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

Exhibit 99.1

INVESTOR FINANCIAL SUPPLEMENT

MARCH 31, 2005

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

Address:
690 Asylum Avenue
Hartford, CT 06105

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

Contacts:
Kimberly Johnson
Vice President
Investor Relations
Phone (860) 547-6781

Greg Schroeter
Assistant Vice President
Investor Relations
Phone (860) 547-9140

Roza Kogan
Senior Analyst
Investor Relations
Phone (860) 547-5748

Margaret Mann
Program Assistant
Investor Relations
Phone (860) 547-3800

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

As of April 26, 2005

	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	—	—
Hartford Life & Annuity	A+	AA	AA-	Aa3
Hartford Life Insurance KK	—	—	AA-	—
Hartford Life Limited (IRL)	—	—	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

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
	First Quarter Ended March 31, 2005 and 2004	C-3
	Consolidating Balance Sheets
	As of March 31, 2005 and December 31, 2004	C-4
	Capital Structure	C-5
	Accumulated Other Comprehensive Income	C-6
	Computation of Basic and Diluted Earnings Per Share	C-7
	Computation of Return-on-Equity Measures	C-8
	*Weighted Average Share Analysis	C-9
LIFE	Financial Highlights	L-1
	Operating Results	L-2
	Total Assets Under Management	L-3
	Consolidated Balance Sheets	L-4
	Deferred Policy Acquisition Costs and Present Value of Future Profits	L-5
	Supplemental Data — Annuity Death and Income Benefits	L-6
	Reinsurance Recoverable Analysis
	As of December 31, 2004	L-7
	Statutory Surplus to GAAP Stockholders’ Equity Reconciliation	L-8
	Retail Products Group
	Income Statements
	Individual Annuity	L-9
	Other	L-10
	Supplemental Data
	Sales/Other Deposits	L-11
	Assets Under Management	L-12
	Individual Annuity — Account Value Rollforward	L-13
	Other — Account Value Rollforward	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
	*International — Japan Supplemental Data	L-24
PROPERTY &	Financial Highlights	PC-1
CASUALTY	Operating Results	PC-2
	Consolidating Underwriting Results	PC-3
	Ongoing Property & Casualty Underwriting Results	PC-4
	Business Insurance Underwriting Results	PC-5
	Business Insurance Written and Earned Premiums	PC-6
	Personal Lines Underwriting Results	PC-7
	Personal Lines Written and Earned Premiums	PC-8
	Specialty Commercial Underwriting Results	PC-9
	Specialty Commercial Written and Earned Premiums	PC-10
	Statistical Premium Information (Year over Year)	PC-11
	Other Operations Underwriting Results	PC-12
	Other Operations Claims and Claim Adjustment Expenses	PC-13
	Paid and Incurred Loss and Loss Adjustment Expense Development — A&E	PC-14
	Unpaid Claims and Claim Adjustment Expense Reserve Rollforward
	First Quarter Ended March 31, 2005 and 2004	PC-15
	Reinsurance Recoverable Analysis	PC-16
	Consolidated Income Statements	PC-17
	Consolidated Balance Sheets	PC-18
	Statutory Surplus to GAAP Stockholders’ Equity Reconciliation	PC-19
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	I-5
	Life	I-6
	Property & Casualty	I-7
	Unrealized Loss Aging
	Consolidated	I-8
	Life	I-9
	Property & Casualty	I-10
	Invested Asset Exposures
	As of March 31, 2005	I-11

* Indicates new page not included in prior periods.

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 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. 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 primarily includes all of the Company’s debt financing and related interest expense, as well as certain capital raising and certain purchase accounting adjustment activities.
•	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 premium renewal retention. 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.
•	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).
•	Certain reclassifications have been made to the prior periods to conform to the March 31, 2005 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.

 i 

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
BASIS OF PRESENTATION (CONTINUED)

	DISCUSSION OF NON-GAAP AND OTHER FINANCIAL MEASURES
•	The Hartford uses non-GAAP and other financial measures in this Investor Financial Supplement to assist investors in analyzing the Company’s operating performance for the periods presented herein. Because The Hartford’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing The Hartford’s non-GAAP and other financial measures to those of other companies.
•	The Hartford uses the non-GAAP financial measure operating income as an important measure of the Company’s operating performance. Operating income is net income, before the after-tax effect of net realized capital gains and losses and the cumulative effect of accounting changes. The Company believes operating income provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it excludes the effect of realized capital gains and losses, which tend to be highly variable from period to period and are primarily based on market conditions unrelated to the Company’s insurance operations. Net income is the most directly comparable GAAP measure. A reconciliation of net income to operating income for the periods presented herein is set forth at page C-7. Operating income per share is calculated based on a non-GAAP financial measure. Net income per share is the most directly comparable GAAP measure. A reconciliation of net income per share to operating income per share for the periods presented herein is set forth at page C-7.
•	The Hartford uses the non-GAAP financial measure operating income, before tax related items, to further enhance investor understanding of the Company’s ongoing businesses by eliminating the effects of tax related items because these items are highly variable from period to period. Net income is the most directly comparable GAAP measure. A reconciliation of net income to operating income, before tax related items, for the periods presented herein is set forth at page C-7. Operating income, before tax related items, per share is calculated based on a non-GAAP financial measure. Net income per share is the most directly comparable GAAP measure. A reconciliation of net income per share to operating income, before tax related items, per share for the periods presented herein is set forth at page C-7.
•	Written premiums is a statutory accounting financial measure used by The Hartford as an important indicator of the operating performance of the Company’s property-casualty operations. Because written premiums represents the amount of premium charged for policies issued during a fiscal period, The Hartford believes it is useful to investors because it reflects current trends in The Hartford’s sale of property-casualty insurance products. Earned premiums, the most directly comparable GAAP measure, represents all premiums that are recognized as revenues during a fiscal period. The difference between written premiums and earned premiums is attributable to the change in unearned premium reserves.
•	Book value per share excluding AOCI is calculated based upon a non-GAAP financial measure. It is calculated by dividing (a) stockholders’ equity excluding AOCI, net of tax, by (b) common shares outstanding. The Hartford provides book value per share excluding AOCI to enable investors to analyze the amount of the Company’s net worth that is primarily attributable to the Company’s business operations. The Hartford believes book value per share excluding AOCI is useful to investors because it eliminates the effect of items which typically fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP measure. A reconciliation of book value per share to book value per share excluding AOCI for the periods presented herein is set forth at page C-1.
•	The Hartford provides several different measures of the return on equity (“ROE”) of the Company. Two return-on-equity measures, ROE (operating income last twelve months to equity excluding AOCI) and ROE (operating income, before tax related items, Bancorp litigation and severance charges, last twelve months to equity excluding AOCI), are calculated based on non-GAAP financial measures. ROE (operating income last twelve months to equity excluding AOCI) is calculated by dividing (a) operating income for the prior four fiscal quarters by (b) average stockholders’ equity excluding AOCI. ROE (operating income, before tax related items, Bancorp litigation and severance charges, last twelve months to equity excluding AOCI) is calculated by dividing (a) operating income, before tax related items, Bancorp litigation and severance charges, for the prior four fiscal quarters by (b) average stockholders’ equity excluding AOCI. The Hartford provides to investors return-on-equity measures based on its non-GAAP operating income financial measures for the reasons set forth in the related discussion above. The Hartford excludes AOCI in the calculation of these return-on-equity measures to provide investors with a measure of how effectively the Company is investing the portion of the Company’s net worth that is primarily attributable to the Company’s business operations. ROE (net income last twelve months to equity including AOCI) is the most directly comparable GAAP measure. A reconciliation of the non-GAAP return-on-equity measures for the periods presented herein to ROE (net income last twelve months to equity including AOCI) is set forth at page C-8.

 ii 

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATED FINANCIAL RESULTS

																Year Over
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
HIGHLIGHTS
Net income	$	568		$	433		$	494		$	620		$	666			17	%		7	%
Operating income [1]	$	501		$	403		$	468		$	596		$	583			16	%		(2	%)
Operating income, before tax related items [1]	$	501		$	403		$	252		$	596		$	583			16	%		(2	%)
Total revenues	$	5,732		$	5,444		$	5,416		$	6,101		$	5,991			5	%		(2	%)
Total assets	$	237,261		$	240,219		$	246,489		$	259,735		$	261,420			10	%		1	%
Total assets under management [2]	$	263,810		$	268,526		$	274,961		$	291,696		$	293,311			11	%		1	%
PER SHARE AND SHARES DATA
Basic earnings per share
Net income	$	1.96		$	1.48		$	1.68		$	2.11		$	2.26			15	%		7	%
Operating income [1]	$	1.73		$	1.38		$	1.60		$	2.03		$	1.98			14	%		(2	%)
Operating income, before tax related items [1]	$	1.73		$	1.38		$	0.86		$	2.03		$	1.98			14	%		(2	%)
Diluted earnings per share
Net income	$	1.93		$	1.46		$	1.66		$	2.08		$	2.21			15	%		6	%
Operating income [1]	$	1.70		$	1.35		$	1.57		$	2.00		$	1.93			14	%		(4	%)
Operating income, before tax related items [1]	$	1.70		$	1.35		$	0.85		$	2.00		$	1.93			14	%		(4	%)
Weighted average common shares outstanding (basic)		289.9			292.3			293.2			293.8			294.8		4.9sh			1.0sh
Weighted average common shares outstanding and dilutive potential common shares (diluted)		294.9			297.5			297.5			298.1			301.3		6.4sh			3.2sh
Common shares outstanding		291.7			293.0			293.5			294.2			296.5		4.8sh			2.3sh
Book value per share	$	46.41		$	41.89		$	46.51		$	48.40		$	47.93			3	%		(1	%)
Per share impact of AOCI	$	7.44		$	1.63		$	4.81		$	4.85		$	2.33			(69	%)		(52	%)
Book value per share (excluding AOCI)	$	38.97		$	40.26		$	41.70		$	43.55		$	45.60			17	%		5	%
FINANCIAL RATIOS
ROE (net income last 12 months to equity including AOCI) [3]		16.3	%		15.1	%		15.6	%		16.3	%		16.0	%		(0.3	)		(0.3	)
ROE (operating income last 12 months to equity excluding AOCI) [3]		16.5	%		15.6	%		16.2	%		17.0	%		16.5	%		—			(0.5	)
ROE (operating income before tax related items, Bancorp litigation, and severance charges, last 12 months to equity excluding AOCI) [3]		15.9	%		15.9	%		14.3	%		15.1	%		14.7	%		(1.2	)		(0.4	)
Debt to capitalization including AOCI		27.6	%		28.6	%		26.5	%		25.7	%		25.7	%		(1.9	)		—
Investment yield, after-tax		3.9	%		3.9	%		3.9	%		3.9	%		3.9	%		—			—
Ongoing Property & Casualty GAAP combined ratio		89.8			91.4			108.9			90.2			88.6			1.2			1.6

[1]	For periods prior to January 1, 2005, operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax. See p. C-7 for reconciliation of net income to operating income and to operating income, before tax related items.
[2]	Includes mutual fund assets (see page L-3) and third party assets managed by HIMCO (see page I-5).
[3]	See p. C-8 for a computation of return-on-equity measures.

C-1

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

																Year Over
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
Life
Retail Products Group
Individual Annuity	$	112		$	112		$	127		$	132		$	134			20	%		2	%
Other Retail		15			14			13			17			18			20	%		6	%
Total Retail Products Group		127			126			140			149			152			20	%		2	%
Institutional Solutions Group		29			28			33			35			40			38	%		14	%
Individual Life		34			37			44			39			39			15	%		—
Group Benefits		47			48			70			64			59			26	%		(8	%)
Other [1]		19			14			19			20			(52	)	NM			NM
Life operating income, before tax related items [2]		256			253			306			307			238			(7	%)		(22	%)
Tax related items		—			—			190			—			—			—			—
Total Life operating income [2]		256			253			496			307			238			(7	%)		(22	%)
Property & Casualty
Ongoing Operations Underwriting Results
Business Insurance		225			97			(25	)		63			118			(48	%)		87	%
Personal Lines		106			75			(137	)		94			127			20	%		35	%
Specialty Commercial		(110	)		29			(58	)		86			40		NM				(53	%)
Total Ongoing Operations underwriting results		221			201			(220	)		243			285			29	%		17	%
Other Operations underwriting results [3]		(65	)		(214	)		(110	)		(59	)		(28	)		57	%		53	%
Total Property & Casualty underwriting results		156			(13	)		(330	)		184			257			65	%		40	%
Net investment income		311			295			309			333			337			8	%		1	%
Periodic net coupon settlements on non-qualifying derivatives, before-tax		4			3			1			1			—			(100	%)		(100	%)
Net servicing and other income		9			21			10			2			13			44	%	NM
Other expenses		(68	)		(60	)		(53	)		(54	)		(60	)		12	%		(11	%)
Income tax (expense) benefit		(115	)		(58	)		50			(135	)		(161	)		(40	%)		(19	%)
Property & Casualty operating income (loss), before tax related items [2]		297			188			(13	)		331			386			30	%		17	%
Tax related items		—			—			26			—			—			—			—
Total Property & Casualty operating income [2]		297			188			13			331			386			30	%		17	%
Interest and Other Corporate		(52	)		(38	)		(41	)		(42	)		(41	)		21	%		2	%
Operating income, before tax related items [2]		501			403			252			596			583			16	%		(2	%)
Tax related items		—			—			216			—			—			—			—
Operating income [2]		501			403			468			596			583			16	%		(2	%)
Add: Net realized capital gains, after-tax [2]		90			30			26			24			83			(8	%)	NM
Add: Cumulative effect of accounting change, after-tax		(23	)		—			—			—			—			100	%		—
Net income	$	568		$	433		$	494		$	620		$	666			17	%		7	%
PER SHARE DATA [4]
Diluted earnings per share
Operating income, before tax related items	$	1.70		$	1.35		$	0.85		$	2.00		$	1.93			14	%		(4	%)
Operating income	$	1.70		$	1.35		$	1.57		$	2.00		$	1.93			14	%		(4	%)
Net income	$	1.93		$	1.46		$	1.66		$	2.08		$	2.21			15	%		6	%

[1]	Included in the three months ended March 31, 2005 is a charge of $66 to establish a reserve for investigations related to market timing by the SEC and New York Attorney General and directed brokerage by the SEC.
[2]	For periods prior to January 1, 2005, operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax.
[3]	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.
[4]	See p. C-7 for reconciliation of net income to operating income and to operating income, before tax related items.

C-2

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

																Year Over
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
Life
Retail Products Group
Individual Annuity	$	112		$	112		$	127		$	132		$	134			20	%		2	%
Other Retail		15			14			13			17			18			20	%		6	%
Total Retail Products Group		127			126			140			149			152			20	%		2	%
Institutional Solutions Group		29			28			33			35			40			38	%		14	%
Individual Life		34			37			44			39			39			15	%		—
Group Benefits		47			48			70			64			59			26	%		(8	%)
Other [1]		19			14			19			20			(52	)	NM			NM
Life operating income, before tax related items [2]		256			253			306			307			238			(7	%)		(22	%)
Tax related items		—			—			190			—			—			—			—
Total Life operating income [2]		256			253			496			307			238			(7	%)		(22	%)
Property & Casualty
Ongoing Operations Underwriting Results Before Catastrophes and Prior Year Development [3]:
Business Insurance		99			124			108			115			135			36	%		17	%
Personal Lines		116			110			99			87			134			16	%		54	%
Specialty Commercial		33			36			48			104			55			67	%		(47	%)
Total Ongoing Operations underwriting results before catastrophes and prior year development		248			270			255			306			324			31	%		6	%
Catastrophe impacts, excluding prior year development [4]		(36	)		(53	)		(422	)		(28	)		(33	)		8	%		(18	%)
Prior year reserve development:
Catastrophe loss and loss adjustment expenses		301			(4	)		17			—			(13	)	NM			NM
Other loss and loss adjustment expenses		(202	)		(12	)		(70	)		(35	)		7		NM			NM
Prior year earned premium adjustment on retrospectively rated policies		(90	)		—			—			—			—			100	%		—
Total Ongoing Operations underwriting results		221			201			(220	)		243			285			29	%		17	%
Other Operations underwriting results [5]		(65	)		(214	)		(110	)		(59	)		(28	)		57	%		53	%
Total Property & Casualty underwriting results		156			(13	)		(330	)		184			257			65	%		40	%
Net investment income		311			295			309			333			337			8	%		1	%
Periodic net coupon settlements on non-qualifying derivatives, before-tax		4			3			1			1			—			(100	%)		(100	%)
Net servicing and other income		9			21			10			2			13			44	%	NM
Other expenses		(68	)		(60	)		(53	)		(54	)		(60	)		12	%		(11	%)
Income tax (expense) benefit		(115	)		(58	)		50			(135	)		(161	)		(40	%)		(19	%)
Property & Casualty operating income (loss), before tax related items [2]		297			188			(13	)		331			386			30	%		17	%
Tax related items		—			—			26			—			—			—			—
Total Property & Casualty operating income [2]		297			188			13			331			386			30	%		17	%
Interest and Other Corporate		(52	)		(38	)		(41	)		(42	)		(41	)		21	%		2	%
Operating income, before tax related items [2]		501			403			252			596			583			16	%		(2	%)
Tax related items		—			—			216			—			—			—			—
Operating income [2]		501			403			468			596			583			16	%		(2	%)
Add: Net realized capital gains, after-tax [2]		90			30			26			24			83			(8	%)	NM
Add: Cumulative effect of accounting change, after-tax		(23	)		—			—			—			—			100	%		—
Net income	$	568		$	433		$	494		$	620		$	666			17	%		7	%

[1]	Included in the three months ended March 31, 2005 is a charge of $66 to establish a reserve for investigations related to market timing by the SEC and New York Attorney General and directed brokerage by the SEC.
[2]	For periods prior to January 1, 2005, operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax.
[3]	Adjusted to exclude catastrophe losses, prior year loss development and, for the three months ended March 31, 2004, a decrease in estimated earned premiums on retrospectively-rated policies. Underwriting results before catastrophes and prior year development is a non-GAAP financial measure because it excludes the effects of catastrophes, prior year development and the reduction in earned premiums relating to retrospectively-rated policies. The Company has included this item as an additional measure of the performance of the Company’s Property & Casualty current operations, because it excludes the effect of items relating to prior periods. A reconciliation of the adjusted underwriting results to the Company’s GAAP underwriting results is set forth above.
[4]	Catastrophe impacts for the third quarter ended September 30, 2004 include reinstatement premium of $17, $133 from Hurricane Charley, $113 from Hurricane Frances, $65 from Hurricane Ivan, and $100 from Hurricane Jeanne.
[5]	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. The fourth quarter ended December 31, 2004 includes an increase of $40 for assumed casualty reinsurance reserves.

C-2a

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING STATEMENTS OF OPERATIONS
FIRST QUARTER ENDED MARCH 31, 2005 AND 2004

	LIFE								PROPERTY & CASUALTY							CORPORATE									CONSOLIDATED
	2005		2004			Change			2005		2004		Change			2005			2004			Change			2005		2004			Change
Earned premiums	$	999	$	995			—		$	2,507	$	2,186		15	%	$	—		$	—			—		$	3,506	$	3,181			10	%
Fee income		950		825			15	%		—		—		—			2			—		NM				952		825			15	%
Net investment income		950		1,162			(18	%)		337		311		8	%		6			5			20	%		1,293		1,478			(13	%)
Other revenues		—		—			—			112		104		8	%		—			—			—			112		104			8	%
Net realized capital gains (losses)		81		76			7	%		48		71		(32	%)		(1	)		(3	)		67	%		128		144			(11	%)
Total revenues		2,980		3,058			(3	%)		3,004		2,672		12	%		7			2		NM				5,991		5,732			5	%
Benefits, claims and claim adjustment expenses		1,739		1,877			(7	%)		1,614		1,418		14	%		2			2			—			3,355		3,297			2	%
Amortization of deferred policy acquisition costs and present value of future profits		280		233			20	%		492		446		10	%		—			—			—			772		679			14	%
Insurance operating costs and expenses		571		526			9	%		144		166		(13	%)		—			—			—			715		692			3	%
Interest expense		—		—			—			—		—		—			63			66			(5	%)		63		66			(5	%)
Other expenses		6		1		NM				159		163		(2	%)		7			16			(56	%)		172		180			(4	%)
Total benefits and expenses		2,596		2,637			(2	%)		2,409		2,193		10	%		72			84			(14	%)		5,077		4,914			3	%
Income (loss) before income taxes and cumulative effect of accounting change		384		421			(9	%)		595		479		24	%		(65	)		(82	)		21	%		914		818			12	%
Income tax expense (benefit)		93		117			(21	%)		178		138		29	%		(23	)		(28	)		18	%		248		227			9	%
Income (loss) before cumulative effect of accounting change		291		304			(4	%)		417		341		22	%		(42	)		(54	)		22	%		666		591			13	%
Cumulative effect of accounting change, after-tax [1]		—		(23	)		100	%		—		—		—			—			—			—			—		(23	)		100	%
Net income (loss)		291		281			4	%		417		341		22	%		(42	)		(54	)		22	%		666		568			17	%
Less: Net realized capital gains (losses), after-tax		53		48			10	%		31		44		(30	%)		(1	)		(2	)		50	%		83		90			(8	%)
Less: Cumulative effect of accounting change, after-tax		—		(23	)		100	%		—		—		—			—			—			—			—		(23	)		100	%
Operating income (loss) [2]	$	238	$	256			(7	%)	$	386	$	297		30	%	$	(41	)	$	(52	)		21	%	$	583	$	501			16	%

[1]	Represents the cumulative effect of the Company’s adoption of SOP 03-1.
[2]	For periods prior to January 1, 2005, operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax.

C-3

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING BALANCE SHEETS
AS OF MARCH 31, 2005 AND DECEMBER 31, 2004

	LIFE									PROPERTY & CASUALTY							CORPORATE									CONSOLIDATED
	Mar. 31,			Dec. 31,						Mar. 31,		Dec. 31,					Mar. 31,			Dec. 31,						Mar. 31,		Dec. 31,
	2005			2004			Change			2005		2004		Change			2005			2004			Change			2005		2004		Change
Investments
Fixed maturities, available-for-sale, at fair value	$	50,877		$	50,531			1	%	$	24,130	$	24,410		(1	%)	$	208		$	159			31	%	$	75,215	$	75,100		—
Equity securities, trading, at fair value		15,855			13,634			16	%		—		—		—			—			—			—			15,855		13,634		16	%
Equity securities, available-for-sale, at fair value		662			525			26	%		427		307		39	%		—			—			—			1,089		832		31	%
Policy loans, at outstanding balance		2,119			2,662			(20	%)		—		—		—			—			—			—			2,119		2,662		(20	%)
Other investments		1,459			1,364			7	%		770		809		(5	%)		1			7			(86	%)		2,230		2,180		2	%
Total investments		70,972			68,716			3	%		25,327		25,526		(1	%)		209			166			26	%		96,508		94,408		2	%
Cash		1,198			933			28	%		241		215		12	%		—			—			—			1,439		1,148		25	%
Premiums receivable and agents’ balances		386			391			(1	%)		2,910		2,844		2	%		—			—			—			3,296		3,235		2	%
Reinsurance recoverables		767			993			(23	%)		5,186		5,185		—			—			—			—			5,953		6,178		(4	%)
Deferred policy acquisition costs and present value of future profits		7,908			7,437			6	%		1,080		1,071		1	%		1			1			—			8,989		8,509		6	%
Deferred income taxes		(654	)		(747	)		12	%		914		879		4	%		290			287			1	%		550		419		31	%
Goodwill		796			796			—			152		152		—			772			772			—			1,720		1,720		—
Property and equipment, net		194			182			7	%		464		461		1	%		—			—			—			658		643		2	%
Other assets		2,006			1,711			17	%		1,728		1,685		3	%		71			56			27	%		3,805		3,452		10	%
Separate account assets		138,502			140,023			(1	%)		—		—		—			—			—			—			138,502		140,023		(1	%)
Total assets	$	222,075		$	220,435			1	%	$	38,002	$	38,018		—		$	1,343		$	1,282			5	%	$	261,420	$	259,735		1	%
Future policy benefits, unpaid claims and claim adjustment expenses	$	12,375		$	12,250			1	%	$	21,301	$	21,329		—		$	(2	)	$	(4	)		50	%	$	33,674	$	33,575		—
Other policyholder funds and benefits payable		55,459			52,833			5	%		—		—		—			—			—			—			55,459		52,833		5	%
Unearned premiums		63			50			26	%		4,886		4,763		3	%		(6	)		(6	)		—			4,943		4,807		3	%
Debt [1]		—			—			—			—		—		—			4,922			4,929			—			4,922		4,929		—
Other liabilities		5,602			5,057			11	%		3,591		3,730		(4	%)		516			543			(5	%)		9,709		9,330		4	%
Separate account liabilities		138,502			140,023			(1	%)		—		—		—			—			—			—			138,502		140,023		(1	%)
Total liabilities		212,001			210,213			1	%		29,778		29,822		—			5,430			5,462			(1	%)		247,209		245,497		1	%
Equity excluding AOCI, net of tax		9,305			9,027			3	%		7,876		7,542		4	%		(3,660	)		(3,756	)		3	%		13,521		12,813		6	%
AOCI, net of tax		769			1,195			(36	%)		348		654		(47	%)		(427	)		(424	)		(1	%)		690		1,425		(52	%)
Total stockholders’ equity		10,074			10,222			(1	%)		8,224		8,196		—			(4,087	)		(4,180	)		2	%		14,211		14,238		—
Total liabilities and stockholders’ equity	$	222,075		$	220,435			1	%	$	38,002	$	38,018		—		$	1,343		$	1,282			5	%	$	261,420	$	259,735		1	%

[1]  Includes junior subordinated debentures.

C-4

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CAPITAL STRUCTURE

																Year Over
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
DEBT
Short-term debt (includes current maturities of long-term debt)	$	573		$	622		$	621		$	621		$	622			9	%		—
Senior notes		2,839			2,583			2,586			2,584			2,581			(9	%)		—
Subtotal		3,412			3,205			3,207			3,205			3,203			(6	%)		—
Equity unit notes		1,020			1,020			1,020			1,020			1,020			—			—
Junior subordinated debentures		718			698			706			704			699			(3	%)		(1	%)
Total debt	$	5,150		$	4,923		$	4,933		$	4,929		$	4,922			(4	%)		—
STOCKHOLDERS’ EQUITY
Equity excluding AOCI, net of tax	$	11,369		$	11,795		$	12,240		$	12,813		$	13,521			19	%		6	%
AOCI, net of tax		2,168			480			1,410			1,425			690			(68	%)		(52	%)
Total stockholders’ equity	$	13,537		$	12,275		$	13,650		$	14,238		$	14,211			5	%		—
CAPITALIZATION
Total capitalization including AOCI, net of tax	$	18,687		$	17,198		$	18,583		$	19,167		$	19,133			2	%		—
Total capitalization excluding AOCI, net of tax	$	16,519		$	16,718		$	17,173		$	17,742		$	18,443			12	%		4	%
DEBT TO CAPITALIZATION RATIOS
Ratios Including AOCI
Total debt to capitalization		27.6	%		28.6	%		26.5	%		25.7	%		25.7	%		(1.9	)		—
Debt (excluding 75% of equity unit notes) to capitalization [1]		23.5	%		24.2	%		22.4	%		21.7	%		21.7	%		(1.8	)		—
Debt (excluding equity unit notes and junior subordinated debentures) to capitalization		18.3	%		18.6	%		17.3	%		16.7	%		16.7	%		(1.6	)		—
Ratios Excluding AOCI
Total debt to capitalization		31.2	%		29.4	%		28.7	%		27.8	%		26.7	%		(4.5	)		(1.1	)
Debt (excluding 75% of equity unit notes) to capitalization [1]		26.6	%		24.9	%		24.3	%		23.5	%		22.5	%		(4.1	)		(1.0	)
Debt (excluding equity unit notes and junior subordinated debentures) to capitalization		20.7	%		19.2	%		18.7	%		18.1	%		17.4	%		(3.3	)		(0.7	)

[1] Reflects the treatment of equity units by certain rating agencies in the leverage calculation.

C-5

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

				PROPERTY &
	LIFE			CASUALTY			CORPORATE			CONSOLIDATED
As of March 31, 2005
Fixed maturities unrealized gain	$	968		$	448		$	3		$	1,419
Equities unrealized gain		11			46			—			57
Net deferred loss on cash-flow hedging instruments		(206	)		(40	)		—			(246	)
Total unrealized gain		773			454			3			1,230
Foreign currency translation adjustments		(4	)		(56	)		—			(60	)
Minimum pension liability adjustment		—			(50	)		(430	)		(480	)
Total accumulated other comprehensive income (loss)	$	769		$	348		$	(427	)	$	690
As of December 31, 2004
Fixed maturities unrealized gain	$	1,336		$	759		$	6		$	2,101
Equities unrealized gain		13			48			—			61
Net deferred loss on cash-flow hedging instruments		(170	)		(45	)		—			(215	)
Total unrealized gain		1,179			762			6			1,947
Foreign currency translation adjustments		16			(58	)		—			(42	)
Minimum pension liability adjustment		—			(50	)		(430	)		(480	)
Total accumulated other comprehensive income (loss)	$	1,195		$	654		$	(424	)	$	1,425

C-6

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

	1Q			2Q		3Q		4Q		1Q
	2004			2004		2004		2004		2005
Numerator:
Net income	$	568		$	433	$	494	$	620	$	666
Less: Net realized capital gains, after-tax		90			30		26		24		83
Less: Cumulative effect of accounting change, after-tax		(23	)		—		—		—		—
Operating income		501			403		468		596		583
Less: Impact of tax related items		—			—		216		—		—
Operating income, before tax related items	$	501		$	403	$	252	$	596	$	583
Denominator:
Weighted average common shares outstanding (basic)		289.9			292.3		293.2		293.8		294.8
Dilutive effect of equity units		1.9			2.2		1.7		1.7		3.2
Dilutive effect of stock compensation		3.1			3.0		2.6		2.6		3.3
Weighted average common shares outstanding and dilutive potential common shares (diluted)		294.9			297.5		297.5		298.1		301.3
Basic earnings per share
Net income	$	1.96		$	1.48	$	1.68	$	2.11	$	2.26
Less: Net realized capital gains, after-tax		0.31			0.10		0.08		0.08		0.28
Less: Cumulative effect of accounting change, after-tax		(0.08	)		—		—		—		—
Operating income		1.73			1.38		1.60		2.03		1.98
Less: Impact of tax related items		—			—		0.74		—		—
Operating income, before tax related items	$	1.73		$	1.38	$	0.86	$	2.03	$	1.98
Diluted earnings per share
Net income	$	1.93		$	1.46	$	1.66	$	2.08	$	2.21
Less: Net realized capital gains, after-tax		0.31			0.11		0.09		0.08		0.28
Less: Cumulative effect of accounting change, after-tax		(0.08	)		—		—		—		—
Operating income		1.70			1.35		1.57		2.00		1.93
Less: Impact of tax related items		—			—		0.72		—		—
Operating income, before tax related items	$	1.70		$	1.35	$	0.85	$	2.00	$	1.93

C-7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
COMPUTATION OF RETURN-ON-EQUITY MEASURES

	1Q			2Q			3Q			4Q			1Q
	2004			2004			2004			2004			2005
Numerator [1]:
Net income — last 12 months	$	1,872		$	1,798		$	1,949		$	2,115		$	2,213
Operating income — last 12 months	$	1,609		$	1,672		$	1,805		$	1,968		$	2,050
Operating income, before tax related items, Bancorp litigation, and severance charges — last 12 months	$	1,646		$	1,712		$	1,589		$	1,752		$	1,834
Denominator [2]:
Average equity, including AOCI		11,489.5			11,887.0			12,497.0			12,938.5			13,874.0
Less: Average AOCI		1,712.5			1,143.5			1,383.5			1,335.5			1,429.0
Average equity, excluding AOCI		9,777.0			10,743.5			11,113.5			11,603.0			12,445.0
Add: Equity impact of the 2003 common stock issuance [2]		580.5			—			—			—			—
Average equity, excluding AOCI (adjusted for impact of 2003 common stock issuance) [2]		10,357.5			10,743.5			11,113.5			11,603.0			12,445.0
ROE (net income last 12 months to equity including AOCI)		16.3	%		15.1	%		15.6	%		16.3	%		16.0	%
ROE (operating income last 12 months to equity excluding AOCI)		16.5	%		15.6	%		16.2	%		17.0	%		16.5	%
ROE (operating income, before tax related items, Bancorp litigation, and severance charges last 12 months to equity excluding AOCI) [1]		15.9	%		15.9	%		14.3	%		15.1	%		14.7	%

[1]	For a reconciliation of net income to operating income and of net income to operating income, before tax related items, Bancorp litigation, and severance charges, see page C-7 included herein and page C-8 in the December 31, 2004 IFS.
[2]	Average equity is calculated by taking the sum of equity at the beginning of the twelve month period and equity at the end of the twelve month period and dividing by 2. The March 31, 2004 ratio reflects the equity impact of the May 2003 common stock issuance in beginning equity.

C-8

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
WEIGHTED AVERAGE SHARE ANALYSIS

	1Q						Full Year						Full Year
	2005						2006						2007
					Diluted weighted						Diluted weighted						Diluted weighted
Weighted average	Options		Equity units		average common		Options		Equity units		average common		Options		Equity units		average common
share price	dilution		dilution		shares [1]		dilution		dilution		shares [1,2]		dilution		dilution		shares [1,2]
$50.00		2.0		—		296.8		2.0		—		302.1		2.0		—		314.7
$55.00		2.2		—		297.0		2.2		—		302.3		2.2		—		314.9
$60.00		2.4		0.9		298.1		2.4		0.6		303.1		2.4		—		315.1
$65.00		2.8		2.2		299.8		2.8		1.4		304.3		2.8		—		315.5
$69.72		3.3		3.2		301.3		3.3		2.2		305.6		3.3		—		316.0
$70.00		3.3		3.3		301.4		3.3		2.2		305.6		3.3		—		316.0
$75.00		3.8		4.3		302.9		3.8		2.9		306.8		3.8		—		316.5
$80.00		4.3		5.1		304.2		4.3		3.6		308.0		4.3		—		317.0
$85.00		4.7		5.9		305.4		4.7		4.0		308.8		4.7		—		317.4
$90.00		5.1		6.5		306.4		5.1		4.5		309.7		5.1		—		317.8

[1]	Based on weighted average common shares outstanding (basic) at March 31, 2005 of 294.8 million.
[2]	Reflects mandatory exercise of the purchase contracts which, combined with the equity unit notes, constitute the equity units. The purchase contracts obligate the holders to purchase 17.9 million common shares of The Hartford (12.13 million and 5.73 million in August and November 2006, respectively). All other items held constant.

C-9

LIFE

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
FINANCIAL HIGHLIGHTS

																Year Over
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
REVENUES
Retail Products Group
Individual Annuity	$	625		$	629		$	705		$	666		$	677			8	%		2	%
Other Retail		138			135			137			147			160			16	%		9	%
Total Retail Products Group		763			764			842			813			837			10	%		3	%
Institutional Solutions Group		442			434			448			522			424			(4	%)		(19	%)
Individual Life		254			252			263			279			262			3	%		(6	%)
Group Benefits		1,004			1,000			1,009			1,015			1,046			4	%		3	%
Other [1]		595			194			(60	)		527			411			(31	%)		(22	%)
Total revenues	$	3,058		$	2,644		$	2,502		$	3,156		$	2,980			(3	%)		(6	%)
OPERATING RESULTS BY SEGMENT
Retail Products Group
Individual Annuity	$	112		$	112		$	127		$	132		$	134			20	%		2	%
Other Retail		15			14			13			17			18			20	%		6	%
Total Retail Products Group		127			126			140			149			152			20	%		2	%
Institutional Solutions Group		29			28			33			35			40			38	%		14	%
Individual Life		34			37			44			39			39			15	%		—
Group Benefits		47			48			70			64			59			26	%		(8	%)
Other [2]		19			14			19			20			(52	)	NM			NM
Operating income, before tax related items		256			253			306			307			238			(7	%)		(22	%)
Tax related items		—			—			190			—			—			—			—
Operating income		256			253			496			307			238			(7	%)		(22	%)
Add: Net realized capital gains, after-tax		48			16			16			13			53			10	%	NM
Income before cumulative effect of accounting change, net of tax		304			269			512			320			291			(4	%)		(9	%)
Add: Cumulative effect of accounting change, net of tax		(23	)		—			—			—			—			100	%		—
Net income	$	281		$	269		$	512		$	320		$	291			4	%		(9	%)
Operating income ROE (last 12 months to equity excluding AOCI)		15.8	%		15.7	%		20.4	%		20.2	%		18.8	%		3.0			(1.4	)
Operating income ROE (last 12 months to equity excluding AOCI), before tax related items and litigation		15.8	%		16.4	%		17.1	%		17.1	%		15.8	%		0.0			(1.3	)
Assets under management	$	222,712		$	227,698		$	232,800		$	248,503		$	250,038			12	%		1	%
DAC capitalization	$	494		$	477		$	492		$	505		$	556						10	%
DAC amortization	$	233		$	233		$	236		$	276		$	280						1	%
DAC and PVFP assets	$	6,523		$	7,073		$	7,146		$	7,437		$	7,908						6	%
Estimated Statutory net income (YTD) ($ in billions)										$	1.0
Estimated Statutory surplus ($ in billions)										$	5.1

[1]	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]	Included in the three months ended March 31, 2005 is a charge of $66 to establish a reserve for investigations related to market timing by the SEC and New York Attorney General and directed brokerage by the SEC.

L-1

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
OPERATING RESULTS

													Year Over
													Year			Sequential
	1Q			2Q		3Q			4Q		1Q		Quarter			Quarter
	2004			2004		2004			2004		2005		Change			Change
REVENUES
Earned premiums	$	995		$	970	$	1,058		$	1,049	$	999		—			(5	%)
Fee income		825			838		864			937		950		15	%		1	%
Net investment income [1]		1,162			810		552			1,151		950		(18	%)		(17	%)
Net realized capital gains		76			26		28			19		81		7	%	NM
Total revenues		3,058			2,644		2,502			3,156		2,980		(3	%)		(6	%)
BENEFITS AND EXPENSES
Benefits, claims and claim adjustment expenses [1]		1,877			1,531		1,325			1,897		1,739		(7	%)		(8	%)
Amortization of deferred policy acquisition costs and present value of future profits		233			233		236			276		280		20	%		1	%
Insurance operating costs and other expenses		527			514		525			579		577		9	%		—
Total benefits and expenses		2,637			2,278		2,086			2,752		2,596		(2	%)		(6	%)
NET INCOME
Income before income taxes		421			366		416			404		384		(9	%)		(5	%)
Income tax expense (benefit) [2]		117			97		(96	)		84		93		(21	%)		11	%
Income before cumulative effect of accounting change, net of tax		304			269		512			320		291		(4	%)		(9	%)
Cumulative effect of accounting change, net of tax		(23	)		—		—			—		—		100	%		—
Net income		281			269		512			320		291		4	%		(9	%)
Less: Cumulative effect of accounting change, net of tax		(23	)		—		—			—		—		100	%		—
Less: Net realized capital gains, after-tax		48			16		16			13		53		10	%	NM
Operating income [2]	$	256		$	253	$	496		$	307	$	238		(7	%)		(22	%)

[1]	Net investment income and benefits expense will fluctuate principally due to the mark-to-market adjustment of the trading investment portfolio supporting the variable annuities business in the Japanese operations.
[2]	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.

L - 2

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

											Year Over
											Year			Sequential
	1Q		2Q		3Q		4Q		1Q		Quarter			Quarter
TOTAL ASSETS UNDER MANAGEMENT	2004		2004		2004		2004		2005		Change			Change
Assets
General account	$	71,348	$	71,689	$	75,947	$	80,412	$	83,573		17	%		4	%
Separate account		127,141		130,840		131,655		140,023		138,502		9	%		(1	%)
Total assets		198,489		202,529		207,602		220,435		222,075		12	%		1	%
Mutual fund assets		24,223		25,169		25,198		28,068		27,963		15	%		—
Total assets under management	$	222,712	$	227,698	$	232,800	$	248,503	$	250,038		12	%		1	%

L - 3

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

																Year Over
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
Investments
Fixed maturities, available-for-sale, at fair value	$	49,580		$	47,807		$	50,200		$	50,531		$	50,877			3	%		1	%
Equity securities, available-for-sale, at fair value		406			383			449			525			662			63	%		26	%
Equity securities, trading, at fair value		7,831			8,995			10,685			13,634			15,855			102	%		16	%
Policy loans, at outstanding balance		2,655			2,650			2,665			2,662			2,119			(20	%)		(20	%)
Other investments		1,167			1,229			1,287			1,364			1,459			25	%		7	%
Total investments		61,639			61,064			65,286			68,716			70,972			15	%		3	%
Cash		460			509			625			933			1,198			160	%		28	%
Premiums receivable and agents’ balances		338			379			412			391			386			14	%		(1	%)
Reinsurance recoverables		763			665			713			993			767			1	%		(23	%)
Deferred policy acquisition costs and present value of future profits		6,523			7,073			7,146			7,437			7,908			21	%		6	%
Deferred income taxes		(927	)		(444	)		(763	)		(747	)		(654	)		29	%		12	%
Goodwill		796			796			796			796			796			—			—
Other assets		1,756			1,647			1,732			1,893			2,200			25	%		16	%
Separate account assets		127,141			130,840			131,655			140,023			138,502			9	%		(1	%)
Total assets	$	198,489		$	202,529		$	207,602		$	220,435		$	222,075			12	%		1	%
Future policy benefits, unpaid claims and claim adjustment expenses	$	11,666		$	11,753		$	11,805		$	12,250		$	12,375			6	%		1	%
Other policyholder funds and benefits payable		45,322			46,606			49,347			52,833			55,459			22	%		5	%
Unearned premiums		55			54			52			50			63			15	%		26	%
Other liabilities		4,542			4,484			4,878			5,057			5,602			23	%		11	%
Separate account liabilities		127,141			130,840			131,655			140,023			138,502			9	%		(1	%)
Total liabilities		188,726			193,737			197,737			210,213			212,001			12	%		1	%
Equity excluding AOCI, net of tax		8,137			8,268			8,744			9,027			9,305			14	%		3	%
AOCI, net of tax		1,626			524			1,121			1,195			769			(53	%)		(36	%)
Total stockholders’ equity		9,763			8,792			9,865			10,222			10,074			3	%		(1	%)
Total liabilities and stockholders’ equity	$	198,489		$	202,529		$	207,602		$	220,435		$	222,075			12	%		1	%
Hartford Life and Accident Insurance Company NAIC RBC											263	%
Hartford Life Insurance Company NAIC RBC											403	%
Hartford Life and Annuity Insurance Company NAIC RBC											620	%

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
YEAR-TO-DATE	Annuity			Group			Group			Life			Benefits			Japan			Life			Total
Balance, December 31, 2004	$	4,307		$	257		$	159		$	1,813		$	70		$	821		$	10		$	7,437
Adjustments to unrealized gains and losses on securities available — for — sale and other		303			21			47			121			—			—			—			492
Balance excluding adjustments to unrealized gains and losses on securities available — for — sale and other		4,610			278			206			1,934			70			821			10			7,929
Capitalization		198			33			19			74			12			220			—			556
Amortization — Deferred Policy Acquisition Costs		(167	)		(17	)		(9	)		(40	)		(7	)		(32	)		—			(272	)
Amortization — Present Value of Future Profits		(3	)		—			—			(5	)		—			—			—			(8	)
Amortization — Realized Capital Gains		(6	)		—			—			—			—			—			(5	)		(11	)
Effect of Currency Translation Adjustment		—			—			—			—			—			(39	)		—			(39	)
Balance, March 31, 2005		4,632			294			216			1,963			75			970			5			8,155
Adjustments to unrealized gains and losses on securities available — for — sale and other		(144	)		(7	)		(21	)		(75	)		—			—			—			(247	)
Balance, March 31, 2005 including adjustments to unrealized gains and losses on securities available-for-sale and other	$	4,488		$	287		$	195		$	1,888		$	75		$	970		$	5		$	7,908

L - 5

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
SUPPLEMENTAL DATA — ANNUITY DEATH AND INCOME BENEFITS

	As of March 31, 2005
	ACCOUNT		NET AMT AT		% of NAR			RETAINED
BREAKDOWN OF VARIABLE ANNUITY ACCOUNT VALUE BY BENEFIT TYPE	VALUE		RISK		REINSURED			NAR
Maximum anniversary value (MAV) [1]
MAV only	$	58,807	$	7,015		89	%	$	804
with 5% rollup [2]		4,025		642		81	%		121
with Earnings Protection Benefit Rider (EPB) [3]		4,985		193		78	%		42
with 5% rollup & EPB		1,442		122		83	%		21
Total MAV		69,259		7,972		88	%		988
Asset Protection Benefit (APB) [4]		18,885		71		42	%		41
Ratchet [5] (5 years)		38		3		100	%		—
Reset [6] (5-7 years)		7,759		690		—			690
Return of Premium [7]/Other		8,263		53		—			53
SUBTOTAL U.S. GUARANTEED MINIMUM DEATH BENEFITS	$	104,204	$	8,789		80	%	$	1,772
JAPAN GUARANTEED MINIMUM DEATH AND INCOME BENEFITS [9]		16,495		76		—			76
TOTAL	$	120,699	$	8,865		79	%	$	1,848

	As of		As of		As of		As of		As of
	March 31,		June 30,		September 30,		December 31,		March 31,
OTHER DATA	2004		2004		2004		2004		2005
U.S. VARIABLE ANNUITY BUSINESS
S&P 500 Index Value at end of period		1,126.21		1,140.80		1,114.58		1,211.92		1,180.59
Total Account Value	$	97,001	$	99,363	$	98,338	$	106,250	$	104,204
Retained net amount at risk		2,055		1,989		2,240		1,537		1,772
GMDB net GAAP liability [8]		106		103		111		109		112
JAPAN VARIABLE ANNUITY BUSINESS
Total Account Value	$	8,119	$	9,277	$	11,118	$	14,129	$	16,495
Retained net amount at risk		78		79		161		99		76
GMDB/GMIB net GAAP liability [8]		12		16		21		28		33

[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 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]	Benefits include a Return of Premium and MAV (before age 75) death benefit and a guarantee to return initial investment, adjusted for earnings liquidity, through a fixed annuity, after a minimum deferral period of 10, 15 or 20 years.

L - 6

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
REINSURANCE RECOVERABLE ANALYSIS
As of December 31, 2004

Statutory Reserve Credit and Amounts Recoverable

Gross statutory reinsurance reserve credit	$	1,740
Liability for reinsurance in unauthorized companies		(5	)
Net statutory reinsurance reserve credit	$	1,735
Statutory amounts recoverable from reinsurers	$	202

The top ten reinsurers represent $1,741 or 90% of the total statutory reserve credit and amounts recoverable.

•   4% of this amount is with reinsurers rated “A++” by A.M. Best at April 20, 2005.

•   56% of this amount is with reinsurers rated “A+” by A.M. Best at April 20, 2005

•   29% of this amount is with reinsurers rated “A-” by A.M. Best at April 20, 2005

•   8% of this amount is with reinsurers rated “B++” by A.M. Best at April 20, 2005

•   3% of this amount is with reinsurers rated “B+” by A.M. Best at April 20, 2005.

L - 7

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

	December 31, 2004			December 31, 2003
Statutory Capital and Surplus	$	5,118		$	4,470
GAAP Adjustments
Investment in subsidiaries		(883	)		(390	)
Deferred policy acquisition costs		7,437			6,624
Deferred taxes		(964	)		(679	)
Benefit reserves		(3,354	)		(3,664	)
Unrealized gains on investments, net of impairments		2,158			1,945
Asset valuation reserve and interest maintenance reserve		688			460
Goodwill		387			472
Other, net		(365	)		(374	)
GAAP Stockholders’ Equity	$	10,222		$	8,864

L - 8

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

																Year Over
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
Revenues
Premiums and other considerations
Variable annuity fees	$	359		$	369		$	376		$	404		$	410			14	%		1	%
Mutual fund and other fees		26			26			26			28			30			15	%		7	%
Total fee income		385			395			402			432			440			14	%		2	%
Direct premiums		20			17			87			22			19			(5	%)		(14	%)
Reinsurance premiums		(34	)		(34	)		(38	)		(36	)		(34	)		—			6	%
Total premiums and other considerations		371			378			451			418			425			15	%		2	%
Net investment income
Net investment income on G/A assets		275			271			276			272			271			(1	%)		—
Net investment income on assigned capital		16			18			18			19			17			6	%		(11	%)
Charge for invested capital		(36	)		(40	)		(39	)		(43	)		(42	)		(17	%)		2	%
Total net investment income		255			249			255			248			246			(4	%)		(1	%)
Net realized capital gains (losses)		(1	)		2			(1	)		—			6		NM				—
Total revenues		625			629			705			666			677			8	%		2	%
Benefits and Expenses
Benefits and claims
Death benefits		4			8			14			8			8			100	%		—
Other contract benefits		16			18			19			19			19			19	%		—
Change in reserve		9			6			73			9			10			11	%		11	%
Sales inducements		6			6			7			11			9			50	%		(18	%)
Interest credited on G/A assets		211			211			211			208			189			(10	%)		(9	%)
Total benefits and claims		246			249			324			255			235			(4	%)		(8	%)
Other insurance expenses
Commissions & wholesaling expenses		325			290			264			248			246			(24	%)		(1	%)
Operating expenses		46			47			50			48			49			7	%		2	%
Premium taxes and other expenses		4			5			4			7			5			25	%		(29	%)
Subtotal — expenses before deferral		375			342			318			303			300			(20	%)		(1	%)
Deferred policy acquisition costs		(286	)		(249	)		(218	)		(197	)		(198	)		31	%		(1	%)
Total other insurance expense		89			93			100			106			102			15	%		(4	%)
Amortization of deferred policy acquisition costs		149			143			142			157			170			14	%		8	%
Total benefits and expenses		484			485			566			518			507			5	%		(2	%)
Income before income tax expense		141			144			139			148			170			21	%		15	%
Income tax expense [2]		30			30			12			14			32			7	%		129	%
Income before cumulative effect of accounting change		111			114			127			134			138			24	%		3	%
Cumulative effect of accounting change, net of tax		(19	)		—			—			—			—
Net income		92			114			127			134			138			50	%		3	%
Less: net realized gains (losses), net of tax [1]		(1	)		2			—			2			4		NM				100	%
Operating income		112			112			127			132			134			20	%		2	%
Less: Tax related items		—			—			—			—			—			—			—
Operating income, before tax related items	$	112		$	112		$	127		$	132		$	134			20	%		2	%

[1]	Net gains (losses) on derivatives used as economic hedges of certain policyholder liabilities.
[2]	The quarters ended December 31, 2004 and September 30, 2004 includes $12 and $18, respectively of additional tax benefits related to the change in estimate of 2004 DRD benefits.

L - 9

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

																Year Over
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
Revenues
Premiums and other considerations
Variable annuity fees	$	16		$	16		$	18		$	20		$	22			38	%		10	%
Mutual fund and other fees		105			102			101			106			118			12	%		11	%
Total fee income		121			118			119			126			140			16	%		11	%
Direct premiums		—			—			1			2			1			—			(50	%)
Reinsurance premiums		—			—			—			—			—			—			—
Total premiums and other considerations		121			118			120			128			141			17	%		10	%
Net investment income
Net investment income on G/A assets		17			16			17			18			18			6	%		—
Net investment income on assigned capital		—			1			—			1			1			—			—
Charge for invested capital		—			—			—			—			—			—			—
Total net investment income		17			17			17			19			19			12	%		—
Net realized capital gains		—			—			—			—			—			—			—
Total revenues		138			135			137			147			160			16	%		9	%
Benefits and Expenses
Benefits and claims
Other contract benefits		2			2			1			2			2			—			—
Change in reserve		(1	)		(1	)		—			1			—			100	%		(100	%)
Sales inducements		—			—			1			(1	)		—			—			100	%
Interest credited on G/A assets		10			9			10			10			10			—			—
Total benefits and claims		11			10			12			12			12			9	%		—
Other insurance expenses
Commissions & wholesaling expenses		79			75			71			77			89			13	%		16	%
Operating expenses		35			39			44			49			44			26	%		(10	%)
Premium taxes and other expenses		2			3			3			3			4			100	%		33	%
Subtotal — expenses before deferral		116			117			118			129			137			18	%		6	%
Deferred policy acquisition costs		(30	)		(30	)		(29	)		(36	)		(33	)		(10	%)		8	%
Total other insurance expense		86			87			89			93			104			21	%		12	%
Amortization of deferred policy acquisition costs		18			17			17			18			17			(6	%)		(6	%)
Total benefits and expenses		115			114			118			123			133			16	%		8	%
Income before income tax expense		23			21			19			24			27			17	%		13	%
Income tax expense		8			7			6			7			9			13	%		29	%
Net income		15			14			13			17			18			20	%		6	%
Less: Non operating net realized gains (losses), net of tax		—			—			—			—			—			—			—
Operating income		15			14			13			17			18			20	%		6	%
Less: Tax related items																	—			—
Operating income, before tax related items	$	15		$	14		$	13		$	17		$	18			20	%		6	%

L - 10

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

											Year Over
											Year			Sequential
	1Q		2Q		3Q		4Q		1Q		Quarter			Quarter
	2004		2004		2004		2004		2005		Change			Change
SALES
Individual Annuity
Broker-dealer	$	3,082	$	2,582	$	2,216	$	1,969	$	1,892		(39	%)		(4	%)
Banks		1,619		1,602		1,325		1,300		1,281		(21	%)		(1	%)
Total sales by distribution	$	4,701	$	4,184	$	3,541	$	3,269	$	3,173		(33	%)		(3	%)
Variable	$	4,581	$	3,938	$	3,341	$	3,174	$	3,103		(32	%)		(2	%)
Fixed MVA/other		120		246		200		95		70		(42	%)		(26	%)
Total sales by product	$	4,701	$	4,184	$	3,541	$	3,269	$	3,173		(33	%)		(3	%)
Retail Mutual Funds	$	1,942	$	1,409	$	1,258	$	1,255	$	1,446		(26	%)		15	%
401K
Annuity	$	279	$	383	$	444	$	765	$	349		25	%		(54	%)
Mutual funds		—		—		—		1		—		—			(100	%)
Total 401K	$	279	$	383	$	444	$	766	$	349		25	%		(54	%)
529 College Savings Plan/Specialty Products/Other	$	100	$	86	$	79	$	105	$	118		18	%		12	%
SALES & OTHER DEPOSITS
Individual Annuity
Variable	$	4,581	$	3,938	$	3,341	$	3,174	$	3,103		(32	%)		(2	%)
Fixed MVA/other		232		359		316		224		197		(15	%)		(12	%)
Total Individual Annuity		4,813		4,297		3,657		3,398		3,300		(31	%)		(3	%)
Retail Mutual Funds		1,942		1,409		1,258		1,255		1,446		(26	%)		15	%
401K
Annuity		650		507		557		552		897		38	%		63	%
Mutual funds		70		48		38		61		62		(11	%)		2	%
Total 401K		720		555		595		613		959		33	%		56	%
529 College Savings Plan/Specialty Products/Other		100		86		79		105		118		18	%		12	%
Total Retail Products Group	$	7,575	$	6,347	$	5,589	$	5,371	$	5,823		(23	%)		8	%

L - 11

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

											Year Over
											Year			Sequential
	1Q		2Q		3Q		4Q		1Q		Quarter			Quarter
	2004		2004		2004		2004		2005		Change			Change
INDIVIDUAL ANNUITY
General account	$	19,338	$	19,302	$	19,322	$	18,984	$	18,327		(5	%)		(3	%)
Non-guaranteed separate account		82,360		84,574		84,228		92,017		90,690		10	%		(1	%)
Total Individual Annuity	$	101,698	$	103,876	$	103,550	$	111,001	$	109,017		7	%		(2	%)
401K
General account	$	1,048	$	1,077	$	1,132	$	1,113	$	1,171		12	%		5	%
Non-guaranteed separate account		4,110		4,408		4,659		5,418		5,893		43	%		9	%
Total 401K	$	5,158	$	5,485	$	5,791	$	6,531	$	7,064		37	%		8	%
TOTAL RETAIL PRODUCTS GROUP
General account	$	20,386	$	20,379	$	20,454	$	20,097	$	19,498		(4	%)		(3	%)
Non-guaranteed separate account		86,470		88,982		88,887		97,435		96,583		12	%		(1	%)
Total Retail Products Group account value	$	106,856	$	109,361	$	109,341	$	117,532	$	116,081		9	%		(1	%)
BY PRODUCT
Individual Annuity
Individual Variable Annuities
General account	$	7,999	$	7,900	$	7,820	$	7,580	$	7,363		(8	%)		(3	%)
Separate account		82,387		84,604		84,259		92,037		90,708		10	%		(1	%)
Total individual variable annuities		90,386		92,504		92,079		99,617		98,071		9	%		(2	%)
Fixed MVA & other individual annuities		11,312		11,372		11,471		11,384		10,946		(3	%)		(4	%)
Total Individual Annuity		101,698		103,876		103,550		111,001		109,017		7	%		(2	%)
401K — Annuity		5,158		5,485		5,791		6,531		7,064		37	%		8	%
Total Retail Products Group account value		106,856		109,361		109,341		117,532		116,081		9	%		(1	%)
Specialty Products/Other — Segregated Assets		72		103		135		182		216	NM				19	%
Mutual Fund Assets
Retail mutual fund assets		21,888		22,734		22,694		25,240		24,949		14	%		(1	%)
401K mutual fund assets		644		668		662		755		767		19	%		2	%
Specialty Product/Other mutual fund assets		121		127		144		164		185		53	%		13	%
529 College Savings Plan assets		324		368		398		477		509		57	%		7	%
Total Mutual Fund Assets		22,977		23,897		23,898		26,636		26,410		15	%		(1	%)
Total Retail Products Group Assets Under Management	$	129,905	$	133,361	$	133,374	$	144,350	$	142,707		10	%		(1	%)

L - 12

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

		1Q			2Q			3Q			4Q			1Q
		2004			2004			2004			2004			2005
VARIABLE ANNUITIES [2]	Beginning balance	$	86,501		$	90,386		$	92,504		$	92,079		$	99,617
	Sales/premiums/other deposits		4,581			3,938			3,341			3,174			3,103
	Surrenders		(2,033	)		(1,953	)		(2,100	)		(2,311	)		(2,367	)
	Death benefits/annuitizations/other		(359	)		(334	)		(313	)		(335	)		(384	)
	Net exchanges		12			29			35			99			60
	Net Flows		2,201			1,680			963			627			412
	Change in market value/change in reserve/interest credited		1,684			438			(1,388	)		6,911			(1,958	)
	Ending balance	$	90,386		$	92,504		$	92,079		$	99,617		$	98,071
FIXED MVA AND OTHER	Beginning balance	$	11,215		$	11,312		$	11,372		$	11,471		$	11,384
	Sales/premiums/other deposits		232			359			316			224			197
	Acquisitions		—			—			176			547			—
	Surrenders		(176	)		(313	)		(387	)		(785	)		(578	)
	Death benefits/annuitizations/other		(105	)		(116	)		(127	)		(138	)		(135	)
	Net exchanges		(12	)		(28	)		(35	)		(99	)		(59	)
	Net Flows		(61	)		(98	)		(57	)		(251	)		(575	)
	Change in market value/change in reserve/interest credited		158			158			156			164			137
	Ending balance	$	11,312		$	11,372		$	11,471		$	11,384		$	10,946
TOTAL INDIVIDUAL ANNUITY	Beginning balance	$	97,716		$	101,698		$	103,876		$	103,550		$	111,001
	Sales/premiums/other deposits		4,813			4,297			3,657			3,398			3,300
	Acquisitions		—			—			176			547			—
	Surrenders		(2,209	)		(2,266	)		(2,487	)		(3,096	)		(2,945	)
	Death benefits/annuitizations/other		(464	)		(450	)		(440	)		(473	)		(519	)
	Net exchanges		—			1			—			—			1
	Net Flows		2,140			1,582			906			376			(163	)
	Change in market value/change in reserve/interest credited		1,842			596			(1,232	)		7,075			(1,821	)
	Ending balance	$	101,698		$	103,876		$	103,550		$	111,001		$	109,017

[1]	Account value includes policyholder balances for investment contracts and reserves for future policy benefits for insurance contracts.
[2]	The embedded value of the variable annuity inforce business was $2,772 for the year ended December 31, 2004 based on the following significant assumptions: (a) 9.25% Cost of capital, (b) 9% separate account appreciation, (c) 35% Effective tax rate. Excludes the value of statutory surplus to support the in-force business.

L - 13

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

		1Q			2Q			3Q			4Q			1Q
		2004			2004			2004			2004			2005
401K	Account Value Rollforward
(EXCLUDING ALL MUTUAL FUNDS)	Beginning balance	$	4,606		$	5,158		$	5,485		$	5,791		$	6,531
	Sales/premiums/other deposits		650			507			557			552			897
	Surrenders		(197	)		(209	)		(203	)		(239	)		(256	)
	Death benefits/annuitizations/other		(8	)		(7	)		(8	)		(5	)		(4	)
	Net Flows		445			291			346			308			637
	Change in market value/change in reserve/interest credited		107			36			(40	)		432			(104	)
	Ending balance	$	5,158		$	5,485		$	5,791		$	6,531		$	7,064
RETAIL MUTUAL FUNDS	Asset Rollforward
	Beginning balance	$	20,301		$	21,888		$	22,734		$	22,694		$	25,240
	Sales		1,942			1,409			1,258			1,255			1,446
	Redemptions		(887	)		(785	)		(819	)		(868	)		(1,065	)
	Net Sales		1,055			624			439			387			381
	Change in market value		557			245			(459	)		2,179			(652	)
	Other		(25	)		(23	)		(20	)		(20	)		(20	)
	Ending balance	$	21,888		$	22,734		$	22,694		$	25,240		$	24,949

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

L - 14

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

																	Year Over
																	Year			Sequential
	1Q			2Q			3Q				4Q			1Q			Quarter			Quarter
	2004			2004			2004				2004			2005			Change			Change
Revenues
Premiums and other considerations
Variable annuity fees	$	25		$	23		$	23			$	24		$	25			—			4	%
Cost of insurance charges		47			50			48				50			40			(15	%)		(20	%)
Mutual fund and other fees		2			3			6				6			2			—			(67	%)
Total fee income		74			76			77				80			67			(9	%)		(16	%)
Direct premiums		109			95			100				167			84			(23	%)		(50	%)
Total premiums and other considerations		183			171			177				247			151			(17	%)		(39	%)
Net investment income
Net investment income on G/A assets		249			255			262				265			266			7	%		—
Net investment income on assigned capital		7			6			7				7			7			—			—
Charge for invested capital		1			1			—				1			—			(100	%)		(100	%)
Total net investment income		257			262			269				273			273			6	%		—
Net realized capital gains		2			1			2				2			—			(100	%)		(100	%)
Total revenues		442			434			448				522			424			(4	%)		(19	%)
Benefits and Expenses
Benefits and claims
Death benefits		37			46			38				44			33			(11	%)		(25	%)
Other contract benefits		82			81			87				83			86			5	%		4	%
Change in reserve		94			85			92				157			50			(47	%)		(68	%)
Interest credited on G/A assets		142			145			146				154			147			4	%		(5	%)
Total benefits and claims		355			357			363				438			316			(11	%)		(28	%)
Other insurance expenses
Commissions & wholesaling expenses		10			9			10				10			15			50	%		50	%
Operating expenses		30			26			29		��		32			29			(3	%)		(9	%)
Dividends to policyholders		12			8			2				5			17			42	%	NM
Premium taxes and other expenses		3			1			4				7			1			(67	%)		(86	%)
Subtotal — expenses before deferral		55			44			45				54			62			13	%		15	%
Deferred policy acquisition costs		(18	)		(17	)		(16	)			(20	)		(19	)		(6	%)		5	%
Total other insurance expense		37			27			29				34			43			16	%		26	%
Amortization of deferred policy acquisition costs		9			10			9				9			9			—			—
Total benefits and expenses		401			394			401				481			368			(8	%)		(23	%)
Income before income tax expense		41			40			47				41			56			37	%		37	%
Income tax expense		12			12			14				6			16			33	%		167	%
Income before cumulative effect of accounting changes		29			28			33				35			40			38	%		14	%
Cumulative effect of accounting changes, net of tax		(1	)		—			—				—			—			100	%		—
Net income		28			28			33				35			40			43	%		14	%
Less: cumulative effect of accounting changes, net of tax		(1	)		—			—				—			—			100	%		—
Less: Non operating net realized gains (losses), net of tax		—			—			—				—			—			—			—
Operating income		29			28			33				35			40			38	%		14	%
Less: Tax related items																		—			—
Operating income, before tax related items	$	29		$	28		$	33			$	35		$	40			38	%		14	%

L - 15

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

											Year Over
											Year			Sequential
	1Q		2Q		3Q		4Q		1Q		Quarter			Quarter
	2004		2004		2004		2004		2005		Change			Change
SALES
Institutional
Structured settlements	$	140	$	156	$	175	$	177	$	115		(18	%)		(35	%)
Institutional annuities		11		7		22		78		13		18	%		(83	%)
Mutual funds		96		38		62		62		190		98	%	NM
GIC/Funding agreements		74		1,000		624		900		976	NM				8	%
Total Institutional	$	321	$	1,201	$	883	$	1,217	$	1,294	NM			6	%
Governmental
Annuity	$	126	$	111	$	73	$	71	$	112		(11	%)		58	%
Mutual funds		10		8		8		9		14		40	%		56	%
Total Governmental	$	136	$	119	$	81	$	80	$	126		(7	%)		58	%
Private Placement Life Insurance
Corporate owned	$	103	$	142	$	146	$	265	$	66		(36	%)		(75	%)
High net worth		49		16		5		14		38		(22	%)		171	%
Total Private Placement Life Insurance	$	152	$	158	$	151	$	279	$	104		(32	%)		(63	%)
SALES & OTHER DEPOSITS
Institutional
Structured settlements	$	203	$	180	$	156	$	172	$	138		(32	%)		(20	%)
Institutional annuities		7		11		22		78		16		129	%		(79	%)
Mutual funds		96		38		82		62		190		98	%	NM
GIC/Funding agreements		18		319		546		613		907	NM				48	%
Other		4		316		4		6		—		(100	%)		(100	%)
Total Institutional		328		864		810		931		1,251	NM				34	%
Governmental
Annuity		358		307		255		201		372		4	%		85	%
Mutual funds		10		8		8		9		14		40	%		56	%
Total Governmental		368		315		263		210		386		5	%		84	%
Private Placement Life Insurance
Corporate owned		175		131		137		262		69		(61	%)		(74	%)
High net worth		48		16		5		8		44		(8	%)	NM
Total Private Placement Life Insurance		223		147		142		270		113		(49	%)		(58	%)
Total Institutional Solutions Group	$	919	$	1,326	$	1,215	$	1,411	$	1,750		90	%		24	%

L - 16

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

											Year Over Year			Sequential
	1Q		2Q		3Q		4Q		1Q		Quarter			Quarter
	2004		2004		2004		2004		2005		Change			Change
INSTITUTIONAL
General account	$	10,135	$	10,318	$	10,919	$	11,337	$	12,319		22	%		9	%
Guaranteed separate account		357		335		352		355		353		(1	%)		(1	%)
Non-guaranteed separate account		2,449		2,724		2,740		2,907		2,825		15	%		(3	%)
Total Institutional	$	12,941	$	13,377	$	14,011	$	14,599	$	15,497		20	%		6	%
GOVERNMENTAL
General account	$	3,831	$	3,907	$	3,994	$	4,048	$	4,121		8	%		2	%
Non-guaranteed separate account		5,412		5,538		5,443		5,914		5,761		6	%		(3	%)
Total Governmental	$	9,243	$	9,445	$	9,437	$	9,962	$	9,882		7	%		(1	%)
PRIVATE PLACEMENT LIFE INSURANCE
General account	$	2,417	$	2,397	$	2,409	$	2,412	$	1,888		(22	%)		(22	%)
Non-guaranteed separate account		21,425		21,703		22,000		22,615		22,710		6	%		—
Total Private Placement Life Insurance	$	23,842	$	24,100	$	24,409	$	25,027	$	24,598		3	%		(2	%)
TOTAL INSTITUTIONAL SOLUTIONS GROUP
General account	$	16,383	$	16,622	$	17,322	$	17,797	$	18,328		12	%		3	%
Guaranteed separate account		357		335		352		355		353		(1	%)		(1	%)
Non-guaranteed separate account		29,286		29,965		30,183		31,436		31,296		7	%		—
Total Institutional Solutions Group account value	$	46,026	$	46,922	$	47,857	$	49,588	$	49,977		9	%		1	%
BY PRODUCT
Institutional
Structured settlements	$	3,492	$	3,673	$	3,828	$	4,006	$	4,145		19	%		3	%
Institutional annuities		2,418		2,397		2,418		2,492		2,488		3	%		—
GIC/Funding agreements		4,686		4,690		5,129		5,297		6,139		31	%		16	%
Other		2,345		2,617		2,636		2,804		2,725		16	%		(3	%)
Total Institutional		12,941		13,377		14,011		14,599		15,497		20	%		6	%
Governmental — Annuity		9,243		9,445		9,437		9,962		9,882		7	%		(1	%)
Private Placement Life Insurance
Variable		21,305		21,592		21,889		22,498		22,641		6	%		1	%
Leveraged		2,537		2,508		2,520		2,529		1,957		(23	%)		(23	%)
Total Private Placement Life Insurance		23,842		24,100		24,409		25,027		24,598		3	%		(2	%)
Total Institutional Solutions Group account value		46,026		46,922		47,857		49,588		49,977		9	%		1	%
Mutual Fund Assets
Institutional mutual fund assets		484		508		569		676		815		68	%		21	%
Governmental mutual fund assets		762		764		731		756		738		(3	%)		(2	%)
Total Mutual Fund Assets		1,246		1,272		1,300		1,432		1,553		25	%		8	%
Total Institutional Solutions Group Assets Under Management	$	47,272	$	48,194	$	49,157	$	51,020	$	51,530		9	%		1	%

L - 17

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

SUPPLEMENTAL DATA — ACCOUNT VALUE AND ASSET ROLLFORWARD [1]

		1Q			2Q			3Q			4Q			1Q
		2004			2004			2004			2004			2005
INSTITUTIONAL	Account Value Rollforward
(EXCLUDING ALL MUTUAL FUNDS)	Beginning balance	$	12,660		$	12,941		$	13,377		$	14,011		$	14,599
	Sales/premiums/other deposits		232			826			728			869			1,061
	Surrenders		(88	)		(402	)		(197	)		(537	)		(155	)
	Death benefits/annuitizations/other		(99	)		(101	)		(104	)		(103	)		(114	)
	Net Flows		45			323			427			229			792
	Change in market value/change in reserve/interest credited		236			113			207			359			106
	Ending balance	$	12,941		$	13,377		$	14,011		$	14,599		$	15,497
GOVERNMENTAL	Account Value Rollforward
(EXCLUDING ALL MUTUAL FUNDS)	Beginning balance	$	8,965		$	9,243		$	9,445		$	9,437		$	9,962
	Sales/premiums/other deposits		358			307			255			201			372
	Surrenders		(239	)		(185	)		(169	)		(233	)		(316	)
	Death benefits/annuitizations/other		(15	)		(16	)		(16	)		(18	)		(15	)
	Net Flows		104			106			70			(50	)		41
	Change in market value/change in reserve/interest credited		174			96			(78	)		575			(121	)
	Ending balance	$	9,243		$	9,445		$	9,437		$	9,962		$	9,882
PRIVATE PLACEMENT LIFE INSURANCE	Account Value Rollforward
	Beginning balance	$	23,517		$	23,842		$	24,100		$	24,409		$	25,027
	Initial and subsequent premiums		223			147			142			270			113
	Surrenders		(16	)		(35	)		(3	)		(26	)		(627	)
	Death benefits/annuitizations/other		(119	)		(121	)		(94	)		(73	)		(88	)
	Net Flows		88			(9	)		45			171			(602	)
	Change in market value/change in
	reserve/interest credited		237			267			264			447			173
	Ending balance	$	23,842		$	24,100		$	24,409		$	25,027		$	24,598

[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

																Year Over
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
Revenues
Premiums and other considerations
Variable life fees	$	12		$	13		$	13		$	15		$	14			17	%		(7	%)
Cost of insurance charges		110			110			113			113			114			4	%		1	%
Other fees		64			58			64			82			67			5	%		(18	%)
Total fee income		186			181			190			210			195			5	%		(7	%)
Direct premiums		17			17			17			20			19			12	%		(5	%)
Reinsurance premiums		(22	)		(22	)		(23	)		(25	)		(27	)		(23	%)		(8	%)
Net premiums		(5	)		(5	)		(6	)		(5	)		(8	)		(60	%)		(60	%)
Total premiums and other considerations		181			176			184			205			187			3	%		(9	%)
Net investment income
Net investment income on G/A assets		80			82			84			82			81			1	%		(1	%)
Net investment income on assigned capital		3			4			3			3			3			—			—
Charge for invested capital		(10	)		(10	)		(9	)		(10	)		(9	)		10	%		10	%
Total net investment income		73			76			78			75			75			3	%		—
Net realized capital gains (losses)		—			—			1			(1	)		—			—			100	%
Total revenues		254			252			263			279			262			3	%		(6	%)
Benefits and Expenses
Benefits and claims
Death benefits		67			61			60			57			66			(1	%)		16	%
Other contract benefits		5			6			5			6			4			(20	%)		(33	%)
Change in reserve		—			—			(3	)		—			(5	)		—			—
Interest credited on G/A assets		53			53			53			57			55			4	%		(4	%)
Total benefits and claims		125			120			115			120			120			(4	%)		—
Other insurance expenses
Commissions & wholesaling expenses		44			46			47			63			52			18	%		(17	%)
Operating expenses		48			50			52			62			52			8	%		(16	%)
Dividends to policyholders		1			—			1			—			1			—			—
Premium taxes and other expenses		8			9			8			8			9			13	%		13	%
Subtotal — expenses before deferral		101			105			108			133			114			13	%		(14	%)
Deferred policy acquisition costs		(61	)		(66	)		(67	)		(89	)		(74	)		(21	%)		17	%
Total other insurance expense		40			39			41			44			40			—			(9	%)
Amortization of deferred policy acquisition costs and present value of future profits		39			40			43			58			45			15	%		(22	%)
Total benefits and expenses		204			199			199			222			205			—			(8	%)
Income before income tax expense		50			53			64			57			57			14	%		—
Income tax expense		16			16			20			18			18			13	%		—
Income before cumulative effect of accounting changes		34			37			44			39			39			15	%		—
Cumulative effect of accounting change, net of tax		(1	)		—			—			—			—			100	%		—
Net income		33			37			44			39			39			18	%		—
Less: cumulative effect of accounting change, net of tax		(1	)		—			—			—			—			100	%		—
Operating income		34			37			44			39			39			15	%		—
Less: Tax related items		—			—			—			—			—			—			—
Operating income, before tax related items	$	34		$	37		$	44		$	39		$	39			15	%		—

L - 19

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INDIVIDUAL LIFE

SUPPLEMENTAL DATA

											Year Over Year			Sequential
	1Q		2Q		3Q		4Q		1Q		Quarter			Quarter
	2004		2004		2004		2004		2005		Change			Change
SALES BY DISTRIBUTION
Wirehouse/regional broker-dealer/banks	$	21	$	23	$	26	$	36	$	23		10	%		(36	%)
Independent broker-dealer/WFS		16		14		17		20		11		(31	%)		(45	%)
Life professional/other		14		10		13		23		12		(14	%)		(48	%)
Total sales by distribution	$	51	$	47	$	56	$	79	$	46		(10	%)		(42	%)
SALES BY PRODUCT
Variable life	$	23	$	25	$	31	$	37	$	21		(9	%)		(43	%)
Universal life/whole life		24		19		21		38		22		(8	%)		(42	%)
Term life/other		4		3		4		4		3		(25	%)		(25	%)
Total sales by product	$	51	$	47	$	56	$	79	$	46		(10	%)		(42	%)
ACCOUNT VALUE
General account	$	4,395	$	4,425	$	4,465	$	4,538	$	4,591		4	%		1	%
Separate account		4,441		4,567		4,478		4,949		4,838		9	%		(2	%)
Total account value	$	8,836	$	8,992	$	8,943	$	9,487	$	9,429		7	%		(1	%)
ACCOUNT VALUE BY PRODUCT
Variable life	$	4,797	$	4,934	$	4,860	$	5,356	$	5,249		9	%		(2	%)
Universal life/interest sensitive whole life		3,297		3,321		3,350		3,402		3,452		5	%		1	%
Modified guaranteed life		653		647		641		636		631		(3	%)		(1	%)
Other		89		90		92		93		97		9	%		4	%
Total account value by product	$	8,836	$	8,992	$	8,943	$	9,487	$	9,429		7	%		(1	%)
LIFE INSURANCE IN FORCE
Variable life	$	67,101	$	67,537	$	68,051	$	69,089	$	69,442		3	%		1	%
Universal life/interest sensitive whole life		38,532		38,554		38,717		39,109		39,349		2	%		1	%
Term life		25,711		27,199		28,795		30,577		31,837		24	%		4	%
Modified guaranteed life		872		857		843		827		815		(7	%)		(1	%)
Other		266		273		280		287		296		11	%		3	%
Total life insurance in force	$	132,482	$	134,420	$	136,686	$	139,889	$	141,739		7	%		1	%

L - 20

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

		1Q			2Q			3Q			4Q			1Q
		2004			2004			2004			2004			2005
VARIABLE LIFE	Beginning balance	$	4,725		$	4,797		$	4,934		$	4,860		$	5,356
	First year & single premiums		65			68			78			107			67
	Renewal premiums		139			136			128			151			138
	Premiums and deposits		204			204			206			258			205
	Change in market value/interest credited		44			106			(97	)		445			(123	)
	Surrenders		(75	)		(62	)		(75	)		(76	)		(78	)
	Death benefits/policy fees		(101	)		(111	)		(108	)		(131	)		(111	)
	Ending balance	$	4,797		$	4,934		$	4,860		$	5,356		$	5,249
OTHER [1]	Beginning balance	$	4,001		$	4,039		$	4,058		$	4,083		$	4,131
	First year & single premiums		60			48			54			65			61
	Renewal premiums		83			86			87			105			91
	Premiums and deposits		143			134			141			170			152
	Change in market value/interest credited		48			47			48			53			48
	Surrenders		(55	)		(56	)		(60	)		(59	)		(49	)
	Death benefits/policy fees		(98	)		(106	)		(104	)		(116	)		(102	)
	Ending balance	$	4,039		$	4,058		$	4,083		$	4,131		$	4,180
TOTAL INDIVIDUAL LIFE	Beginning balance	$	8,726		$	8,836		$	8,992		$	8,943		$	9,487
	First year & single premiums		125			116			132			172			128
	Renewal premiums		222			222			215			256			229
	Premiums and deposits		347			338			347			428			357
	Change in market value/interest credited		92			153			(49	)		498			(75	)
	Surrenders		(130	)		(118	)		(135	)		(135	)		(127	)
	Death benefits/policy fees		(199	)		(217	)		(212	)		(247	)		(213	)
	Ending balance	$	8,836		$	8,992		$	8,943		$	9,487		$	9,429

[1] Includes Universal Life, Interest Sensitive Whole Life, Modified Guaranteed Life Insurance and other.

L - 21

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

LIFE

GROUP BENEEFITS

INCOME STATEMENTS

																Year Over
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
Revenues
Premiums and other considerations
ASO fees	$	9		$	8		$	9		$	9		$	11			22	%		22	%
Other fees		1			1			—			—			—			(100	%)		—
Total fee income		10			9			9			9			11			10	%		22	%
Direct premiums		726			720			746			745			824			13	%		11	%
Reinsurance premiums		179			177			159			163			113			(37	%)		(31	%)
Total premiums and other considerations		915			906			914			917			948			4	%		3	%
Net investment income
Net investment income on G/A assets		77			80			82			85			86			12	%		1	%
Net investment income on assigned capital		12			13			13			13			12			—			(8	%)
Total net investment income		89			93			95			98			98			10	%		—
Net realized capital gains (losses)		—			1			—			—			—			—			—
Total revenues		1,004			1,000			1,009			1,015			1,046			4	%		3	%
Benefits and Expenses
Benefits and claims
Death benefits		259			232			217			211			239			(8	%)		13	%
Other contract benefits		387			396			394			397			414			7	%		4	%
Change in reserve		38			62			60			50			69			82	%		38	%
Total benefits and claims		684			690			671			658			722			6	%		10	%
Other insurance expenses
Commissions & wholesaling expenses		129			123			117			132			119			(8	%)		(10	%)
Operating expenses		113			109			112			129			114			1	%		(12	%)
Premium taxes and other expenses		19			17			16			17			16			(16	%)		(6	%)
Subtotal — expenses before deferral		261			249			245			278			249			(5	%)		(10	%)
Deferred policy acquisition costs		(9	)		(9	)		(11	)		(15	)		(12	)		(33	%)		20	%
Total other insurance expense		252			240			234			263			237			(6	%)		(10	%)
Amortization of deferred policy acquisition costs		5			6			7			5			7			40	%		40	%
Total benefits and expenses		941			936			912			926			966			3	%		4	%
Income before income tax expense		63			64			97			89			80			27	%		(10	%)
Income tax expense		16			16			27			25			21			31	%		(16	%)
Net income		47			48			70			64			59			26	%		(8	%)
Less: Non operating net realized gains (losses), net of tax		—			—			—			—			—			—			—
Operating income		47			48			70			64			59			26	%		(8	%)
Less: Tax related items		—			—			—			—			—			—			—
Operating income, before tax related items	$	47		$	48		$	70		$	64		$	59			26	%		(8	%)

L - 22

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

LIFE

GROUP BENEFITS

SUPPLEMENTAL DATA

																	Year Over
																	Year			Sequential
		1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
		2004			2004			2004			2004			2005			Change			Change
PREMIUMS	Fully Insured - Ongoing Premiums
	Group disability	$	393		$	383		$	393		$	393		$	413			5	%		5	%
	Group life		415			412			411			417			396			(5	%)		(5	%)
	Other		97			102			100			95			103			6	%		8	%
	Total fully insured - ongoing premiums		905			897			904			905			912			1	%		1	%
	Total buyouts [1]		—			—			1			3			25			—		NM
	Total premiums		905			897			905			908			937			4	%		3	%
	Group disability - premium equivalents [2]		62			72			71			65			63			2	%		(3	%)
	Total premiums and premium equivalent claims	$	967		$	969		$	976		$	973		$	1,000			3	%		3	%
SALES (GROSS	Fully Insured - Ongoing Sales
ANNUALIZED	Group disability	$	139		$	35		$	39		$	24		$	198			42	%	NM
NEW PREMIUMS)	Group life [4]		152			58			51			40			132			(13	%)	NM
	Other		50			11			17			16			46			(8	%)		188	%
	Total fully insured - ongoing sales		341			104			107			80			376			10	%	NM
	Total buyouts [1]		—			—			3			3			26			—		NM
	Total sales		341			104			110			83			402			18	%	NM
	Group disability premium equivalents [2]		37			8			33			7			47			27	%	NM
	Total sales and premium equivalents	$	378		$	112		$	143		$	90		$	449			19	%	NM
RATIOS [3]	Loss Ratio		74.8	%		76.2	%		73.4	%		71.7	%		75.5	%		1	%		5	%
	Expense Ratio		28.1	%		27.2	%		26.4	%		29.3	%		26.4	%		(6	%)		(10	%)
RESERVES [5]	Group disability	$	4,020		$	4,062		$	4,116		$	4,163		$	4,237			5	%		2	%
	Group life		1,246			1,258			1,273			1,240			1,247			—			1	%
	Other		181			179			184			179			170			(6	%)		(5	%)
	Total reserves	$	5,447		$	5,499		$	5,573		$	5,582		$	5,654			4	%		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.

[4] During the first quarter of 2005 the Company acquired fully insured ongoing premiums of $22 from a third party for $23 in cash.

[5] Reserve balances are net of reinsurance recoverables of $241, $228, $225, $311 and $318 as of 1Q 2004, 2Q 2004, 3Q 2004, 4Q 2004 and 1Q 2005, respectively.

L - 23

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INTERNATIONAL — JAPAN
SUPPLEMENTAL DATA [1]

											Year Over
											Year			Sequential
	1Q		2Q		3Q		4Q		1Q		Quarter			Quarter
	2004		2004		2004		2004		2005		Change			Change
SALES — Dollars
Individual Annuity
Variable	$	1,436	$	1,599	$	2,286	$	1,943	$	3,072		114	%		58	%
Fixed MVA		—		—		9		512		688		100	%		34	%
Total sales by product	$	1,436	$	1,599	$	2,295	$	2,455	$	3,760		162	%		53	%
SALES — Yen
Individual Annuity
Variable	¥	153,402	¥	174,231	¥	251,303	¥	203,251	¥	321,911		110	%		58	%
Fixed MVA		—		—		954		53,273		72,017		100	%		35	%
Total sales by product	¥	153,402	¥	174,231	¥	252,257	¥	256,524	¥	393,928		157	%		54	%
NET FLOWS — Dollars
Individual Annuity
Variable	$	1,285	$	1,452	$	2,173	$	1,844	$	2,892		125	%		57	%
Fixed MVA		—		—		9		486		651		100	%		34	%
Total net flows by product	$	1,285	$	1,452	$	2,182	$	2,330	$	3,543		176	%		52	%
NET FLOWS — Yen
Individual Annuity
Variable	¥	137,227	¥	158,274	¥	238,935	¥	192,866	¥	302,976		121	%		57	%
Fixed MVA		—		—		954		50,601		68,072		100	%		35	%
Total net flows by product	¥	137,227	¥	158,274	¥	239,889	¥	243,467	¥	371,048		170	%		52	%
AUM — Dollars
Individual Annuity
Variable	$	8,119	$	9,277	$	11,118	$	14,129	$	16,495		103	%		17	%
Fixed MVA		—		—		9		502		1,120		100	%		123	%
Total AUM by product	$	8,119	$	9,277	$	11,127	$	14,631	$	17,615		117	%		20	%
AUM — Yen
Individual Annuity
Variable	¥	846,172	¥	1,009,074	¥	1,223,484	¥	1,450,025	¥	1,767,250		109	%		22	%
Fixed MVA		—		—		951		51,503		120,011		100	%		133	%
Total AUM by product	¥	846,172	¥	1,009,074	¥	1,225,387	¥	1,553,030	¥	2,007,271		137	%		29	%

[1] Operating income for the first quarter of 2005 for the Hartford’s Japanese operation was $20. In addition, there is a $3 after tax realized loss that is attributable to our Japanese fixed annuity product which is a portion of the realized gains and losses associated with this product. This amount represents the net periodic accruals on currency rate swaps used in the risk management of this product and is considered to be an integral part of the operating performance.

L - 24

PROPERTY & CASUALTY

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

																Year Over
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
TOTAL PROPERTY & CASUALTY PREMIUMS
Written premiums	$	2,397		$	2,548		$	2,575		$	2,374		$	2,581			8	%		9	%
Earned premiums [1]		2,186			2,353			2,474			2,481			2,507			15	%		1	%
TOTAL PROPERTY & CASUALTY UNDERWRITING RESULTS
Business Insurance		225			97			(25	)		63			118			(48	%)		87	%
Personal Lines		106			75			(137	)		94			127			20	%		35	%
Specialty Commercial		(110	)		29			(58	)		86			40		NM				(53	%)
Ongoing Operations underwriting results		221			201			(220	)		243			285			29	%		17	%
Other Operations [2]		(65	)		(214	)		(110	)		(59	)		(28	)		57	%		53	%
Total Property & Casualty underwriting results [3]	$	156		$	(13	)	$	(330	)	$	184		$	257			65	%		40	%
ONGOING OPERATIONS UNDERWRITING RATIOS
Loss and loss adjustment expenses
Current year		66.8			65.2			80.4			63.9			63.1			3.7			0.8
Prior year [1] [4]		(4.5	)		0.7			2.1			1.4			0.2			(4.7	)		1.2
Total loss and loss adjustment expenses		62.2			65.8			82.5			65.4			63.3			(1.1	)		2.1
Expenses		27.3			25.6			26.1			24.8			25.1			2.2			(0.3	)
Policyholder dividends		0.3			—			0.3			—			0.2			0.1			(0.2	)
Combined ratio		89.8			91.4			108.9			90.2			88.6			1.2			1.6
Catastrophe ratio [4]		(12.2	)		2.4			15.6			1.2			1.9			(14.1	)		(0.7	)
Combined ratio before catastrophes		102.0			89.0			93.3			89.0			86.8			15.2			2.2
Combined ratio before catastrophes and prior year development		92.7			88.5			90.5			87.6			87.1			5.6			0.5
Total Property & Casualty Income and ROE
Net income (loss)	$	341		$	203		$	24		$	342		$	417			22	%		22	%
Operating income (loss) [5] [6]		297			188			13			331			386			30	%		17	%
Impact of tax related items		—			—			26			—			—			—			—
Operating income (loss) before tax related items [6]		297			188			(13	)		331			386			30	%		17	%
Operating income ROE (last 12 months income-equity x-AOCI) [6]		18.5	%		16.6	%		12.4	%		14.2	%		14.7	%		(3.8	)		0.5
Operating income ROE (last 12 months income-equity x-AOCI) before tax related items, and severance charge [6] [7]		17.1	%		16.6	%		11.9	%		13.7	%		14.3	%		(2.8	)		0.6

	PROPERTY & CASUALTY
	Dec. 31,		Mar. 31,
	2004		2005		Change
Selected Financial Data
Hartford Fire adjusted statutory surplus ($ in billions)	$	6.4	$	6.7		0.3
Hartford Fire premium to adjusted surplus ratio		1.5		1.5		—

[1]	Earned premiums for the quarter ended March 31, 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 included a net reserve release of $298 related to September 11 and an increase in reserves of $190 for construction defects 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 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 $46, before tax, for the quarter ended March 31, 2005. Catastrophe losses for the quarter ended September 30, 2004 include losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. Earned premiums for the quarter 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, 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.
[6]	For periods prior to January 1, 2005, operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax.
[7]	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

																Year Over
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
TOTAL PROPERTY & CASUALTY UNDERWRITING RESULTS
Written premiums	$	2,397		$	2,548		$	2,575		$	2,374		$	2,581			8	%		9	%
Change in reserve		211			195			101			(107	)		74			(65	%)	NM
Earned premiums [1] [2]		2,186			2,353			2,474			2,481			2,507			15	%		1	%
Loss and loss adjustment expenses
Current year		1,469			1,535			1,996			1,590			1,580			8	%		(1	%)
Prior year [1]		(51	)		221			144			100			34		NM				(66	%)
Total loss and loss adjustment expenses [3]		1,418			1,756			2,140			1,690			1,614			14	%		(4	%)
Underwriting expenses		605			611			657			608			632			4	%		4	%
Dividends to policyholders		7			(1	)		7			(1	)		4			(43	%)	NM
Underwriting results		156			(13	)		(330	)		184			257			65	%		40	%
Net servicing income		9			21			10			2			13			44	%	NM
Net investment income		311			295			309			333			337			8	%		1	%
Periodic net coupon settlements on non-qualifying derivatives, before-tax [4]		4			3			1			1			—			(100	%)		(100	%)
Other expenses		(68	)		(60	)		(53	)		(54	)		(60	)		12	%		(11	%)
Income tax expense		(115	)		(58	)		50			(135	)		(161	)		(40	%)		(19	%)
Operating income (loss), before tax related items		297			188			(13	)		331			386			30	%		17	%
Tax related items [5]		—			—			26			—			—			—			—
Operating income (loss)		297			188			13			331			386			30	%		17	%
Add: Net realized capital gains, after-tax [4]		44			15			11			11			31			(30	%)		182	%
Net income (loss)	$	341		$	203		$	24		$	342		$	417			22	%		22	%
Total Property & Casualty effective tax rate — net income		28.8	%		24.8	%	NM				29.0	%		29.9	%		1.1			0.9
Total Property & Casualty effective tax rate — operating income [4]		27.8	%		23.8	%	NM				28.8	%		29.5	%		1.7			0.7

[1]	Earned premiums for the quarter ended March 31, 2004 were reduced by $90 reflecting a decrease in estimated earned premiums on retrospectively-rated policies. The quarter ended March 31, 2004 includes 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. The quarter ended June 30, 2004 includes a reduction in net reinsurance recoverables of $181. The quarter ended September 30, 2004 includes environmental reserve strengthening of $75.
[2]	Earned premiums for the quarter ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $17.
[3]	Includes catastrophes of $46, before tax, for the quarter ended March 31, 2005. Catastrophe losses for the quarter ended September 30, 2004 include losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne.
[4]	For periods prior to January 1, 2005, operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax.
[5]	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 FIRST QUARTER ENDED MARCH 31, 2005

													Total
	Business		Personal			Specialty		Ongoing		Other			Property &
	Insurance		Lines			Commercial		Operations		Operations			Casualty
UNDERWRITING RESULTS
Written premiums	$	1,238	$	864		$	477	$	2,579	$	2		$	2,581
Change in reserve		88		(25	)		12		75		(1	)		74
Earned premiums		1,150		889			465		2,504		3			2,507
Loss and loss adjustment expenses
Current year		689		577			314		1,580		—			1,580
Prior year		8		(11	)		9		6		28			34
Total loss and loss adjustment expenses [1]		697		566			323		1,586		28			1,614
Underwriting expenses		333		196			100		629		3			632
Dividends to policyholders		2		—			2		4		—			4
Underwriting results	$	118	$	127		$	40	$	285	$	(28	)	$	257
UNDERWRITING RATIOS
Loss and loss adjustment expenses
Current year		60.0		65.0			67.1		63.1
Prior year [2]		0.7		(1.2	)		1.9		0.2
Total loss and loss adjustment expenses		60.7		63.7			69.1		63.3
Expenses		28.9		22.0			21.9		25.1
Policyholder dividends		0.2		—			0.4		0.2
Combined ratio		89.8		85.8			91.3		88.6
Catastrophe ratio [2]		1.5		2.5			1.5		1.9
Combined ratio before catastrophes		88.2		83.3			89.8		86.8
Combined ratio before catastrophes and prior year development [2]		88.3		85.0			88.0		87.1

[1]	Total Property & Casualty includes catastrophes, before tax, of $46 for the quarter ended March 31, 2005. Refer to the respective segment underwriting pages for catastrophe losses by segment.
[2]	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
ONGOING OPERATIONS
UNDERWRITING RESULTS

															Year Over
															Year			Sequential
	1Q			2Q			3Q			4Q			1Q		Quarter			Quarter
	2004			2004			2004			2004			2005		Change			Change
UNDERWRITING RESULTS
Written premiums	$	2,398		$	2,552		$	2,581		$	2,373		$	2,579		8	%		9	%
Change in reserve		224			213			103			(106	)		75		(67	%)	NM
Earned premiums [1] [2]		2,174			2,339			2,478			2,479			2,504		15	%		1	%
Loss and loss adjustment expenses
Current year		1,452			1,524			1,991			1,587			1,580		9	%		(0	%)
Prior year [3]		(99	)		16			53			35			6	NM				(83	%)
Total loss and loss adjustment expenses [4]		1,353			1,540			2,044			1,622			1,586		17	%		(2	%)
Underwriting expenses		593			599			647			615			629		6	%		2	%
Dividends to policyholders		7			(1	)		7			(1	)		4		(43	%)	NM
Underwriting results	$	221		$	201		$	(220	)	$	243		$	285		29	%		17	%
UNDERWRITING RATIOS [1]
Loss and loss adjustment expenses
Current year		66.8			65.2			80.4			63.9			63.1		3.7			0.8
Prior year [3] [5]		(4.5	)		0.7			2.1			1.4			0.2		(4.7	)		1.2
Total loss and loss adjustment expenses		62.2			65.8			82.5			65.4			63.3		(1.1	)		2.1
Expenses [2]		27.3			25.6			26.1			24.8			25.1		2.2			(0.3	)
Policyholder dividends		0.3			—			0.3			—			0.2		0.1			(0.2	)
Combined ratio		89.8			91.4			108.9			90.2			88.6		1.2			1.6
Catastrophe ratio [5]		(12.2	)		2.4			15.6			1.2			1.9		(14.1	)		(0.7	)
Combined ratio before catastrophes		102.0			89.0			93.3			89.0			86.8		15.2			2.2
Combined ratio before catastrophes and prior year development [2] [4]		92.7			88.5			90.5			87.6			87.1		5.6			0.5

[1] Ongoing Operations earned premiums for the quarter ended March 31, 2004 were reduced by $90 reflecting a decrease in estimated earned premiums on retrospectively-rated policies. The quarter ended March 31, 2004 also includes a net reserve release of $298 related to September 11 and an increase in reserves of $190 for construction defects claims. Other prior year loss development for the first quarter ended March 31, 2004 includes an increase in reserves of $9. The following table shows underwriting ratios for the quarter ended March 31, 2004 before giving effect of these items:

Loss and loss adjustment expenses
Current year	64.1
Prior year	—
Total loss and loss adjustment expenses	64.1
Expenses	26.2
Policyholder dividends	0.3
Combined ratio	90.6
Catastrophe ratio	1.6
Combined ratio before catastrophes	89.0
Combined ratio before catastrophes and prior year development	89.0

[2]	Earned premiums for the quarter ended September 30, 2004 include catastrophe treaty reinstatement premium of $17.
[3]	The quarter ended March 31, 2004 includes a net reserve release of $298 related to September 11 and an increase in reserves of $190 for construction defects claims.
[4]	Includes catastrophes of $46, before tax, for the quarter ended March 31, 2005. Catastrophe losses for the quarter ended September 30, 2004 include losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne.
[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, for the quarter ended March 31, 2004, the net reserve release related to September 11.

PC-4

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

														Year Over
														Year			Sequential
	1Q			2Q		3Q			4Q			1Q		Quarter			Quarter
	2004			2004		2004			2004			2005		Change			Change
UNDERWRITING RESULTS
Written premiums	$	1,136		$	1,134	$	1,148		$	1,157		$	1,238		9	%		7	%
Change in reserve		118			73		53			32			88		(25	%)		175	%
Earned premiums [1] [2]		1,018			1,061		1,095			1,125			1,150		13	%		2	%
Loss and loss adjustment expenses
Current year		626			634		753			687			689		10	%		—
Prior year		(147	)		9		30			41			8		NM			(80	%)
Total loss and loss adjustment expenses [3]		479			643		783			728			697		46	%		(4	%)
Underwriting expenses		310			316		333			337			333		7	%		(1	%)
Dividends to policyholders		4			5		4			(3	)		2		(50	%)		NM
Underwriting results	$	225		$	97	$	(25	)	$	63		$	118		(48	%)		87	%
UNDERWRITING RATIOS [1]
Loss and loss adjustment expenses
Current year		61.6			59.6		68.8			61.0			60.0		1.6			1.0
Prior year [4]		(14.5	)		0.8		2.8			3.7			0.7		(15.2	)		3.0
Total loss and loss adjustment expenses		47.1			60.4		71.6			64.7			60.7		(13.6	)		4.0
Expenses		30.3			30.0		30.3			29.9			28.9		1.4			1.0
Policyholder dividends		0.4			0.4		0.4			(0.2	)		0.2		0.2			(0.4	)
Combined ratio		77.9			90.8		102.3			94.4			89.8		(11.9	)		4.6
Catastrophe ratio [4]		(15.4	)		1.7		8.1			1.0			1.5		(16.9	)		(0.5	)
Combined ratio before catastrophes		93.4			89.1		94.2			93.4			88.2		5.2			5.2
Combined ratio before catastrophes and prior year development		90.3			88.3		90.7			89.7			88.3		2.0			1.4

[1]	The quarter ended March 31, 2004 includes a net reserve release of $175 related to September 11 and an increase in reserves of $23 for construction defects claims. Other prior year development in 2004 includes an increase in reserves of $5 for the first quarter ended March 31, 2004.
[2]	Earned premiums for the quarter ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $6.
[3]	Includes catastrophes of $17, before tax, for the quarter ended March 31, 2005. Catastrophe losses for the quarter ended September 30, 2004 include 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, the net reserve release related to September 11.

PC-5

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

											Year Over
											Year			Sequential
	1Q		2Q		3Q		4Q		1Q		Quarter			Quarter
	2004		2004		2004		2004		2005		Change			Change
WRITTEN PREMIUMS [1]
Small Commercial	$	560	$	577	$	549	$	569	$	658		18	%		16	%
Middle Market		576		557		599		588		580		1	%		(1	%)
Total	$	1,136	$	1,134	$	1,148	$	1,157	$	1,238		9	%		7	%
EARNED PREMIUMS [1]
Small Commercial	$	481	$	521	$	526	$	549	$	572		19	%		4	%
Middle Market		537		540		569		576		578		8	%		—
Total	$	1,018	$	1,061	$	1,095	$	1,125	$	1,150		13	%		2	%

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

PC-6

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

														Year Over
														Year			Sequential
	1Q		2Q		3Q			4Q			1Q			Quarter			Quarter
	2004		2004		2004			2004			2005			Change			Change
UNDERWRITING RESULTS
Written premiums	$	836	$	945	$	920		$	856		$	864			3	%		1	%
Change in reserve		1		84		53			(26	)		(25	)		NM			4	%
Earned premiums [1]		835		861		867			882			889			6	%		1	%
Loss and loss adjustment expenses
Current year		533		588		797			591			577			8	%		(2	%)
Prior year [2]		1		4		2			(4	)		(11	)		NM			(175	%)
Total loss and loss adjustment expenses [3]		534		592		799			587			566			6	%		(4	%)
Underwriting expenses		195		194		205			201			196			1	%		(2	%)
Underwriting results	$	106	$	75	$	(137	)	$	94		$	127			20	%		35	%
UNDERWRITING RATIOS
Loss and loss adjustment expenses
Current year		64.0		68.1		91.9			67.1			65.0			(1.0	)		2.1
Prior year [2] [4]		0.1		0.5		0.2			(0.4	)		(1.2	)		1.3			0.8
Total loss and loss adjustment expenses		64.1		68.6		92.1			66.7			63.7			0.4			3.0
Expenses		23.3		22.6		23.7			22.6			22.0			1.3			0.6
Combined ratio		87.4		91.3		115.8			89.3			85.8			1.6			3.5
Catastrophe ratio [4]		0.8		3.7		25.1			(0.3	)		2.5			(1.7	)		(2.8	)
Combined ratio before catastrophes		86.6		87.6		90.6			89.6			83.3			3.3			6.3
Combined ratio before catastrophes and prior year development		86.1		87.2		89.4			90.0			85.0			1.1			5.0
COMBINED RATIO
Automobile		90.1		95.2		98.9			98.5			89.6			0.5			8.9
Homeowners		78.7		79.0		171.5			60.2			73.7			5.0			(13.5	)
Total		87.4		91.3		115.8			89.3			85.8			1.6			3.5

[1]	Earned premiums for the quarter ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $7.
[2]	The quarter ended March 31, 2004 includes a net reserve release of $7 related to September 11.
[3]	Includes catastrophes of $22, before tax, for the quarter ended March 31, 2005. Catastrophe losses for the quarter ended September 30, 2004 include 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, the net reserve release related to September 11.

PC-7

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

											Year Over
											Year			Sequential
	1Q		2Q		3Q		4Q		1Q		Quarter			Quarter
	2004		2004		2004		2004		2005		Change			Change
BUSINESS UNIT
WRITTEN PREMIUMS [1]
AARP	$	523	$	604	$	583	$	534	$	550		5	%		3	%
Other Affinity		34		33		30		31		29		(15	%)		(6	%)
Agency		210		243		248		241		232		10	%		(4	%)
Omni		69		65		59		50		53		(23	%)		6	%
Total	$	836	$	945	$	920	$	856	$	864		3	%		1	%
EARNED PREMIUMS [1]
AARP	$	520	$	536	$	540	$	550	$	560		8	%		2	%
Other Affinity		36		35		34		33		31		(14	%)		(6	%)
Agency		215		225		229		238		242		13	%		2	%
Omni		64		65		64		61		56		(13	%)		(8	%)
Total	$	835	$	861	$	867	$	882	$	889		6	%		1	%
PRODUCT LINE
WRITTEN PREMIUMS [1]
Automobile	$	649	$	706	$	685	$	645	$	672		4	%		4	%
Homeowners		187		239		235		211		192		3	%		(9	%)
Total	$	836	$	945	$	920	$	856	$	864		3	%		1	%
EARNED PREMIUMS [1]
Automobile	$	633	$	653	$	665	$	671	$	674		6	%		—
Homeowners		202		208		202		211		215		6	%		2	%
Total	$	835	$	861	$	867	$	882	$	889		6	%		1	%

[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
SPECIALTY COMMERCIAL
UNDERWRITING RESULTS

															Year Over
															Year			Sequential
	1Q			2Q			3Q			4Q			1Q		Quarter			Quarter
	2004			2004			2004			2004			2005		Change			Change
UNDERWRITING RESULTS
Written premiums	$	426		$	473		$	513		$	360		$	477		12	%		33	%
Change in reserve		105			56			(3	)		(112	)		12		(89	%)	NM
Earned premiums [1] [2]		321			417			516			472			465		45	%		(1	%)
Loss and loss adjustment expenses
Current year		293			302			441			309			314		7	%		2	%
Prior year		47			3			21			(2	)		9		(81	%)	NM
Total loss and loss adjustment expenses [3]		340			305			462			307			323		(5	%)		5	%
Underwriting expenses		88			89			109			77			100		14	%		30	%
Dividends to policyholders		3			(6	)		3			2			2		(33	%)		—
Underwriting results	$	(110	)	$	29		$	(58	)	$	86		$	40		NM			(53	%)
UNDERWRITING RATIOS [1]
Loss and loss adjustment expenses
Current year		90.3			73.2			85.9			64.9			67.1		23.2			(2.2	)
Prior year [4]		14.9			0.6			3.9			(0.4	)		1.9		13.0			(2.3	)
Total loss and loss adjustment expenses		105.2			73.8			89.8			64.5			69.1		36.1			(4.6	)
Expenses		28.1			20.4			21.3			16.9			21.9		6.2			(5.0	)
Policyholder dividends		0.8			(1.2	)		0.4			0.5			0.4		0.4			0.1
Combined ratio		134.1			93.1			111.4			81.8			91.3		42.8			(9.5	)
Catastrophe ratio [4]		(35.6	)		1.6			15.7			4.2			1.5		(37.1	)		2.7
Combined ratio before catastrophes		169.7			91.5			95.7			77.6			89.8		79.9			(12.2	)
Combined ratio before catastrophes and prior year development		117.5			91.7			91.9			78.0			88.0		29.5			(10.0	)

[1] Specialty Commercial earned premiums for the quarter ended March 31, 2004 were reduced by $90 reflecting a decrease in estimated earned premiums on retrospectively-rated policies. The quarter ended March 31, 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 for the first quarter ended March 31, 2004 includes a decrease in reserves of $4. The following table shows underwriting ratios for the quarter ended March 31, 2004 before giving effect of these items:

Loss and loss adjustment expenses
Current year	70.5
Prior year	—
Total loss and loss adjustment expenses	70.5
Expenses	21.9
Policyholder dividends	0.6
Combined ratio	93.0
Catastrophe ratio	1.3
Combined ratio before catastrophes	91.7
Combined ratio before catastrophes and prior year development	91.7

[2]	Earned premiums for the quarter ended September 30, 2004 are net of catastrophe treaty reinstatement premium of $4.
[3]	Includes catastrophes of $7, before tax, for the quarter ended March 31, 2005. Catastrophe losses for the quarter ended September 30, 2004 include 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, the net reserve release related to September 11.

PC-9

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

												Year Over
												Year			Sequential
	1Q		2Q		3Q		4Q			1Q		Quarter			Quarter
	2004		2004		2004		2004			2005		Change			Change
WRITTEN PREMIUMS [1]
Property	$	83	$	122	$	166		72		$	66		(20	%)		(8	%)
Casualty		192		182		197		172			242		26	%		41	%
Bond		48		50		51		48			52		8	%		8	%
Professional Liability		78		85		86		93			76		(3	%)		(18	%)
Other		25		34		13		(25	)		41		64	%	NM
Total	$	426	$	473	$	513		360		$	477		12	%		33	%
EARNED PREMIUMS [1]
Property	$	87	$	99	$	157		118		$	76		(13	%)		(36	%)
Casualty [2]		81		163		193		198			214		164	%		8	%
Bond		44		49		47		48			49		11	%		2	%
Professional Liability		82		82		84		87			82		—			(6	%)
Other		27		24		35		21			44		63	%		110	%
Total	$	321	$	417	$	516	$	472		$	465		45	%		(1	%)

[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 were reduced by $90 reflecting a decrease in estimated earned premiums on retrospectively - rated policies.

PC-10

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

	1Q			2Q			3Q			4Q			1Q
	2004			2004			2004			2004			2005
Written Price Increases
Business Insurance		4	%		3	%		1	%		2	%		—
Personal Lines Automobile		4	%		4	%		3	%		3	%		—
Personal Lines Homeowners		10	%		9	%		8	%		8	%		5	%
Premium Retention
Business Insurance		84	%		85	%		86	%		85	%		84	%
Personal Lines Automobile		88	%		88	%		90	%		89	%		87	%
Personal Lines Homeowners		101	%		101	%		101	%		96	%		94	%
New Business % to Net Written Premium
Business Insurance		26	%		24	%		25	%		26	%		24	%
Personal Lines Automobile		18	%		18	%		18	%		16	%		16	%
Personal Lines Homeowners		12	%		13	%		14	%		14	%		14	%

PC-11

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

																Year Over
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
UNDERWRITING RESULTS
Written premiums	$	(1	)	$	(4	)	$	(6	)	$	1		$	2			NM			100	%
Change in reserve		(13	)		(18	)		(2	)		(1	)		(1	)		92	%		—
Earned premiums		12			14			(4	)		2			3			(75	%)		50	%
Loss and loss adjustment expenses
Current year		17			11			5			3			—			(100	%)		(100	%)
Prior year [1]		48			205			91			65			28			(42	%)		(57	%)
Total loss and loss adjustment expenses		65			216			96			68			28			(57	%)		(59	%)
Underwriting expenses		12			12			10			(7	)		3			(75	%)		NM
Underwriting results	$	(65	)	$	(214	)	$	(110	)	$	(59	)	$	(28	)		57	%		53	%

[1] The quarter ended March 31, 2004 includes a net reserve release of $97 related to September 11 and an increase of $130 for assumed casualty reinsurance reserves. 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. The quarter ended September 30, 2004 includes environmental reserve strengthening of $75. The quarter ended December 31, 2004 includes an increase of $40 for assumed casualty reinsurance reserves.

PC-12

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

For the First Quarter Ended March 31, 2005	Asbestos			Environmental			All Other [1]			Total
Beginning liability - net [2] [3]	$	2,471		$	385		$	2,514		$	5,370
Claims and claim adjustment expenses incurred		9			—			19			28
Claims and claim adjustment expenses paid		(94	)		(29	)		(123	)		(246	)
Ending liability – net [2] [3]	$	2,386	[4]	$	356		$	2,410		$	5,152

[1]	All Other includes unallocated loss adjustment expense reserves and allowance for uncollectible reinsurance.
[2]	Excludes asbestos and environmental liabilities reported in Ongoing Operations of $11 and $8, respectively, as of March 31, 2005 and $13 and $9, respectively, as of December 31, 2004. Total net claim and claim adjustment expenses incurred in Ongoing Operations for the quarter ended March 31, 2005 includes $3 related to environmental claims. Total net claim and claim adjustment expenses paid in Ongoing Operations for the quarter ended March 31, 2005 includes $2 and $4, respectively, related to asbestos and environmental claims.
[3]	Gross of reinsurance, asbestos and environmental reserves, including liabilities in Ongoing Operations, were $4,138 and $475, respectively, as of March 31, 2005, and $4,322 and $501, respectively as of December 31, 2004.
[4]	The one year and average three year net paid amounts for asbestos claims, including Ongoing Operations, are $207 and $1,572, respectively, resulting in a one year net survival ratio of 11.6 (12.9 excluding the MacArthur payments) and a three year net survival ratio of 4.6 (13.5 excluding the 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.

PC-13

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
OTHER OPERATIONS
PAID AND INCURRED LOSS AND LOSS ADJUSTMENT EXPENSE (“LAE”)
DEVELOPMENT - ASBESTOS AND ENVIRONMENTAL

	Asbestos [1]					Environmental [1]
	Paid			Incurred		Paid		Incurred
For the First Quarter Ended March 31, 2005	Loss & LAE			Loss & LAE		Loss & LAE		Loss & LAE
Gross
Direct	$	150		$	4	$	18	$	—
Assumed — Domestic		8			—		5		—
London Market		28			—		2		—
Total	$	186		$	4	$	25	$	—
Ceded		(92	)		5		4		—
Net	$	94		$	9	$	29	$	—

[1] Excludes asbestos and environmental paid and incurred loss and LAE reported in Ongoing Operations. Total gross loss and LAE incurred in Ongoing Operations for the quarter ended March 31, 2005 includes $5 and $3, respectively, related to asbestos and environmental claims. Total gross loss and LAE paid in Ongoing Operations for the quarter ended March 31, 2005 includes $7 and $4, respectively, related to asbestos and environmental claims.

PC-14

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

	For the Quarter Ended March 31, 2005
	Business			Personal			Specialty			Ongoing			Other			Total
	Insurance			Lines			Commercial			Operations			Operations			P&C
Liabilities for unpaid claims and claim adjustment expenses at 1/1/05 - gross	$	6,057		$	2,000		$	5,519		$	13,576		$	7,753		$	21,329
Reinsurance and other recoverables		474			190			2,091			2,755			2,383			5,138
Liabilities for unpaid claims and claim adjustment expenses at 1/1/05 - net		5,583			1,810			3,428			10,821			5,370			16,191
Provision for unpaid claims and claim adjustment expenses
Current year		689			577			314			1,580			—			1,580
Prior year		8			(11	)		9			6			28			34
Total provision for unpaid claims and claim adjustment expenses		697			566			323			1,586			28			1,614
Payments		(521	)		(543	)		(272	)		(1,336	)		(246	)		(1,582	)
Liabilities for unpaid claims and claim adjustment expenses at 3/31/05 - net		5,759			1,833			3,479			11,071			5,152			16,223
Reinsurance and other recoverables		516			178			2,115			2,809			2,269			5,078
Liabilities for unpaid claims and claim adjustment expenses at 3/31/05 - gross	$	6,275		$	2,011		$	5,594		$	13,880		$	7,421		$	21,301
Earned premiums	$	1,150		$	889		$	465		$	2,504		$	3		$	2,507
Loss and loss expense paid ratio		45.3			61.4			58.5			53.5
Loss and loss expense incurred ratio		60.7			63.7			69.1			63.3
Prior accident year development (pts.)		0.7			(1.2	)		1.9			0.2

PC-15

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

	March 31,			December 31,
	2005			2004
Gross Reinsurance Recoverable [1]
Paid Loss and Loss Adjustment Expense	$	629		$	646
Unpaid Loss and Loss Adjustment Expense		4,933			4,913
Subtotal Gross Reinsurance Recoverable		5,562			5,559
Less: Allowance for Uncollectible Reinsurance		(376	)		(374	)
Net Property & Casualty Reinsurance Recoverable	$	5,186		$	5,185

	% of			% of Rated			% of Rated
	Amount			Total			Companies
Distribution of Net Recoverable as of December 31, 2004
Net Property & Casualty Reinsurance Recoverables	$	5,185
Less: Mandatory (Assigned Risk) Pools		(433	)
Net P&C Reinsurance Recoverable Excluding Mandatory Pools	$	4,752
Rated A- (Excellent) or better by A.M. Best [2]	$	3,134			66.0	%		93.1	%
Other Rated by A.M. Best [2]		231			4.9	%		6.9	%
Total Rated Companies		3,365			70.9	%		100.0	%
Voluntary Pools		227			4.8	%
Captives		150			3.2	%
Other Not Rated Companies		1,010			21.1	%
Total	$	4,752			100.0	%

[1]	Net of commutations, settlements and known insolvencies.
[2]	Based on A.M. Best ratings as of 12/31/04.

PC-16

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

																Year Over
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
Earned premiums	$	2,186		$	2,353		$	2,474		$	2,481		$	2,507			15	%		1	%
Net investment income		311			295			309			333			337			8	%		1	%
Other revenues		104			117			107			108			112			8	%		4	%
Net realized capital gains		71			27			18			17			48			(32	%)		182	%
Total revenues		2,672			2,792			2,908			2,939			3,004			12	%		2	%
Benefits, claims and claim adjustment expenses [1] [2]		1,418			1,756			2,140			1,690			1,614			14	%		(4	%)
Amortization of deferred policy acquisition costs		446			455			471			478			492			10	%		3	%
Insurance operating costs and expenses		166			155			193			129			144			(13	%)		12	%
Other expenses		163			156			150			160			159			(2	%)		(1	%)
Total benefits and expenses		2,193			2,522			2,954			2,457			2,409			10	%		(2	%)
Income (loss) before income taxes		479			270			(46	)		482			595			24	%		23	%
Income tax expense (benefit) [3]		138			67			(70	)		140			178			29	%		27	%
Net income (loss)		341			203			24			342			417			22	%		22	%
Less: Net realized capital gains, after-tax [4]		44			15			11			11			31			(30	%)		182	%
Operating income (loss) [4]	$	297		$	188		$	13		$	331		$	386			30	%		17	%
Total Property & Casualty effective tax rate — net income		28.8	%		24.8	%	NM				29.0	%		29.9	%		1.1			0.9
Total Property & Casualty effective tax rate — operating income [4]		27.8	%		23.8	%	NM				28.8	%		29.5	%		1.7			0.7

[1]	The quarter ended March 31, 2004 includes 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.
[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 Company reduced its 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]	The third quarter ended September 30, 2004 includes a $26 tax benefit related to the audit settlement of tax years prior to 2004.
[4]	For periods prior to January 1, 2005, operating income includes the effect of periodic net coupon settlements on non-qualifying derivatives, after-tax.

PC-17

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

												Year Over
												Year			Sequential
	1Q		2Q		3Q		4Q			1Q		Quarter			Quarter
	2004		2004		2004		2004			2005		Change			Change
Investments
Fixed maturities, available for sale, at fair value	$	23,196	$	22,774	$	23,932	$	24,410		$	24,130		4	%		(1	%)
Equity securities, available for sale, at fair value		206		201		201		307			427		107	%		39	%
Other investments		650		682		799		809			770		18	%		(5	%)
Total investments		24,052		23,657		24,932		25,526			25,327		5	%		(1	%)
Cash		178		186		194		215			241		35	%		12	%
Premiums receivable and agents’ balances		2,762		3,050		3,009		2,844			2,910		5	%		2	%
Reinsurance recoverables		5,205		4,990		5,139		5,185			5,186		—			—
Deferred policy acquisition costs		987		1,012		1,046		1,071			1,080		9	%		1	%
Deferred income tax		905		1,176		995		879			914		1	%		4	%
Goodwill		152		152		152		152			152		—			—
Property and equipment, net		423		435		444		461			464		10	%		1	%
Other assets		2,942		1,808		1,738		1,685			1,728		(41	%)		3	%
Total assets	$	37,606	$	36,466	$	37,649	$	38,018		$	38,002		1	%		—
Future policy benefits, unpaid claims and claim adjustment expenses	$	20,246	$	20,562	$	21,314	$	21,329		$	21,301		5	%		—
Unearned premiums		4,563		4,795		4,865		4,763			4,886		7	%		3	%
Other liabilities		4,595		3,452		3,531		3,730			3,591		(22	%)		(4	%)
Total liabilities		29,404		28,809		29,710		29,822			29,778		1	%		—
Equity, x-AOCI, net of tax		7,335		7,374		7,320		7,542			7,876		7	%		4	%
AOCI, net of tax		867		283		619		654			348		(60	%)		(47	%)
Total stockholders’ equity		8,202		7,657		7,939		8,196			8,224		—			—
Total liabilities and stockholders’ equity	$	37,606	$	36,466	$	37,649	$	38,018		$	38,002		1	%		—
Hartford Fire NAIC RBC								447	%

PC-18

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

	December 31, 2004			December 31, 2003
Statutory Capital and Surplus	$	6,335		$	5,819
GAAP Adjustments
Deferred policy acquisition costs		1,071			975
Deferred taxes		(468	)		(384	)
Benefit reserves		(216	)		(107	)
Unrealized gains on investments		776			830
Goodwill		152			152
Non-admitted assets		824			764
Other, net		(278	)		(262	)
GAAP Stockholders’ Equity	$	8,196		$	7,787

PC-19

INVESTMENTS

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

																Year Over
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
Net Investment Income
Fixed maturities [1]
Taxable	$	792		$	778		$	813		$	818		$	826			4	%		1	%
Tax-exempt		120			122			122			124			128			7	%		3	%
Total fixed maturities		912			900			935			942			954			5	%		1	%
Equities
Available-for-sale		11			7			11			9			12			9	%		33	%
Trading securities		456			101			(174	)		416			221			(52	%)		(47	%)
Total equities		467			108			(163	)		425			233			(50	%)		(45	%)
Mortgage loans		12			15			16			16			17			42	%		6	%
Real estate		1			—			1			4			—			(100	%)		(100	%)
Policy loans		45			47			46			48			36			(20	%)		(25	%)
Limited partnerships		4			9			7			22			18		NM				(18	%)
Other		50			42			37			50			48			(4	%)		(4	%)
Subtotal		1,491			1,121			879			1,507			1,306			(12	%)		(13	%)
Less: Investment expense		13			11			13			18			13			—			(28	%)
Total net investment income	$	1,478		$	1,110		$	866		$	1,489		$	1,293			(13	%)		(13	%)
Less: Trading securities		456			101			(174	)		416			221			(52	%)		(47	%)
Total net investment income excluding trading securities	$	1,022		$	1,009		$	1,040		$	1,073		$	1,072			5	%		—
Investment yield, before-tax [2]		5.7	%		5.6	%		5.7	%		5.7	%		5.6	%		(0.1	)		(0.1	)
Investment yield, after-tax [2]		3.9	%		3.9	%		3.9	%		3.9	%		3.9	%		—			—
Net Realized Capital Gains (Losses)
Fixed maturities	$	108		$	46		$	64		$	79		$	92			(15	%)		16	%
Equities		13			(3	)		—			(7	)		—			(100	%)		100	%
GMWB derivatives, net		(2	)		6			—			4			7		NM				75	%
Other [3]		25			3			(20	)		(40	)		29			16	%	NM
Total net realized capital gains (losses)	$	144		$	52		$	44		$	36		$	128			(11	%)	NM
Gross gains on sale	$	172		$	133		$	104		$	160		$	160			(7	%)		—
Gross losses on sale		(23	)		(97	)		(34	)		(76	)		(67	)		(191	%)		12	%
Impairments		(14	)		(4	)		(6	)		(14	)		(1	)		93	%		93	%
GMWB derivatives, net		(2	)		6			—			4			7		NM				75	%
Other net gain (loss) [3]		11			14			(20	)		(38	)		29			164	%	NM
Total net realized capital gains (losses)	$	144		$	52		$	44		$	36		$	128			(11	%)	NM

[1]	Includes income on short-term bonds.
[2]	The investment yield calculation excludes trading securities, collateral received associated with the securities lending program and consolidated variable interest entity minority interests.
[3]	Primarily consists of changes in fair value on non-qualifying derivatives and hedge ineffectiveness on qualifying derivative instruments, foreign currency transaction remeasurements, 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
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
Net Investment Income
Fixed maturities [1]
Taxable	$	589		$	582		$	608		$	608		$	612			4	%		1	%
Tax-exempt		25			27			27			27			27			8	%		—
Total fixed maturities		614			609			635			635			639			4	%		1	%
Equities
Available-for-sale		9			5			9			7			9			—			29	%
Trading securities		456			101			(174	)		416			221			(52	%)		(47	%)
Total equities		465			106			(165	)		423			230			(51	%)		(46	%)
Mortgage loans		8			12			12			13			14			75	%		8	%
Policy loans		45			47			46			48			36			(20	%)		(25	%)
Limited partnerships		2			6			1			11			7			NM			(36	%)
Other		36			37			31			33			33			(8	%)		—
Subtotal		1,170			817			560			1,163			959			(18	%)		(18	%)
Less: Investment expense		8			7			8			12			9			13	%		(25	%)
Total net investment income	$	1,162		$	810		$	552		$	1,151		$	950			(18	%)		(17	%)
Less: Trading securities		456			101			(174	)		416			221			(52	%)		(47	%)
Total net investment income excluding trading securities	$	706		$	709		$	726		$	735		$	729			3	%		(1	%)
Investment yield, before-tax [2]		5.7	%		5.8	%		5.8	%		5.7	%		5.6	%		(0.1	)		(0.1	)
Investment yield, after-tax [2]		3.8	%		3.8	%		3.9	%		3.8	%		3.7	%		(0.1	)		(0.1	)
Net Realized Capital Gains (Losses)
Fixed maturities	$	58		$	21		$	45		$	57		$	49			(16	%)		(14	%)
Equities		9			(1	)		—			(3	)		—			(100	%)		100	%
GMWB derivatives, net		(2	)		6			—			4			7			NM			75	%
Other [3]		11			—			(17	)		(39	)		25			127	%		NM
Total net realized capital gains (losses)	$	76		$	26		$	28		$	19		$	81			7	%		NM
Gross gains on sale	$	100		$	84		$	74		$	101		$	98			(2	%)		(3	%)
Gross losses on sale		(18	)		(70	)		(24	)		(35	)		(48	)		(167	%)		(37	%)
Impairments		(8	)		(4	)		(4	)		(9	)		(1	)		88	%		89	%
GMWB derivatives, net		(2	)		6			—			4			7			NM			75	%
Other net gain (loss) [3]		4			10			(18	)		(42	)		25			NM			NM
Total net realized capital gains (losses)	$	76		$	26		$	28		$	19		$	81			7	%		NM

[1]	Includes income on short-term bonds.
[2]	The investment yield calculation excludes trading securities, collateral received associated with the securities lending program and consolidated variable interest entity minority interests.
[3]	Primarily consists of changes in fair value on non-qualifying derivatives and hedge ineffectiveness on qualifying derivative instruments, foreign currency transaction remeasurements, 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
																Year			Sequential
	1Q			2Q			3Q			4Q			1Q			Quarter			Quarter
	2004			2004			2004			2004			2005			Change			Change
Net Investment Income
Fixed maturities [1]
Taxable	$	203		$	196		$	204		$	210		$	212			4	%		1	%
Tax-exempt		95			95			95			97			101			6	%		4	%
Total fixed maturities		298			291			299			307			313			5	%		2	%
Equities		2			2			2			2			3			50	%		50	%
Mortgage loans		4			3			4			3			3			(25	%)		—
Real estate		1			—			1			4			—			(100	%)		(100	%)
Limited partnerships		2			3			6			11			11			NM			—
Other		9			—			2			12			11			22	%		(8	%)
Subtotal		316			299			314			339			341			8	%		1	%
Less: Investment expense		5			4			5			6			4			(20	%)		(33	%)
Total net investment income	$	311		$	295		$	309		$	333		$	337			8	%		1	%
Investment yield, before-tax [2]		5.5	%		5.3	%		5.4	%		5.7	%		5.6	%		0.1			(0.1	)
Investment yield, after-tax [2]		4.1	%		3.9	%		4.0	%		4.2	%		4.2	%		0.1			—
Net Realized Capital Gains (Losses)
Fixed maturities	$	50		$	25		$	19		$	22		$	43			(14	%)		95	%
Equities		4			(2	)		—			(4	)		—			(100	%)		100	%
Other [3]		17			4			(1	)		(1	)		5			(71	%)		NM
Total net realized capital gains (losses)	$	71		$	27		$	18		$	17		$	48			(32	%)		182	%
Gross gains on sale	$	72		$	49		$	30		$	59		$	62			(14	%)		5	%
Gross losses on sale		(5	)		(27	)		(10	)		(41	)		(19	)		NM			54	%
Impairments		(6	)		—			(2	)		(5	)		—			100	%		100	%
Other net gain (loss) [3]		10			5			—			4			5			(50	%)		25	%
Total net realized capital gains (losses)	$	71		$	27		$	18		$	17		$	48			(32	%)		182	%

[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 and foreign currency transaction remeasurments.

I-3

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

															Year Over
															Year			Sequential
	1Q			2Q			3Q			4Q		1Q			Quarter			Quarter
	2004			2004			2004			2004		2005			Change			Change
Net Investment Income
Fixed maturities [1]
Taxable	$	—		$	—		$	1		$	—	$	2			—			—
Total fixed maturities		—			—			1			—		2			—			—
Other [2]		5			5			4			5		4			(20	%)		(20	%)
Total net investment income	$	5		$	5		$	5		$	5	$	6			20	%		20	%
Net Realized Capital Gains (Losses)
Other net gain (loss) [3]	$	(3	)	$	(1	)	$	(2	)	$	—	$	(1	)		67	%		—

[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

	1Q					2Q					3Q					4Q					1Q
	2004					2004					2004					2004					2005
	Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent
Fixed maturities, available-for-sale, at fair value [1]	$	72,814		84.9	%	$	70,703		83.3	%	$	74,276		82.2	%	$	75,100		79.6	%	$	75,215		77.9	%
Equity securities, at fair value Available-for-sale		612		0.7	%		584		0.7	%		650		0.7	%		832		0.9	%		1,089		1.1	%
Trading securities		7,831		9.2	%		8,995		10.6	%		10,685		11.8	%		13,634		14.4	%		15,855		16.5	%
Total equity securities, at fair value		8,443		9.9	%		9,579		11.3	%		11,335		12.5	%		14,466		15.3	%		16,944		17.6	%
Policy loans, at outstanding balance		2,655		3.1	%		2,650		3.1	%		2,665		2.9	%		2,662		2.8	%		2,119		2.2	%
Real estate/Mortgage loans, at cost		929		1.1	%		1,158		1.4	%		1,052		1.2	%		1,176		1.2	%		1,177		1.2	%
Limited partnerships, at fair value		361		0.4	%		390		0.5	%		412		0.5	%		433		0.5	%		459		0.5	%
Other investments [2]		555		0.6	%		369		0.4	%		632		0.7	%		571		0.6	%		594		0.6	%
Total investments	$	85,757		100.0	%	$	84,849		100.0	%	$	90,372		100.0	%	$	94,408		100.0	%	$	96,508		100.0	%
Less: Trading securities		7,831		9.2	%		8,995		10.6	%		10,685		11.8	%		13,634		14.4	%		15,855		16.5	%
Total investments excluding trading securities	$	77,926		90.8	%	$	75,854		89.4	%	$	79,687		88.2	%	$	80,774		85.6	%	$	80,653		83.5	%
HIMCO managed third party accounts	$	2,326				$	3,138				$	3,274				$	3,893				$	3,928
Asset-backed securities (“ABS”)	$	6,373		8.8	%	$	6,574		9.3	%	$	6,961		9.4	%	$	7,469		9.9	%	$	7,438		9.9	%
Commercial mortgage-backed securities (“CMBS”)		11,495		15.8	%		11,039		15.6	%		11,917		16.0	%		11,748		15.6	%		11,640		15.5	%
Collateralized mortgage obligation (“CMO”)		902		1.2	%		1,016		1.4	%		1,124		1.5	%		1,227		1.6	%		1,155		1.5	%
Corporate		34,490		47.3	%		32,587		46.1	%		33,904		45.7	%		34,153		45.6	%		34,743		46.2	%
Government/Government agencies — Foreign		1,535		2.1	%		1,380		2.0	%		1,645		2.2	%		1,796		2.4	%		1,596		2.1	%
Government/Government agencies — U.S.		1,333		1.8	%		1,072		1.5	%		1,115		1.5	%		1,132		1.5	%		1,142		1.5	%
Mortgage-backed securities (“MBS”) — agency		2,470		3.4	%		2,213		3.1	%		2,476		3.4	%		2,799		3.7	%		3,292		4.4	%
Municipal — taxable		765		1.1	%		827		1.2	%		897		1.2	%		944		1.3	%		1,022		1.4	%
Municipal — tax-exempt		10,282		14.1	%		10,043		14.2	%		10,307		13.9	%		10,393		13.8	%		10,237		13.6	%
Redeemable preferred stock		74		0.1	%		37		0.1	%		37		—			39		0.1	%		37		—
Short-term [1]		3,095		4.3	%		3,915		5.5	%		3,893		5.2	%		3,400		4.5	%		2,913		3.9	%
Total fixed maturities	$	72,814		100.0	%	$	70,703		100.0	%	$	74,276		100.0	%	$	75,100		100.0	%	$	75,215		100.0	%
AAA	$	16,854		23.1	%	$	16,968		24.0	%	$	18,755		25.3	%	$	18,787		25.0	%	$	18,246		24.3	%
AA		8,043		11.0	%		7,769		11.0	%		8,073		10.9	%		8,546		11.4	%		9,281		12.3	%
A		18,220		25.0	%		17,683		25.0	%		18,147		24.4	%		18,131		24.2	%		17,937		23.8	%
BBB		18,350		25.2	%		17,036		24.1	%		17,668		23.8	%		17,904		23.8	%		18,492		24.6	%
Government		4,777		6.6	%		4,293		6.1	%		4,713		6.3	%		5,160		6.9	%		5,465		7.3	%
BB & below		3,475		4.8	%		3,039		4.3	%		3,027		4.1	%		3,172		4.2	%		2,881		3.8	%
Short-term [1]		3,095		4.3	%		3,915		5.5	%		3,893		5.2	%		3,400		4.5	%		2,913		3.9	%
Total fixed maturities	$	72,814		100.0	%	$	70,703		100.0	%	$	74,276		100.0	%	$	75,100		100.0	%	$	75,215		100.0	%

[1]	First, second, third and fourth quarters of 2004 include $38, $122, $144 and $159, respectively, in Corporate of which $38, $113, $114 and $152, respectively, were short-term investments held by The Hartford Financial Services Group, Inc. First quarter of 2005 includes $208 in Corporate of which $201 are short-term investments held by The Hartford Financial Services Group, Inc.
[2]	First, second, third and fourth quarters of 2004 include $28, $6, $10 and $7, respectively, in Corporate. First quarter of 2005 includes $1 in Corporate.

I-5

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

	1Q					2Q					3Q					4Q					1Q
	2004					2004					2004					2004					2005
	Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent
Fixed maturities, available-for-sale, at fair value	$	49,580		80.4	%	$	47,807		78.4	%	$	50,200		76.9	%	$	50,531		73.5	%	$	50,877		71.7	%
Equity securities, at fair value Available-for-sale		406		0.7	%		383		0.6	%		449		0.7	%		525		0.8	%		662		0.9	%
Trading securities		7,831		12.7	%		8,995		14.7	%		10,685		16.4	%		13,634		19.8	%		15,855		22.3	%
Total equity securities, at fair value		8,237		13.4	%		9,378		15.3	%		11,134		17.1	%		14,159		20.6	%		16,517		23.2	%
Policy loans, at outstanding balance		2,655		4.3	%		2,650		4.3	%		2,665		4.0	%		2,662		3.9	%		2,119		3.0	%
Real estate/Mortgage loans, at cost		620		1.0	%		852		1.4	%		783		1.2	%		923		1.3	%		979		1.4	%
Limited partnerships, at fair value		197		0.3	%		234		0.4	%		242		0.4	%		256		0.4	%		273		0.4	%
Other investments		350		0.6	%		143		0.2	%		262		0.4	%		185		0.3	%		207		0.3	%
Total investments	$	61,639		100.0	%	$	61,064		100.0	%	$	65,286		100.0	%	$	68,716		100.0	%	$	70,972		100.0	%
Less: Trading securities		7,831		12.7	%		8,995		14.7	%		10,685		16.4	%		13,634		19.8	%		15,855		22.3	%
Total investments excluding trading securities	$	53,808		87.3	%	$	52,069		85.3	%	$	54,601		83.6	%	$	55,082		80.2	%	$	55,117		77.7	%
ABS	$	5,365		10.8	%	$	5,629		11.8	%	$	5,908		11.8	%	$	6,358		12.6	%	$	6,426		12.6	%
CMBS		8,817		17.8	%		8,529		17.8	%		9,127		18.2	%		8,806		17.4	%		8,588		16.9	%
CMO		866		1.7	%		908		1.9	%		982		2.0	%		1,092		2.2	%		1,027		2.0	%
Corporate		25,965		52.4	%		24,581		51.3	%		25,392		50.5	%		25,532		50.5	%		25,932		51.0	%
Government/Government agencies — Foreign		744		1.5	%		660		1.4	%		785		1.6	%		788		1.6	%		775		1.5	%
Government/Government agencies — U.S.		1,048		2.1	%		810		1.7	%		877		1.7	%		898		1.8	%		927		1.8	%
MBS — agency		1,871		3.8	%		1,609		3.4	%		1,633		3.3	%		1,788		3.5	%		2,250		4.4	%
Municipal — taxable		536		1.1	%		614		1.3	%		680		1.4	%		725		1.4	%		808		1.6	%
Municipal — tax-exempt		2,238		4.5	%		2,181		4.6	%		2,264		4.4	%		2,270		4.5	%		2,260		4.5	%
Redeemable preferred stock		47		0.1	%		12		—			12		—			13		—			12		—
Short-term		2,083		4.2	%		2,274		4.8	%		2,540		5.1	%		2,261		4.5	%		1,872		3.7	%
Total fixed maturities	$	49,580		100.0	%	$	47,807		100.0	%	$	50,200		100.0	%	$	50,531		100.0	%	$	50,877		100.0	%
AAA	$	9,058		18.3	%	$	9,483		19.8	%	$	10,554		21.0	%	$	10,282		20.4	%	$	10,008		19.6	%
AA		4,719		9.5	%		4,511		9.4	%		4,875		9.7	%		5,275		10.4	%		5,986		11.8	%
A		13,661		27.6	%		13,225		27.7	%		13,529		27.0	%		13,531		26.8	%		13,242		26.0	%
BBB		13,920		28.0	%		13,026		27.2	%		13,300		26.5	%		13,447		26.6	%		13,945		27.4	%
Government		3,860		7.8	%		3,345		7.0	%		3,514		7.0	%		3,803		7.5	%		4,111		8.1	%
BB & below		2,279		4.6	%		1,943		4.1	%		1,888		3.8	%		1,932		3.8	%		1,713		3.4	%
Short-term		2,083		4.2	%		2,274		4.8	%		2,540		5.0	%		2,261		4.5	%		1,872		3.7	%
Total fixed maturities	$	49,580		100.0	%	$	47,807		100.0	%	$	50,200		100.0	%	$	50,531		100.0	%	$	50,877		100.0	%

I-6

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

	1Q					2Q					3Q					4Q					1Q
	2004					2004					2004					2004					2005
	Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent
Fixed maturities, available-for-sale, at fair value	$	23,196		96.4	%	$	22,774		96.3	%	$	23,932		96.0	%	$	24,410		95.6	%	$	24,130		95.3	%
Equity securities, available-for-sale, at fair value		206		0.9	%		201		0.8	%		201		0.8	%		307		1.2	%		427		1.7	%
Real estate/Mortgage loans, at cost		309		1.3	%		306		1.3	%		269		1.1	%		253		1.0	%		198		0.8	%
Limited partnerships, at fair value		164		0.7	%		156		0.7	%		170		0.7	%		177		0.7	%		186		0.7	%
Other investments		177		0.7	%		220		0.9	%		360		1.4	%		379		1.5	%		386		1.5	%
Total investments	$	24,052		100.0	%	$	23,657		100.0	%	$	24,932		100.0	%	$	25,526		100.0	%	$	25,327		100.0	%
ABS	$	1,008		4.3	%	$	945		4.1	%	$	1,053		4.4	%	$	1,111		4.5	%	$	1,012		4.2	%
CMBS		2,678		11.5	%		2,510		11.0	%		2,790		11.7	%		2,942		12.1	%		3,052		12.6	%
CMO		36		0.2	%		108		0.5	%		142		0.6	%		135		0.6	%		128		0.5	%
Corporate		8,525		36.8	%		8,006		35.1	%		8,512		35.5	%		8,621		35.3	%		8,811		36.5	%
Government/Government agencies — Foreign		791		3.4	%		720		3.2	%		860		3.6	%		1,008		4.1	%		821		3.4	%
Government/Government agencies — U.S.		285		1.2	%		262		1.2	%		238		1.0	%		234		1.0	%		215		0.9	%
MBS — agency		599		2.6	%		604		2.7	%		843		3.5	%		1,011		4.1	%		1,042		4.3	%
Municipal — taxable		229		1.0	%		213		0.9	%		217		0.9	%		219		0.9	%		214		0.9	%
Municipal — tax-exempt		8,044		34.7	%		7,862		34.5	%		8,043		33.6	%		8,123		33.3	%		7,977		33.1	%
Redeemable preferred stock		27		0.1	%		25		0.1	%		25		0.1	%		26		0.1	%		25		0.1	%
Short-term		974		4.2	%		1,519		6.7	%		1,209		5.1	%		980		4.0	%		833		3.5	%
Total fixed maturities	$	23,196		100.0	%	$	22,774		100.0	%	$	23,932		100.0	%	$	24,410		100.0	%	$	24,130		100.0	%
AAA	$	7,796		33.6	%	$	7,485		32.8	%	$	8,201		34.3	%	$	8,505		34.8	%	$	8,238		34.1	%
AA		3,324		14.2	%		3,258		14.3	%		3,198		13.4	%		3,271		13.4	%		3,295		13.7	%
A		4,559		19.7	%		4,458		19.6	%		4,618		19.2	%		4,600		18.8	%		4,695		19.5	%
BBB		4,430		19.1	%		4,010		17.6	%		4,368		18.2	%		4,457		18.3	%		4,547		18.8	%
Government		917		4.0	%		948		4.2	%		1,199		5.0	%		1,357		5.6	%		1,354		5.6	%
BB & below		1,196		5.2	%		1,096		4.8	%		1,139		4.8	%		1,240		5.1	%		1,168		4.8	%
Short-term		974		4.2	%		1,519		6.7	%		1,209		5.1	%		980		4.0	%		833		3.5	%
Total fixed maturities	$	23,196		100.0	%	$	22,774		100.0	%	$	23,932		100.0	%	$	24,410		100.0	%	$	24,130		100.0	%

I-7

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

	March 31, 2005							December 31, 2004
	Amortized		Fair		Unrealized			Amortized		Fair		Unrealized
	Cost		Value		Loss			Cost		Value		Loss
Total AFS [2] Securities
Three months or less	$	17,055	$	16,779	$	(276	)	$	7,572	$	7,525	$	(47	)
Greater than three months to six months		3,632		3,546		(86	)		573		567		(6	)
Greater than six months to nine months		392		385		(7	)		3,405		3,342		(63	)
Greater than nine months to twelve months		2,559		2,467		(92	)		462		445		(17	)
Greater than twelve months		2,387		2,234		(153	)		2,417		2,285		(132	)
Total	$	26,025	$	25,411	$	(614	)	$	14,429	$	14,164	$	(265	)
BIG [3] and Equity AFS [2] Securities
Three months or less	$	900	$	872	$	(28	)	$	326	$	322	$	(4	)
Greater than three months to six months		66		63		(3	)		33		32		(1	)
Greater than six months to nine months		20		18		(2	)		174		165		(9	)
Greater than nine months to twelve months		133		122		(11	)		81		75		(6	)
Greater than twelve months		304		257		(47	)		285		240		(45	)
Total	$	1,423	$	1,332	$	(91	)	$	899	$	834	$	(65	)

[1]	As of March 31, 2005, fixed maturities represented $605, or 99%, of the Company’s total unrealized loss of available-for-sale securities. There were no fixed maturities as of March 31, 2005 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 March 31, 2005 and December 31, 2004, 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 “Valuation of Investments and Derivative Instruments and Evaluation of Other-Than-Temporary Impairments” 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 2004 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

	March 31, 2005							December 31, 2004
	Amortized		Fair		Unrealized			Amortized		Fair		Unrealized
	Cost		Value		Loss			Cost		Value		Loss
Total AFS Securities
Three months or less	$	11,430	$	11,246	$	(184	)	$	5,560	$	5,528	$	(32	)
Greater than three months to six months		2,600		2,542		(58	)		474		470		(4	)
Greater than six months to nine months		316		312		(4	)		2,277		2,237		(40	)
Greater than nine months to twelve months		1,563		1,506		(57	)		399		383		(16	)
Greater than twelve months		1,442		1,340		(102	)		1,415		1,323		(92	)
Total	$	17,351	$	16,946	$	(405	)	$	10,125	$	9,941	$	(184	)
BIG and Equity AFS Securities
Three months or less	$	452	$	437	$	(15	)	$	206	$	203	$	(3	)
Greater than three months to six months		40		38		(2	)		14		13		(1	)
Greater than six months to nine months		7		6		(1	)		128		120		(8	)
Greater than nine months to twelve months		97		88		(9	)		79		73		(6	)
Greater than twelve months		255		213		(42	)		225		184		(41	)
Total	$	851	$	782	$	(69	)	$	652	$	593	$	(59	)

I-9

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

	March 31, 2005							December 31, 2004
	Amortized		Fair		Unrealized			Amortized		Fair		Unrealized
	Cost		Value		Loss			Cost		Value		Loss
Total AFS Securities
Three months or less	$	5,625	$	5,533	$	(92	)	$	2,012	$	1,997	$	(15	)
Greater than three months to six months		1,032		1,004		(28	)		99		97		(2	)
Greater than six months to nine months		76		73		(3	)		1,128		1,105		(23	)
Greater than nine months to twelve months		996		961		(35	)		63		62		(1	)
Greater than twelve months		945		894		(51	)		1,002		962		(40	)
Total	$	8,674	$	8,465	$	(209	)	$	4,304	$	4,223	$	(81	)
BIG and Equity AFS Securities
Three months or less	$	448	$	435	$	(13	)	$	120	$	119	$	(1	)
Greater than three months to six months		26		25		(1	)		19		19		—
Greater than six months to nine months		13		12		(1	)		46		45		(1	)
Greater than nine months to twelve months		36		34		(2	)		2		2		—
Greater than twelve months		49		44		(5	)		60		56		(4	)
Total	$	572	$	550	$	(22	)	$	247	$	241	$	(6	)

I-10

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
INVESTED ASSET EXPOSURES
AS OF MARCH 31, 2005

	LIFE
			Percent of
			Total
	Fair		Invested
	Value		Assets
TOP TEN CORPORATE FIXED MATURITY EXPOSURES BY SECTOR
Financial services	$	7,135		10.0	%
Technology and communications		3,737		5.3	%
Utilities		2,600		3.7	%
Consumer non cyclical		2,694		3.8	%
Consumer cyclical		2,644		3.7	%
Basic industry		2,460		3.5	%
Capital goods		1,746		2.4	%
Energy		1,378		1.9	%
Other		898		1.3	%
Transportation		640		0.9	%
Total	$	25,932		36.5	%
TOP TEN EXPOSURES BY ISSUER [1]
JPMorgan Chase & Co.	$	490		0.6	%
Royal Bank of Scotland Group plc		288		0.4	%
SBC Communications Inc.		286		0.4	%
HSBC Holdings plc		249		0.3	%
Bank of America Corp.		210		0.3	%
Banco Santander Central Hispano SA		187		0.3	%
American Express Credit Account		187		0.3	%
Ford Motor Company		185		0.3	%
Credit Suisse Group		184		0.3	%
Verizon Communications, Inc.		184		0.3	%
Total	$	2,450		3.5	%

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

	P&C
			Percent of
			Total
	Fair		Invested
	Value		Assets
TOP TEN CORPORATE FIXED MATURITY EXPOSURES BY SECTOR
Financial services	$	2,177		8.6	%
Technology and communications		1,476		5.8	%
Utilities		1,115		4.4	%
Consumer non cyclical		970		3.8	%
Consumer cyclical		856		3.4	%
Basic industry		740		2.9	%
Capital goods		521		2.1	%
Energy		548		2.2	%
Other		232		0.9	%
Transportation		176		0.7	%
Total	$	8,811		34.8	%
TOP TEN EXPOSURES BY ISSUER [1]
State of California	$	265		1.0	%
State of Massachusetts		234		0.9	%
State of Illinois		220		0.8	%
New York City, NY		197		0.8	%
New Jersey State Transit Authority		148		0.6	%
State of Georgia		148		0.6	%
JPMorgan Chase & Co.		140		0.6	%
Puerto Rico Public Buildings Authority		119		0.5	%
Mass. Bay Transportation Authority		118		0.5	%
Merrill Lynch & Co., Inc.		116		0.4	%
Total	$	1,705		6.7	%

	CONSOLIDATED
			Percent of
			Total
	Fair		Invested
	Value		Assets
TOP TEN CORPORATE FIXED MATURITY EXPOSURES BY SECTOR
Financial services	$	9,312		9.7	%
Technology and communications		5,213		5.4	%
Utilities		3,715		3.8	%
Consumer non cyclical		3,664		3.8	%
Consumer cyclical		3,500		3.6	%
Basic industry		3,200		3.3	%
Capital goods		2,267		2.4	%
Energy		1,926		2.0	%
Other		1,130		1.2	%
Transportation		816		0.8	%
Total	$	34,743		36.0	%
TOP TEN EXPOSURES BY ISSUER [1]
JPMorgan Chase & Co.	$	630		0.7	%
State of California		411		0.4	%
SBC Communications Inc.		394		0.4	%
State of Massachusetts		364		0.4	%
HSBC Holdings plc		340		0.4	%
Royal Bank of Scotland Group plc		333		0.3	%
State of Illinois		312		0.3	%
Ford Motor Company		250		0.3	%
Comcast Corp.		245		0.2	%
News Corp		243		0.2	%
Total	$	3,522		3.6	%

I-11