance	$	7,811		$	8,319		$	8,965		$	9,243		$	9,445
	Sales/premiums/other deposits		520			297			358			307			255
	Surrenders		(154	)		(197	)		(239	)		(185	)		(169	)
	Death benefits/annuitizations/other		(17	)		(17	)		(15	)		(16	)		(16	)
	Net Flows		349			83			104			106			70
	Change in market value/change in reserve/interest credited		159			563			174			96			(78	)
	Ending balance	$	8,319		$	8,965		$	9,243		$	9,445		$	9,437
PRIVATE PLACEMENT LIFE
INSURANCE	Account Value Rollforward
	Beginning balance	$	23,463		$	23,159		$	23,517		$	23,842		$	24,100
	Initial and subsequent premiums		59			104			223			147			142
	Surrenders		(571	)		(106	)		(16	)		(35	)		(3	)
	Death benefits/annuitizations/other		(93	)		(38	)		(119	)		(121	)		(94	)
	Net Flows		(605	)		(40	)		88			(9	)		45
	Change in market value/change in reserve/interest credited		301			398			237			267			264
	Net exchanges		—			—			—			—			—
	Ending balance	$	23,159		$	23,517		$	23,842		$	24,100		$	24,409

[1] Account value includes policyholder balances for investment contracts and reserves for future policy benefits for insurance contracts.

L - 18

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INDIVIDUAL LIFE
INCOME STATEMENTS

	3Q			4Q			1Q			2Q			3Q			Year Over Year Quarter			Sequential Quarter			NINE MONTHS ENDED SEPTEMBER 30,
	2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
Revenues
Premiums and other considerations
Variable life fees	$	11		$	13		$	12		$	13		$	13			18	%		—		$	31		$	38			23	%
Cost of insurance charges		108			110			110			110			113			5	%		3	%		321			333			4	%
Other fees		69			67			64			58			64			(7	%)		10	%		197			186			(6	%)
Total fee income		188			190			186			181			190			1	%		5	%		549			557			1	%
Gross MVA/MGLI spread income		2			1			—			—			—			(100	%)		—			7			—			(100	%)
Investment expenses		—			—			—			—			—			—			—			—			—			—
Net guaranteed separate account income		2			1			—			—			—			(100	%)		—			7			—			(100	%)
Direct premiums		15			17			17			17			17			13	%		—			44			51			16	%
Reinsurance premiums		(19	)		(23	)		(22	)		(22	)		(23	)		(21	%)		(5	%)		(58	)		(67	)		(16	%)
Net premiums		(4	)		(6	)		(5	)		(5	)		(6	)		(50	%)		(20	%)		(14	)		(16	)		(14	%)
Total premiums and other considerations		186			185			181			176			184			(1	%)		5	%		542			541			—
Net investment income
Net investment income on G/A assets		69			71			80			82			84			22	%		2	%		211			246			17	%
Net investment income on assigned capital		4			4			3			4			3			(25	%)		(25	%)		11			10			(9	%)
Charge for invested capital		(10	)		(11	)		(10	)		(10	)		(9	)		10	%		10	%		(30	)		(29	)		3	%
Total net investment income		63			64			73			76			78			24	%		3	%		192			227			18	%
Net realized capital gains (losses) [1]		—			—			—			—			1			—			—			(1	)		1		NM
Total revenues		249			249			254			252			263			6	%		4	%		733			769			5	%
Benefits and Expenses
Benefits and claims
Death benefits		62			46			67			61			60			(3	%)		(2	%)		178			188			6	%
Other contract benefits		6			6			5			6			5			(17	%)		(17	%)		17			16			(6	%)
Change in reserve		—			(1	)		—			—			(3	)		—			—			(2	)		(3	)		(50	%)
Interest credited on G/A assets		49			48			53			53			53			8	%		—			144			159			10	%
Total benefits and claims		117			99			125			120			115			(2	%)		(4	%)		337			360			7	%
Other insurance expenses
Commissions & wholesaling expenses		40			54			44			46			47			18	%		2	%		114			137			20	%
Operating expenses		47			55			48			50			52			11	%		4	%		138			150			9	%
Dividends to policyholders		1			1			1			—			1			—			—			2			2			—
Premium taxes and other expenses		7			8			8			9			8			14	%		(11	%)		22			25			14	%
Subtotal - expenses before deferral		95			118			101			105			108			14	%		3	%		276			314			14	%
Deferred policy acquisition costs		(57	)		(73	)		(61	)		(66	)		(67	)		(18	%)		(2	%)		(160	)		(194	)		(21	%)
Total other insurance expense		38			45			40			39			41			8	%		5	%		116			120			3	%
Amortization of deferred policy acquisition costs and present value of future profits		42			45			39			40			43			2	%		8	%		131			122			(7	%)
Total benefits and expenses		197			189			204			199			199			1	%		—			584			602			3	%
Income before income tax expense		52			60			50			53			64			23	%		21	%		149			167			12	%
Income tax expense		16			19			16			16			20			25	%		25	%		45			52			16	%
Income before cumulative effect of accounting changes		36			41			34			37			44			22	%		19	%		104			115			11	%
Cumulative effect of accounting changes, net of tax		—			—			(1	)		—			—			—			—			—			(1	)		—
Net income		36			41			33			37			44			22	%		19	%		104			114			10	%
Less: cumulative effect of accounting changes, net of tax		—			—			(1	)		—			—			—			—			—			(1	)		—
Operating income		36			41			34			37			44			22	%		19	%		104			115			11	%
Less: Tax related items		—			—			—			—			—			—			—			2			—			(100	%)
Operating income, before tax related items	$	36		$	41		$	34		$	37		$	44			22	%		19	%	$	102		$	115			13	%

[1] Includes periodic net coupon settlements on non-qualifying derivatives.

L - 19

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INDIVIDUAL LIFE
SUPPLEMENTAL DATA

	3Q		4Q		1Q		2Q		3Q		Year Over Year Quarter			Sequential Quarter			NINE MONTHS ENDED SEPTEMBER 30,
	2003		2003		2004		2004		2004		Change			Change			2003		2004		Change
SALES BY DISTRIBUTION
Wirehouse/regional broker-dealer/banks	$	28	$	32	$	21	$	23	$	26		(7	%)		13	%	$	61	$	70		15	%
Independent broker-dealer/WFS		12		18		16		14		17		42	%		21	%		36		47		31	%
Life professional/other		10		20		14		10		13		30	%		30	%		29		37		28	%
Total sales by distribution	$	50	$	70	$	51	$	47	$	56		12	%		19	%	$	126	$	154		22	%
SALES BY PRODUCT
Variable life	$	26	$	30	$	23	$	25	$	31		19	%		24	%	$	75	$	79		5	%
Universal life/whole life		21		37		24		19		21		—			11	%		43		64		49	%
Term life/other		3		3		4		3		4		33	%		33	%		8		11		38	%
Total sales by product	$	50	$	70	$	51	$	47	$	56		12	%		19	%	$	126	$	154		22	%
ACCOUNT VALUE
General account	$	3,770	$	3,829	$	4,395	$	4,425	$	4,465		18	%		1	%
Separate account		4,477		4,897		4,441		4,567		4,478		—			(2	%)
Total account value	$	8,247	$	8,726	$	8,836	$	8,992	$	8,943		8	%		(1	%)
ACCOUNT VALUE BY PRODUCT
Variable life	$	4,284	$	4,725	$	4,797	$	4,934	$	4,860		13	%		(1	%)
Universal life/interest sensitive whole life		3,213		3,259		3,297		3,321		3,350		4	%		1	%
Modified guaranteed life		661		655		653		647		641		(3	%)		(1	%)
Other		89		87		89		90		92		3	%		2	%
Total account value by product	$	8,247	$	8,726	$	8,836	$	8,992	$	8,943		8	%		(1	%)
LIFE INSURANCE IN FORCE
Variable life	$	66,561	$	67,031	$	67,101	$	67,537	$	68,051		2	%		1	%
Universal life/interest sensitive whole life		37,990		38,320		38,532		38,554		38,717		2	%		—
Term life		22,754		24,302		25,711		27,199		28,795		27	%		6	%
Modified guaranteed life		896		881		872		857		843		(6	%)		(2	%)
Other		261		264		266		273		280		7	%		3	%
Total life insurance in force	$	128,462	$	130,798	$	132,482	$	134,420	$	136,686		6	%		2	%

L - 20

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INDIVIDUAL LIFE
ACCOUNT VALUE ROLLFORWARD

		3Q			4Q			1Q			2Q			3Q
		2003			2003			2004			2004			2004
VARIABLE LIFE	Beginning balance	$	4,141		$	4,284		$	4,725		$	4,797			$	4,934
	First year & single premiums		65			69			65			68				78
	Renewal premiums		121			159			139			136				128
	Premiums and deposits		186			228			204			204				206
	Change in market value/interest credited		119			410			44			106				(97	)
	Surrenders [2]		(64	)		(82	)		(75	)		(62	)			(75	)
	Death benefits/policy fees		(103	)		(115	)		(101	)		(111	)			(108	)
	Net exchanges		5			—			—			—				—
	Ending balance	$	4,284		$	4,725		$	4,797		$	4,934			$	4,860
OTHER [1]	Beginning balance	$	3,925		$	3,963		$	4,001		$	4,039			$	4,058
	First year & single premiums		59			70			60			48				54
	Renewal premiums		86			84			83			86				87
	Premiums and deposits		145			154			143			134				141
	Change in market value/interest credited		50			50			48			47				48
	Surrenders		(62	)		(66	)		(55	)		(56	)			(60	)
	Death benefits/policy fees		(90	)		(100	)		(98	)		(106	)			(104	)
	Net exchanges		(5	)		—			—			—				—
	Ending balance	$	3,963		$	4,001		$	4,039		$	4,058			$	4,083
TOTAL INDIVIDUAL LIFE	Beginning balance	$	8,066		$	8,247		$	8,726		$	8,836			$	8,992
	First year & single premiums		124			139			125			116				132
	Renewal premiums		207			243			222			222				215
	Premiums and deposits		331			382			347			338				347
	Change in market value/interest credited		169			460			92			153				(49	)
	Surrenders		(126	)		(148	)		(130	)		(118	)			(135	)
	Death benefits/policy fees		(193	)		(215	)		(199	)		(217	)			(212	)
	Net exchanges		—			—			—			—				—
	Ending balance	$	8,247		$	8,726		$	8,836		$	8,992			$	8,943

[1]	Includes Universal Life, Interest Sensitive Whole Life, Modified Guaranteed Life Insurance and other.
[2]	The fourth quarter 2003 includes return of account value of $16 for a discontinued product.

L - 21

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
GROUP BENEFITS
INCOME STATEMENTS

	3Q			4Q			1Q			2Q			3Q			Year Over Year Quarter			Sequential Quarter			NINE MONTHS ENDED SEPTEMBER 30,
	2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
Revenues
Premiums and other considerations
ASO fees	$	4		$	5		$	9		$	8		$	9			125	%		13	%	$	14		$	26			86	%
Mutual fund and other fees		1			—			1			1			—			(100	%)		(100	%)		1			2			100	%
Total fee income		5			5			10			9			9			80	%		—			15			28			87	%
Direct premiums		582			578			726			720			746			28	%		4	%		1,720			2,192			27	%
Reinsurance premiums		10			7			179			177			159		NM				(10	%)		37			515		NM
Total premiums and other considerations		597			590			915			906			914			53	%		1	%		1,772			2,735			54	%
Net investment income
Net investment income on G/A assets		56			56			77			80			82			46	%		2	%		169			239			41	%
Net investment income on assigned capital		10			10			12			13			13			30	%		—			29			38			31	%
Total net investment income		66			66			89			93			95			44	%		2	%		198			277			40	%
Net realized capital gains (losses) [1]		—			—			—			1			—			—			(100	%)		(2	)		1		NM
Total revenues		663			656			1,004			1,000			1,009			52	%		1	%		1,968			3,013			53	%
Benefits and Expenses
Benefits and claims
Death benefits		167			150			259			232			217			30	%		(6	%)		514			708			38	%
Other contract benefits		262			251			387			396			394			50	%		(1	%)		774			1,177			52	%
Change in reserve		43			49			38			62			60			40	%		(3	%)		124			160			29	%
Total benefits and claims		472			450			684			690			671			42	%		(3	%)		1,412			2,045			45	%
Other insurance expenses
Commissions & wholesaling expenses		61			56			129			123			117			92	%		(5	%)		178			369			107	%
Operating expenses		70			86			113			109			112			60	%		3	%		211			334			58	%
Premium taxes and other expenses		12			11			19			17			16			33	%		(6	%)		34			52			53	%
Subtotal - expenses before deferral		143			153			261			249			245			71	%		(2	%)		423			755			78	%
Deferred policy acquisition costs		(6	)		(6	)		(9	)		(9	)		(11	)		(83	%)		(22	%)		(17	)		(29	)		(71	%)
Total other insurance expense		137			147			252			240			234			71	%		(3	%)		406			726			79	%
Amortization of deferred policy acquisition costs		4			5			5			6			7			75	%		17	%		13			18			38	%
Total benefits and expenses		613			602			941			936			912			49	%		(3	%)		1,831			2,789			52	%
Income before income tax expense		50			54			63			64			97			94	%		52	%		137			224			64	%
Income tax expense		12			13			16			16			27			125	%		69	%		30			59			97	%
Net income	$	38		$	41		$	47		$	48		$	70			84	%		46	%	$	107		$	165			54	%
Less: Non operating net realized gains (losses), net of tax		—			—			—			—			—			—			—			—			—			—
Operating income		38			41			47			48			70			84	%		46	%		107			165			54	%
Less: Tax related items		—			—			—			—			—			—			—			—			—			—
Operating income, before tax related items	$	38		$	41		$	47		$	48		$	70			84	%		46	%	$	107		$	165			54	%

[1] Includes periodic net coupon settlements on non-qualifying derivatives.

L - 22

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
GROUP BENEFITS
SUPPLEMENTAL DATA

		3Q			4Q			1Q			2Q			3Q			Year Over Year Quarter			Sequential Quarter			NINE MONTHS ENDED SEPTEMBER 30,
		2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
PREMIUMS	Fully Insured - Ongoing Premiums
	Group disability	$	243		$	240		$	393		$	383		$	393			62	%		3	%	$	723		$	1,169			62	%
	Group life		249			252			415			412			411			65	%		—			732			1,238			69	%
	Other		89			93			97			102			100			12	%		(2	%)		262			299			14	%
	Total fully insured - ongoing premiums		581			585			905			897			904			56	%		1	%		1,717			2,706			58	%
	Total buyouts [1]		11			—			—			—			1			(91	%)		—			40			1			(98	%)
	Total premiums		592			585			905			897			904			53	%		1	%		1,757			2,706			54	%
	Group disability - premium equivalents [2]		50			51			62			72			71			42	%		(1	%)		151			205			36	%
	Total premiums and premium equivalent claims	$	642		$	636		$	967		$	969		$	976			52	%		1	%	$	1,908		$	2,912			53	%
SALES (GROSS ANNUALIZED NEW PREMIUMS)	Fully Insured - Ongoing Sales
	Group disability	$	32		$	39		$	139		$	35		$	39			22	%		11	%	$	186		$	213			15	%
	Group life		38			43			152			58			51			34	%		(12	%)		157			261			66	%
	Other		30			11			50			11			17			(43	%)		55	%		71			78			10	%
	Total fully insured - ongoing sales		100			93			341			104			107			7	%		3	%		414			552			33	%
	Total buyouts [1]		11			16			—			—			3			(73	%)		—			56			3			(95	%)
	Total sales		111			109			341			104			110			(1	%)		6	%		470			555			18	%
	Group disability premium equivalents [2]		6			7			37			8			33		NM			NM				34			78			129	%
	Total sales and premium equivalents	$	117		$	116		$	378		$	112		$	143			22	%		28	%	$	504		$	633			26	%
RATIOS [3]	Loss Ratio		78.7	%		76.3	%		74.8	%		76.2	%		73.4	%		(7	%)		(4	%)		79.2	%		74.8	%		(6	%)
	Expense Ratio		24.1	%		25.8	%		28.1	%		27.2	%		26.4	%		10	%		(3	%)		24.2	%		27.2	%		12	%
GAAP RESERVES	Group disability	$	2,552		$	3,997		$	4,042		$	4,081		$	4,134			62	%		1	%
	Group life		822			1,282			1,274			1,295			1,291			57	%		—
	Other		212			200			202			197			206			(3	%)		5	%
	Total GAAP reserves	$	3,586		$	5,479		$	5,518		$	5,573		$	5,631			57	%		1	%

[1]	Takeover of open claim liabilities and other non-recurring premium amounts.
[2]	Administrative services only (ASO) fees and claims under claim management agreements.
[3]	Ratios calculated excluding the effects of buyout premiums.

L - 23

PROPERTY & CASUALTY

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
FINANCIAL HIGHLIGHTS

	3Q			4Q			1Q			2Q			3Q			Year Over Year Quarter			Sequential Quarter			NINE MONTHS ENDED SEPTEMBER 30,
	2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
TOTAL PROPERTY & CASUALTY PREMIUMS
Written premiums	$	2,318		$	2,166		$	2,397		$	2,548		$	2,575			11	%		1	%	$	6,899		$	7,520			9	%
Earned premiums [1]		2,268			2,265			2,186			2,353			2,474			9	%		5	%		6,540			7,013			7	%
TOTAL PROPERTY & CASUALTY UNDERWRITING RESULTS
Business Insurance		34			67			225			97			(25	)	NM			NM				91			297		NM
Personal Lines		40			26			106			75			(137	)	NM			NM				104			44			(58	%)
Specialty Commercial		(46	)		26			(110	)		29			(58	)		(26	%)	NM				(16	)		(139	)	NM
Ongoing Operations underwriting results		28			119			221			201			(220	)	NM			NM				179			202			13	%
Other Operations [2]		(22	)		(78	)		(65	)		(214	)		(110	)	NM				49	%		(2,762	)		(389	)		86	%
Total Property & Casualty underwriting results [3]	$	6		$	41		$	156		$	(13	)	$	(330	)	NM			NM			$	(2,583	)	$	(187	)		93	%
ONGOING OPERATIONS UNDERWRITING RATIOS
Loss and loss adjustment expenses
Current year		68.7			67.8			66.8			65.2			80.4			(11.7	)		(15.2	)		69.1			71.1			(2.0	)
Prior year [1] [4]		2.1			(0.2	)		(4.5	)		0.7			2.1			—			(1.4	)		0.7			(0.4	)		1.1
Total loss and loss adjustment expenses		70.7			67.5			62.2			65.8			82.5			(11.8	)		(16.7	)		69.8			70.6			(0.8	)
Expenses		27.6			26.8			27.3			25.6			26.1			1.5			(0.5	)		26.8			26.3			0.5
Policyholder dividends		0.4			0.2			0.3			—			0.3			0.1			(0.3	)		0.5			0.2			0.3
Combined ratio		98.8			94.6			89.8			91.4			108.9			(10.1	)		(17.5	)		97.1			97.1			—
Catastrophe ratio [4]		3.4			1.5			(12.2	)		2.4			15.6			(12.2	)		(13.2	)		3.6			2.6			1.0
Combined ratio before catastrophes		95.3			93.1			102.0			89.0			93.3			2.0			(4.3	)		93.5			94.5			(1.0	)
Combined ratio before catastrophes and prior year development		93.3			92.6			92.7			88.5			90.5			2.8			(2.0	)		92.8			90.5			2.3
Total Property & Casualty Income and ROE
Net income (loss)	$	218		$	237		$	341		$	203		$	24			(89	%)		(88	%)	$	(982	)	$	568		NM
Operating income (loss) [5]		209			225			297			188			13			(94	%)		(93	%)		(1,123	)		498		NM
Impacts of tax related items and 2003 asbestos reserve addition and severance charges		—			—			—			—			26			—			—			(1,728	)		26		NM
Operating income before impacts of tax related items and 2003 asbestos reserve addition and severance charges		209			225			297			188			(13	)	NM			NM				605			472			(22	%)
Operating income ROE (last 12 months income-equity x-AOCI)		(22.3	%)		(20.1	%)		18.5	%		16.6	%		12.4	%	NM				(4.2	)
Operating income ROE (last 12 months income-equity x-AOCI) before impacts of tax related items and the impact 2003 asbestos reserve addition and severance charges [6]		14.5	%		15.2	%		17.1	%		16.6	%		11.9	%		(2.6	)		(4.7	)

	PROPERTY & CASUALTY
	Sept. 30,		Dec. 31,
	2004		2003		Change
Selected Financial Data
Hartford Fire adjusted statutory surplus ($ in billions)	$	5.9	$	5.9		—
Hartford Fire premium to adjusted surplus ratio		1.6		1.5		0.1

[1]	Earned premiums for the quarter ended March 31, 2004 and nine months ended September 30, 2004 were reduced by $90 reflecting a decrease in estimated earned premiums on retrospectively-rated policies. Ongoing Operations prior year loss and loss adjustment expenses for the quarter ended March 31, 2004 and nine months ended September 30, 2004 included a net reserve release of $298 related to September 11 and an increase in reserves of $190 for construction defect claims
[2]	During the second quarter of 2004, the Company completed an evaluation of the reinsurance recoverable asset associated with older, long-term casualty liabilities reported in the Other Operations segment, including asbestos liabilities. As a result of this evaluation, the quarter ended June 30, 2004 and nine months ended September 30, 2004 includes a reduction in the net reinsurance recoverable by $181, before tax, and $118 after-tax. The quarter ended September 30, 2004 includes environmental reserve strengthening of $75, before tax, and $49, after-tax.
[3]	Includes catastrophes of $388, before tax, for the quarter ended September 30, 2004 and $478, before tax and the net reserve release of $395 related to September 11, for the nine months ended September 30, 2004. Catastrophe losses for the quarter and nine months ended September 30, 2004 include losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. Earned premiums for the quarter and nine months ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $17.
[4]	Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses including, for the quarter ended March 31, 2004 and nine months ended September 30, 2004, the net reserve release related to September 11.
[5]	Operating income for Property & Casualty before the impacts of the $90 decrease in estimated earned premiums on retrospectively-rated policies and prior year loss development is $322 for the quarter ended March 31, 2004 and $761 for the nine months ended September 30, 2004.
[6]	The March 31, 2004 ratio reflects the equity impact of the May 2003 capital contribution in beginning equity.

PC-1

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
OPERATING RESULTS

	3Q			4Q			1Q			2Q			3Q			Year Over Year Quarter			Sequential Quarter			NINE MONTHS ENDED SEPTEMBER 30,
	2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
TOTAL PROPERTY & CASUALTY UNDERWRITING RESULTS
Written premiums	$	2,318		$	2,166		$	2,397		$	2,548		$	2,575			11	%		1	%	$	6,899		$	7,520			9	%
Change in reserve		50			(99	)		211			195			101			102	%		(48	%)		359			507			41	%
Earned premiums[1][2]		2,268			2,265			2,186			2,353			2,474			9	%		5	%		6,540			7,013			7	%
Loss and loss adjustment expenses
Current year		1,572			1,552			1,469			1,535			1,996			27	%		30	%		4,550			5,000			10	%
Prior year[1]		50			50			(51	)		221			144			188	%		(35	%)		170			314			85	%
Total loss and loss adjustment expenses [3]		1,622			1,602			1,418			1,756			2,140			32	%		22	%		4,720			5,314			13	%
Underwriting expenses		630			617			605			611			657			4	%		8	%		1,770			1,873			6	%
Dividends to policyholders		10			5			7			(1	)		7			(30	%)	NM				29			13			(55	%)
Under writing results		6			41			156			(13	)		(330	)	NM			NM				21			(187	)	NM
Net servicing income		9			(7	)		9			21			10			11	%		(52	%)		15			40			167	%
Net investment income		297			308			311			295			309			4	%		5	%		864			915			6	%
Periodic net coupon settlements on non-qualifying derivatives, before-tax		5			4			4			3			1			(80	%)		(67	%)		14			8			(43	%)
Other expenses		(38	)		(42	)		(68	)		(60	)		(53	)		(39	%)		12	%		(131	)		(181	)		(38	%)
Income tax expense		(70	)		(79	)		(115	)		(58	)		50		NM			NM				(178	)		(123	)		31	%
Operating income, before impacts of tax related items and 2003 asbestos reserve and severance charges		209			225			297			188			(13	)	NM			NM				605			472			(22	%)
Tax related items [4]		—			—			—			—			26			—			—			—			26			—
Severance charges		—			—			—			—			—			—			—			(27	)		—			100	%
2003 asbestos reserve addition		—			—			—			—			—			—			—			(1,701	)		—			100	%
Operating income (loss)		209			225			297			188			13			(94	%)		(93	%)		(1,123	)		498		NM
Add: Net realized capital gains, after-tax		12			15			47			16			12			—			(25	%)		150			75			(50	%)
Less: Periodic net coupon settlements on non-qualifying derivatives, after-tax		3			3			3			1			1			(67	%)		—			9			5			(44	%)
Net income (loss)	$	218		$	237		$	341		$	203		$	24			(89	%)		(88	%)	$	(982	)	$	568		NM
Total Property & Casualty effective tax rate - net income		25.1	%		26.9	%		28.8	%		24.8	%	NM			NM			NM			NM				19.2	%	NM
Total Property & Casualty effective tax rate - operating income		24.6	%		26.3	%		27.8	%		23.8	%	NM			NM			NM			NM				16.4	%	NM

[1]	Earned premiums for the quarter ended March 31, 2004 and nine months ended September 30, 2004 were reduced by $90 reflecting a decrease in estimated earned premiums on retrospectively-rated policies. The quarter ended March 31, 2004 and nine months ended September 30, 2004 include a net reserve release of $395 related to September 11, an increase in reserves of $190 for construction defects claims and an increase in reservesof $130 for assumed casualty reinsurance. The quarter ended June 30, 2004 and nine months ended September 30, 2004 include a reduction in net reinsurance recoverables of $181. The quarter and nine months ended September 30, 2004 includes environmental reserve strengthening of $75, before tax, and $49, after-tax.
[2]	Earned premiums for the quarter and nine months ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $17.
[3]	Includes catastrophes of $388, before tax, for the quarter ended September 30, 2004 and $478, before tax and the net reserve release of $395 related to September 11, for the nine months ended September 30, 2004. Catastrophe losses for the quarter and nine months ended September 30, 2004 include losses from Hurricane Charley, Hurricane Frances. Hurricane Ivan and Hurricane Jeanne.
[4]	Tax benefit related to the audit settlement of tax years prior to 2004.

PC-2

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
CONSOLIDATING UNDERWRITING RESULTS
FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2004

																Total
	Business			Personal			Specialty			Ongoing			Other			Property &
	Insurance			Lines			Commercial			Operations			Operations			Casualty
UNDERWRITING RESULTS
Written premiums	$	1,148		$	920		$	513		$	2,581		$	(6	)	$	2,575
Change in reserve		53			53			(3	)		103			(2	)		101
Earned premiums [1]		1,095			867			516			2,478			(4	)		2,474
Loss and loss adjustment expenses
Current year		753			797			441			1,991			5			1,996
Prior year [2]		30			2			21			53			91			144
Total loss and loss adjustment expenses [3]		783			799			462			2,044			96			2,140
Underwriting expenses		333			205			109			647			10			657
Dividends to policyholders		4			—			3			7			—			7
Underwriting results	$	(25	)	$	(137	)	$	(58	)	$	(220	)	$	(110	)	$	(330	)
UNDERWRITING RATIOS
Loss and loss adjustment expenses
Current year		68.8			91.9			85.9			80.4
Prior year [4]		2.8			0.2			3.9			2.1
Total loss and loss adjustment expenses		71.6			92.1			89.8			82.5
Expenses		30.3			23.7			21.3			26.1
Policyholder dividends		0.4			—			0.4			0.3
Combined ratio		102.3			115.8			111.4			108.9
Catastrophe ratio [4]		8.1			25.1			15.7			15.6
Combined ratio before catastrophes		94.2			90.6			95.7			93.3
Combined ratio before catastrophes and prior year development [2]		90.7			89.4			91.9			90.5

[1]	Ongoing Operations earned premiums for the quarter and nine months ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $17. Refer to the respective segment underwriting pages for catastrophe treaty reinstatement premium by segment.
[2]	Other Operations includes environmental reserve strengthening of $75.
[3]	Total Property & Casualty includes catastrophes, before tax, of $388 for the quarter ended September 30, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. Refer to the respective segment underwriting pages for catastrophe losses by segment.
[4]	Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses.

PC-3

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
CONSOLIDATING UNDERWRITING RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004

															Total
	Business			Personal		Specialty			Ongoing			Other			Property &
	Insurance			Lines		Commercial			Operations			Operations			Casualty
UNDERWRITING RESULTS
Written premiums	$	3,418		$	2,701	$	1,412		$	7,531		$	(11	)	$	7,520
Change in reserve		244			138		158			540			(33	)		507
Earned premiums [1] [2]		3,174			2,563		1,254			6,991			22			7,013
Loss and loss adjustment expenses
Current year		2,013			1,918		1,036			4,967			33			5,000
Prior year [3]		(108	)		7		71			(30	)		344			314
Total loss and loss adjustment expenses [4]		1,905			1,925		1,107			4,937			377			5,314
Underwriting expenses		959			594		286			1,839			34			1,873
Dividends to policyholders		13			—		—			13			—			13
Underwriting results	$	297		$	44	$	(139	)	$	202		$	(389	)	$	(187	)
UNDERWRITING RATIOS [1]
Loss and loss adjustment expenses
Current year		63.4			74.8		82.8			71.1
Prior year [3] [5]		(3.4	)		0.3		5.6			(0.4	)
Total loss and loss adjustment expenses		60.0			75.1		88.4			70.6
Expenses		30.2			23.2		22.7			26.3
Policyholder dividends		0.4			—		—			0.2
Combined ratio		90.6			98.3		111.1			97.1
Catastrophe ratio [5]		(1.6	)		10.0		(2.1	)		2.6
Combined ratio before catastrophes		92.2			88.3		113.2			94.5
Combined ratio before catastrophes and prior year development		89.8			87.6		98.4			90.5

[1] In the quarter ended March 31, 2004 and nine months ended September 30, 2004, Specialty Commercial earned premiums were reduced by $90 reflecting a decrease in estimated earned premiums on retrospectively-rated policies. Before considering the earned premium adjustment, the combined ratio before catastrophes and prior year development is as follows:

Combined ratio before catastrophes, prior
year development and earned premium adjustment 89.8 87.6 91.8 89.3

[2]	Ongoing Operations earned premiums for the quarter and nine months ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $17. Refer to the respective segment underwriting pages for catastrophe treaty reinstatement premium by segment.
[3]	Includes a first quarter 2004 net reserve release related to September 11 of $175 in Business Insurance, $7 in Personal Lines, $116 in Specialty Commercial and $97 in Other Operations, an increase in reserves of $167 for construction defects claims in Specialty Commercial and $23 in Business Insurance and an increase in assumed casualty reinsurance reserves of $130 in Other Operations. Other Operations includes a second quarter 2004 reduction in net reinsurance recoverable of $181 and a third quarter 2004 environmental reserve strengthening of $75. See page PC-5 for the impact of these items and other prior year development on underwriting ratios.
[4]	Total Property & Casualty includes catastrophes of $478, before tax and the net reserve release of $395 related to September 11, for the nine months ended September 30, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. Refer to the respective segment underwriting pages for catastrophe losses by segment.
[5]	Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses including the net reserve release related to September 11.

PC-4

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
CONSOLIDATING UNDERWRITING RESULTS, AS ADJUSTED [1]
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004

																Total
	Business			Personal			Specialty			Ongoing			Other			Property &
	Insurance			Lines			Commercial			Operations			Operations			Casualty
UNDERWRITING RESULTS, AS ADJUSTED [1]
Written premiums	$	3,418		$	2,701		$	1,412		$	7,531		$	(11	)	$	7,520
Change in reserve		244			138			68			450			(33	)		417
Earned premiums [2]		3,174			2,563			1,344			7,081			22			7,103
Loss and loss adjustment expenses
Current year		2,013			1,918			1,036			4,967			33			5,000
Prior year		—			—			—			—			—			—
Total loss and loss adjustment expenses [2]		2,013			1,918			1,036			4,967			33			5,000
Underwriting expenses		959			594			286			1,839			34			1,873
Dividends to policyholders		13			—			—			13			—			13
Underwriting results, as adjusted	$	189		$	51		$	22		$	262		$	(45	)	$	217
Retrospectively-rated policies earned premium adjustment		—			—			(90	)		(90	)		—			(90	)
September 11 net reserve release		175			7			116			298			97			395
Construction defects claims reserve strengthening		(23	)		—			(167	)		(190	)		—			(190	)
Assumed casualty reinsurance reserve strengthening		—			—			—			—			(130	)		(130	)
Change in reinsurance ceded, net		—			—			—			—			(181	)		(181	)
Environmental reserve strengthening		—			—			—			—			(75	)		(75	)
Other prior year development		(44	)		(14	)		(20	)		(78	)		(55	)		(133	)
Underwriting results	$	297		$	44		$	(139	)	$	202		$	(389	)	$	(187	)
UNDERWRITING RATIOS, AS ADJUSTED [1]
Loss and loss adjustment expenses
Current year		63.4			74.8			77.2			70.2
Prior year		—			—			—			—
Total loss and loss adjustment expenses		63.4			74.8			77.2			70.2
Expenses		30.2			23.2			21.2			26.0
Policyholder dividends		0.4			—			—			0.2
Combined ratio		94.0			98.0			98.4			96.3
Catastrophe ratio		4.3			10.4			6.7			7.0
Combined ratio before catastrophes		89.8			87.6			91.8			89.3

[1]

Adjusted to exclude a decrease in estimated earned premiums on retrospectively-rated policies and prior year loss development. Prior year loss development includes the net reserve release related to September 11, an increase in reserves for construction defect claims, an increase in reserves for assumed casualty reinsurance, change in reinsurance ceded, net and other prior year loss development. The as adjusted underwriting ratios are non-GAAP financial measures because they exclude the effect of prior year development and the reduction in earned premiums relating to retrospectively-rated policies. The Company has included these ratios as an additional measure of the performance of the Company’s Property & Casualty current operations, because they exclude the effect of items relating to prior periods. A reconciliation of the amounts underlying the as adjusted ratios to the Company’s underwriting results is set forth above.

[2]

Total Property and Casualty includes catastrophes of $478, before tax and the net reserve release of $395 related to September 11, for the nine months ended September 30, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. Earned premiums for the nine months ended September 30, 2004 is net of catastrophe treaty reinstatement premium of $17.

PC-5

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
ONGOING OPERATIONS
UNDERWRITING RESULTS

	3Q		4Q			1Q			2Q			3Q			Year Over Year Quarter			Sequential Quarter			NINE MONTHS ENDED SEPTEMBER 30,
	2003		2003			2004			2004			2004			Change			Change			2003		2004			Change
UNDERWRITING RESULTS
Written premiums	$	2,301	$	2,147		$	2,398		$	2,552		$	2,581			12	%		1	%	$	6,694	$	7,531			13	%
Change in reserve		115		(58	)		224			213			103			(10	%)		(52	%)		464		540			16	%
Earned premiums [1]		2,186		2,205			2,174			2,339			2,478			13	%		6	%		6,230		6,991			12	%
Loss and loss adjustment expenses
Current year		1,499		1,495			1,452			1,524			1,991			33	%		31	%		4,305		4,967			15	%
Prior year [2]		45		(5	)		(99	)		16			53			18	%	NM				45		(30	)	NM
Total loss and loss adjustment expenses [3]		1,544		1,490			1,353			1,540			2,044			32	%		33	%		4,350		4,937			13	%
Underwriting expenses		604		591			593			599			647			7	%		8	%		1,672		1,839			10	%
Dividends to policyholders		10		5			7			(1	)		7			(30	%)	NM				29		13			(55	%)
Underwriting results	$	28	$	119		$	221		$	201		$	(220	)	NM			NM			$	179	$	202			13	%
UNDERWRITING RATIOS
Loss and loss adjustment expenses
Current year		68.7		67.8			66.8			65.2			80.4			(11.7	)		(15.2	)		69.1		71.1			(2.0	)
Prior year [2] [4]		2.1		(0.2	)		(4.5	)		0.7			2.1			—			(1.4	)		0.7		(0.4	)		1.1
Total loss and loss adjustment expenses		70.7		67.5			62.2			65.8			82.5			(11.8	)		(16.7	)		69.8		70.6			(0.8	)
Expenses [1]		27.6		26.8			27.3			25.6			26.1			1.5			(0.5	)		26.8		26.3			0.5
Policyholder dividends		0.4		0.2			0.3			—			0.3			0.1			(0.3	)		0.5		0.2			0.3
Combined ratio		98.8		94.6			89.8			91.4			108.9			(10.1	)		(17.5	)		97.1		97.1			—
Catastrophe ratio [4]		3.4		1.5			(12.2	)		2.4			15.6			(12.2	)		(13.2	)		3.6		2.6			1.0
Combined ratio before catastrophes		95.3		93.1			102.0			89.0			93.3			2.0			(4.3	)		93.5		94.5			(1.0	)
Combined ratio before catastrophes and prior year development [1] [3]		93.3		92.6			92.7			88.5			90.5			2.8			(2.0	)		92.8		90.5			2.3

[1]	Earned premiums for the quarter ended March 31, 2004 and nine months ended September 30, 2004 were reduced by $90 reflecting a decrease in estimated earned premiums on retrospectively-rated policies. Earned premiums for the quarter and nine months ended September 30, 2004 include catastrophe treaty reinstatement premium of $17.
[2]	The quarter ended March 31, 2004 and nine months ended September 30, 2004 include a net reserve release of $298 related to September 11 and an increase in reserves of $190 for construction defects claims.
[3]	Includes catastrophes of $388, before tax, for the quarter ended September 30, 2004 and $478, before tax and the net reserve release of $298 related to September 11, for the nine months ended September 30, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne.
[4]	Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses including, for the quarter ended March 31, 2004 and nine months ended September 30, 2004, the net reserve release related to September 11.

PC-6

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
BUSINESS INSURANCE
UNDERWRITING RESULTS

	3Q		4Q			1Q			2Q		3Q			Year Over Year Quarter			Sequential Quarter			NINE MONTHS ENDED SEPTEMBER 30,
	2003		2003			2004			2004		2004			Change			Change			2003		2004			Change
UNDERWRITING RESULTS
Written premiums	$	987	$	1,006		$	1,136		$	1,134	$	1,148			16	%		1	%	$	2,951	$	3,418			16	%
Change in reserve		40		34			118			73		53			33	%		(27	%)		227		244			7	%
Earned premiums [1] [2]		947		972			1,018			1,061		1,095			16	%		3	%		2,724		3,174			17	%
Loss and loss adjustment expenses
Current year		595		592			626			634		753			27	%		19	%		1,754		2,013			15	%
Prior year		—		(6	)		(147	)		9		30			—		NM				—		(108	)		—
Total loss and loss adjustment expenses [3]		595		586			479			643		783			32	%		22	%		1,754		1,905			9	%
Underwriting expenses		310		317			310			316		333			7	%		5	%		857		959			12	%
Dividends to policyholders		8		2			4			5		4			(50	%)		(20	%)		22		13			(41	%)
Underwriting results	$	34	$	67		$	225		$	97	$	(25	)	NM			NM			$	91	$	297		NM
UNDERWRITING RATIOS [1]
Loss and loss adjustment expenses
Current year		63.0		60.8			61.6			59.6		68.8			(5.8	)		(9.2	)		64.4		63.4			1.0
Prior year [4]		—		(0.6	)		(14.5	)		0.8		2.8			(2.8	)		(2.0	)		—		(3.4	)		3.4
Total loss and loss adjustment expenses		63.0		60.2			47.1			60.4		71.6			(8.6	)		(11.2	)		64.4		60.0			4.4
Expenses		32.7		32.7			30.3			30.0		30.3			2.4			(0.3	)		31.4		30.2			1.2
Policyholder dividends		0.8		0.2			0.4			0.4		0.4			0.4			—			0.8		0.4			0.4
Combined ratio		96.4		93.1			77.9			90.8		102.3			(5.9	)		(11.5	)		96.7		90.6			6.1
Catastrophe ratio [4]		3.2		0.7			(15.4	)		1.7		8.1			(4.9	)		(6.4	)		3.4		(1.6	)		5.0
Combined ratio before catastrophes		93.3		92.4			93.4			89.1		94.2			(0.9	)		(5.1	)		93.3		92.2			1.1
Combined ratio before catastrophes and prior year development		93.3		92.3			90.3			88.3		90.7			2.6			(2.4	)		93.3		89.8			3.5

[1] The quarter ended March 31, 2004 and nine months ended September 30, 2004 include a net reserve release of $175 related to September 11 and an increase in reserves of $23 for construction defects claims. Other prior year loss development in 2004 includes an increase in reserves of $5 for the first quarter ended March 31, 2004 and $44 for the nine months ended September 30, 2004. The following table shows underwriting ratios for the quarter ended March 31, 2004 and nine months ended September 30, 2004 before giving effect of these items:

Loss and loss adjustment expenses
Current year	61.6	63.4
Prior year	—	—
Total loss and loss adjustment expenses	61.6	63.4
Expenses	30.3	30.2
Policyholder dividends	0.4	0.4
Combined ratio	92.4	94.0
Catastrophe ratio	2.1	4.3
Combined ratio before catastrophes	90.3	89.8
Combined ratio before catastrophes and prior year development	90.3	89.8

[2]	Earned premiums for the quarter and nine months ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $6.
[3]	Includes catastrophes of $89, before tax, for the quarter ended September 30, 2004 and $125, before tax and the net reserve release of $175 related to September 11, for the nine months ended September 30, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne.
[4]	Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses including, for the quarter ended March 31, 2004 and nine months ended September 30, 2004, the net reserve release related to September 11.

PC-7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
BUSINESS INSURANCE
WRITTEN AND EARNED PREMIUMS

	3Q		4Q		1Q		2Q		3Q		Year Over Year Quarter			Sequential Quarter			NINE MONTHS ENDED SEPTEMBER 30,
	2003		2003		2004		2004		2004		Change			Change			2003		2004		Change
WRITTEN PREMIUMS [1]
Small Commercial	$	454	$	469	$	560	$	577	$	549		21	%		(5	%)	$	1,393	$	1,686		21	%
Middle Market		533		537		576		557		599		12	%		8	%		1,558		1,732		11	%
Total	$	987	$	1,006	$	1,136	$	1,134	$	1,148		16	%		1	%	$	2,951	$	3,418		16	%
EARNED PREMIUMS [1]
Small Commercial	$	449	$	461	$	481	$	521	$	526		17	%		1	%	$	1,321	$	1,528		16	%
Middle Market		498		511		537		540		569		14	%		5	%		1,403		1,646		17	%
Total	$	947	$	972	$	1,018	$	1,061	$	1,095		16	%		3	%	$	2,724	$	3,174		17	%

[1] The difference between written premiums and earned premiums is attributable to the change in unearned premium reserve.

PC-8

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
PERSONAL LINES
UNDERWRITING RESULTS

	3Q		4Q			1Q		2Q		3Q			Year Over Year Quarter			Sequential Quarter			NINE MONTHS ENDED SEPTEMBER 30,
	2003		2003			2004		2004		2004			Change			Change			2003		2004		Change
UNDERWRITING RESULTS
Written premiums	$	845	$	803		$	836	$	945	$	920			9	%		(3	%)	$	2,469	$	2,701		9	%
Change in reserve		40		(16	)		1		84		53			33	%		(37	%)		107		138		29	%
Earned premiums [1]		805		819			835		861		867			8	%		1	%		2,362		2,563		9	%
Loss and loss adjustment expenses
Current year		583		599			533		588		797			37	%		36	%		1,725		1,918		11	%
Prior year [2]		—		(6	)		1		4		2			—			(50	%)		—		7		—
Total loss and loss adjustment expenses [3]		583		593			534		592		799			37	%		35	%		1,725		1,925		12	%
Underwriting expenses		182		200			195		194		205			13	%		6	%		533		594		11	%
Underwriting results	$	40	$	26		$	106	$	75	$	(137	)	NM			NM			$	104	$	44		(58	%)
UNDERWRITING RATIOS
Loss and loss adjustment expenses
Current year		72.5		73.3			64.0		68.1		91.9			(19.4	)		(23.8	)		73.0		74.8		(1.8	)
Prior year [2] [4]		—		(0.7	)		0.1		0.5		0.2			(0.2	)		0.3			—		0.3		(0.3	)
Total loss and loss adjustment expenses		72.5		72.6			64.1		68.6		92.1			(19.6	)		(23.5	)		73.0		75.1		(2.1	)
Expenses		22.6		24.3			23.3		22.6		23.7			(1.1	)		(1.1	)		22.6		23.2		(0.6	)
Combined ratio		95.1		96.8			87.4		91.3		115.8			(20.7	)		(24.5	)		95.6		98.3		(2.7	)
Catastrophe ratio [4]		4.2		2.7			0.8		3.7		25.1			(20.9	)		(21.4	)		4.6		10.0		(5.4	)
Combined ratio before catastrophes		90.8		94.2			86.6		87.6		90.6			0.2			(3.0	)		91.0		88.3		2.7
Combined ratio before catastrophes and prior year development		90.8		93.8			86.1		87.2		89.4			1.4			(2.2	)		91.0		87.6		3.4
COMBINED RATIO
Automobile		95.9		101.9			90.1		95.2		98.9			(3.0	)		(3.7	)		96.7		94.8		1.9
Homeowners		92.1		80.1			78.7		79.0		171.5			(79.4	)		(92.5	)		91.9		109.4		(17.5	)
Total		95.1		96.8			87.4		91.3		115.8			(20.7	)		(24.5	)		95.6		98.3		(2.7	)

[1]	Earned premiums for the quarter and nine months ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $7.
[2]	The quarter ended March 31, 2004 and nine months ended September 30, 2004 include a net reserve release of $7 related to September 11.
[3]	Includes catastrophes of $218, before tax, for the quarter ended September 30, 2004 and $263, before tax and the net reserve release of $7 related to September 11, for the nine months ended September 30, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne.
[4]	Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses including, for the quarter ended March 31, 2004 and nine months ended September 30, 2004, the net reserve release related to September 11.

PC-9

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
PERSONAL LINES
WRITTEN AND EARNED PREMIUMS

											Year Over						NINE MONTHS ENDED
	3Q		4Q		1Q		2Q		3Q		Year Quarter			Sequential Quarter			SEPTEMBER 30,
	2003		2003		2004		2004		2004		Change			Change			2003			2004		Change
BUSINESS UNIT
WRITTEN PREMIUMS [1]
AARP	$	537	$	504	$	523	$	604	$	583		9	%		(3	%)	$	1,562		$	1,710		9	%
Other Affinity		35		35		34		33		30		(14	%)		(9	%)		113			97		(14	%)
Agency		212		205		210		243		248		17	%		2	%		599			701		17	%
Omni		61		59		69		65		59		(3	%)		(9	%)		195			193		(1	%)
Total	$	845	$	803	$	836	$	945	$	920		9	%		(3	%)	$	2,469		$	2,701		9	%
EARNED PREMIUMS [1]																			��
AARP	$	499	$	510	$	520	$	536	$	540		8	%		1	%	$	1,446		$	1,596		10	%
Other Affinity		40		38		36		35		34		(15	%)		(3	%)		125			105		(16	%)
Agency		202		208		215		225		229		13	%		2	%		599			669		12	%
Omni		64		63		64		65		64		—			(2	%)		192			193		1	%
Total	$	805	$	819	$	835	$	861	$	867		8	%		1	%	$	2,362		$	2,563		9	%
PRODUCT LINE
WRITTEN PREMIUMS [1]
Automobile	$	632	$	611	$	649	$	706	$	685		8	%		(3	%)	$	1,897		$	2,040		8	%
Homeowners		213		192		187		239		235		10	%		(2	%)		572			661		16	%
Total	$	845	$	803	$	836	$	945	$	920		9	%		(3	%)	$	2,469		$	2,701		9	%
EARNED PREMIUMS [1]
Automobile	$	620	$	630	$	633	$	653	$	665		7	%		2	%	$	1,828		$	1,951		7	%
Homeowners		185		189		202		208		202		9	%		(3	%)		534			612		15	%
Total	$	805	$	819	$	835	$	861	$	867		8	%		1	%	$	2,362		$	2,563		9	%

[1] The difference between written premiums and earned premiums is attributable to the change in unearned premium reserve.

PC-10

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
SPECIALTY COMMERCIAL
UNDERWRITING RESULTS

																Year Over						NINE MONTHS ENDED
	3Q			4Q			1Q			2Q			3Q			Year Quarter			Sequential Quarter			SEPTEMBER 30,
	2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
UNDERWRITING RESULTS
Written premiums	$	469		$	338		$	426		$	473		$	513			9	%		8	%	$	1,274		$	1,412			11	%
Change in reserve		35			(76	)		105			56			(3	)	NM			NM				130			158			22	%
Earned premiums [1] [2]		434			414			321			417			516			19	%		24	%		1,144			1,254			10	%
Loss and loss adjustment expenses
Current year		321			304			293			302			441			37	%		46	%		826			1,036			25	%
Prior year		45			7			47			3			21			(53	%)	NM				45			71			58	%
Total loss and loss adjustment expenses [3]		366			311			340			305			462			26	%		51	%		871			1,107			27	%
Underwriting expenses		112			74			88			89			109			(3	%)		22	%		282			286			1	%
Dividends to policyholders		2			3			3			(6	)		3			50	%	NM				7			—			(100	%)
Underwriting results	$	(46	)	$	26		$	(110	)	$	29		$	(58	)		(26	%)	NM			$	(16	)	$	(139	)	NM
UNDERWRITING RATIOS [1]
Loss and loss adjustment expenses
Current year		73.9			73.2			90.3			73.2			85.9			(12.0	)		(12.7	)		72.2			82.8			(10.6	)
Prior year [4]		10.4			1.7			14.9			0.6			3.9			6.5			(3.3	)		3.9			5.6			(1.7	)
Total loss and loss adjustment expenses		84.3			74.9			105.2			73.8			89.8			(5.5	)		(16.0	)		76.1			88.4			(12.3	)
Expenses		25.9			17.9			28.1			20.4			21.3			4.6			(0.9	)		24.7			22.7			2.0
Policyholder dividends		0.6			0.7			0.8			(1.2	)		0.4			0.2			(1.6	)		0.7			—			0.7
Combined ratio		110.7			93.5			134.1			93.1			111.4			(0.7	)		(18.3	)		101.5			111.1			(9.6	)
Catastrophe ratio [4]		2.5			1.0			(35.6	)		1.6			15.7			(13.2	)		(14.1	)		2.0			(2.1	)		4.1
Combined ratio before catastrophes		108.2			92.5			169.7			91.5			95.7			12.5			(4.2	)		99.5			113.2			(13.7	)
Combined ratio before catastrophes and prior year development [1]		97.8			91.0			117.5			91.7			91.9			5.9			(0.2	)		95.5			98.4			(2.9	)
[1] Specialty Commercial earned premiums for the quarter ended March 31, 2004 and nine months ended September 30, 2004 were reduced by $90 reflecting a decrease in estimated earned premiums on retrospectively-rated policies. The quarter ended March 31, 2004 and nine months ended September 30, 2004 also include a net reserve release of $116 related to September 11 and an increase in reserves of $167 for construction defects claims. Other prior year loss development in 2004 includes a decrease in reserves of $4 for the first quarter ended March 31, 2004 and an increase in reserves of $20 for the nine months ended September 30, 2004. The following table shows underwriting ratios for the quarter ended March 31, 2004 and nine months ended September 30, 2004 before giving effect of these items:
Loss and loss adjustment expenses
Current year								70.5																		77.2
Prior year								—																		—
Total loss and loss adjustment expenses								70.5																		77.2
Expenses								21.9																		21.2
Policyholder dividends								0.6																		—
Combined ratio								93.0																		98.4
Catastrophe ratio								1.3																		6.7
Combined ratio before catastrophes								91.7																		91.8
Combined ratio before catastrophes and prior year development								91.7																		91.8
[2] Earned premiums for the quarter and nine months ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $4.
[3] Includes catastrophes of $81, before tax, for the quarter ended September 30, 2004 and $90, before tax and the net reserve release of $116 related to September 11, for the nine months ended September 30, 2004, including losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne.
[4] Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses including, for the quarter ended March 31, 2004 and nine months ended September 30, 2004, the net reserve release related to September 11.

PC-11

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
SPECIALTY COMMERCIAL
WRITTEN AND EARNED PREMIUMS

												Year Over						NINE MONTHS ENDED
	3Q		4Q			1Q		2Q		3Q		Year Quarter			Sequential Quarter			SEPTEMBER 30,
	2003		2003			2004		2004		2004		Change			Change			2003		2004		Change
WRITTEN PREMIUMS [1]
Property	$	147	$	80		$	83		122	$	166		13	%		36	%	$	360	$	371		3	%
Casualty		179		155			192		182		197		10	%		8	%		515		571		11	%
Bond		42		39			48		50		51		21	%		2	%		123		149		21	%
Professional Liability		93		88			78		85		86		(8	%)		1	%		236		249		6	%
Other		8		(24	)		25		34		13		63	%		(62	%)		40		72		80	%
Total	$	469	$	338		$	426		473	$	513		9	%		8	%	$	1,274	$	1,412		11	%
EARNED PREMIUMS [1]
Property	$	140	$	104		$	87		99	$	157		12	%		59	%	$	325	$	343		6	%
Casualty [2]		165		161			81		163		193		17	%		18	%		454		437		(4	%)
Bond		33		42			44		49		47		42	%		(4	%)		110		140		27	%
Professional Liability		77		83			82		82		84		9	%		2	%		213		248		16	%
Other		19		24			27		24		35		84	%		46	%		42		86		105	%
Total	$	434	$	414		$	321	$	417	$	516		19	%		24	%	$	1,144	$	1,254		10	%

[1]	The difference between written premiums and earned premiums is attributable to the change in unearned premium reserve.
[2]	Earned premiums for the quarter ended March 31, 2004 and nine months ended September 30, 2004 were reduced by $90 reflecting a decrease in estimated earned premiums on retrospectively-rated policies.

PC-12

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
STATISTICAL PREMIUM INFORMATION (YEAR OVER YEAR)

	3Q			4Q			1Q			2Q			3Q
	2003			2003			2004			2004			2004
Written Price Increases
Business Insurance		9	%		6	%		4	%		3	%		1	%
Personal Lines Automobile		6	%		7	%		4	%		4	%		3	%
Personal Lines Homeowners		14	%		11	%		10	%		9	%		8	%
Premium Retention
Business Insurance		85	%		84	%		84	%		85	%		86	%
Personal Lines Automobile		91	%		88	%		88	%		88	%		90	%
Personal Lines Homeowners		101	%		98	%		101	%		101	%		101	%
New Business % to Net Written Premium
Business Insurance		25	%		26	%		26	%		24	%		25	%
Personal Lines Automobile		15	%		17	%		18	%		18	%		18	%
Personal Lines Homeowners		11	%		12	%		12	%		13	%		14	%

PC-13

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
OTHER OPERATIONS
UNDERWRITING RESULTS

	3Q			4Q			1Q			2Q			3Q			Year Over Year Quarter			Sequential Quarter			NINE MONTHS ENDED SEPTEMBER 30,
	2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
UNDERWRITING RESULTS
Written premiums	$	17		$	19		$	(1	)	$	(4	)	$	(6	)	NM				(50	%)	$	205		$	(11	)	NM
Change in reserve		(65	)		(41	)		(13	)		(18	)		(2	)		97	%		89	%		(105	)		(33	)		69	%
Earned premiums		82			60			12			14			(4	)	NM			NM				310			22			(93	%)
Loss and loss adjustment expenses
Current year		73			57			17			11			5			(93	%)		(55	%)		245			33			(87	%)
Prior year [1] [2] [3]		5			55			48			205			91		NM				(56	%)		2,729			344			(87	%)
Total loss and loss adjustment expenses		78			112			65			216			96			23	%		(56	%)		2,974			377			(87	%)
Underwriting expenses		26			26			12			12			10			(62	%)		(17	%)		98			34			(65	%)
Underwriting results	$	(22	)	$	(78	)	$	(65	)	$	(214	)	$	(110	)	NM				49	%	$	(2,762	)	$	(389	)		86	%

[1]	During the second quarter of 2004, the Company completed an evaluation of the reinsurance recoverable asset associated with older, long-term casualty liabilities including asbestos liabilities. As a result of this evaluation, the Company reduced its net reinsurance recoverable by $181.
[2]	The quarter ended March 31, 2004 and nine months ended September 30, 2004 include a net reserve release of $97 related to September 11 and an increase of $130 for assumed casualty reinsurance reserves.
[3]	The quarter and nine months ended September 30, 2004 includes environmental reserve strengthening of $75.

PC-14

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
OTHER OPERATIONS CLAIMS AND CLAIM ADJUSTMENT EXPENSES

	Asbestos			Environmental			All Other [1]		Total
For the Third Quarter Ended September 30, 2004
Beginning liability - net	$	2,520		$	366		$	2,585	$	5,471
Claims and claim adjustment expenses incurred		3			75			20		98
Claims and claim adjustment expenses paid		41			27			76		144
Ending liability - net [2] [3]	$	2,482	[5]	$	414		$	2,529	$	5,425
	Asbestos			Environmental			All Other [1] [2]		Total
For the Nine Months Ended September 30, 2004
Beginning liability - net	$	3,794		$	408		$	2,392	$	6,594
Claims and claim adjustment expenses incurred [6]		190			81			114		385
Claims and claim adjustment expenses paid [7]		1,172			65			317		1,554
Reclassification of allowance for uncollectible reinsurance		(330	)		(10	)		340		—
Ending liability - net [3] [4]	$	2,482		$	414		$	2,529	$	5,425

[1]	Effective January 1, 2004, the financial results of the Company’s Reinsurance operation are reported in Other Operations, in the “All Other” category.
[2]	Includes unallocated loss adjustment expense reserves and allowance for uncollectible reinsurance.
[3]	Liabilities include asbestos and environmental reserves reported in Ongoing Operations of $13 and $9, respectively as of September 30, 2004 and June 30, 2004, and $11 and $8, respectively, as of December 31, 2003. The total net claim and claim adjustment expenses incurred for the quarter and nine months ended September 30, 2004 of $98 and $385, respectively, includes $2 and $8, respectively, related to asbestos and environmental claims reported in Ongoing Operations.
[4]	Gross of reinsurance, asbestos and environmental reserves were $4,476 and $530, respectively, as of September 30, 2004, $4,583 and $499, respectively, as of June 30, 2004, and $5,884 and $542, respectively, as of December 31, 2003.
[5]	The one year and average three year net paid amounts for asbestos claims are $1,207 and $493, respectively, resulting in a one year net survival ratio of 2.1 (13.6 excluding the MacArthur payments) and a three year net survival ratio of 5.0 (16.3 excluding MacArthur payments). Net survival ratio is the quotient of the net carried reserves divided by the average annual payment amount and is an indication of the number of years that the net carried reserve would last (i.e. survive) if the future annual claim payments were consistent with the calculated historical average.
[6]	Includes 2004 second quarter $181 provision associated with the evaluation of the reinsurance recoverable asset and 2004 third quarter $75 provision associated with environmental reserve strengthening.
[7]	Asbestos payments include payments pursuant to the MacArthur settlement.

PC-15

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
SUMMARY OF GROSS ENVIRONMENTAL RESERVES

	As of September 30, 2004
					% of			3 Year Gross
	Number of		Total		Environmental			Survival
	Accounts [1]		Reserves		Reserves			Ratio [3]
Accounts with future exposure >$2.5		19	$	88		16	%
Accounts with future exposure <$2.5		587		127		24	%
Other Direct [2]		—		36		7	%
Total		606		251		47	%		2.3
Assumed Reinsurance				205		39	%		11.6
London Market				74		14	%		3.7
Total Gross Environmental Reserves			$	530		100	%		3.6

[1]	Number of accounts by category established as of June 2004.
[2]	Includes closed accounts and unallocated IBNR.
[3]	The one year gross paid amount for total environmental claims is $140, resulting in a one year gross survival ratio of 3.8.

PC-16

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
PAID AND INCURRED LOSS AND LOSS ADJUSTMENT EXPENSE (“LAE”)
DEVELOPMENT — ASBESTOS AND ENVIRONMENTAL

	Asbestos						Environmental
	Paid			Incurred			Paid			Incurred
	Loss & LAE			Loss & LAE			Loss & LAE			Loss & LAE
For the Third Quarter Ended September 30, 2004
Gross Direct
Direct	$	86		$	5		$	37		$	75
Assumed - Domestic		22			—			4			—
London Market		4			—			3			—
Total		112			5			44			75
Ceded		(71	)		(2	)		(17	)		—
Net	$	41		$	3		$	27		$	75
	Asbestos						Environmental
	Paid			Incurred			Paid			Incurred
	Loss & LAE [1]			Loss & LAE			Loss & LAE			Loss & LAE
For the Nine Months Ended September 30, 2004
Gross
Direct	$	1,364		$	(18	)	$	69		$	81
Assumed - Domestic		42			30			10			—
London Market		14			—			15			—
Total		1,420			12			94			81
Ceded		(248	)		178			(29	)		—
Net	$	1,172		$	190		$	65		$	81

[1] Reflects payments pursuant to the MacArthur settlement.

PC-17

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY CASUALTY
UNPAID CLAIMS AND CLAIM ADJUSTMENT EXPENSE RESERVE ROLLFORWARD

	For the Quarter Ended September 30, 2004
	Business			Personal			Specialty			Ongoing			Other			Total
	Insurance			Lines			Commercial			Operations			Operations			P&C
Liabilities for unpaid claims and claim adjustment expenses at 7/1/04 - gross	$	5,443		$	1,769		$	5,390		$	12,602		$	7,960		$	20,562
Reinsurance and other recoverables		366			42			2,150			2,558			2,511			5,069
Liabilities for unpaid claims and claim adjustment expenses at 7/1/04 - net		5,077			1,727			3,240			10,044			5,449			15,493
Provision for unpaid claims and claim adjustment expenses
Current year		753			797			441			1,991			5			1,996
Prior year		30			2			21			53			91			144
Total provision for unpaid claims and claim adjustment expenses		783			799			462			2,044			96			2,140
Payments		(482	)		(601	)		(262	)		(1,345	)		(142	)		(1,487	)
Liabilities for unpaid claims and claim adjustment expenses at 9/30/04 - net		5,378			1,925			3,440			10,743			5,403			16,146
Reinsurance and other recoverables		364			219			2,150			2,733			2,435			5,168
Liabilities for unpaid claims and claim adjustment expenses at 9/30/04 - gross	$	5,742		$	2,144		$	5,590		$	13,476		$	7,838		$	21,314
Earned premiums	$	1,095		$	867		$	516		$	2,478		$	(4	)	$	2,474
Loss and loss expense paid ratio		44.0			69.3			50.6			54.2
Loss and loss expense incurred ratio		71.6			92.1			89.8			82.5
Prior accident year development (pts.)		2.8			0.2			3.9			2.1

PC-18

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY CASUALTY
UNPAID CLAIMS AND CLAIM ADJUSTMENT EXPENSE RESERVE ROLLFORWARD

	For the Nine Months Ended September 30, 2004
	Business			Personal			Specialty			Ongoing			Other			Total
	Insurance			Lines			Commercial			Operations			Operations [3]			P&C
Liabilities for unpaid claims and claim adjustment expenses at 1/1/04 - gross	$	5,296		$	1,733		$	5,148		$	12,177		$	9,538		$	21,715
Reinsurance and other recoverables		395			43			2,096			2,534			2,963			5,497
Liabilities for unpaid claims and claim adjustment expenses at 1/1/04 - net		4,901			1,690			3,052			9,643			6,575			16,218
Provision for unpaid claims and claim adjustment expenses Current year		2,013			1,918			1,036			4,967			33			5,000
Prior year [1]		(108	)		7			71			(30	)		344			314
Total provision for unpaid claims and claim adjustment expenses		1,905			1,925			1,107			4,937			377			5,314
Payments [2]		(1,428	)		(1,690	)		(719	)		(3,837	)		(1,549	)		(5,386	)
Liabilities for unpaid claims and claim adjustment expenses at 9/30/04 - net [1]		5,378			1,925			3,440			10,743			5,403			16,146
Reinsurance and other recoverables		364			219			2,150			2,733			2,435			5,168
Liabilities for unpaid claims and claim adjustment expenses at 9/30/04 - gross [1]	$	5,742		$	2,144		$	5,590		$	13,476		$	7,838		$	21,314
Earned premiums	$	3,174		$	2,563		$	1,254		$	6,991		$	22		$	7,013
Loss and loss expense paid ratio		45.0			65.9			57.5			54.9
Loss and loss expense incurred ratio [4]		60.0			75.1			88.4			70.6
Prior accident year development (pts.)		(3.4	)		0.3			5.6			(0.4	)

[1]	The nine months ended September 30, 2004 included a $181 provision associated with the evaluation of the reinsurance recoverable asset and a $75 provision associated with environmental reserve strengthening. The nine month period also included a net reserve release related to September 11 of $175 in Business Insurance, $7 in Personal Lines, $116 in Specialty Commercial and $97 in Other Operations, an increase of $190 for construction defects claims, an increase in assumed casualty reinsurance reserves of $130, and offsetting strengthening in large deductible workers compensation reserves and release in other liability reserves, each approximately $150.
[2]	Other Operations reflects payments pursuant to the MacArthur settlement.
[3]	The financial results of the Company’s reinsurance operations are reported in Other Operations.
[4]	If adjusted to exclude the decrease in estimated earned premiums on retrospectively-reated policies and prior year development the loss and loss expense paid and incurred ratios would have been as follows:

Loss and loss expense paid ratio	45.0	65.9	53.7	54.2
Loss and loss expense incurred ratio	63.4	74.8	77.2	70.2

PC-19

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
REINSURANCE RECOVERABLE ANALYSIS

	September 30,			December 31,
	2004			2003
Gross Reinsurance Recoverable [1]
Paid Loss and Loss Adjustment Expense	$	618		$	446
Unpaid Loss and Loss Adjustment Expense		4,920			5,289
Subtotal Gross Reinsurance Recoverable		5,538			5,735
Less: Allowance for Uncollectible Reinsurance		(399	)		(381	)
Net Property & Casualty Reinsurance Recoverable	$	5,139		$	5,354

	% of			% of Rated			% of Rated
	Amount			Total			Companies
Distribution of Net Recoverable as of December 31, 2003
Net Property & Casualty Reinsurance Recoverables	$	5,354
Less: Mandatory (Assigned Risk) Pools		(446	)
Net P&C Reinsurance Recoverable Excluding Mandatory Pools	$	4,908
Rated A- (Excellent) or better by A.M. Best [2]	$	3,202			65.2	%		91.7	%
Other Rated by A.M. Best [2]		289			5.9	%		8.3	%
Total Rated Companies		3,491			71.1	%		100.0	%
Voluntary Pools		229			4.7	%
Captives		106			2.2	%
Other Not Rated Companies		1,082			22.0	%
Total	$	4,908			100.0	%

[1]	Net of commutations, settlements and known insolvencies.
[2]	Based on A.M. Best ratings as of December 31, 2003.

PC-20

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY AND CASUALTY
CONSOLIDATED INCOME STATEMENTS

	3Q			4Q			1Q			2Q			3Q			Year Over Year Quarter			Sequential Quarter			NINE MONTHS ENDED SEPTEMBER 30,
	2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
Earned premiums	$	2,268		$	2,265		$	2,186		$	2,353		$	2,474			9	%		5	%	$	6,540		$	7,013			7	%
Net investment income		297			308			311			295			309			4	%		5	%		864			915			6	%
Other revenues		110			110			104			117			107			(3	%)		(9	%)		318			328			3	%
Net realized capital gains		19			23			71			27			18			(5	%)		(33	%)		230			116			(50	%)
Total revenues		2,694			2,706			2,672			2,792			2,908			8	%		4	%		7,952			8,372			5	%
Benefits, claims and claim adjustment expenses [1] [2] [3]		1,622			1,602			1,418			1,756			2,140			32	%		22	%		7,324			5,314			(27	%)
Amortization of deferred policy acquisition costs		431			428			446			455			471			9	%		4	%		1,214			1,372			13	%
Insurance operating costs and expenses		209			194			166			155			193			(8	%)		25	%		585			514			(12	%)
Other expenses [4]		139			159			163			156			150			8	%		(4	%)		475			469			(1	%)
Total benefits and expenses		2,401			2,383			2,193			2,522			2,954			23	%		17	%		9,598			7,669			(20	%)
Income (loss) before income taxes		293			323			479			270			(46	)	NM			NM				(1,646	)		703		NM
Income tax expense (benefit) [5]		75			86			138			67			(70	)	NM			NM				(664	)		135		NM
Net income (loss)		218			237			341			203			24			(89	%)		(88	%)		(982	)		568		NM
Less: Net realized capital gains, after-tax		12			15			47			16			12			—			(25	%)		150			75			(50	%)
Add: Periodic net coupon settlements on non-qualifying derivatives, after-tax		3			3			3			1			1			(67	%)		—			9			5			(44	%)
Operating income (loss)	$	209		$	225		$	297		$	188		$	13			(94	%)		(93	%)	$	(1,123	)	$	498		NM
Total Property & Casualty effective tax rate - net income		25.1	%		26.9	%		28.8	%		24.8	%	NM			NM			NM			NM				19.2	%	NM
Total Property & Casualty effective tax rate - operating income		24.6	%		26.3	%		27.8	%		23.8	%	NM			NM			NM			NM				16.4	%	NM

[1]	The nine months ended September 30, 2003 includes the impact of 2003 asbestos reserve addition of $2,604 before-tax and $1,701 after-tax.
[2]	The quarter ended March 31, 2004 and nine months ended September 30, 2004 include a net reserve release of $395 related to September 11, an increase in reserves of $190 for construction defects claims and an increase in reserves of $130 for assumed casualty reinsurance.
[3]	During the second quarter of 2004, the Company completed an evaluation of the reinsurance recoverable asset associated with older, long-term casualty liabilities reported in the Other Operations segment, including asbestos liabilities. As a result of this evaluation, the Company reduced its net reinsurance recoverable by $181, before tax and $118, after tax. The quarter and nine months ended September 30, 2004 includes environmental reserve strengthening of $75, before tax, and $49, after-tax.
[4]	The nine months ended September 30, 2003 includes severance costs of $41 before-tax and $27 after-tax.
[5]	The third quarter ended September 30, 2004 includes $26 tax benefit related to the audit settlement of tax years prior to 2004.

PC-21

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY CASUALTY
CONSOLIDATED BALANCE SHEETS

												Year Over
												Year			Sequential
	3Q		4Q			1Q		2Q		3Q		Quarter			Quarter
	2003		2003			2004		2004		2004		Change			Change
Investments
Fixed maturities, available for sale, at fair value	$	23,565	$	23,715		$	23,196	$	22,774	$	23,932		2	%		5	%
Equity securities, available for sale, at fair value		215		208			206		201		201		(7	%)		—
Other investments		644		682			650		682		799		24	%		17	%
Total investments		24,424		24,605			24,052		23,657		24,932		2	%		5	%
Cash		203		197			178		186		194		(4	%)		4	%
Premiums receivable and agents’ balances		2,626		2,750			2,762		3,050		3,009		15	%		(1	%)
Reinsurance recoverables		5,529		5,354			5,205		4,990		5,139		(7	%)		3	%
Deferred policy acquisition costs		981		975			987		1,012		1,046		7	%		3	%
Deferred income tax		1,136		1,101			905		1,176		995		(12	%)		(15	%)
Goodwill		152		152			152		152		152		—			—
Other assets		2,050		2,025			3,365		2,243		2,182		6	%		(3	%)
Total assets	$	37,101	$	37,159		$	37,606	$	36,466	$	37,649		1	%		3	%
Future policy benefits, unpaid claims and claim adjustment expenses	$	21,444	$	21,715		$	20,246	$	20,562	$	21,314		(1	%)		4	%
Unearned premiums		4,504		4,372			4,563		4,795		4,865		8	%		1	%
Other liabilities		3,513		3,285			4,595		3,452		3,531		1	%		2	%
Total liabilities		29,461		29,372			29,404		28,809		29,710		1	%		3	%
Equity, x-AOCI, net of tax		6,900		7,080			7,335		7,374		7,320		6	%		(1	%)
AOCI, net of tax		740		707			867		283		619		(16	%)		119	%
Total stockholders’ equity		7,640		7,787			8,202		7,657		7,939		4	%		4	%
Total liabilities and stockholders’ equity	$	37,101	$	37,159		$	37,606	$	36,466	$	37,649		1	%		3	%
Hartford Fire NAIC RBC				398	%

PC-22

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
STATUTORY SURPLUS TO GAAP STOCKHOLDERS’ EQUITY RECONCILIATION

	June 30, 2004			December 31, 2003
Statutory Capital and Surplus	$	5,903		$	5,900
GAAP Adjustments
Investment in subsidiaries/Capital contributions		186			112
Goodwill		152			152
Non-admitted assets/Statutory reserves		512			519
Deferred policy acquisition costs		1,012			975
Unrealized gains on investments, net of impairments		387			793
Deferred taxes		495			214
Benefit reserves		(253	)		(251	)
Consolidation/Corporate eliminations		(87	)		(129	)
Other, net		(650	)		(498	)
GAAP Stockholders’ Equity	$	7,657		$	7,787

PC-23

INVESTMENTS

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT EARNINGS BEFORE-TAX
CONSOLIDATED

																Year Over						NINE MONTHS ENDED
	3Q			4Q			1Q			2Q			3Q			Year Quarter			Sequential Quarter			SEPTEMBER 30,
	2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
Net Investment Income
Fixed maturities [1] [2]
Taxable	$	580		$	611		$	792		$	778		$	813			40	%		4	%	$	1,683		$	2,383			42	%
Tax-exempt		122			121			120			122			122			—			—			385			364			(5	%)
Total fixed maturities		702			732			912			900			935			33	%		4	%		2,068			2,747			33	%
Equities
Available-for-sale		7			5			11			7			11			57	%		57	%		22			29			32	%
Trading securities [3]		—			—			495			149			(115	)		—		NM				—			529			—
Total equities		7			5			506			156			(104	)	NM			NM				22			558		NM
Mortgage loans		9			11			12			15			16			78	%		7	%		27			43			59	%
Real estate		—			1			1			—			1			—			—			2			2			—
Policy loans		51			47			45			47			46			(10	%)		(2	%)		163			138			(15	%)
Limited partnerships		22			10			4			9			7			(68	%)		(22	%)		45			20			(56	%)
Other		33			41			50			42			37			12	%		(12	%)		103			129			25	%
Subtotal		824			847			1,530			1,169			938			14	%		(20	%)		2,430			3,637			50	%
Less investment expense		10			12			13			11			13			(30	%)		(18	%)		32			37			(16	%)
Total net investment income [2]	$	814		$	835		$	1,517		$	1,158		$	925			14	%		(20	%)	$	2,398		$	3,600			50	%
Investment yield, before-tax [4]		5.6	%		5.7	%		5.7	%		5.6	%		5.7	%		0.1			0.1			5.8	%		5.7	%		(0.1	)
Investment yield, after-tax [4]		3.9	%		3.9	%		3.9	%		3.9	%		3.9	%		—			—			4.1	%		3.9	%		(0.2	)
Net Realized Capital Gains (Losses)
Fixed maturities	$	—		$	15		$	108		$	46		$	64			—			39	%	$	241		$	218			(10	%)
Equities		5			20			13			(3	)		—			(100	%)		100	%		(49	)		10		NM
Periodic net coupon settlements on non-qualifying derivatives		11			11			6			4			3			(73	%)		(25	%)		33			13			(61	%)
GMWB derivatives, net		—			6			(2	)		6			—			—			(100	%)		—			4			—
Other [5]		7			(8	)		19			(1	)		(23	)	NM			NM				24			(5	)	NM
Total net realized capital gains (losses)	$	23		$	44		$	144		$	52		$	44			91	%		(15	%)	$	249		$	240			(4	%)
Gross gains on sale	$	132		$	92		$	172		$	133		$	104			(21	%)		(22	%)	$	572		$	409			(28	%)
Gross losses on sale		(80	)		(9	)		(23	)		(97	)		(34	)		58	%		65	%		(211	)		(154	)		27	%
Impairments		(29	)		(55	)		(14	)		(4	)		(6	)		79	%		(50	%)		(145	)		(24	)		83	%
Periodic net coupon settlements on non-qualifying derivatives		11			11			6			4			3			(73	%)		(25	%)		33			13			(61	%)
GMWB derivatives, net		—			6			(2	)		6			—			—			(100	%)		—			4			—
Other net gain (loss) [5]		(11	)		(1	)		5			10			(23	)		(109	%)	NM				—			(8	)		—
Total net realized capital gains (losses)	$	23		$	44		$	144		$	52		$	44			91	%		(15	%)	$	249		$	240			(4	%)

[1]	Includes income on short-term bonds.
[2]	The first, second and third quarters of 2004 include $154, $150 and $155, respectively, of net investment income associated with the guaranteed separate accounts pursuant to the adoption of SOP 03-01.
[3]	This amount relates to the change in value of trading securities pursuant to the adoption of SOP 03-01.
[4]	The investment yield calculation excludes trading securities and collateral received associated with the securities lending program. Assets received in the CNA purchase are included in the investment yield calculation beginning with the first quarter 2004.
[5]	Primarily consists of changes in fair value on non-qualifying derivatives and hedge ineffectiveness on qualifying derivative instruments as well as the amortization of deferred acquisition costs associated with realized capital gains.

I-1

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT EARNINGS BEFORE-TAX
LIFE

																Year Over						NINE MONTHS ENDED
	3Q			4Q			1Q			2Q			3Q			Year Quarter			Sequential Quarter			SEPTEMBER 30,
	2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
Net Investment Income
Fixed maturities [1] [2]
Taxable	$	396		$	408		$	589		$	582		$	608			54	%		4	%	$	1,167		$	1,779			52	%
Tax-exempt		24			24			25			27			27			13	%		—			74			79			7	%
Total fixed maturities		420			432			614			609			635			51	%		4	%		1,241			1,858			50	%
Equities
Available-for-sale		4			4			9			5			9			125	%		80	%		14			23			64	%
Trading securities [3]		—			—			495			149			(115	)		—		NM				—			529			—
Total equities		4			4			504			154			(106	)	NM			NM				14			552		NM
Mortgage loans		6			7			8			12			12			100	%		—			16			32			100	%
Policy loans		51			47			45			47			46			(10	%)		(2	%)		163			138			(15	%)
Limited partnerships		11			6			2			6			1			(91	%)		(83	%)		26			9			(65	%)
Other		25			32			36			37			31			24	%		(16	%)		76			104			37	%
Subtotal		517			528			1,209			865			619			20	%		(28	%)		1,536			2,693			75	%
Less investment expense		5			6			8			7			8			(60	%)		(14	%)		17			23			(35	%)
Total net investment income [2]	$	512		$	522		$	1,201		$	858		$	611			19	%		(29	%)	$	1,519		$	2,670			76	%
Investment yield, before-tax [4]		5.8	%		5.8	%		5.7	%		5.8	%		5.8	%		—			—			5.9	%		5.8	%		(0.1	)
Investment yield, after-tax [4]		3.9	%		3.9	%		3.8	%		3.8	%		3.9	%		—			0.1			4.0	%		3.8	%		(0.2	)
Net Realized Capital Gains (Losses)
Fixed maturities	$	3		$	(4	)	$	58		$	21		$	45		NM				114	%	$	24		$	124		NM
Equities		5			17			9			(1	)		—			(100	%)		100	%		(24	)		8		NM
Periodic net coupon settlements on non-qualifying derivatives		6			7			2			1			2			(67	%)		100	%		19			5			(74	%)
GMWB derivatives, net		—			6			(2	)		6			—			—			(100	%)		—			4			—
Other [5]		(10	)		(5	)		9			(1	)		(19	)		(90	%)	NM				—			(11	)		—
Total net realized capital gains (losses)	$	4		$	21		$	76		$	26		$	28		NM				8	%	$	19		$	130		NM
Gross gains on sale	$	61		$	58		$	100		$	84		$	74			21	%		(12	%)	$	209		$	258			23	%
Gross losses on sale		(31	)		—			(18	)		(70	)		(24	)		23	%		66	%		(95	)		(112	)		(18	%)
Impairments		(27	)		(51	)		(8	)		(4	)		(4	)		85	%		—			(111	)		(16	)		86	%
Periodic net coupon settlements on non-qualifying derivatives		6			7			2			1			2			(67	%)		100	%		19			5			(74	%)
GMWB derivatives, net		—			6			(2	)		6			—			—			(100	%)		—			4			—
Other net gain (loss) [5]		(5	)		1			2			9			(20	)	NM			NM				(3	)		(9	)	NM
Total net realized capital gains (losses)	$	4		$	21		$	76		$	26		$	28		NM				8	%	$	19		$	130		NM

[1]	Includes income on short-term bonds.
[2]	The first, second and third quarters of 2004 include $154, $150 and $155, respectively, of net investment income associated with the guaranteed separate accounts pursuant to the adoption of SOP 03-01.
[3]	This amount relates to the change in value of trading securities pursuant to the adoption of SOP 03-01.
[4]	The investment yield calculation excludes trading securities and collateral received associated with the securities lending program. Assets received in the CNA purchase are included in the investment yield calculation beginning with the first quarter 2004.
[5]	Primarily consists of changes in fair value on non-qualifying derivatives and hedge ineffectiveness on qualifying derivative instruments as well as the amortization of deferred acquisition costs associated with realized capital gains.

I-2

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT EARNINGS BEFORE-TAX
PROPERTY & CASUALTY

																Year Over						NINE MONTHS ENDED
	3Q			4Q			1Q			2Q			3Q			Year Quarter			Sequential Quarter			SEPTEMBER 30,
	2003			2003			2004			2004			2004			Change			Change			2003			2004			Change
Net Investment Income
Fixed maturities [1]
Taxable	$	184		$	203		$	203		$	196		$	204			11	%		4	%	$	514		$	603			17	%
Tax-exempt		98			97			95			95			95			(3	%)		—			311			285			(8	%)
Total fixed maturities		282			300			298			291			299			6	%		3	%		825			888			8	%
Equities		3			1			2			2			2			(33	%)		—			8			6			(25	%)
Mortgage loans		3			4			4			3			4			33	%		33	%		11			11			—
Real estate		—			1			1			—			1			—			—			2			2			—
Limited partnerships		11			4			2			3			6			(45	%)		100	%		19			11			(42	%)
Other		3			4			9			—			2			(33	%)		—			14			11			(21	%)
Subtotal		302			314			316			299			314			4	%		5	%		879			929			6	%
Less investment expense		5			6			5			4			5			—			(25	%)		15			14			7	%
Total net investment income	$	297		$	308		$	311		$	295		$	309			4	%		5	%	$	864		$	915			6	%
Investment yield, before-tax [2]		5.4	%		5.4	%		5.5	%		5.3	%		5.4	%		—			0.1			5.5	%		5.4	%		(0.1	)
Investment yield, after-tax [2]		4.0	%		4.0	%		4.1	%		3.9	%		4.0	%		—			0.1			4.2	%		4.0	%		(0.2	)
Net Realized Capital Gains (Losses)
Fixed maturities	$	(3	)	$	19		$	50		$	25		$	19		NM				(24	%)	$	217		$	94			(57	%)
Equities		—			3			4			(2	)		—			—			100	%		(25	)		2		NM
Periodic net coupon settlements on non-qualifying derivatives		5			4			4			3			1			(80	%)		(67	%)		14			8			(43	%)
Other [3]		17			(3	)		13			1			(2	)	NM			NM				24			12			(50	%)
Total net realized capital gains (losses)	$	19		$	23		$	71		$	27		$	18			(5	%)		(33	%)	$	230		$	116			(50	%)
Gross gains on sale	$	71		$	34		$	72		$	49		$	30			(58	%)		(39	%)	$	363		$	151			(58	%)
Gross losses on sale		(49	)		(9	)		(5	)		(27	)		(10	)		80	%		63	%		(116	)		(42	)		64	%
Impairments		(2	)		(4	)		(6	)		—			(2	)		—			—			(34	)		(8	)		76	%
Periodic net coupon settlements on non-qualifying derivatives		5			4			4			3			1			(80	%)		(67	%)		14			8			(43	%)
Other net gain (loss) [3]		(6	)		(2	)		6			2			(1	)		83	%	NM				3			7			133	%
Total net realized capital gains (losses)	$	19		$	23		$	71		$	27		$	18			(5	%)		(33	%)	$	230		$	116			(50	%)

[1]	Includes income on short-term bonds.
[2]	The investment yield calculation excludes the collateral received associated with the securities lending program.
[3]	Primarily consists of changes in fair value on non-qualifying derivatives and hedge ineffectiveness on qualifying derivative instruments.

I-3

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTMENT EARNINGS BEFORE-TAX
CORPORATE

														Year Over						NINE MONTHS ENDED
	3Q		4Q		1Q			2Q			3Q			Year Quarter			Sequential Quarter			SEPTEMBER 30,
	2003		2003		2004			2004			2004			Change			Change			2003		2004			Change
Net Investment Income
Fixed maturities [1]
Taxable	$	—	$	—	$	—		$	—		$	1			—			—		$	2	$	1			(50	%)
Total fixed maturities		—		—		—			—			1			—			—			2		1			(50	%)
Other [2]		5		5		5			5			4			(20	%)		(20	%)		13		14			8	%
Total net investment income	$	5	$	5	$	5		$	5		$	5			—			—		$	15	$	15			—
Net Realized Capital Gains (Losses)
Other net gain (loss) [3]	$	—	$	—	$	(3	)	$	(1	)	$	(2	)		—			(100	%)		—		(6	)		—

[1]	Includes income on short-term bonds.
[2]	In connection with the HLI Repurchase, the carrying value of the purchased fixed maturity investments was adjusted to fair market value as of the date of the repurchase. The amortization of the adjustment to the fixed maturity investments’ carrying values is reported in Corporate’s net investment income.
[3]	Primarily consists of changes in fair value on non-qualifying derivatives.

I-4

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMPOSITION OF INVESTED ASSETS
CONSOLIDATED

	3Q					4Q					1Q					2Q					3Q
	2003					2003					2004					2004					2004
	Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent
Fixed maturities, available-for-sale, at fair value [1] [2]	$	70,587		93.5	%	$	72,998		93.9	%	$	72,814		84.9	%	$	70,703		83.3	%	$	74,276		82.2	%
Equity securities, at fair value
Available-for-sale		677		0.9	%		603		0.8	%		612		0.7	%		584		0.7	%		650		0.7	%
Trading securities [2]		—		—			—		—			7,831		9.2	%		8,995		10.6	%		10,685		11.8	%
Total equity securities, at fair value		677		0.9	%		603		0.8	%		8,443		9.9	%		9,579		11.3	%		11,335		12.5	%
Policy loans, at outstanding balance		2,533		3.4	%		2,512		3.2	%		2,655		3.1	%		2,650		3.1	%		2,665		2.9	%
Real estate/Mortgage loans, at cost		797		1.1	%		907		1.2	%		929		1.1	%		1,158		1.4	%		1,052		1.2	%
Limited partnerships, at fair value		444		0.5	%		361		0.5	%		361		0.4	%		390		0.5	%		412		0.5	%
Other investments [3]		465		0.6	%		307		0.4	%		555		0.6	%		369		0.4	%		632		0.7	%
Total investments [2]	$	75,503		100.0	%	$	77,688		100.0	%	$	85,757		100.0	%	$	84,849		100.0	%	$	90,372		100.0	%
Total general account investments		63,620		84.3	%		65,847		84.8	%
Total guaranteed separate account investments		11,883		15.7	%		11,841		15.2	%
HIMCO managed third party accounts	$	1,850				$	2,053				$	2,326				$	3,138				$	3,274
Asset-backed securities (“ABS”)	$	6,546		9.3	%	$	6,524		8.9	%	$	6,373		8.8	%	$	6,574		9.3	%	$	6,961		9.4	%
Commercial mortgage-backed securities (“CMBS”)		10,017		14.2	%		10,731		14.7	%		11,495		15.8	%		11,039		15.6	%		11,917		16.0	%
Collateralized mortgage obligation (“CMO”)		1,047		1.5	%		1,073		1.5	%		902		1.2	%		1,016		1.4	%		1,124		1.5	%
Corporate		31,508		44.6	%		33,997		46.6	%		34,490		47.3	%		32,587		46.1	%		33,904		45.7	%
Government/Government agencies - Foreign		1,530		2.2	%		1,773		2.4	%		1,535		2.1	%		1,380		2.0	%		1,645		2.2	%
Government/Government agencies - U.S.		1,072		1.5	%		1,430		1.9	%		1,333		1.8	%		1,072		1.5	%		1,115		1.5	%
Mortgage-backed securities (“MBS”) - agency		3,078		4.4	%		2,834		3.9	%		2,470		3.4	%		2,213		3.1	%		2,476		3.4	%
Municipal - taxable		458		0.6	%		629		0.9	%		765		1.1	%		827		1.2	%		897		1.2	%
Municipal - tax-exempt		10,191		14.4	%		10,216		14.0	%		10,282		14.1	%		10,043		14.2	%		10,307		13.9	%
Redeemable preferred stock		81		0.1	%		80		0.1	%		74		0.1	%		37		0.1	%		37		—
Short-term [1]		5,059		7.2	%		3,711		5.1	%		3,095		4.3	%		3,915		5.5	%		3,893		5.2	%
Total fixed maturities	$	70,587		100.0	%	$	72,998		100.0	%	$	72,814		100.0	%	$	70,703		100.0	%	$	74,276		100.0	%
Total general account fixed maturities		58,909		83.5	%		61,263		83.9	%
Total guaranteed separate account fixed maturities		11,678		16.5	%		11,735		16.1	%
AAA	$	15,490		21.9	%	$	16,552		22.7	%	$	16,854		23.1	%	$	16,968		24.0	%	$	18,755		25.3	%
AA		7,583		10.7	%		7,855		10.8	%		8,043		11.0	%		7,769		11.0	%		8,073		10.9	%
A		18,200		25.8	%		18,750		25.7	%		18,220		25.0	%		17,683		25.0	%		18,147		24.4	%
BBB		15,536		22.0	%		17,114		23.4	%		18,350		25.2	%		17,036		24.1	%		17,668		23.8	%
Government		5,146		7.3	%		5,357		7.3	%		4,777		6.6	%		4,293		6.1	%		4,713		6.3	%
BB & below		3,573		5.1	%		3,659		5.0	%		3,475		4.8	%		3,039		4.3	%		3,027		4.1	%
Short-term [1]		5,059		7.2	%		3,711		5.1	%		3,095		4.3	%		3,915		5.5	%		3,893		5.2	%
Total fixed maturities	$	70,587		100.0	%	$	72,998		100.0	%	$	72,814		100.0	%	$	70,703		100.0	%	$	74,276		100.0	%

[1]	Third and fourth quarters of 2003 include $107 and $86, respectively, in Corporate. First, second and third quarters of 2004 include $38, $122 and $144, respectively, in Corporate.
[2]	First, second and third quarters of 2004 includes $11,967, $11,640 and $11,379, respectively, of guaranteed separate account assets and $7,831, $8,995 and $10,685, respectively, of trading securities within general account assets due to the adoption of SOP 03-1.
[3]	Third and fourth quarters of 2003 include $4 and $2, respectively, in Corporate. First, second and third quarters of 2004 include $28, $6 and $10, respectively, in Corporate.

I-5

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMPOSITION OF INVESTED ASSETS
LIFE

	3Q					4Q					1Q					2Q					3Q
	2003					2003					2004					2004					2004
	Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent
Fixed maturities, available-for-sale, at fair value [1]	$	46,915		92.0	%	$	49,197		92.8	%	$	49,580		80.4	%	$	47,807		78.4	%	$	50,200		76.9	%
Equity securities, at fair value
Available-for-sale		462		0.9	%		395		0.8	%		406		0.7	%		383		0.6	%		449		0.7	%
Trading securities [1]		—		—			—		—			7,831		12.7	%		8,995		14.7	%		10,685		16.4	%
Total equity securities, at fair value		462		0.9	%		395		0.8	%		8,237		13.4	%		9,378		15.3	%		11,134		17.1	%
Policy loans, at outstanding balance		2,533		5.0	%		2,512		4.7	%		2,655		4.3	%		2,650		4.3	%		2,665		4.0	%
Real estate/Mortgage loans, at cost		544		1.1	%		579		1.1	%		620		1.0	%		852		1.4	%		783		1.2	%
Limited partnerships, at fair value		251		0.5	%		193		0.4	%		197		0.3	%		234		0.4	%		242		0.4	%
Other investments		263		0.5	%		119		0.2	%		350		0.6	%		143		0.2	%		262		0.4	%
Total investments [1]	$	50,968		100.0	%	$	52,995		100.0	%	$	61,639		100.0	%	$	61,064		100.0	%	$	65,286		100.0	%
Total general account investments		39,085		76.7	%		41,154		77.7	%
Total guaranteed separate account investments		11,883		23.3	%		11,841		22.3	%
ABS	$	5,411		11.5	%	$	5,409		11.0	%	$	5,365		10.8	%	$	5,629		11.8	%	$	5,908		11.8	%
CMBS		7,704		16.4	%		8,168		16.6	%		8,817		17.8	%		8,529		17.8	%		9,127		18.2	%
CMO		998		2.1	%		1,035		2.1	%		866		1.7	%		908		1.9	%		982		2.0	%
Corporate		23,790		50.8	%		25,553		51.9	%		25,965		52.4	%		24,581		51.3	%		25,392		50.5	%
Government/Government agencies - Foreign		657		1.4	%		952		1.9	%		744		1.5	%		660		1.4	%		785		1.6	%
Government/Government agencies - U.S.		943		2.0	%		1,126		2.3	%		1,048		2.1	%		810		1.7	%		877		1.7	%
MBS - agency		2,080		4.4	%		2,175		4.4	%		1,871		3.8	%		1,609		3.4	%		1,633		3.3	%
Municipal - taxable		270		0.6	%		408		0.9	%		536		1.1	%		614		1.3	%		680		1.4	%
Municipal - tax-exempt		2,027		4.3	%		2,017		4.1	%		2,238		4.5	%		2,181		4.6	%		2,264		4.4	%
Redeemable preferred stock		33		0.1	%		33		0.1	%		47		0.1	%		12		—			12		—
Short-term		3,002		6.4	%		2,321		4.7	%		2,083		4.2	%		2,274		4.8	%		2,540		5.1	%
Total fixed maturities	$	46,915		100.0	%	$	49,197		100.0	%	$	49,580		100.0	%	$	47,807		100.0	%	$	50,200		100.0	%
Total general account fixed maturities		35,237		75.1	%		37,462		76.1	%
Total guaranteed separate account fixed maturities		11,678		24.9	%		11,735		23.9	%
AAA	$	7,783		16.6	%	$	8,681		17.6	%	$	9,058		18.3	%	$	9,483		19.8	%	$	10,554		21.0	%
AA		4,323		9.2	%		4,486		9.1	%		4,719		9.5	%		4,511		9.4	%		4,875		9.7	%
A		13,630		29.1	%		13,901		28.3	%		13,661		27.6	%		13,225		27.7	%		13,529		27.0	%
BBB		11,889		25.3	%		13,061		26.5	%		13,920		28.0	%		13,026		27.2	%		13,300		26.5	%
Government		3,975		8.5	%		4,361		9.0	%		3,860		7.8	%		3,345		7.0	%		3,514		7.0	%
BB & below		2,313		4.9	%		2,386		4.8	%		2,279		4.6	%		1,943		4.1	%		1,888		3.8	%
Short-term		3,002		6.4	%		2,321		4.7	%		2,083		4.2	%		2,274		4.8	%		2,540		5.0	%
Total fixed maturities	$	46,915		100.0	%	$	49,197		100.0	%	$	49,580		100.0	%	$	47,807		100.0	%	$	50,200		100.0	%

[1] First, second and third quarters of 2004 includes $11,967, $11,640 and $11,379, respectively, of guaranteed separate account assets and $7,831, $8,995 and $10,685, respectively, of trading securities within general account assets due to the adoption of SOP 03-1.

I-6

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMPOSITION OF INVESTED ASSETS
PROPERTY & CASUALTY

	3Q					4Q					1Q					2Q					3Q
	2003					2003					2004					2004					2004
	Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent
Fixed maturities, available-for-sale, at fair value	$	23,565		96.5	%	$	23,715		96.4	%	$	23,196		96.4	%	$	22,774		96.3	%	$	23,932		96.0	%
Equity securities, available-for-sale, at fair value		215		0.9	%		208		0.8	%		206		0.9	%		201		0.8	%		201		0.8	%
Real estate/Mortgage loans, at cost		253		1.0	%		328		1.3	%		309		1.3	%		306		1.3	%		269		1.1	%
Limited partnerships, at fair value		193		0.8	%		168		0.7	%		164		0.7	%		156		0.7	%		170		0.7	%
Other investments		198		0.8	%		186		0.8	%		177		0.7	%		220		0.9	%		360		1.4	%
Total investments	$	24,424		100.0	%	$	24,605		100.0	%	$	24,052		100.0	%	$	23,657		100.0	%	$	24,932		100.0	%
ABS	$	1,135		4.8	%	$	1,115		4.7	%	$	1,008		4.3	%	$	945		4.1	%	$	1,053		4.4	%
CMBS		2,313		9.8	%		2,563		10.8	%		2,678		11.5	%		2,510		11.0	%		2,790		11.7	%
CMO		49		0.2	%		38		0.2	%		36		0.2	%		108		0.5	%		142		0.6	%
Corporate		7,718		32.9	%		8,444		35.5	%		8,525		36.8	%		8,006		35.1	%		8,512		35.5	%
Government/Government agencies — Foreign		873		3.7	%		821		3.5	%		791		3.4	%		720		3.2	%		860		3.6	%
Government/Government agencies — U.S.		129		0.5	%		304		1.3	%		285		1.2	%		262		1.2	%		238		1.0	%
MBS — agency		998		4.2	%		659		2.8	%		599		2.6	%		604		2.7	%		843		3.5	%
Municipal — taxable		188		0.8	%		221		0.9	%		229		1.0	%		213		0.9	%		217		0.9	%
Municipal — tax-exempt		8,164		34.6	%		8,199		34.6	%		8,044		34.7	%		7,862		34.5	%		8,043		33.6	%
Redeemable preferred stock		48		0.2	%		47		0.2	%		27		0.1	%		25		0.1	%		25		0.1	%
Short-term		1,950		8.3	%		1,304		5.5	%		974		4.2	%		1,519		6.7	%		1,209		5.1	%
Total fixed maturities	$	23,565		100.0	%	$	23,715		100.0	%	$	23,196		100.0	%	$	22,774		100.0	%	$	23,932		100.0	%
AAA	$	7,707		32.7	%	$	7,871		33.2	%	$	7,796		33.6	%	$	7,485		32.8	%	$	8,201		34.3	%
AA		3,260		13.8	%		3,369		14.2	%		3,324		14.2	%		3,258		14.3	%		3,198		13.4	%
A		4,570		19.4	%		4,849		20.4	%		4,559		19.7	%		4,458		19.6	%		4,618		19.2	%
BBB		3,647		15.5	%		4,053		17.1	%		4,430		19.1	%		4,010		17.6	%		4,368		18.2	%
Government		1,171		5.0	%		996		4.2	%		917		4.0	%		948		4.2	%		1,199		5.0	%
BB & below		1,260		5.3	%		1,273		5.4	%		1,196		5.2	%		1,096		4.8	%		1,139		4.8	%
Short-term		1,950		8.3	%		1,304		5.5	%		974		4.2	%		1,519		6.7	%		1,209		5.1	%
Total fixed maturities	$	23,565		100.0	%	$	23,715		100.0	%	$	23,196		100.0	%	$	22,774		100.0	%	$	23,932		100.0	%

I-7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
UNREALIZED LOSS AGING
CONSOLIDATED [1]

	September 30, 2004							December 31, 2003
	Amortized				Unrealized			Amortized				Unrealized
	Cost		Fair Value		Loss			Cost		Fair Value		Loss
Total AFS [2] Securities
Three months or less	$	3,542	$	3,514	$	(28	)	$	4,867	$	4,826	$	(41	)
Greater than three months to six months		5,502		5,415		(87	)		3,991		3,854		(137	)
Greater than six months to nine months		670		642		(28	)		404		382		(22	)
Greater than nine months to twelve months		103		98		(5	)		151		142		(9	)
Greater than twelve months		2,605		2,444		(161	)		1,844		1,688		(156	)
Total	$	12,422	$	12,113	$	(309	)	$	11,257	$	10,892	$	(365	)
BIG [3] and Equity AFS [2] Securities
Three months or less	$	236	$	225	$	(11	)	$	133	$	129	$	(4	)
Greater than three months to six months		275		262		(13	)		134		129		(5	)
Greater than six months to nine months		114		102		(12	)		81		73		(8	)
Greater than nine months to twelve months		34		31		(3	)		18		17		(1	)
Greater than twelve months		328		271		(57	)		417		349		(68	)
Total	$	987	$	891	$	(96	)	$	783	$	697	$	(86	)

[1]	As of September 30, 2004, fixed maturities represented $288, or 93%, of the Company’s total unrealized loss of available-for-sale securities. There were no fixed maturities as of September 30, 2004 with a fair value less than 80% of the security’s amortized cost basis for six continuous months other than certain asset- backed and commercial mortgage-backed securities. Other than temporary impairments for certain asset-backed and commercial mortgage-backed securities are recognized if the fair value of the security is less than its carrying amount and there has been a decrease in the present value of the expected cash flows since the last reporting period. There were no asset-backed or commercial mortgage-backed securities included in the tables above, as of September 30, 2004 and December 31, 2003, for which management’s best estimate of future cash flows adversely changed during the reporting period. For a detailed discussion of the other than temporary impairment criteria, see “Investments” included in the Critical Accounting Estimates section of the Management’s Discussion & Analysis and in Note 1 of Notes to Consolidated Financial Statements, both of which are included in The Hartford’s 2003 Form 10-K Annual Report.
[2]	Represents available-for-sale (“AFS”) securities.
[3]	Represents below investment grade (“BIG”) securities.

I-8

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
UNREALIZED LOSS AGING
LIFE

	September 30, 2004							December 31, 2003
	Amortized				Unrealized			Amortized				Unrealized
	Cost		Fair Value		Loss			Cost		Fair Value		Loss
Total AFS Securities
Three months or less	$	2,601	$	2,584	$	(17	)	$	2,903	$	2,878	$	(25	)
Greater than three months to six months		3,874		3,813		(61	)		1,943		1,882		(61	)
Greater than six months to nine months		530		504		(26	)		265		250		(15	)
Greater than nine months to twelve months		46		43		(3	)		138		130		(8	)
Greater than twelve months		1,612		1,500		(112	)		1,661		1,528		(133	)
Total	$	8,663	$	8,444	$	(219	)	$	6,910	$	6,668	$	(242	)
BIG and Equity AFS Securities
Three months or less	$	142	$	134	$	(8	)	$	57	$	55	$	(2	)
Greater than three months to six months		203		192		(11	)		91		87		(4	)
Greater than six months to nine months		102		91		(11	)		60		54		(6	)
Greater than nine months to twelve months		8		6		(2	)		18		17		(1	)
Greater than twelve months		281		232		(49	)		361		302		(59	)
Total	$	736	$	655	$	(81	)	$	587	$	515	$	(72	)

I-9

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
UNREALIZED LOSS AGING
PROPERTY & CASUALTY

	September 30, 2004							December 31, 2003
	Amortized				Unrealized			Amortized				Unrealized
	Cost		Fair Value		Loss			Cost		Fair Value		Loss
Total AFS Securities
Three months or less	$	941	$	930	$	(11	)	$	1,964	$	1,948	$	(16	)
Greater than three months to six months		1,628		1,602		(26	)		2,048		1,972		(76	)
Greater than six months to nine months		140		138		(2	)		139		132		(7	)
Greater than nine months to twelve months		57		55		(2	)		13		12		(1	)
Greater than twelve months		993		944		(49	)		183		160		(23	)
Total	$	3,759	$	3,669	$	(90	)	$	4,347	$	4,224	$	(123	)
BIG and Equity AFS Securities
Three months or less	$	94	$	91	$	(3	)	$	76	$	74	$	(2	)
Greater than three months to six months		72		70		(2	)		43		42		(1	)
Greater than six months to nine months		12		11		(1	)		21		19		(2	)
Greater than nine months to twelve months		26		25		(1	)		—		—		—
Greater than twelve months		47		39		(8	)		56		47		(9	)
Total	$	251	$	236	$	(15	)	$	196	$	182	$	(14	)

I-10

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTED ASSET EXPOSURES
AS OF SEPTEMBER 30, 2004

	LIFE
			Percent of
			Total
	Fair		Invested
	Value		Assets
TOP TEN CORPORATE FIXED MATURITY EXPOSURES BY SECTOR
Financial services	$	6,716		10.3	%
Technology and communications		3,867		5.9	%
Consumer non cyclical		2,722		4.2	%
Utilities		2,442		3.7	%
Basic industry		2,582		4.0	%
Consumer cyclical		2,539		3.9	%
Capital goods		1,694		2.6	%
Energy		1,433		2.2	%
Other		744		1.1	%
Transportation		653		1.0	%
Total	$	25,392		38.9	%
TOP TEN EXPOSURES BY ISSUER [1]
J.P. Morgan Chase & Co.	$	415		0.6	%
Verizon Communications, Inc.		233		0.4	%
Bank of America Corp.		217		0.3	%
Ford Motor Company		209		0.3	%
Credit Suisse Group		208		0.3	%
American Express Credit Account Master		196		0.3	%
General Motors Corp.		193		0.3	%
Royal Bank of Scotland PLC		187		0.3	%
Citigroup, Inc.		187		0.3	%
Time Warner, Inc.		185		0.3	%
Total	$	2,230		3.4	%

	P&C
			Percent of
			Total
	Fair		Invested
	Value		Assets
Financial services	$	2,095		8.4	%
Technology and communications		1,342		5.4	%
Consumer non cyclical		888		3.6	%
Utilities		1,076		4.3	%
Basic industry		802		3.2	%
Consumer cyclical		806		3.2	%
Capital goods		511		2.0	%
Energy		597		2.4	%
Other		235		0.9	%
Transportation		160		0.7	%
Total	$	8,512		34.1	%
State of California	$	262		1.1	%
State of Massachusetts		241		1.0	%
New York City, NY		206		0.8	%
State of Illinois		171		0.7	%
State of Georgia		155		0.6	%
New Jersey State Transit Authority		151		0.6	%
J.P. Morgan Chase & Co.		148		0.6	%
Government of France		144		0.5	%
Mass. Bay Transportation Authority		130		0.5	%
Puerto Rico Public Buildings Authority		118		0.5	%
Total	$	1,726		6.9	%

	CONSOLIDATED
			Percent of
			Total
	Fair		Invested
	Value		Assets
Financial services	$	8,811		9.7	%
Technology and communications		5,209		5.8	%
Consumer non cyclical		3,610		4.0	%
Utilities		3,518		3.9	%
Basic industry		3,384		3.7	%
Consumer cyclical		3,345		3.7	%
Capital goods		2,205		2.4	%
Energy		2,030		2.2	%
Other		979		1.1	%
Transportation		813		1.0	%
Total	$	33,904		37.5	%
J.P. Morgan Chase & Co.	$	563		0.6	%
State of California		409		0.5	%
State of Massachusetts		375		0.4	%
Ford Motor Company		285		0.3	%
General Motors Corp.		281		0.3	%
Verizon Communications, Inc.		280		0.3	%
Time Warner, Inc.		255		0.3	%
DaimlerChrysler AG		253		0.3	%
Bank of America Corp.		250		0.3	%
New York City, NY		248		0.2	%
Total	$	3,199		3.5	%

[1] Excludes U.S. government and government agency backed securities as well as securities classified as trading securities.

I-11