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

EXHIBIT 99.1

INVESTOR FINANCIAL SUPPLEMENT

DECEMBER 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

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

As of January 26, 2006

	A.M. Best	Fitch	Standard & Poor’s	Moody’s
Insurance Financial Strength Ratings:
Hartford Fire Insurance Company	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	AMB-1	F1	A-2	P-2

TRANSFER AGENT
The Bank of New York
Shareholder Relations Department — 12E
P.O. Box 11258
Church Street Station
New York, NY 10286
1 (800) 254-2823

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
	Three Months Ended December 31, 2005 and 2004	C-3
	Year Ended December 31, 2005 and 2004	C-4
	Consolidating Balance Sheets
	As of December 31, 2005 and 2004	C-5
	Capital Structure	C-6
	Accumulated Other Comprehensive Income	C-7
	Computation of Basic and Diluted Earnings Per Share	C-8
	Analysis of Net Realized Capital Gains and Losses
	Three Months Ended December 31, 2005 and 2004	C-9
	Year Ended December 31, 2005 and 2004	C-10
	Computation of Return-on-Equity Measures	C-11
	Weighted Average Share Analysis	C-12
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 September 30, 2005	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 Retail — Account Value Rollforward	L-14
	Retirement Plans
	Income Statements	L-15
	Supplemental Data
	Sales/Other Deposits	L-16
	Assets Under Management	L-17
	Account Value Rollforward	L-18
	Institutional Solutions Group
	Income Statements	L-19
	Supplemental Data
	Sales/Other Deposits	L-20
	Assets Under Management	L-21
	Account Value and Asset Rollforward	L-22
	Individual Life
	Income Statements	L-23
	Supplemental Data	L-24
	Account Value Rollforward	L-25
LIFE (CONT.)	Group Benefits
	Income Statements	L-26
	Supplemental Data	L-27
	International
	Highlights	L-28
	Japan
	Income Statements	L-29
	Supplemental Data — Account Value Rollforward	L-30
PROPERTY
&CASUALTY	Financial Highlights	PC-1
	Operating Results	PC-2
	Ongoing Operations Operating Results	PC-3
	Ongoing Operations Consolidating Underwriting Results
	Three Months Ended December 31, 2005	PC-4
	Year Ended December 31, 2005	PC-5
	Ongoing Operations Underwriting Results	PC-6
	Business Insurance Underwriting Results	PC-7
	Business Insurance Written and Earned Premiums	PC-8
	Personal Lines Underwriting Results	PC-9
	Personal Lines Written and Earned Premiums	PC-10
	Specialty Commercial Underwriting Results	PC-11
	Specialty Commercial Written and Earned Premiums	PC-12
	Statistical Premium Information (Year over Year)	PC-13
	Other Operations Operating Results	PC-14
	Other Operations Claims and Claim Adjustment Expenses	PC-15
	Paid and Incurred Loss and Loss Adjustment Expense Development — A&E	PC-16
	Unpaid Claims and Claim Adjustment Expense Reserve Rollforward
	Three Months Ended December 31, 2005	PC-17
	Year Ended December 31, 2005	PC-18
	Reinsurance Recoverable Analysis	PC-19
	Consolidated Income Statements	PC-20
	Consolidated Balance Sheets	PC-21
	Statutory Surplus to GAAP Stockholders’ Equity Reconciliation	PC-22
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 December 31, 2005	I-11

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
BASIS OF PRESENTATION

	DEFINITIONS AND PRESENTATION
•	All amounts are in millions, except for per share and ratio information unless otherwise stated.
•	Life is organized into six reportable operating segments: Retail Products Group, Retirement Plans, Institutional Solutions Group, Individual Life, Group Benefits and International. Life also includes in an Other category net realized capital gains and losses other than net periodic settlements on credit derivatives (reflected in each applicable segment) and net periodic settlements on the Japan fixed annuity cross-currency swap (reflected in the International segment); corporate items not directly allocated to any of its reportable operating segments; and intersegment eliminations.
•	Property & 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. The profitability of the Business Insurance, Personal Lines and Specialty Commercial segments are evaluated primarily based on underwriting results. The Company allocates income and expense items not directly attributed to the underwriting segments, such as net investment income, net realized capital gains and losses, other expenses and income taxes, to Ongoing Operations and Other Operations, respectively. The profitability of Ongoing Operations and the Other Operations segment is evaluated based on net income.
•	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, net flows, 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 December 31, 2005 presentation. Specifically, the Company reclassified amounts assessed against certain contractholder balances during 2004 from net investment income to fee income.
•	NM — Not meaningful means increases or decreases greater than or equal to 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 core earnings as an important measure of the Company’s operating performance. The Company believes the measure core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because core earnings excludes the cumulative effect of accounting changes and the effect of all realized gains and losses (net of tax and the effects of deferred policy acquisition costs) that tend to be highly variable from period to period based on capital market conditions. Core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives and net periodic settlements on the Japan fixed annuity cross-currency swap because these net realized gains and losses are directly related to an offsetting item included in the income statement, such as net investment income. Net income is the most directly comparable GAAP measure. A reconciliation of net income to core earnings for the periods presented herein is set forth on page C-8. Core earnings 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 core earnings per share for the periods presented herein is set forth on page C-8.
•	The Hartford uses the non-GAAP financial measure core earnings, 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 related to prior tax years and are highly variable from period to period. Net income is the most directly comparable GAAP measure.  A reconciliation of net income to core earnings, before tax related items, for the periods presented herein is set forth at page C-8. Core earnings, 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 core earnings, before tax related items, per share for the periods presented herein is set forth at page C-8.
•	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. A reconciliation of written premiums to earned premiums for the periods presented herein is set forth at page PC-2.
•	The profitability of the Business Insurance, Personal Lines and Specialty Commercial underwriting segments is evaluated by The Hartford’s management primarily based upon underwriting results. Underwriting results is a before-tax measure that represents earned premiums less incurred claims, claim adjustment expenses and underwriting expenses. Net income is the most directly comparable GAAP measure. Underwriting results are influenced significantly by earned premium growth and the adequacy of The Hartford’s pricing. Underwriting profitability over time is also greatly influenced by The Hartford’s underwriting discipline, which seeks to manage exposure to loss through favorable risk selection and diversification, its management of claims, its use of reinsurance and its ability to manage its expense ratio, which it accomplishes through economies of scale and its management of acquisition costs and other underwriting expenses. The Hartford believes that underwriting results provides investors with a valuable measure of before-tax profitability derived from underwriting activities, which are managed separately from the Company’s investing activities. Underwriting results is also presented for Ongoing Operations, Other Operations and total Property & Casualty. A reconciliation of underwriting results to net income for total Property & Casualty, Ongoing Operations and Other Operations is set forth on pages PC-2, PC-3 and PC-14, respectively.
•	A catastrophe is a severe loss, resulting from natural or manmade events, including risks such as fire, earthquake, windstorm, explosion, terrorism or other similar events. Each catastrophe has unique characteristics. Catastrophes are not predictable as to timing or loss amount in advance, and therefore their effects are not included in earnings or claims and claim adjustment reserves prior to occurrence. The Hartford believes that a discussion of the effect of catastrophes is meaningful for investors to understand the variability of periodic earnings.
•	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 believes that this measure is useful to investors as an additional measure of Property & Casualty’s current operations, because it excludes the effect of items relating to prior periods. Net income is the most directly comparable GAAP measure. A reconciliation of the adjusted underwriting results to underwriting results and net income for the period presented herein is set forth on page C-2a.
•	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 (core earnings last twelve months to equity excluding AOCI) and ROE (core earnings, before tax related items, last twelve months to equity excluding AOCI), are calculated based on non-GAAP financial measures. ROE (core earnings last twelve months to equity excluding AOCI) is calculated by dividing (a) core earnings for the prior four fiscal quarters by (b) average stockholders’ equity excluding AOCI. ROE (core earnings, before tax related items, last twelve months to equity excluding AOCI) is calculated by dividing (a) core earnings, before tax related items, 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 core earnings 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-11.

ii

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

CONSOLIDATED FINANCIAL RESULTS

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			Mar. 31,			June 30,			Sept 30,			Dec. 31,			3 Month			3 Month			DECEMBER 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
HIGHLIGHTS
Net income	$	620		$	666		$	602		$	539		$	474			(24	%)		(12	%)	$	2,115		$	2,281			8	%
Core earnings	$	597		$	582		$	606		$	556		$	505			(15	%)		(9	%)	$	1,972		$	2,249			14	%
Core earnings, before tax related items	$	597		$	582		$	606		$	556		$	505			(15	%)		(9	%)	$	1,756		$	2,249			28	%
Total revenues	$	6,105		$	6,002		$	6,064		$	7,307		$	7,710			26	%		6	%	$	22,708		$	27,083			19	%
Total assets	$	259,735		$	261,420		$	268,382		$	280,465		$	285,551			10	%		2	%
Total assets under management [1]	$	291,696		$	293,311		$	302,625		$	315,871		$	322,966			11	%		2	%
PER SHARE AND SHARES DATA
Basic earnings per share
Net income	$	2.11		$	2.26		$	2.03		$	1.80		$	1.58			(25	%)		(12	%)	$	7.24		$	7.65			6	%
Core earnings	$	2.03		$	1.97		$	2.04		$	1.86		$	1.68			(17	%)		(10	%)	$	6.75		$	7.55			12	%
Core earnings, before tax related items	$	2.03		$	1.97		$	2.04		$	1.86		$	1.68			(17	%)		(10	%)	$	6.01		$	7.55			26	%
Diluted earnings per share
Net income	$	2.08		$	2.21		$	1.98		$	1.76		$	1.53			(26	%)		(13	%)	$	7.12		$	7.46			5	%
Core earnings	$	2.00		$	1.93		$	1.99		$	1.81		$	1.63			(19	%)		(10	%)	$	6.64		$	7.36			11	%
Core earnings, before tax related items	$	2.00		$	1.93		$	1.99		$	1.81		$	1.63			(19	%)		(10	%)	$	5.91		$	7.36			25	%
Weighted average common shares outstanding (basic)		293.8			294.8			297.1			299.2			300.7			6.9	sh		1.5	sh		292.3			298.0			5.7	sh
Weighted average common shares outstanding and dilutive potential common shares (diluted)		298.1			301.3			303.9			307.0			310.0			11.9	sh		3.0	sh		297.0			305.6			8.6	sh
Common shares outstanding		294.2			296.5			298.7			300.1			302.2			8.0	sh		2.1	sh		294.2			302.2			8.0	sh
Book value per share	$	48.40		$	47.93		$	52.19		$	51.02		$	50.73			5	%		(1	%)
Per share impact of AOCI	$	4.85		$	2.33		$	4.75		$	1.98		$	0.29			(94	%)		(85	%)
Book value per share (excluding AOCI)	$	43.55		$	45.60		$	47.44		$	49.04		$	50.44			16	%		3	%
FINANCIAL RATIOS
ROE (net income last 12 months to equity including AOCI) [2]		16.3	%		16.0	%		17.1	%		16.8	%		15.4	%		(0.9	)		(1.4	)
ROE (core earnings last 12 months to equity excluding AOCI) [2]		17.0	%		16.5	%		17.4	%		17.4	%		16.0	%		(1.0	)		(1.4	)
ROE (core earnings, before tax related items, last 12 months to equity excluding AOCI) [2]		15.1	%		14.8	%		15.7	%		17.4	%		16.0	%		0.9			(1.4	)
Debt to capitalization including AOCI		25.7	%		25.7	%		23.1	%		23.4	%		23.7	%		(2.0	)		0.3
Investment yield, after-tax		3.9	%		3.9	%		3.8	%		4.0	%		3.9	%		—			(0.1	)		3.9	%		3.9	%		—
Ongoing Property & Casualty GAAP combined ratio		90.2			88.6			87.0			97.9			99.2			(9.0	)		(1.3	)		95.3			93.2			2.1

[1]	Includes mutual fund assets (see page L-3) and third party assets managed by HIMCO (see page I-5).
[2]	See page C-11 for a computation of return-on-equity measures.

C-1

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

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			Mar. 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
LIFE
Retail Products Group
Individual Annuity	$	134		$	136		$	141		$	158		$	183			37	%		16	%	$	486		$	618			27	%
Other Retail [1]		11			12			(14	)		14			(8	)	NM			NM				36			4			(89	%)
Total Retail Products Group		145			148			127			172			175			21	%		2	%		522			622			19	%
Retirement Plans		18			17			17			20			21			17	%		5	%		67			75			12	%
Institutional Solutions Group		18			21			21			24			22			22	%		(8	%)		68			88			29	%
Individual Life		40			39			39			45			43			8	%		(4	%)		156			166			6	%
Group Benefits		65			59			64			68			81			25	%		19	%		229			272			19	%
International		6			14			21			28			33		NM				18	%		43			96			123	%
Other [2] [3] [4]		16			(61	)		(9	)		7			(49	)	NM			NM				231			(112	)	NM
Total Life core earnings	$	308		$	237		$	280		$	364		$	326			6	%		(10	%)	$	1,316		$	1,207			(8	%)
Less: Tax related items [4]		—			—			—			—			—			—			—			190			—			(100	%)
Total Life core earnings, before tax related items	$	308		$	237		$	280		$	364		$	326			6	%		(10	%)	$	1,126		$	1,207			7	%
PROPERTY & CASUALTY
Ongoing Operations
Ongoing Operations Underwriting Results
Business Insurance	$	63		$	118		$	141		$	125		$	12			(81	%)		(90	%)	$	360		$	396			10	%
Personal Lines		94			127			188			71			74			(21	%)		4	%		138			460		NM
Specialty Commercial		86			40			5			(143	)		(67	)	NM				53	%		(53	)		(165	)	NM
Total Ongoing Operations underwriting results		243			285			334			53			19			(92	%)		(64	%)		445			691			55	%
Net servicing income		2			13			15			12			9		NM				(25	%)		42			49			17	%
Net investment income		253			260			258			279			285			13	%		2	%		903			1,082			20	%
Periodic net coupon settlements on non-qualifying derivatives, before-tax		1			—			—			—			—			(100	%)		—			9			—			(100	%)
Other expenses		(36	)		(59	)		(37	)		(50	)		(56	)		(56	%)		(12	%)		(198	)		(202	)		(2	%)
Income tax expense		(139	)		(149	)		(178	)		(77	)		(63	)		55	%		18	%		(304	)		(467	)		(54	%)
Ongoing Operations core earnings	$	324		$	350		$	392		$	217		$	194			(40	%)		(11	%)	$	897		$	1,153			29	%
Less: Tax related items [4]		—			—			—			—			—			—			—			26			—			(100	%)
Ongoing Operations core earnings, before tax related items	$	324		$	350		$	392		$	217		$	194			(40	%)		(11	%)	$	871		$	1,153			32	%
Other Operations
Other Operations core earnings	$	7		$	36		$	(23	)	$	15		$	26		NM				73	%	$	(68	)	$	54		NM
Total Property & Casualty core earnings	$	331		$	386		$	369		$	232		$	220			(34	%)		(5	%)	$	829		$	1,207			46	%
Total Property & Casualty core earnings, before tax related items	$	331		$	386		$	369		$	232		$	220			(34	%)		(5	%)	$	803		$	1,207			50	%
CORPORATE
Total Corporate core earnings	$	(42	)	$	(41	)	$	(43	)	$	(40	)	$	(41	)		2	%		(3	%)	$	(173	)	$	(165	)		5	%
CONSOLIDATED
Core earnings, before tax related items	$	597		$	582		$	606		$	556		$	505			(15	%)		(9	%)	$	1,756		$	2,249			28	%
Add: Tax related items [4]		—			—			—			—			—			—			—			216			—			(100	%)
Core earnings	$	597		$	582		$	606		$	556		$	505			(15	%)		(9	%)	$	1,972		$	2,249			14	%
Add: Net realized capital gains (losses), after-tax [5]		23			84			(4	)		(17	)		(31	)	NM				(82	%)		166			32			(81	%)
Add: Cumulative effect of accounting change, after-tax		—			—			—			—			—			—			—			(23	)		—			100	%
Net income	$	620		$	666		$	602		$	539		$	474			(24	%)		(12	%)	$	2,115		$	2,281			8	%
PER SHARE DATA [6]
Diluted earnings per share
Core earnings before tax related items	$	2.00		$	1.93		$	1.99		$	1.81		$	1.63			(19	%)		(10	%)	$	5.91		$	7.36			25	%
Core earnings	$	2.00		$	1.93		$	1.99		$	1.81		$	1.63			(19	%)		(10	%)	$	6.64		$	7.36			11	%
Net income	$	2.08		$	2.21		$	1.98		$	1.76		$	1.53			(26	%)		(13	%)	$	7.12		$	7.46			5	%

[1]	Included in the three months ended June 30, 2005 is an expense of $24, after-tax, which is an estimate of the termination value of a provision of an agreement with a mutual fund distribution partner. In addition, the three months ended December 31, 2005 included an expense of $22, after-tax, representing the final settlement of this matter.
[2]	Included in the three months ended March 31, 2005 is a charge of $66, after-tax, to reserve for investigations related to market timing by the SEC and New York Attorney General’s Office and directed brokerage by the SEC. In addition, included in the three months and year ended December 31, 2005 is a charge of $29, after-tax, to increase the reserve for investigations related to market timing by the SEC and New York Attorney General’s Office, directed brokerage by the SEC and single premium group annuities by the New York Attorney General’s Office and the Connecticut Attorney General’s Office.
[3]	Included in the three months ended December 31, 2005 is an expense of $18, after tax, which is related to settlement of certain annuity contracts.
[4]	For the year ended December 31, 2004, Life included $190 and Property and Casualty included $26 of tax benefit related to tax years prior to 2004.
[5]	Includes those net realized capital gains not included in core earnings. See pages C-9 and C-10 for further analysis.
[6]	See page C-8 for reconciliation of net income to core earnings and to core earnings, before tax related items.

C-2

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

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			Mar. 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
LIFE
Retail Products Group
Individual Annuity	$	134		$	136		$	141		$	158		$	183			37	%		16	%	$	486		$	618			27	%
Other Retail [1]		11			12			(14	)		14			(8	)	NM			NM				36			4			(89	%)
Total Retail Products Group		145			148			127			172			175			21	%		2	%		522			622			19	%
Retirement Plans		18			17			17			20			21			17	%		5	%		67			75			12	%
Institutional Solutions Group		18			21			21			24			22			22	%		(8	%)		68			88			29	%
Individual Life		40			39			39			45			43			8	%		(4	%)		156			166			6	%
Group Benefits		65			59			64			68			81			25	%		19	%		229			272			19	%
International		6			14			21			28			33		NM				18	%		43			96			123	%
Other [2] [3] [4]		16			(61	)		(9	)		7			(49	)	NM			NM				231			(112	)	NM
Total Life core earnings	$	308		$	237		$	280		$	364		$	326			6	%		(10	%)	$	1,316		$	1,207			(8	%)
Less: Tax related items [4]		—			—			—			—			—			—			—			190			—			(100	%)
Total Life core earnings, before tax related items	$	308		$	237		$	280		$	364		$	326			6	%		(10	%)	$	1,126		$	1,207			7	%
PROPERTY & CASUALTY
Ongoing Operations Underwriting Results Before Catastrophes and Prior Year Development [5]:
Business Insurance		115			135			140			147			101			(12	%)		(31	%)		446			523			17	%
Personal Lines		87			134			115			146			99			14	%		(32	%)		412			494			20	%
Specialty Commercial		104			55			42			25			12			(88	%)		(52	%)		221			134			(39	%)
Total Ongoing Operations underwriting results before catastrophes and prior year development [6]		306			324			297			318			212			(31	%)		(33	%)		1,079			1,151			7	%
Catastrophe impacts, excluding prior year development [7]		(28	)		(33	)		(37	)		(222	)		(132	)	NM				41	%		(539	)		(424	)		21	%
Prior year reserve development:
Catastrophe loss and loss adjustment expenses		—			(13	)		(8	)		7			—			—			(100	%)		314			(14	)	NM
Other loss and loss adjustment expenses		(35	)		7			82			(50	)		(61	)		(74	%)		(22	%)		(319	)		(22	)		93	%
Prior year earned premium adjustment on retrospectively rated policies		—			—			—			—			—			—			—			(90	)		—			100	%
Total Ongoing Operations underwriting results		243			285			334			53			19			(92	%)		(64	%)		445			691			55	%
Net servicing income		2			13			15			12			9		NM				(25	%)		42			49			17	%
Net investment income		253			260			258			279			285			13	%		2	%		903			1,082			20	%
Periodic net coupon settlements on non-qualifying derivatives, before-tax		1			—			—			—			—			(100	%)		—			9			—			(100	%)
Other expenses		(36	)		(59	)		(37	)		(50	)		(56	)		(56	%)		(12	%)		(198	)		(202	)		(2	%)
Income tax expense		(139	)		(149	)		(178	)		(77	)		(63	)		55	%		18	%		(304	)		(467	)		(54	%)
Ongoing Operations core earnings	$	324		$	350		$	392		$	217		$	194			(40	%)		(11	%)	$	897		$	1,153			29	%
Less: Tax related items [4]		—			—			—			—			—			—			—			26			—			(100	%)
Ongoing Operations core earnings, before tax related items	$	324		$	350		$	392		$	217		$	194			(40	%)		(11	%)	$	871		$	1,153			32	%
Other Operations
Other Operations core earnings	$	7		$	36		$	(23	)	$	15		$	26		NM				73	%	$	(68	)	$	54		NM
Total Property & Casualty core earnings	$	331		$	386		$	369		$	232		$	220			(34	%)		(5	%)	$	829		$	1,207			46	%
Total Property & Casualty core earnings, before tax related items	$	331		$	386		$	369		$	232		$	220			(34	%)		(5	%)	$	803		$	1,207			50	%
CORPORATE
Total Corporate core earnings	$	(42	)	$	(41	)	$	(43	)	$	(40	)	$	(41	)		2	%		(3	%)	$	(173	)	$	(165	)		5	%
CONSOLIDATED
Core earnings, before tax related items	$	597		$	582		$	606		$	556		$	505			(15	%)		(9	%)	$	1,756		$	2,249			28	%
Add: Tax related items [4]		—			—			—			—			—			—			—			216			—			(100	%)
Core earnings	$	597		$	582		$	606		$	556		$	505			(15	%)		(9	%)	$	1,972		$	2,249			14	%
Add: Net realized capital gains (losses), after-tax [8]		23			84			(4	)		(17	)		(31	)	NM				(82	%)		166			32			(81	%)
Add: Cumulative effect of accounting change, after-tax		—			—			—			—			—			—			—			(23	)		—			100	%
Net income	$	620		$	666		$	602		$	539		$	474			(24	%)		(12	%)	$	2,115		$	2,281			8	%

[1]	Included in the three months ended June 30, 2005 is an expense of $24, after-tax, which is an estimate of the termination value of a provision of an agreement with a mutual fund distribution partner. In addition, the three months ended December 31, 2005 included an expense of $22, after-tax, representing the final settlement of this matter.
[2]	Included in the three months ended March 31, 2005 is a charge of $66, after-tax, to reserve for investigations related to market timing by the SEC and New York Attorney General’s Office and directed brokerage by the SEC. In addition, included in the three months and year ended December 31, 2005 is a charge of $29, after-tax, to increase the reserve for investigations related to market timing by the SEC and New York Attorney General’s Office, directed brokerage by the SEC and single premium group annuities by the New York Attorney General’s Office and the Connecticut Attorney General’s Office.
[3]	Included in the three months ended December 31, 2005 is an expense of $18, after tax, which is related to settlement of certain annuity contracts.
[4]	For the year ended December 31, 2004, Life included $190 and Property and Casualty included $26 of tax benefit related to tax years prior to 2004.
[5]	Adjusted to exclude catastrophe losses, prior year loss development and, for the year ended December 31, 2004, a decrease in estimated earned premiums on retrospectively-rated policies.
[6]	The three months ended June 30, 2005 included the Citizens’ assessment of $15 ($8 in Business Insurance and $7 in Personal Lines) related to the third quarter 2004 hurricanes. The three months ended December 31, 2005 included the Citizens’ assessment of $49 ($25 in Business Insurance and $24 in Personal Lines) related to the third and fourth quarter 2005 hurricanes.
[7]	Catastrophe impacts included catastrophe losses and catastrophe treaty reinstatement premium. Catastrophe impacts for the three months ended September 30, 2004 included reinstatement premium of $17 and losses of $411 from Hurricanes Charley, Frances, Ivan and Jeanne. Catastrophe impacts for the three months ended September 30, 2005 included reinstatement premium of $60 and losses of $140 from Hurricanes Katrina and Rita. Catastrophe impacts for the three months ended December 31, 2005 included reinstatement premium of $13 and losses of $132 from Hurricane Wilma.
[8]	Includes those net realized capital gains not included in core earnings. See pages C-9 and C-10 for further analysis.

C-2a

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING STATEMENTS OF OPERATIONS
THREE MONTHS ENDED DECEMBER 31, 2005 AND 2004

	LIFE								PROPERTY & CASUALTY								CORPORATE									CONSOLIDATED
	2005			2004		Change			2005			2004		Change			2005			2004			Change			2005			2004		Change
Earned premiums	$	1,112		$	1,049		6	%	$	2,554		$	2,481		3	%	$	—		$	—			—		$	3,666		$	3,530		4	%
Fee income		1,064			937		14	%		—			—		—			4			1		NM				1,068			938		14	%
Net investment income
Securities available-for-sale and other		765			735		4	%		351			333		5	%		5			5			—			1,121			1,073		4	%
Equity securities held for trading [1]		1,823			416	NM				—			—		—			—			—			—			1,823			416	NM
Total net investment income		2,588			1,151		125	%		351			333		5	%		5			5			—			2,944			1,489		98	%
Other revenues		—			—		—			121			108		12	%		(1	)		—		NM				120			108		11	%
Net realized capital gains (losses)		(82	)		23	NM				(6	)		17	NM				—			—			—			(88	)		40	NM
Total revenues		4,682			3,160		48	%		3,020			2,939		3	%		8			6			33	%		7,710			6,105		26	%
Benefits, claims and claim adjustment expenses [1]		3,375			1,897		78	%		1,818			1,690		8	%		—			1			(100	%)		5,193			3,588		45	%
Amortization of deferred policy acquisition costs and present value of future profits		285			280		2	%		507			478		6	%		—			—			—			792			758		4	%
Insurance operating costs and expenses		681			570		19	%		245			129		90	%		—			—			—			926			699		32	%
Interest expense		—			—		—			—			—		—			63			62			2	%		63			62		2	%
Other expenses		4			9		(56	%)		163			160		2	%		8			8			—			175			177		(1	%)
Total benefits and expenses		4,345			2,756		58	%		2,733			2,457		11	%		71			71			—			7,149			5,284		35	%
Income (loss) before income taxes		337			404		(17	%)		287			482		(40	%)		(63	)		(65	)		3	%		561			821		(32	%)
Income tax expense (benefit)		39			84		(54	%)		70			140		(50	%)		(22	)		(23	)		4	%		87			201		(57	%)
Net income (loss)		298			320		(7	%)		217			342		(37	%)		(41	)		(42	)		2	%		474			620		(24	%)
Less: Net realized capital gains (losses), after-tax		(28	)		12	NM				(3	)		11	NM				—			—			—			(31	)		23	NM
Core earnings	$	326		$	308		6	%	$	220		$	331		(34	%)	$	(41	)	$	(42	)		2	%	$	505		$	597		(15	%)

[1] Includes dividend income and mark-to-market effects of trading securities supporting the international variable annuity business, which are classified in net investment income with corresponding amounts credited to policyholders within benefits, claims and claim adjustment expenses.

C-3

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 2005 AND 2004

	LIFE									PROPERTY & CASUALTY							CORPORATE									CONSOLIDATED
	2005			2004			Change			2005		2004		Change			2005			2004			Change			2005		2004			Change
Earned premiums	$	4,203		$	4,072			3	%	$	10,156	$	9,494		7	%	$	—		$	—			—		$	14,359	$	13,566			6	%
Fee income		4,000			3,464			15	%		—		—		—			12			7			71	%		4,012		3,471			16	%
Net investment income
Securities available-for-sale and other		2,998			2,876			4	%		1,365		1,248		9	%		21			20			5	%		4,384		4,144			6	%
Equity securities held for trading [1]		3,847			799		NM				—		—		—			—			—			—			3,847		799		NM
Total net investment income		6,845			3,675			86	%		1,365		1,248		9	%		21			20			5	%		8,231		4,943			67	%
Other revenues		—			—			—			463		436		6	%		1			1			—			464		437			6	%
Net realized capital gains (losses)		(25	)		164		NM				44		133		(67	%)		(2	)		(6	)		67	%		17		291			(94	%)
Total revenues		15,023			11,375			32	%		12,028		11,311		6	%		32			22			45	%		27,083		22,708			19	%
Benefits, claims and claim adjustment expenses [1]		9,796			6,630			48	%		6,963		7,004		(1	%)		4			6			(33	%)		16,763		13,640			23	%
Amortization of deferred policy acquisition costs and present value of future profits		1,172			993			18	%		1,997		1,850		8	%		—			—			—			3,169		2,843			11	%
Insurance operating costs and expenses		2,496			2,133			17	%		731		643		14	%		—			—			—			3,227		2,776			16	%
Interest expense		—			—			—			—		—		—			252			251			—			252		251			—
Other expenses		26			12			117	%		617		629		(2	%)		31			34			(9	%)		674		675			—
Total benefits and expenses		13,490			9,768			38	%		10,308		10,126		2	%		287			291			(1	%)		24,085		20,185			19	%
Income (loss) before income taxes and cumulative effect of accounting change		1,533			1,607			(5	%)		1,720		1,185		45	%		(255	)		(269	)		5	%		2,998		2,523			19	%
Income tax expense (benefit) [2]		322			202			59	%		484		275		76	%		(89	)		(92	)		3	%		717		385			86	%
Income (loss) before cumulative effect of accounting change		1,211			1,405			(14	%)		1,236		910		36	%		(166	)		(177	)		6	%		2,281		2,138			7	%
Cumulative effect of accounting change, after-tax [3]		—			(23	)		100	%		—		—		—			—			—			—			—		(23	)		—
Net income (loss)		1,211			1,382			(12	%)		1,236		910		36	%		(166	)		(177	)		6	%		2,281		2,115			8	%
Less: Net realized capital gains (losses), after-tax		4			89			(96	%)		29		81		(64	%)		(1	)		(4	)		75	%		32		166			(81	%)
Less: Cumulative effect of accounting change, after-tax		—			(23	)		100	%		—		—		—			—			—			—			—		(23	)		100	%
Core earnings	$	1,207		$	1,316			(8	%)	$	1,207	$	829		46	%	$	(165	)	$	(173	)		5	%	$	2,249	$	1,972			14	%

[1]	Includes dividend income and mark-to-market effects of trading securities supporting the international variable annuity business, which are classified in net investment income with corresponding amounts credited to policyholders within benefits, claims and claim adjustment expenses.
[2]	For the year ended December 31, 2004, Life included $190 and Property and Casualty included $26 of tax benefit related to tax years prior to 2004.
[3]	Represents the cumulative effect of the Company’s adoption of SOP 03-1.

C-4

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

	LIFE									PROPERTY & CASUALTY							CORPORATE									CONSOLIDATED
	Dec. 31,			Dec. 31,						Dec. 31,		Dec. 31,					Dec. 31,			Dec. 31,						Dec. 31,		Dec. 31,
	2005			2004			Change			2005		2004		Change			2005			2004			Change			2005		2004		Change
Investments
Fixed maturities, available-for-sale, at fair value	$	50,812		$	50,531			1	%	$	25,330	$	24,410		4	%	$	298		$	159			87	%	$	76,440	$	75,100		2	%
Equity securities, trading, at fair value		24,034			13,634			76	%		—		—		—			—			—			—			24,034		13,634		76	%
Equity securities, available-for-sale, at fair value		800			525			52	%		661		307		115	%		—			—			—			1,461		832		76	%
Policy loans, at outstanding balance		2,016			2,662			(24	%)		—		—		—			—			—			—			2,016		2,662		(24	%)
Other investments		2,122			1,364			56	%		862		809		7	%		—			7			(100	%)		2,984		2,180		37	%
Total investments		79,784			68,716			16	%		26,853		25,526		5	%		298			166			80	%		106,935		94,408		13	%
Cash		1,001			933			7	%		272		215		27	%		—			—			—			1,273		1,148		11	%
Premiums receivable and agents’ balances		426			391			9	%		3,308		2,844		16	%		—			—			—			3,734		3,235		15	%
Reinsurance recoverables		800			993			(19	%)		5,560		5,185		7	%		—			—			—			6,360		6,178		3	%
Deferred policy acquisition costs and present value of future profits		8,567			7,437			15	%		1,134		1,071		6	%		1			1			—			9,702		8,509		14	%
Deferred income taxes		(565	)		(747	)		24	%		904		879		3	%		330			287			15	%		669		419		60	%
Goodwill		796			796			—			152		152		—			772			772			—			1,720		1,720		—
Property and equipment, net		198			182			9	%		485		461		5	%		—			—			—			683		643		6	%
Other assets		1,932			1,711			13	%		1,614		1,685		(4	%)		54			56			(4	%)		3,600		3,452		4	%
Separate account assets		150,875			140,023			8	%		—		—		—			—			—			—			150,875		140,023		8	%
Total assets	$	243,814		$	220,435			11	%	$	40,282	$	38,018		6	%	$	1,455		$	1,282			13	%	$	285,551	$	259,735		10	%
Future policy benefits, unpaid claims and
claim adjustment expenses	$	12,987		$	12,250			6	%	$	22,266	$	21,329		4	%	$	—		$	(4	)		100	%	$	35,253	$	33,575		5	%
Other policyholder funds and benefits payable		64,452			52,833			22	%		—		—		—			—			—			—			64,452		52,833		22	%
Unearned premiums		69			50			38	%		5,502		4,763		16	%		(5	)		(6	)		17	%		5,566		4,807		16	%
Debt [1]		—			—			—			—		—		—			4,767			4,929			(3	%)		4,767		4,929		(3	%)
Other liabilities		5,152			5,057			2	%		3,865		3,730		4	%		289			543			(47	%)		9,306		9,330		—
Separate account liabilities		150,875			140,023			8	%		—		—		—			—			—			—			150,875		140,023		8	%
Total liabilities		233,535			210,213			11	%		31,633		29,822		6	%		5,051			5,462			(8	%)		270,219		245,497		10	%
Equity excluding AOCI, net of tax		9,886			9,027			10	%		8,398		7,542		11	%		(3,042	)		(3,756	)		19	%		15,242		12,813		19	%
AOCI, net of tax		393			1,195			(67	%)		251		654		(62	%)		(554	)		(424	)		(31	%)		90		1,425		(94	%)
Total stockholders’ equity		10,279			10,222			1	%		8,649		8,196		6	%		(3,596	)		(4,180	)		14	%		15,332		14,238		8	%
Total liabilities and	$	243,814		$	220,435			11	%	$	40,282	$	38,018		6	%	$	1,455		$	1,282			13	%	$	285,551	$	259,735		10	%
stockholders’ equity

[1] Includes junior subordinated debentures.

C-5

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CAPITAL STRUCTURE

																Year Over
																Year			Sequential
	Dec. 31,			Mar. 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month
	2004			2005			2005			2005			2005			Change			Change
DEBT
Short-term debt (includes current maturities of long-term debt)	$	621		$	622		$	620		$	620		$	719			16	%		16	%
Senior notes		2,584			2,581			2,336			2,336			2,337			(10	%)		—
Subtotal		3,205			3,203			2,956			2,956			3,056			(5	%)		3	%
Equity unit notes		1,020			1,020			1,020			1,020			1,020			—			—
Junior subordinated debentures		704			699			705			697			691			(2	%)		(1	%)
Total debt	$	4,929		$	4,922		$	4,681		$	4,673		$	4,767			(3	%)		2	%
STOCKHOLDERS’ EQUITY
Equity excluding AOCI, net of tax	$	12,813		$	13,521		$	14,171		$	14,717		$	15,242			19	%		4	%
AOCI, net of tax		1,425			690			1,419			593			90			(94	%)		(85	%)
Total stockholders’ equity	$	14,238		$	14,211		$	15,590		$	15,310		$	15,332			8	%		—
CAPITALIZATION
Total capitalization including AOCI, net of tax	$	19,167		$	19,133		$	20,271		$	19,983		$	20,099			5	%		1	%
Total capitalization excluding AOCI, net of tax	$	17,742		$	18,443		$	18,852		$	19,390		$	20,009			13	%		3	%
DEBT TO CAPITALIZATION RATIOS
Ratios Including AOCI
Total debt to capitalization		25.7	%		25.7	%		23.1	%		23.4	%		23.7	%		(2.0	)		0.3
Debt (excluding 75% of equity unit notes) to capitalization [1]		21.7	%		21.7	%		19.3	%		19.6	%		19.9	%		(1.8	)		0.3
Debt (excluding equity unit notes and junior subordinated debentures) to capitalization		16.7	%		16.7	%		14.6	%		14.8	%		15.2	%		(1.5	)		0.4
Ratios Excluding AOCI
Total debt to capitalization		27.8	%		26.7	%		24.8	%		24.1	%		23.8	%		(4.0	)		(0.3	)
Debt (excluding 75% of equity unit notes) to capitalization [1]		23.5	%		22.5	%		20.8	%		20.2	%		20.0	%		(3.5	)		(0.2	)
Debt (excluding equity unit notes and junior subordinated debentures) to capitalization		18.1	%		17.4	%		15.7	%		15.2	%		15.3	%		(2.8	)		0.1

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

C-6

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

				PROPERTY &
	LIFE			CASUALTY			CORPORATE			CONSOLIDATED
As of December 31, 2005
Fixed maturities unrealized gain	$	555		$	323		$	—		$	878
Equities unrealized gain		18			73			—			91
Net deferred loss on cash-flow hedging instruments		(101	)		(9	)		—			(110	)
Total unrealized gain		472			387			—			859
Foreign currency translation adjustments		(79	)		(70	)		—			(149	)
Minimum pension liability adjustment		—			(66	)		(554	)		(620	)
Total accumulated other comprehensive income	$	393		$	251		$	(554	)	$	90
(loss)
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	$	1,195		$	654		$	(424	)	$	1,425
(loss)

C-7

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

	THREE MONTHS ENDED
														YEAR ENDED
	Dec. 31,		Mar. 31,		June 30,			Sept. 30,			Dec. 31,			DECEMBER 31,
	2004		2005		2005			2005			2005			2004			2005
Numerator:
Net income	$	620	$	666	$	602		$	539		$	474		$	2,115		$	2,281
Less: Net realized capital gains (losses), after-tax		23		84		(4	)		(17	)		(31	)		166			32
Less: Cumulative effect of accounting change, after-tax		—		—		—			—			—			(23	)		—
Core earnings		597		582		606			556			505			1,972			2,249
Less: Impact of tax related items		—		—		—			—			—			216			—
Core earnings, before tax related items	$	597	$	582	$	606		$	556		$	505		$	1,756		$	2,249
Denominator:
Weighted average common shares outstanding (basic)		293.8		294.8		297.1			299.2			300.7			292.3			298.0
Dilutive effect of equity units		1.7		3.2		3.7			4.6			5.5			1.9			4.3
Dilutive effect of stock compensation		2.6		3.3		3.1			3.2			3.8			2.8			3.3
Weighted average common shares outstanding and dilutive potential common shares (diluted)		298.1		301.3		303.9			307.0			310.0			297.0			305.6
Basic earnings per share
Net income	$	2.11	$	2.26	$	2.03		$	1.80		$	1.58		$	7.24		$	7.65
Less: Net realized capital gains (losses), after-tax		0.08		0.29		(0.01	)		(0.06	)		(0.10	)		0.57			0.10
Less: Cumulative effect of accounting change, after-tax		—		—		—			—			—			(0.08	)		—
Core earnings		2.03		1.97		2.04			1.86			1.68			6.75			7.55
Less: Impact of tax related items		—		—		—			—			—			0.74			—
Core earnings, before tax related items	$	2.03	$	1.97	$	2.04		$	1.86		$	1.68		$	6.01		$	7.55
Diluted earnings per share
Net income	$	2.08	$	2.21	$	1.98		$	1.76		$	1.53		$	7.12		$	7.46
Less: Net realized capital gains (losses), after-tax		0.08		0.28		(0.01	)		(0.05	)		(0.10	)		0.56			0.10
Less: Cumulative effect of accounting change, after-tax		—		—		—			—			—			(0.08	)		—
Core earnings		2.00		1.93		1.99			1.81			1.63			6.64			7.36
Less: Impact of tax related items		—		—		—			—			—			0.73			—
Core earnings, before tax related items	$	2.00	$	1.93	$	1.99		$	1.81		$	1.63		$	5.91		$	7.36

C-8

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
ANALYSIS OF NET REALIZED CAPITAL GAINS AND LOSSES
THREE MONTHS ENDED DECEMBER 31, 2005 AND 2004

	LIFE									PROPERTY & CASUALTY									CORPORATE						CONSOLIDATED
THREE MONTHS ENDED DECEMBER 31, 2005 AND 2004	2005			2004			Change			2005			2004			Change			2005		2004		Change		2005			2004			Change
Net Realized Capital Gains (Losses) Excluded from Core Earnings, Before Tax and DAC
Net gains (losses) on sales	$	(14	)	$	66		NM			$	(4	)	$	18		NM			$	—	$	—		—	$	(18	)	$	84		NM
Impairments		(15	)		(9	)		(67	%)		(1	)		(5	)		80	%		—		—		—		(16	)		(14	)		(14	%)
Japanese fixed annuity, net [1]		—			3			(100	%)		—			—			—			—		—		—		—			3			(100	%)
GMWB derivatives, net [2]		(53	)		4		NM				—			—			—			—		—		—		(53	)		4		NM
Other		11			(43	)	NM				(1	)		3		NM				—		—		—		10			(40	)	NM
Total net realized capital gains (losses) excluded from core earnings, before tax and DAC		(71	)		21		NM				(6	)		16		NM				—		—		—		(77	)		37		NM
Impacts of tax and deferred policy acquisition costs (“DAC”)		43			(9	)	NM				3			(5	)	NM				—		—		—		46			(14	)	NM
Total net realized capital gains (losses) excluded from core earnings, after tax and DAC	$	(28	)	$	12		NM			$	(3	)	$	11		NM			$	—	$	—		—	$	(31	)	$	23		NM
Reconciliation of Net Realized Capital Gains (Losses) Excluded to Total Net Realized Capital Gains (Losses) — Before Tax
Total net realized capital gains (losses) excluded from core earnings	$	(71	)	$	21		NM			$	(6	)	$	16		NM			$	—	$	—		—	$	(77	)	$	37		NM
Total net realized capital gains (losses) included in core earnings		(11	)		2		NM				—			1			(100	%)		—		—		—		(11	)		3		NM
Total net realized capital gains (losses)	$	(82	)	$	23		NM			$	(6	)	$	17		NM			$	—	$	—		—	$	(88	)	$	40		NM

[1]	Item represents realized gains and losses associated with foreign currency swaps and the yen fixed annuity currency remeasurement. Volatility exists in this item primarily because the currency swaps are recorded at fair value, but the fixed annuity contracts are not recorded at fair value.
[2]	Item represents the net activity associated with the guaranteed minimum withdrawal benefit (“GMWB”) feature in certain of the Company’s life products. The net activity includes the fair value of the embedded derivatives associated with these products, related reinsurance and the fair value of the derivatives used to hedge this exposure.

C-9

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
ANALYSIS OF NET REALIZED CAPITAL GAINS AND LOSSES
YEAR ENDED DECEMBER 31, 2005 AND 2004

	LIFE									PROPERTY & CASUALTY									CORPORATE									CONSOLIDATED
YEAR ENDED DECEMBER 31, 2005 AND 2004	2005			2004			Change			2005			2004			Change			2005			2004			Change			2005			2004			Change
Net Realized Capital Gains (Losses) Excluded from Core Earnings, Before Tax and DAC
Net gains on sales	$	92		$	212			(57	%)	$	53		$	127			(58	%)	$	—		$	—			—		$	145		$	339			(57	%)
Impairments		(37	)		(25	)		(48	%)		(10	)		(13	)		23	%		—			—			—			(47	)		(38	)		(24	%)
Japanese fixed annuity, net [1]		(36	)		3		NM				—			—			—			—			—			—			(36	)		3		NM
GMWB derivatives, net [2]		(46	)		8		NM				—			—			—			—			—			—			(46	)		8		NM
Other		34			(42	)	NM				1			10			(90	%)		(2	)		(6	)		67	%		33			(38	)	NM
Total net realized capital gains (losses) excluded from core earnings, before tax and DAC		7			156			(96	%)		44			124			(65	%)		(2	)		(6	)		67	%		49			274			(82	%)
Impacts of tax and deferred policy acquisition costs (“DAC”)		(3	)		(67	)		96	%		(15	)		(43	)		65	%		1			2			(50	%)		(17	)		(108	)		84	%
Total net realized capital gains (losses) excluded from core earnings, after tax and DAC	$	4		$	89			(96	%)	$	29		$	81			(64	%)	$	(1	)	$	(4	)		75	%	$	32		$	166			(81	%)
Reconciliation of Net Realized Capital Gains (Losses) Excluded from Core Earnings to Total Net Realized Capital Gains (Losses) — Before Tax
Total net realized capital gains (losses) excluded from core earnings	$	7		$	156			(96	%)	$	44		$	124			(65	%)	$	(2	)	$	(6	)		67	%	$	49		$	274			(82	%)
Total net realized capital gains (losses) included in core earnings		(32	)		8		NM				—			9			(100	%)		—			—			—			(32	)		17		NM
Total net realized capital gains (losses)	$	(25	)	$	164		NM			$	44		$	133			(67	%)	$	(2	)	$	(6	)		67	%	$	17		$	291			(94	%)

[1]	Item represents realized gains and losses associated with foreign currency swaps and the yen fixed annuity currency remeasurement. Volatility exists in this item primarily because the currency swaps are recorded at fair value, but the fixed annuity contracts are not recorded at fair value.
[2]	Item represents the net activity associated with the guaranteed minimum withdrawal benefit (“GMWB”) feature in certain of the Company’s life products. The net activity includes the fair value of the embedded derivatives associated with these products, related reinsurance and the fair value of the derivatives used to hedge this exposure.

C-10

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

	THREE MONTHS ENDED
	Dec. 31,			Mar. 31,			June 30,			Sept. 30,			Dec. 31,
	2004			2005			2005			2005			2005
Numerator [1]:
Net income — last 12 months	$	2,115		$	2,213		$	2,382		$	2,427		$	2,281
Core earnings — last 12 months	$	1,972		$	2,054		$	2,253		$	2,341		$	2,249
Core earnings, before tax related items — last 12 months	$	1,756		$	1,838		$	2,037		$	2,341		$	2,249
Denominator [2]:
Average equity, including AOCI		12,938.5			13,874.0			13,932.5			14,480.0			14,785.0
Less: Average AOCI		1,335.5			1,429.0			949.5			1,001.5			757.5
Average equity, excluding AOCI		11,603.0			12,445.0			12,983.0			13,478.5			14,027.5
ROE (net income last 12 months to equity including AOCI)		16.3	%		16.0	%		17.1	%		16.8	%		15.4	%
ROE (core earnings last 12 months to equity excluding AOCI)		17.0	%		16.5	%		17.4	%		17.4	%		16.0	%
ROE (core earnings, before tax related items last 12 months to equity excluding AOCI) [1]		15.1	%		14.8	%		15.7	%		17.4	%		16.0	%

[1]	For a reconciliation of net income to core earnings and of net income to core earnings, before tax related items, see page C-8.
[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.

C-11

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

		Three Months Ended						Twelve Months Ended						Twelve Months Ended
		December 31, 2005						2006						2007
		Stock				Diluted weighted		Stock				Diluted weighted		Stock				Diluted weighted
	Average share	compensation		Equity units		average common		compensation		Equity units		average common		compensation		Equity units		average common
	price	dilution		dilution		shares [1]		dilution		dilution		shares [1,2]		dilution		dilution		shares [1,2]
$	60.00		1.6		0.9		303.2		1.6		0.6		308.2		1.6		—		320.2
$	65.00		2.0		2.2		304.9		2.0		1.5		309.5		2.0		—		320.6
$	70.00		2.6		3.3		306.6		2.6		2.3		310.9		2.6		—		321.2
$	75.00		3.1		4.3		308.1		3.1		2.9		312.0		3.1		—		321.7
$	80.00		3.6		5.1		309.4		3.6		3.5		313.1		3.6		—		322.2
$	82.74 [3]		3.8		5.5		310.0		3.8		3.8		313.6		3.8		—		322.4
$	85.00		4.0		5.9		310.6		4.0		4.0		314.0		4.0		—		322.6
$	90.00		4.4		6.5		311.6		4.4		4.5		314.9		4.4		—		323.0
$	95.00		4.7		7.1		312.5		4.7		4.9		315.6		4.7		—		323.3
$	100.00		5.0		7.7		313.4		5.0		5.3		316.3		5.0		—		323.6

[1]	Based on weighted average common shares outstanding (basic) at December 31, 2005 of 300.7 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.
[3]	Represents the three months ended December 31, 2005 average share price.

C-12

LIFE

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
FINANCIAL HIGHLIGHTS

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER, 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
REVENUES
Retail Products Group
Individual Annuity	$	667		$	672		$	681		$	682		$	683			2	%		—		$	2,628		$	2,718			3	%
Other Retail		105			118			118			128			133			27	%		4	%		407			497			22	%
Total Retail Products Group		772			790			799			810			816			6	%		1	%		3,035			3,215			6	%
Retirement Plans		113			113			117			118			122			8	%		3	%		434			470			8	%
Institutional Solutions Group		384			299			340			358			423			10	%		18	%		1,291			1,420			10	%
Individual Life		281			262			259			278			280			—			1	%		1,056			1,079			2	%
Group Benefits		1,015			1,046			1,048			1,049			1,066			5	%		2	%		4,027	��		4,209			5	%
International		70			104			111			141			168			140	%		19	%		250			524			110	%
Other		109			156			57			62			(16	)	NM			NM				483			259			(46	%)
Total revenues before net investment income on equity securities held for trading		2,744			2,770			2,731			2,816			2,859			4	%		2	%		10,576			11,176			6	%
Net investment income on equity securities held for trading [1]		416			221			303			1,500			1,823		NM				22	%		799			3,847		NM
Total revenues	$	3,160		$	2,991		$	3,034		$	4,316		$	4,682			48	%		8	%	$	11,375		$	15,023			32	%
CORE EARNINGS BY SEGMENT
Retail Products Group
Individual Annuity	$	134		$	136		$	141		$	158		$	183			37	%		16	%	$	486		$	618			27	%
Other Retail [2]		11			12			(14	)		14			(8	)	NM			NM				36			4			(89	%)
Total Retail Products Group		145			148			127			172			175			21	%		2	%		522			622			19	%
Retirement Plans		18			17			17			20			21			17	%		5	%		67			75			12	%
Institutional Solutions Group		18			21			21			24			22			22	%		(8	%)		68			88			29	%
Individual Life		40			39			39			45			43			8	%		(4	%)		156			166			6	%
Group Benefits		65			59			64			68			81			25	%		19	%		229			272			19	%
International		6			14			21			28			33		NM				18	%		43			96			123	%
Other [3], [4], [5]		16			(61	)		(9	)		7			(49	)	NM			NM				231			(112	)	NM
Core earnings		308			237			280			364			326			6	%		(10	%)		1,316			1,207			(8	%)
Cumulative effect of accounting change, net of tax		—			—			—			—			—			—			—			(23	)		—			100	%
Net realized gains (losses), net of tax, included in net income of Other		12			54			(4	)		(18	)		(28	)	NM				(56	%)		89			4			(96	%)
Net income	$	320		$	291		$	276		$	346		$	298			(7	%)		(14	%)	$	1,382		$	1,211			(12	%)
Core earnings ROE (last 12 months to equity excluding AOCI)		20.3	%		18.9	%		18.5	%		15.7	%		15.4	%		(4.9	)		(0.3	)
Core earnings ROE (last 12 months to equity excluding AOCI), before tax related items		17.1	%		15.9	%		15.7	%		15.7	%		15.4	%		(1.7	)		(0.3	)
Assets under management	$	248,503		$	250,038		$	258,097		$	270,689		$	276,519			11	%		2	%
DAC capitalization	$	505		$	556		$	497		$	511		$	507						(1	%)
DAC amortization	$	280		$	291		$	275		$	321		$	285						(11	%)
DAC and PVFP assets	$	7,437		$	7,908		$	7,842		$	8,250		$	8,567						4	%
United States Statutory surplus ($ in billions) [6]	$	5.1		$	5.1		$	5.1		$	4.4		$	4.3

[1]	These revenues will fluctuate principally due to the investment income and the mark-to-market adjustment of the trading investment portfolio supporting the variable annuities business in the international operations, principally in Japan.
[2]	Included in the three months ended June 30, 2005 is an expense of $24, after-tax, which has an estimate of the termination value of a provision of an agreement with a distribution partner of the Company’s retail mutual funds. In addition, the three months ended December 31, 2005 included an expense of $22, after tax, representing the final settlement of this matter.
[3]	Included in the three months ended March 31, 2005 and the year ended December 31, 2005 is a charge of $66, after-tax, to reserve for investigations related to market timing by the SEC and New York Attorney General’s Office and directed brokerage by the SEC. In addition, included in the three months and year ended December 31, 2005 is a charge of $29, after-tax, to increase the reserve for investigations related to market timing by the SEC and New York Attorney General’s Office, directed brokerage by the SEC, and single premium group annuities by the New York Attorney General’s Office and the Connecticut Attorney General’s Office.
[4]	Included in the year ended December 31, 2004 is a tax benefit of $190, which primarily relates to the favorable tax treatment of certain tax items.
[5]	Included in the three months ended December 31, 2005 is an expense of $18, after tax, which is related to settlement of certain annuity contracts.
[6]	Estimated United States statutory surplus at December 31, 2005. United States statutory surplus declined at September 30, 2005 on a sequential quarter basis due to a change in ownership of the Company’s Japanese life insurance operations, effective September 1, 2005.

L-1

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
OPERATING RESULTS

														Year Over
	THREE MONTHS ENDED													Year			Sequential			YEAR ENDED
	Dec. 31,		March 31,		June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER, 31,
	2004		2005		2005			2005			2005			Change			Change			2004			2005			Change
REVENUES
Earned premiums	$	1,049	$	999	$	1,047		$	1,045		$	1,112			6	%		6	%	$	4,072		$	4,203			3	%
Fee income		937		950		960			1,026			1,064			14	%		4	%		3,464			4,000			15	%
Net investment income
Securities available-for-sale and other		735		729		733			771			765			4	%		(1	%)		2,876			2,998			4	%
Equity securities held for trading [1]		416		221		303			1,500			1,823		NM				22	%		799			3,847		NM
Total net investment income		1,151		950		1,036			2,271			2,588			125	%		14	%		3,675			6,845			86	%
Net realized capital gains (losses)		23		92		(9	)		(26	)		(82	)	NM			NM				164			(25	)	NM
Total revenues		3,160		2,991		3,034			4,316			4,682			48	%		8	%		11,375			15,023			32	%
BENEFITS AND EXPENSES
Benefits, claims and claim adjustment expenses [1]		1,897		1,739		1,756			2,926			3,375			78	%		15	%		6,630			9,796			48	%
Amortization of deferred policy acquisition costs and present value of future profits		280		291		275			321			285			2	%		(11	%)		993			1,172			18	%
Insurance operating costs and other expenses		579		577		639			621			685			18	%		10	%		2,145			2,522			18	%
Total benefits and expenses		2,756		2,607		2,670			3,868			4,345			58	%		12	%		9,768			13,490			38	%
NET INCOME
Income before income taxes and cumulative effect of accounting change		404		384		364			448			337			(17	%)		(25	%)		1,607			1,533			(5	%)
Income tax expense		84		93		88			102			39			(54	%)		(62	%)		202			322			59	%
Net income before cumulative effect of accounting change		320		291		276			346			298			(7	%)		(14	%)		1,405			1,211			(14	%)
Cumulative effect of accounting change, net of tax		—		—		—			—			—			—			—			(23	)		—			100	%
Net income		320		291		276			346			298			(7	%)		(14	%)		1,382			1,211			(12	%)
Less: Cumulative effect of accounting change, net of tax		—		—		—			—			—			—			—			(23	)		—			100	%
Less: net realized gains (losses), net of tax, included in net income of Other		12		54		(4	)		(18	)		(28	)	NM				(56	%)		89			4			(96	%)
Core earnings		308		237		280			364			326			6	%		(10	%)		1,316			1,207			(8	%)
Less: Tax related items		—		—		—			—			—			—			—			190			—			(100	%)
Core earnings, before tax related items	$	308	$	237	$	280		$	364		$	326			6	%		(10	%)	$	1,126		$	1,207			7	%

[1] Includes dividend income and mark-to-market effects of trading securities supporting the international variable annuity business, which are classified in net investment income with corresponding amounts credited to policyholders within benefits, claims and claim adjustment expenses.

L-2

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

			��								Year Over
											Year			Sequential
	Dec. 31,		March 31,		June 30,		Sept. 30,		Dec. 31,		3 Month			3 Month
	2004		2005		2005		2005		2005		Change			Change
TOTAL ASSETS UNDER MANAGEMENT
Assets
General account	$	80,412	$	83,573	$	85,912	$	89,582	$	92,939		16	%		4	%
Separate account		140,023		138,502		142,774		150,341		150,875		8	%		—
Total assets		220,435		222,075		228,686		239,923		243,814		11	%		2	%
Mutual fund assets		28,068		27,963		29,411		30,766		32,705		17	%		6	%
Total assets under management	$	248,503	$	250,038	$	258,097	$	270,689	$	276,519		11	%		2	%

L-3

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

																Year Over
																Year			Sequential
	Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month
	2004			2005			2005			2005			2005			Change			Change
Investments
Fixed maturities, available-for-sale, at fair value	$	50,531		$	50,877		$	51,723		$	51,115		$	50,812			1	%		(1	%)
Equity securities, trading, at fair value		13,634			15,855			17,955			21,247			24,034			76	%		13	%
Equity securities, available-for-sale, at fair value		525			662			793			797			800			52	%		—
Policy loans, at outstanding balance		2,662			2,119			2,140			2,009			2,016			(24	%)		—
Other investments		1,364			1,459			1,775			1,728			2,122			56	%		23	%
Total investments		68,716			70,972			74,386			76,896			79,784			16	%		4	%
Cash		933			1,198			771			1,223			1,001			7	%		(18	%)
Premiums receivable and agents’ balances		391			386			418			417			426			9	%		2	%
Reinsurance recoverables		993			767			752			722			800			(19	%)		11	%
Deferred policy acquisition costs and present value of future profits		7,437			7,908			7,842			8,250			8,567			15	%		4	%
Deferred income taxes		(747	)		(654	)		(979	)		(706	)		(565	)		24	%		20	%
Goodwill		796			796			796			796			796			—			—
Property and equipment, net		182			194			191			200			198			9	%		(1	%)
Other assets		1,711			2,006			1,735			1,784			1,932			13	%		8	%
Separate account assets		140,023			138,502			142,774			150,341			150,875			8	%		—
Total assets	$	220,435		$	222,075		$	228,686		$	239,923		$	243,814			11	%		2	%
Future policy benefits, unpaid claims and claim adjustment expenses	$	12,250		$	12,375		$	12,467		$	12,591		$	12,987			6	%		3	%
Other policyholder funds and benefits payable		52,833			55,459			57,481			61,535			64,452			22	%		5	%
Unearned premiums		50			63			57			67			69			38	%		3	%
Other liabilities		5,057			5,602			5,268			5,036			5,152			2	%		2	%
Separate account liabilities		140,023			138,502			142,774			150,341			150,875			8	%		—
Total liabilities		210,213			212,001			218,047			229,570			233,535			11	%		2	%
Equity excluding AOCI, net of tax		9,027			9,305			9,366			9,643			9,886			10	%		3	%
AOCI, net of tax		1,195			769			1,273			710			393			(67	%)		(45	%)
Total stockholders’ equity		10,222			10,074			10,639			10,353			10,279			1	%		(1	%)
Total liabilities and stockholders’ equity	$	220,435		$	222,075		$	228,686		$	239,923		$	243,814			11	%		2	%
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			Retirement			Solutions			Individual			Group						Other
	Annuity			Group			Plans			Group			Life			Benefits			Japan			Life			Total
YEAR-TO-DATE
Balance, December 31, 2004	$	4,307		$	94		$	264		$	57		$	1,807		$	70		$	821		$	17		$	7,437
Adjustments to unrealized gains and losses on securities available — for — sale and other		303			—			68			—			121			—			—			—			492
Balance excluding adjustments to unrealized gains and losses on securities available — for — sale and other		4,610			94			332			57			1,928			70			821			17			7,929
Capitalization		742			57			106			56			322			56			732			—			2,071
Amortization — Deferred Policy Acquisition Costs		(670	)		(54	)		(27	)		(32	)		(177	)		(31	)		(133	)		—			(1,124	)
Amortization — Present Value of Future Profits		(16	)		—			—			—			(25	)		—			—			—			(41	)
Amortization — Realized Capital Gains		(4	)		—			1			—			(3	)		—			—			(1	)		(7	)
Effect of Currency Translation Adjustment		—			—			—			—			—			—			(149	)		—			(149	)
Balance, December, 31, 2005		4,662			97			412			81			2,045			95			1,271			16			8,679
Adjustments to unrealized gains and losses on securities available — for — sale and other		(45	)		—			(7	)		—			(70	)		—			10			—			(112	)
Balance, December, 31, 2005 including adjustments to unrealized gains and losses on securities available—for—sale and other	$	4,617		$	97		$	405		$	81		$	1,975		$	95		$	1,281		$	16		$	8,567

L-5

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

	As of December, 31, 2005
	ACCOUNT		NET AMT		% of NAR			RETAINED
	VALUE		AT RISK		REINSURED			NAR
BREAKDOWN OF VARIABLE ANNUITY ACCOUNT VALUE BY BENEFIT TYPE
Maximum anniversary value (MAV) [1]
MAV only	$	57,445	$	5,040		90	%	$	507
with 5% rollup [2]		4,032		497		82	%		91
with Earnings Protection Benefit Rider (EPB) [3]		5,358		313		82	%		57
with 5% rollup & EPB		1,445		132		82	%		24
Total MAV		68,280		5,982		89	%		679
Asset Protection Benefit (APB) [4]		26,880		25		48	%		13
Lifetime Income Benefit (LIB) [5]		251		—		—	%		—
Reset [6] (5-7 years)		7,419		435		—	%		435
Return of Premium [7]/Other		9,235		37		5	%		35
SUBTOTAL U.S. GUARANTEED MINIMUM DEATH BENEFITS	$	112,065	$	6,479		82	%	$	1,162
JAPAN GUARANTEED MINIMUM DEATH AND INCOME BENEFITS [9]		24,641		9		—	%		9
TOTAL	$	136,706	$	6,488		82	%	$	1,171

	As of		As of		As of		As of		As of
	December 31,		March 31,		June 30,		September 30,		December 31,
	2004		2005		2005		2005		2005
OTHER DATA
U.S. VARIABLE ANNUITY BUSINESS
S&P 500 Index Value at end of period		1,211.92		1,180.59		1,191.33		1,228.81		1,248.29
Total Account Value	$	106,250	$	104,204	$	106,015	$	110,413	$	112,065
Retained net amount of risk		1,537		1,772		1,561		1,302		1,162
GMDB net GAAP liability [8]		109		112		115		118		118
JAPAN VARIABLE ANNUITY BUSINESS
Total Account Value	$	14,129	$	16,495	$	18,440	$	21,892	$	24,641
Retained net amount of risk		99		76		63		15		9
GMDB/GMIB net GAAP liability [8]		28		33		39		46		50

[1]	MAV: the death benefit is the greatest of current account value, net premiums paid and the highest account value on any anniversary before age 80 (adjusted for withdrawals).
[2]	Rollup: the death benefit is the greatest of the MAV, current account value, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 or 100% of adjusted premiums.
[3]	EPB: The death benefit is the greatest of the MAV, current account value, or contract value plus a percentage of the contract’s growth. The contract’s growth is account value less premiums net of withdrawals, subject to a cap of 200% of premiums net of withdrawals.
[4]	APB: the death benefit is the greater of current account value or MAV, not to exceed current account value plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months).
[5]	LIB: The death benefit is the greatest of the current account value, net premiums paid, or a benefit amount that rachets over time, generally based on market performance.
[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 September 30, 2005

Statutory Reserve Credit and Amounts Recoverable

Gross statutory reinsurance reserve credit	$	1,683
Liability for reinsurance in unauthorized companies		(5	)
Net statutory reinsurance reserve credit	$	1,678
Statutory amounts recoverable from reinsurers	$	130

The top ten reinsurers represent $1569 or 87% of the total statutory reserve credit and amounts recoverable.

• 5% of this amount is with reinsurers rated “A++” by A.M. Best at January 20, 2006.

• 53% of this amount is with reinsurers rated “A+” by A.M. Best at January 20, 2006.

• 34% of this amount is with reinsurers rated “A-” by A.M. Best at January 20, 2006.

• 8% of this amount is with reinsurers rated “B++” by A.M. Best at January 20, 2006.

L-7

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

	September 30, 2005			December 31, 2004
Statutory Capital and Surplus	$	4,357		$	5,118
GAAP Adjustments
Investment in subsidiaries		(337	)		(883	)
Deferred policy acquisition costs		8,250			7,437
Deferred taxes		(961	)		(964	)
Benefit reserves		(3,304	)		(3,354	)
Unrealized gains on investments, net of impairments		1,460			2,158
Asset valuation reserve and interest maintenance reserve		607			688
Goodwill		443			387
Other, net		(162	)		(365	)
GAAP Stockholders’ Equity	$	10,353		$	10,222

L-8

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

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER, 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
Revenues
Premiums and other considerations
Variable annuity fees	$	404		$	410		$	416		$	440		$	448			11	%		2	%	$	1,508		$	1,714			14	%
Mutual fund and other fees		28			30			32			28			28			—			—			106			118			11	%
Total fee income		432			440			448			468			476			10	%		2	%		1,614			1,832			14	%
Direct premiums		22			19			28			18			15			(32	%)		(17	%)		146			80			(45	%)
Reinsurance premiums		(36	)		(34	)		(33	)		(33	)		(32	)		11	%		3	%		(142	)		(132	)		7	%
Net premiums		(14	)		(15	)		(5	)		(15	)		(17	)		(21	%)		(13	%)		4			(52	)	NM
Total premiums and other considerations		418			425			443			453			459			10	%		1	%		1,618			1,780			10	%
Net investment income
Net investment income on G/A assets		272			268			258			250			244			(10	%)		(2	%)		1,097			1,020			(7	%)
Net investment income on assigned capital		19			17			17			17			17			(11	%)		—			71			68			(4	%)
Charge for invested capital		(43	)		(42	)		(39	)		(40	)		(38	)		12	%		5	%		(158	)		(159	)		(1	%)
Total net investment income		248			243			236			227			223			(10	%)		(2	%)		1,010			929			(8	%)
Net realized capital gains		1			4			2			2			1			—			(50	%)		—			9			—
Total revenues		667			672			681			682			683			2	%		—			2,628			2,718			3	%
Benefits and Expenses
Benefits and claims
Death benefits		8			8			13			6			9			13	%		50	%		34			36			6	%
Other contract benefits		19			19			20			24			22			16	%		(8	%)		72			85			18	%
Change in reserve		9			10			13			1			(6	)	NM			NM				97			18			(81	%)
Sales inducements		11			9			10			10			10			(9	%)		—			30			39			30	%
Interest credited on G/A assets		208			189			180			177			171			(18	%)		(3	%)		841			717			(15	%)
Total benefits and claims		255			235			236			218			206			(19	%)		(6	%)		1,074			895			(17	%)
Other insurance expenses
Commissions & wholesaling expenses		248			246			248			232			230			(7	%)		(1	%)		1,127			956			(15	%)
Operating expenses		48			49			53			47			54			13	%		15	%		191			203			6	%
Premium taxes and other expenses		7			5			5			4			—			(100	%)		(100	%)		20			14			(30	%)
Subtotal — expenses before deferral		303			300			306			283			284			(6	%)		—			1,338			1,173			(12	%)
Deferred policy acquisition costs		(197	)		(198	)		(198	)		(176	)		(170	)		14	%		3	%		(950	)		(742	)		22	%
Total other insurance expense		106			102			108			107			114			8	%		7	%		388			431			11	%
Amortization of deferred policy acquisition costs		158			168			164			173			185			17	%		7	%		594			690			16	%
Total benefits and expenses		519			505			508			498			505			(3	%)		1	%		2,056			2,016			(2	%)
Income before income tax expense and cumulative effect of accounting change		148			167			173			184			178			20	%		(3	%)		572			702			23	%
Income tax expense [1]		14			31			32			26			(5	)	NM			NM				86			84			(2	%)
Net income before cumulative effect of accounting change [2]		134			136			141			158			183			37	%		16	%		486			618			27	%
Cumulative effect of accounting change, net of tax		—			—			—			—			—			—			—			(19	)		—			100	%
Net income	$	134		$	136		$	141		$	158		$	183			37	%		16	%	$	467		$	618			32	%

[1]	The three months ended ended December 31, 2004, September 30, 2005, and December 31, 2005 includes $18, $9, and $40 respectively of additional tax benefits related to a change in DRD estimates.
[2]	Net income before cumulative effect of accounting change is defined as core earnings.

L-9

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

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER, 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
Revenues
Premiums and other considerations
Variable annuity fees	$	1		$	1		$	2		$	3		$	3		NM				—		$	2		$	9		NM
Mutual fund and other fees		101			116			116			123			129			28	%		5	%		403			484			20	%
Total fee income		102			117			118			126			132			29	%		5	%		405			493			22	%
Direct premiums		1			—			—			—			—			(100	%)		—			1			—			(100	%)
Total premiums and other considerations		103			117			118			126			132			28	%		5	%		406			493			21	%
Net investment income
Net investment income on G/A assets		1			1			—			2			1			—			(50	%)		1			4		NM
Net investment income on assigned capital		1			—			—			—			—			(100	%)		—			—			—			—
Total net investment income		2			1			—			2			1			(50	%)		(50	%)		1			4		NM
Total revenues		105			118			118			128			133			27	%		4	%		407			497			22	%
																				—
Benefits and Expenses
Other insurance expenses
Commissions & wholesaling expenses		66			74			74			78			89			35	%		14	%		262			315			20	%
Operating expenses		20			23			23			21			26			30	%		24	%		82			93			13	%
Premium taxes and other expenses [1]		2			4			41			7			35		NM			NM				10			87		NM
Subtotal — expenses before deferral		88			101			138			106			150			70	%		42	%		354			495			40	%
Deferred policy acquisition costs		(13	)		(14	)		(13	)		(14	)		(16	)		(23	%)		(14	%)		(55	)		(57	)		(4	%)
Total other insurance expense		75			87			125			92			134			79	%		46	%		299			438			46	%
Amortization of deferred policy acquisition costs		13			13			14			14			13			—			(7	%)		53			54			2	%
Total benefits and expenses		88			100			139			106			147			67	%		39	%		352			492			40	%
Income (loss) before income taxes		17			18			(21	)		22			(14	)	NM			NM				55			5			(91	%)
Income tax expense (benefit)		6			6			(7	)		8			(6	)	NM			NM				19			1			(95	%)
Net income (loss) [2]	$	11		$	12		$	(14	)	$	14		$	(8	)	NM			NM			$	36		$	4			(89	%)

[1]	Included in the three months ended June 30, 2005 and December 31, 2005 the Company recorded amounts of $37, and $33, pre-tax, in association with the termination of a provision of an agreement with a distribution partner of the Company’s mutual funds.
[2]	Net income is defined as core earnings.

L-10

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

											Year Over
	THREE MONTHS ENDED										Year			Sequential			YEAR ENDED
	Dec. 31,		March 31,		June 30,		Sept. 30,		Dec. 31,		3 Month			3 Month			DECEMBER, 31,
	2004		2005		2005		2005		2005		Change			Change			2004		2005		Change
Individual Annuity
Broker-dealer	$	1,969	$	1,892	$	1,818	$	1,676	$	1,582		(20	%)		(6	%)	$	9,849	$	6,968		(29	%)
Banks		1,300		1,281		1,140		1,127		1,001		(23	%)		(11	%)		5,846		4,549		(22	%)
Total sales/deposits by distribution		3,269		3,173		2,958		2,803		2,583		(21	%)		(8	%)		15,695		11,517		(27	%)
Variable		3,174		3,103		2,886		2,748		2,497		(21	%)		(9	%)		15,034		11,234		(25	%)
Fixed MVA/other		95		70		72		55		86		(9	%)		56	%		661		283		(57	%)
Total sales/deposits by product		3,269		3,173		2,958		2,803		2,583		(21	%)		(8	%)		15,695		11,517		(27	%)
Retail Mutual Funds		1,255		1,446		1,321		1,307		1,739		39	%		33	%		5,864		5,813		(1	%)
529 College Savings Plan/Specialty Products/Other		105		118		97		129		136		30	%		5	%		370		480		30	%
Total Retail Products Group	$	4,629	$	4,737	$	4,376	$	4,239	$	4,458		(4	%)		5	%	$	21,929	$	17,810		(19	%)

L-11

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

											Year Over
											Year			Sequential
	Dec. 31,		March 31,		June 30,		Sept. 30,		Dec. 31,		3 Month			3 Month
	2004		2005		2005		2005		2005		Change			Change
INDIVIDUAL ANNUITY
General account	$	18,984	$	18,327	$	17,852	$	17,324	$	16,872		(11	%)		(3	%)
Non-guaranteed separate account		92,017		90,690		92,448		96,591		98,664		7	%		2	%
Total Individual Annuity	$	111,001	$	109,017	$	110,300	$	113,915	$	115,536		4	%		1	%
BY PRODUCT
Individual Annuity
Individual Variable Annuities
General account	$	7,715	$	7,494	$	7,415	$	7,120	$	6,771		(12	%)		(5	%)
Non-guaranteed separate account		91,902		90,577		92,332		96,472		98,543		7	%		2	%
Total individual variable annuities		99,617		98,071		99,747		103,592		105,314		6	%		2	%
Fixed MVA & other individual annuities		11,384		10,946		10,553		10,323		10,222		(10	%)		(1	%)
Total Individual Annuity		111,001		109,017		110,300		113,915		115,536		4	%		1	%
Specialty Products/Other — Segregated Assets		182		216		243		286		336		85	%		17	%
Mutual Fund Assets
Retail mutual fund assets		25,240		24,949		25,958		27,522		29,063		15	%		6	%
Specialty Product/Other mutual fund assets		164		185		218		293		335		104	%		14	%
529 College Savings Plan assets		477		509		553		608		669		40	%		10	%
Total Mutual Fund Assets		25,881		25,643		26,729		28,423		30,067		16	%		6	%
Total Retail Products Group Assets Under Management	$	137,064	$	134,876	$	137,272	$	142,624	$	145,939		6	%		2	%

L - 12

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

		THREE MONTHS ENDED
		Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,
		2004			2005			2005			2005			2005
VARIABLE ANNUITIES	Beginning balance	$	92,079		$	99,617		$	98,071		$	99,747		$	103,592
	Sales/Deposits		3,174			3,103			2,886			2,748			2,497
	Surrenders		(2,311	)		(2,367	)		(2,577	)		(2,745	)		(3,021	)
	Death benefits/annuity payouts		(337	)		(381	)		(388	)		(364	)		(365	)
	Transfers [2]		93			51			20			13			9
	Net Flows		619			406			(59	)		(348	)		(880	)
	Change in market value/change in reserve/interest credited		6,911			(1,958	)		1,729			4,186			2,599
	Other [3]		8			6			6			7			3
	Ending balance	$	99,617		$	98,071		$	99,747		$	103,592		$	105,314
FIXED MVA AND    OTHER	Beginning balance	$	11,471		$	11,384		$	10,946		$	10,553		$	10,323
	Sales/Deposits		95			70			72			55			86
	Acquisitions		547			—			—			—			—
	Surrenders		(728	)		(510	)		(452	)		(297	)		(197	)
	Death benefits/annuity payouts		(134	)		(115	)		(136	)		(122	)		(120	)
	Transfers [2]		(57	)		(20	)		(12	)		3			9
	Net Flows		(277	)		(575	)		(528	)		(361	)		(222	)
	Change in market value/change in reserve/interest credited		164			137			135			131			121
	Other [4]		26			—			—			—			—
	Ending balance	$	11,384		$	10,946		$	10,553		$	10,323		$	10,222
TOTAL INDIVIDUAL    ANNUITY	Beginning balance	$	103,550		$	111,001		$	109,017		$	110,300		$	113,915
	Sales/Deposits		3,269			3,173			2,958			2,803			2,583
	Acquisitions		547			—			—			—			—
	Surrenders		(3,039	)		(2,877	)		(3,029	)		(3,042	)		(3,218	)
	Death benefits/annuity payouts		(471	)		(496	)		(524	)		(486	)		(485	)
	Transfers [2]		36			31			8			16			18
	Net Flows		342			(169	)		(587	)		(709	)		(1,102	)
	Change in market value/change in reserve/interest credited		7,075			(1,821	)		1,864			4,317			2,720
	Other [3,4]		34			6			6			7			3
	Ending balance	$	111,001		$	109,017		$	110,300		$	113,915		$	115,536

[1]	Account value includes policyholder balances for investment contracts and reserves for future policy benefits for insurance contracts.
[2]	Includes internal product exchanges, policyholder balance transfers from the accumulation phase to the annuitization phase, and death benefits remaining on deposit.
[3]	Includes a bonus on certain products, front end loads on A share products and annual maintenance fees.
[4]	Includes special bonus on block of business acquired in 2004.

L - 13

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

			THREE MONTHS ENDED
			Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,
			2004			2005			2005			2005			2005
RETAIL MUTUAL FUNDS	Asset Rollforward
		Beginning balance	$	22,694		$	25,240		$	24,949		$	25,958		$	27,522
	Sales/Deposits			1,255			1,446			1,321			1,307			1,739
	Redemptions			(868	)		(1,065	)		(999	)		(1,234	)		(1,180	)
	Net Sales			387			381			322			73			559
	Change in market value			2,179			(652	)		705			1,509			1,003
	Other [2]			(20	)		(20	)		(18	)		(18	)		(21	)
		Ending balance	$	25,240		$	24,949		$	25,958		$	27,522		$	29,063

[1]	Account value includes policyholder balances for investment contracts and reserves for future policy benefits for insurance contracts.
[2]	Includes front end loads on A share products

L - 14

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
RETIREMENT PLANS
INCOME STATEMENTS

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER, 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
Revenues
Premiums and other considerations
Variable annuity fees	$	29		$	32		$	34		$	36		$	38			31	%		6	%	$	109		$	140			28	%
Mutual fund and other fees		5			2			3			4			3			(40	%)		(25	%)		12			12			—
Total fee income		34			34			37			40			41			21	%		3	%		121			152			26	%
Direct premiums		4			3			4			1			2			(50	%)		100	%		10			10			—
Total premiums and other considerations		38			37			41			41			43			13	%		5	%		131			162			24	%
Net investment income
Net investment income on G/A assets		74			73			76			75			79			7	%		5	%		298			303			2	%
Net investment income on assigned capital		2			3			2			3			2			—			(33	%)		10			10			—
Charge for invested capital		—			—			(1	)		—			(1	)		—			—			(2	)		(2	)		—
Total net investment income		76			76			77			78			80			5	%		3	%		306			311			2	%
Net realized capital losses		(1	)		—			(1	)		(1	)		(1	)		—			—			(3	)		(3	)		—
Total revenues		113			113			117			118			122			8	%		3	%		434			470			8	%
Benefits and Expenses
Benefits and claims
Death benefits		(1	)		—			1			—			—			100	%		—			—			1			—
Other contract benefits		15			14			13			13			14			(7	%)		8	%		57			54			(5	%)
Change in reserve		(5	)		(5	)		(4	)		(6	)		(6	)		(20	%)		—			(23	)		(21	)		9	%
Interest credited on G/A assets		48			47			49			50			51			6	%		2	%		186			197			6	%
Total benefits and claims		57			56			59			57			59			4	%		4	%		220			231			5	%
Other insurance expenses
Commissions & wholesaling expenses		12			17			14			15			18			50	%		20	%		47			64			36	%
Operating expenses		44			34			39			40			47			7	%		18	%		140			160			14	%
Premium taxes and other expenses		3			—			(1	)		1			(3	)	NM			NM				1			(3	)	NM
Subtotal — expenses before deferral		59			51			52			56			62			5	%		11	%		188			221			18	%
Deferred policy acquisition costs		(29	)		(24	)		(23	)		(24	)		(35	)		(21	%)		(46	%)		(92	)		(106	)		(15	%)
Total other insurance expense		30			27			29			32			27			(10	%)		(16	%)		96			115			20	%
Amortization of deferred policy acquisition costs		8			7			5			5			9			13	%		80	%		29			26			(10	%)
Total benefits and expenses		95			90			93			94			95			—			1	%		345			372			8	%
Income before income taxes and cumulative effect of accounting change		18			23			24			24			27			50	%		13	%		89			98			10	%
Income tax expense		—			6			7			4			6			—			50	%		22			23			5	%
Net income before cumulative effect of accounting change [1]		18			17			17			20			21			17	%		5	%		67			75			12	%
Cumulative effect of accounting change, net of tax		—			—			—			—			—			—			—			(1	)		—			100	%
Net income	$	18		$	17		$	17		$	20		$	21			17	%		5	%	$	66		$	75			14	%

[1] Net income before cumulative effect of accounting change is defined as core earnings.

L - 15

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
RETIREMENT PLANS
SUPPLEMENTAL DATA — SALES/DEPOSITS

											Year Over
	THREE MONTHS ENDED										Year			Sequential			YEAR ENDED
	Dec. 31,		March 31,		June 30,		Sept. 30,		Dec. 31,		3 Month			3 Month			DECEMBER, 31,
	2004		2005		2005		2005		2005		Change			Change			2004		2005		Change
401K
Annuity — plan/participant rollovers	$	305	$	577	$	316	$	420	$	442		45	%		5	%	$	1,333	$	1,755		32	%
Annuity — ongoing contributions		246		317		301		317		312		27	%		(2	%)		930		1,247		34	%
Total 401K Annuity		551		894		617		737		754		37	%		2	%		2,263		3,002		33	%
Mutual funds		61		62		46		54		73		20	%		35	%		217		235		8	%
Total 401K		612		956		663		791		827		35	%		5	%		2,480		3,237		31	%
Governmental
Annuity — plan/participant rollovers		22		61		25		58		48		118	%		(17	%)		200		192		(4	%)
Annuity — ongoing contributions		177		243		234		263		217		23	%		(17	%)		913		957		5	%
Total Annuity		199		304		259		321		265		33	%		(17	%)		1,113		1,149		3	%
Mutual funds		34		14		8		41		13		(62	%)		(68	%)		60		76		27	%
Total Governmental		233		318		267		362		278		19	%		(23	%)		1,173		1,225		4	%
Total Retirement Plans	$	845	$	1,274	$	930	$	1,153	$	1,105		31	%		(4	%)	$	3,653	$	4,462		22	%

L - 16

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
RETIREMENT PLANS
SUPPLEMENTAL DATA — ASSETS UNDER MANAGEMENT

											Year Over
											Year			Sequential
	Dec. 31,		March 31,		June 30,		Sept. 30,		Dec. 31,		3 Month			3 Month
	2004		2005		2005		2005		2005		Change			Change
401K
General account	$	1,113	$	1,171	$	1,194	$	1,247	$	1,230		11	%		(1	%)
Non-guaranteed separate account		5,418		5,893		6,344		7,056		7,612		40	%		8	%
Total 401K	$	6,531	$	7,064	$	7,538	$	8,303	$	8,842		35	%		6	%
GOVERNMENTAL
General account	$	4,048	$	4,121	$	4,201	$	4,284	$	4,323		7	%		1	%
Non-guaranteed separate account		5,914		5,761		5,853		5,878		6,152		4	%		5	%
Total Governmental	$	9,962	$	9,882	$	10,054	$	10,162	$	10,475		5	%		3	%
TOTAL RETIREMENT
General account	$	5,161	$	5,292	$	5,395	$	5,531	$	5,553		8	%		—
Non-guaranteed separate account		11,332		11,654		12,197		12,934		13,764		21	%		6	%
Total Retirement Plans account value	$	16,493	$	16,946	$	17,592	$	18,465	$	19,317		17	%		5	%
BY PRODUCT
401K — Annuity	$	6,531	$	7,064	$	7,538	$	8,303	$	8,842		35	%		6	%
Governmental — Annuity		9,962		9,882		10,054		10,162		10,475		5	%		3	%
Total Retirement Plans account value		16,493		16,946		17,592		18,465		19,317		17	%		5	%
Mutual Fund Assets
401K mutual fund assets		755		767		808		872		947		25	%		9	%
Governmental mutual fund assets		756		738		728		147		163		(78	%)		11	%
Total Mutual Fund Assets		1,511		1,505		1,536		1,019		1,110		(27	%)		9	%
Total Retirement Plans Assets Under Management	$	18,004	$	18,451	$	19,128	$	19,484	$	20,427		13	%		5	%

L - 17

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
RETIREMENT PLANS
SUPPLEMENTAL DATA — ACCOUNT VALUE ROLLFORWARD [1]

			THREE MONTHS ENDED
			Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,
			2004			2005			2005			2005			2005
401K	Account Value Rollforward
(EXCLUDING ALL MUTUAL FUNDS)		Beginning balance	$	5,791		$	6,531		$	7,064		$	7,538		$	8,303
	Sales/Deposits			551			894			617			737			754
	Surrenders			(238	)		(253	)		(271	)		(268	)		(418	)
	Death benefits/annuity payouts			(5	)		(5	)		(4	)		(6	)		(7	)
	Net Flows			308			636			342			463			329
	Change in market value/change in reserve/interest credited			432			(103	)		132			302			210
		Ending balance	$	6,531		$	7,064		$	7,538		$	8,303		$	8,842
GOVERNMENTAL	Account Value Rollforward
(EXCLUDING ALL MUTUAL FUNDS)		Beginning balance	$	9,437		$	9,962		$	9,882		$	10,054		$	10,162
	Sales/Deposits			199			304			259			321			265
	Surrenders			(233	)		(250	)		(234	)		(570	)		(185	)
	Death benefits/annuity payouts			(16	)		(13	)		(18	)		(14	)		(17	)
	Net Flows			(50	)		41			7			(263	)		63
	Change in market value/change in reserve/interest credited			575			(121	)		165			371			250
		Ending balance	$	9,962		$	9,882		$	10,054		$	10,162		$	10,475

[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
INSTITUTIONAL SOLUTIONS GROUP
INCOME STATEMENTS

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER, 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
Revenues
Premiums and other considerations
Variable annuity fees	$	14		$	14		$	13		$	15		$	16			14	%		7	%	$	54		$	58			7	%
Cost of insurance charges		24			21			13			6			7			(71	%)		17	%		91			47			(48	%)
Mutual fund and other fees		6			2			7			5			—			(100	%)		(100	%)		16			14			(13	%)
Total fee income		44			37			33			26			23			(48	%)		(12	%)		161			119			(26	%)
Direct premiums		164			82			115			126			181			10	%		44	%		463			504			9	%
Total premiums and other considerations		208			119			148			152			204			(2	%)		34	%		624			623			—
Net investment income
Net investment income on G/A assets		169			176			187			203			215			27	%		6	%		640			781			22	%
Net investment income on assigned capital		5			5			5			5			5			—			—			19			20			5	%
Charge for invested capital		1			—			1			(1	)		1			—		NM				5			1			(80	%)
Total net investment income		175			181			193			207			221			26	%		7	%		664			802			21	%
Net realized capital gains (losses)		1			(1	)		(1	)		(1	)		(2	)	NM				(100	%)		3			(5	)	NM
Total revenues		384			299			340			358			423			10	%		18	%		1,291			1,420			10	%
Benefits and Expenses
Benefits and claims
Death benefits		23			23			13			5			11			(52	%)		120	%		92			52			(43	%)
Other contract benefits		69			73			71			75			73			6	%		(3	%)		279			292			5	%
Change in reserve		162			75			112			121			177			9	%		46	%		445			485			9	%
Interest credited on G/A assets		81			83			91			99			110			36	%		11	%		300			383			28	%
Total benefits and claims		335			254			287			300			371			11	%		24	%		1,116			1,212			9	%
Other insurance expenses
Commissions & wholesaling expenses		11			8			10			12			10			(9	%)		(17	%)		32			40			25	%
Operating expenses		15			14			14			16			18			20	%		13	%		57			62			9	%
Premium taxes and other expenses		5			2			5			4			(1	)	NM			NM				15			10			(33	%)
Subtotal — expenses before deferral		31			24			29			32			27			(13	%)		(16	%)		104			112			8	%
Deferred policy acquisition costs		(14	)		(14	)		(12	)		(17	)		(13	)		7	%		24	%		(49	)		(56	)		(14	%)
Total other insurance expense		17			10			17			15			14			(18	%)		(7	%)		55			56			2	%
Amortization of deferred policy acquisition costs		7			6			8			9			9			29	%		—			26			32			23	%
Total benefits and expenses		359			270			312			324			394			10	%		22	%		1,197			1,300			9	%
Income before income tax expense		25			29			28			34			29			16	%		(15	%)		94			120			28	%
Income tax expense		7			8			7			10			7			—			(30	%)		26			32			23	%
Net income [1]	$	18		$	21		$	21		$	24		$	22			22	%		(8	%)	$	68		$	88			29	%

[1] Net income is defined as core earnings.

L - 19

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

											Year Over
	THREE MONTHS ENDED										Year			Sequential			YEAR ENDED
	Dec. 31,		March 31,		June 30,		Sept. 30,		Dec. 31,		3 Month			3 Month			DECEMBER, 31,
	2004		2005		2005		2005		2005		Change			Change			2004		2005		Change
Institutional
Structured settlements	$	172	$	138	$	163	$	187	$	159		(8	%)		(15	%)	$	711	$	647		(9	%)
Institutional annuities		78		16		6		9		147		88	%		NM			118		178		51	%
GIC/Funding agreements/registered notes		613		907		338		1,099		311		(49	%)		(72	%)		1,496		2,655		77	%
Other		6		—		204		7		302		NM			NM			330		513		55	%
Subtotal		869		1,061		711		1,302		919		6	%		(29	%)		2,655		3,993		50	%
Mutual funds		62		190		307		134		172		177	%		28	%		278		803		189	%
Total Institutional		931		1,251		1,018		1,436		1,091		17	%		(24	%)		2,933		4,796		64	%
Private Placement Life Insurance
Corporate owned		257		65		169		241		22		(91	%)		(91	%)		681		497		(27	%)
High net worth		8		44		11		4		9		13	%		125	%		77		68		(12	%)
Total Private Placement Life Insurance		265		109		180		245		31		(88	%)		(87	%)		758		565		(25	%)
Total Institutional Solutions Group	$	1,196	$	1,360	$	1,198	$	1,681	$	1,122		(6	%)		(33	%)	$	3,691	$	5,361		45	%

L - 20

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

											Year Over
											Year			Sequential
	Dec. 31,		March 31,		June 30,		Sept. 30,		Dec. 31,		3 Month			3 Month
	2004		2005		2005		2005		2005		Change			Change
INSTITUTIONAL
General account	$	11,337	$	12,319	$	12,590	$	13,680	$	14,034		24	%		3	%
Guaranteed separate account		355		353		373		358		417		17	%		16	%
Non-guaranteed separate account		2,907		2,825		3,113		3,136		3,466		19	%		11	%
Total Institutional	$	14,599	$	15,497	$	16,076	$	17,174	$	17,917		23	%		4	%
PRIVATE PLACEMENT LIFE INSURANCE
General account	$	14	$	10	$	10	$	10	$	7		(50	%)		(30	%)
Non-guaranteed separate account		22,484		22,631		23,047		23,528		23,829		6	%		1	%
Total Private Placement Life Insurance	$	22,498	$	22,641	$	23,057	$	23,538	$	23,836		6	%		1	%
TOTAL INSTITUTIONAL SOLUTIONS GROUP
General account	$	11,351	$	12,329	$	12,600	$	13,690	$	14,041		24	%		3	%
Guaranteed separate account		355		353		373		358		417		17	%		16	%
Non-guaranteed separate account		25,391		25,456		26,160		26,664		27,295		7	%		2	%
Total Institutional Solutions Group account value	$	37,097	$	38,138	$	39,133	$	40,712	$	41,753		13	%		3	%
BY PRODUCT
Institutional
Structured settlements	$	4,006	$	4,145	$	4,307	$	4,492	$	4,652		16	%		4	%
Institutional annuities		2,492		2,488		2,504		2,491		2,637		6	%		6	%
GIC/Funding agreements/registered notes		5,297		6,139		6,254		7,163		7,275		37	%		2	%
Other		2,804		2,725		3,011		3,028		3,353		20	%		11	%
Total Institutional		14,599		15,497		16,076		17,174		17,917		23	%		4	%
Private Placement Life Insurance		22,498		22,641		23,057		23,538		23,836		6	%		1	%
Total Institutional Solutions Group account value		37,097		38,138		39,133		40,712		41,753		13	%		3	%
Institutional Mutual Fund Assets		676		815		1,146		1,324		1,528		126	%		15	%
Total Institutional Solutions Group Assets Under Management	$	37,773	$	38,953	$	40,279	$	42,036	$	43,281		15	%		3	%

L - 21

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

		THREE MONTHS ENDED
		Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,
		2004			2005			2005			2005			2005
INSTITUTIONAL	Account Value Rollforward
(EXCLUDING ALL MUTUAL FUNDS)	Beginning balance	$	14,011		$	14,599		$	15,497		$	16,076		$	17,174
	Sales/Deposits		869			1,061			711			1,302			919
	Surrenders		(537	)		(155	)		(323	)		(296	)		(316	)
	Death benefits/annuity payouts		(103	)		(114	)		(118	)		(119	)		(118	)
	Net Flows		229			792			270			887			485
	Change in market value/change in reserve/interest credited		359			106			309			211			258
	Ending balance	$	14,599		$	15,497		$	16,076		$	17,174		$	17,917
PRIVATE PLACEMENT LIFE INSURANCE	Account Value Rollforward
	Beginning balance	$	21,889		$	22,498		$	22,641		$	23,057		$	23,538
	Sales/Deposits		265			109			180			245			31
	Surrenders		(26	)		(48	)		(2	)		(16	)		(4	)
	Death benefits/annuity payouts		(15	)		(10	)		(9	)		(17	)		(16	)
	Net Flows		224			51			169			212			11
	Change in market value/change in reserve/interest credited		410			144			301			311			286
	Other [2]		(25	)		(52	)		(54	)		(42	)		1
	Ending balance	$	22,498		$	22,641		$	23,057		$	23,538		$	23,836

[1]	Account value includes policyholder balances for investment contracts and reserves for future policy benefits for insurance contracts.
[2]	Primarily consists of cost of insurance and M&E charges.

L-22

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

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER, 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
Revenues
Premiums and other considerations
Variable life fees	$	15		$	14		$	15		$	15		$	15			—			—		$	53		$	59			11	%
Cost of insurance charges		113			114			116			118			120			6	%		2	%		446			468			5	%
Other fees		82			67			60			74			74			(10	%)		—			268			275			3	%
Total fee income		210			195			191			207			209			—			1	%		767			802			5	%
Direct premiums		20			19			19			21			21			5	%		—			71			80			13	%
Reinsurance premiums		(25	)		(27	)		(26	)		(29	)		(31	)		(24	%)		(7	%)		(92	)		(113	)		(23	%)
Net premiums		(5	)		(8	)		(7	)		(8	)		(10	)		(100	%)		(25	%)		(21	)		(33	)		(57	%)
Total premiums and other considerations		205			187			184			199			199			(3	%)		—			746			769			3	%
Net investment income
Net investment income on G/A assets		82			80			81			83			84			2	%		1	%		329			328			—
Net investment income on assigned capital		3			3			3			3			4			33	%		33	%		13			13			—
Charge for invested capital		(10	)		(9	)		(9	)		(9	)		(9	)		10	%		—			(39	)		(36	)		8	%
Total net investment income		75			74			75			77			79			5	%		3	%		303			305			1	%
Net realized capital gains		1			1			—			2			2			100	%		—			7			5			(29	%)
Total revenues		281			262			259			278			280			—			1	%		1,056			1,079			2	%
Benefits and Expenses
Benefits and claims
Death benefits		57			66			63			54			58			2	%		7	%		245			241			(2	%)
Other contract benefits		6			4			6			5			6			—			20	%		22			21			(5	%)
Change in reserve		—			(5	)		(4	)		(4	)		(5	)		—			(25	%)		(3	)		(18	)	NM
Interest credited on G/A assets		57			55			55			57			58			2	%		2	%		216			225			4	%
Total benefits and claims		120			120			120			112			117			(3	%)		4	%		480			469			(2	%)
Other insurance expenses
Commissions & wholesaling expenses		63			52			47			58			65			3	%		12	%		200			222			11	%
Operating expenses		62			52			56			57			64			3	%		12	%		212			229			8	%
Dividends to policyholders		—			1			—			1			1			—			—			2			3			50	%
Premium taxes and other expenses		8			9			10			8			8			—			—			33			35			6	%
Subtotal — expenses before deferral		133			114			113			124			138			4	%		11	%		447			489			9	%
Deferred policy acquisition costs		(89	)		(74	)		(71	)		(81	)		(96	)		(8	%)		(19	%)		(283	)		(322	)		(14	%)
Total other insurance expense		44			40			42			43			42			(5	%)		(2	%)		164			167			2	%
Amortization of deferred policy acquisition costs and present value of future profits		59			45			40			59			61			3	%		3	%		185			205			11	%
Total benefits and expenses		223			205			202			214			220			(1	%)		3	%		829			841			1	%
Income before income taxes and cumulative effect of accounting change		58			57			57			64			60			3	%		(6	%)		227			238			5	%
Income tax expense		18			18			18			19			17			(6	%)		(11	%)		71			72			1	%
Net income before cumulative effect of accounting change [1]		40			39			39			45			43			8	%		(4	%)		156			166			6	%
Cumulative effect of accounting change, net of tax		—			—			—			—			—			—			—			(1	)		—			100	%
Net income	$	40		$	39		$	39		$	45		$	43			8	%		(4	%)	$	155		$	166			7	%

[1] Net income before cumulative effect of accounting change is defined as core earnings.

L-23

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

											Year Over
	THREE MONTHS ENDED										Year			Sequential			YEAR ENDED
	Dec. 31,		March 31,		June 30,		Sept. 30,		Dec. 31,		3 Month			3 Month			DECEMBER, 31,
	2004		2005		2005		2005		2005		Change			Change			2004		2005		Change
SALES BY DISTRIBUTION
Wirehouse/regional broker-dealer/banks	$	36	$	23	$	31	$	30	$	36		—			20	%	$	106	$	120		13	%
Independent broker-dealer/WFS		20		11		13		16		25		25	%		56	%		67		65		(3	%)
Life professional/other		23		12		13		16		24		4	%		50	%		60		65		8	%
Total sales by distribution	$	79	$	46	$	57	$	62	$	85		8	%		37	%	$	233	$	250		7	%
SALES BY PRODUCT
Variable life	$	37	$	21	$	29	$	28	$	35		(5	%)		25	%	$	116	$	113		(3	%)
Universal life/whole life		38		22		24		30		46		21	%		53	%		102		122		20	%
Term life/other		4		3		4		4		4		—			—			15		15		—
Total sales by product	$	79	$	46	$	57	$	62	$	85		8	%		37	%	$	233	$	250		7	%
ACCOUNT VALUE
General account	$	4,538	$	4,591	$	4,635	$	4,758	$	4,868		7	%		2	%
Separate account		4,949		4,838		5,006		5,257		5,446		10	%		4	%
Total account value	$	9,487	$	9,429	$	9,641	$	10,015	$	10,314		9	%		3	%
ACCOUNT VALUE BY PRODUCT
Variable life	$	5,356	$	5,249	$	5,433	$	5,700	$	5,902		10	%		4	%
Universal life/interest sensitive whole life		3,402		3,452		3,485		3,599		3,696		9	%		3	%
Modified guaranteed life		636		631		626		617		611		(4	%)		(1	%)
Other		93		97		97		99		105		13	%		6	%
Total account value by product	$	9,487	$	9,429	$	9,641	$	10,015	$	10,314		9	%		3	%
LIFE INSURANCE IN FORCE
Variable life	$	69,089	$	69,442	$	69,979	$	70,569	$	71,365		3	%		1	%
Universal life/interest sensitive whole life		39,109		39,349		39,777		40,694		41,714		7	%		3	%
Term life		30,577		31,837		33,285		34,915		36,627		20	%		5	%
Modified guaranteed life		827		815		805		787		776		(6	%)		(1	%)
Other		287		296		305		313		319		11	%		2	%
Total life insurance in force	$	139,889	$	141,739	$	144,151	$	147,278	$	150,801		8	%		2	%

L-24

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

		THREE MONTHS ENDED
		Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,
		2004			2005			2005			2005			2005
VARIABLE LIFE	Beginning balance	$	4,860		$	5,356		$	5,249		$	5,433		$	5,700
	First year & single premiums		107			67			72			69			76
	Renewal premiums		151			138			142			145			146
	Premiums and deposits		258			205			214			214			222
	Surrenders		(76	)		(78	)		(66	)		(73	)		(84	)
	Death benefits/policy fees		(131	)		(111	)		(123	)		(129	)		(129	)
	Net Flows		51			16			25			12			9
	Change in market value/interest credited		445			(123	)		159			255			193
	Ending balance	$	5,356		$	5,249		$	5,433		$	5,700		$	5,902
OTHER [1]	Beginning balance	$	4,083		$	4,131		$	4,180		$	4,208		$	4,315
	First year & single premiums		65			61			63			92			112
	Renewal premiums		105			91			90			98			108
	Premiums and deposits		170			152			153			190			220
	Acquisitions [2]		—			—			—			45			—
	Surrenders		(59	)		(49	)		(54	)		(58	)		(47	)
	Death benefits/policy fees		(116	)		(102	)		(119	)		(124	)		(130	)
	Net Flows		(5	)		1			(20	)		53			43
	Change in market value/interest credited		53			48			48			54			54
	Ending balance	$	4,131		$	4,180		$	4,208		$	4,315		$	4,412
TOTAL INDIVIDUAL LIFE	Beginning balance	$	8,943		$	9,487		$	9,429		$	9,641		$	10,015
	First year & single premiums		172			128			135			161			188
	Renewal premiums		256			229			232			243			254
	Premiums and deposits		428			357			367			404			442
	Acquisitions		—			—			—			45			—
	Surrenders		(135	)		(127	)		(120	)		(131	)		(131	)
	Death benefits/policy fees		(247	)		(213	)		(242	)		(253	)		(259	)
	Net Flows		46			17			5			65			52
	Change in market value/interest credited		498			(75	)		207			309			247
	Ending balance	$	9,487		$	9,429		$	9,641		$	10,015		$	10,314

[1]	Includes Universal Life, Interest Sensitive Whole Life, Modified Guaranteed Life Insurance and other.
[2]	Acquired block account value is 100% coinsured.

L-25

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

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER, 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
Revenues
Premiums and other considerations
ASO fees	$	9		$	11		$	7		$	9		$	9			—			—		$	35		$	36			3	%
Other fees		—			—			1			—			(1	)		—			—			2			—			(100	%)
Total fee income		9			11			8			9			8			(11	%)		(11	%)		37			36			(3	%)
Direct premiums		745			824			848			853			888			19	%		4	%		2,937			3,413			16	%
Reinsurance premiums		163			113			92			88			68			(58	%)		(23	%)		678			361			(47	%)
Net premiums		908			937			940			941			956			5	%		2	%		3,615			3,774			4	%
Total premiums and other considerations		917			948			948			950			964			5	%		1	%		3,652			3,810			4	%
Net investment income
Net investment income on G/A assets		85			86			87			87			88			4	%		1	%		322			348			8	%
Net investment income on assigned capital		13			12			13			12			13			—			8	%		51			50			(2	%)
Total net investment income		98			98			100			99			101			3	%		2	%		373			398			7	%
Net realized capital gains (losses)		—			—			—			—			1			—			—			2			1			(50	%)
Total revenues		1,015			1,046			1,048			1,049			1,066			5	%		2	%		4,027			4,209			5	%
Benefits and Expenses
Benefits and claims
Death benefits		211			239			238			227			194			(8	%)		(15	%)		919			898			(2	%)
Other contract benefits		397			414			416			423			427			8	%		1	%		1,574			1,680			7	%
Change in reserve		50			69			42			38			67			34	%		76	%		210			216			3	%
Total benefits and claims		658			722			696			688			688			5	%		—			2,703			2,794			3	%
Other insurance expenses
Commissions & wholesaling expenses		132			119			122			128			131			(1	%)		2	%		501			500			—
Operating expenses		129			114			129			129			136			5	%		5	%		463			508			10	%
Premium taxes and other expenses		17			16			18			15			21			24	%		40	%		69			70			1	%
Subtotal — expenses before deferral		278			249			269			272			288			4	%		6	%		1,033			1,078			4	%
Deferred policy acquisition costs		(15	)		(12	)		(12	)		(14	)		(18	)		(20	%)		(29	%)		(44	)		(56	)		(27	%)
Total other insurance expense		263			237			257			258			270			3	%		5	%		989			1,022			3	%
Amortization of deferred policy acquisition costs		5			7			7			8			9			80	%		13	%		23			31			35	%
Total benefits and expenses		926			966			960			954			967			4	%		1	%		3,715			3,847			4	%
Income before income tax expense		89			80			88			95			99			11	%		4	%		312			362			16	%
Income tax expense [1]		24			21			24			27			18			(25	%)		(33	%)		83			90			8	%
Net income [2]	$	65		$	59		$	64		$	68		$	81			25	%		19	%	$	229		$	272			19	%

[1]	The three months ended December 31, 2005 includes a $9 tax benefit related to the purchase of the CNA business in 2003.
[2]	Net income is defined as core earnings.

L-26

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

																	Year Over
		THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
		Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER, 31,
		2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
PREMIUMS	Fully Insured — Ongoing Premiums
	Group disability	$	393		$	413		$	428		$	418		$	427			9	%		2	%	$	1,562		$	1,686			8	%
	Group life		417			396			406			419			422			1	%		1	%		1,655			1,643			(1	%)
	Other		95			103			106			103			106			12	%		3	%		394			418			6	%
	Total fully insured — ongoing premiums		905			912			940			940			955			6	%		2	%		3,611			3,747			4	%
	Total buyouts [1]		3			25			—			1			1			(67	%)		—			4			27		NM
	Total premiums		908			937			940			941			956			5	%		2	%		3,615			3,774			4	%
	Group disability — premium equivalents [2]		65			63			73			69			70			8	%		1	%		270			275			2	%
	Total premiums and premium equivalents	$	973		$	1,000		$	1,013		$	1,010		$	1,026			5	%		2	%	$	3,885		$	4,049			4	%
SALES (GROSS ANNUALIZED NEW PREMIUMS)	Fully Insured — Ongoing Sales
	Group disability	$	24		$	198		$	42		$	54		$	58			142	%		7	%	$	237		$	352			49	%
	Group life [4]		40			132			46			85			65			63	%		(24	%)		301			328			9	%
	Other		16			46			22			18			13			(19	%)		(28	%)		94			99			5	%
��	Total fully insured — ongoing sales		80			376			110			157			136			70	%		(13	%)		632			779			23	%
	Total buyouts [1]		3			26			—			1			1			(67	%)		—			6			28		NM
	Total sales		83			402			110			158			137			65	%		(13	%)		638			807			26	%
	Group disability premium equivalents [2]		7			47			14			8			7			—			(13	%)		85			76			(11	%)
	Total sales and premium equivalents	$	90		$	449		$	124		$	166		$	144			60	%		(13	%)	$	723		$	883			22	%
RATIOS [3]	Loss Ratio		71.7	%		75.5	%		73.4	%		72.4	%		71.3	%		—			(1	%)		74.0	%		73.1	%		(1	%)
	Expense Ratio		29.3	%		26.4	%		27.8	%		28.0	%		29.0	%		(1	%)		4	%		27.7	%		27.8	%		—
GAAP RESERVES [5]	Group disability	$	4,163		$	4,237		$	4,290		$	4,349		$	4,368			5	%		—
	Group life		1,240			1,247			1,245			1,243			1,272			3	%		2	%
	Other		179			170			170			159			167			(7	%)		5	%
	Total GAAP reserves	$	5,582		$	5,654		$	5,705		$	5,751		$	5,807			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 three months ended March 31,2005 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 $311, $318, $306, $250 and $228 as of 4Q 2004, 1Q 2005, 2Q 2005, 3Q 2005, and 4Q 2005 respectively.

L - 27

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INTERNATIONAL
HIGHLIGHTS

																Year Over
	THREE MONTHS ENDED													Year		Sequential						YEAR ENDED
	Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER, 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
CORE EARNINGS
Japan operations	$	9		$	17		$	26		$	33		$	44		NM				33	%	$	40		$	120		NM
Other international operations [1]		(3	)		(3	)		(5	)		(5	)		(11	)	NM				(120	%)		3			(24	)	NM
Core earnings		6			14			21			28			33		NM				18	%		43			96			123	%
Cumulative effect of accounting change, net of tax		—			—			—			—			—			—			—			(4	)		—			100	%
Net income	$	6		$	14		$	21		$	28		$	33		NM				18	%	$	39		$	96			146	%
JAPAN SALES — Dollars
Individual Annuity
Variable	$	1,943		$	3,072		$	2,494		$	2,809		$	2,367			22	%		(16	%)	$	7,264		$	10,742			48	%
Fixed MVA		512			688			222			158			122			(76	%)		(23	%)		521			1,190			128	%
Total sales by product	$	2,455		$	3,760		$	2,716		$	2,967		$	2,489			1	%		(16	%)	$	7,785		$	11,932			53	%
JAPAN SALES — Yen
Individual Annuity																									��
Variable	¥	203,251		¥	321,911		¥	267,333		¥	312,311		¥	278,077			37	%		(11	%)	¥	782,187		¥	1,179,632			51	%
Fixed MVA		53,299			72,017			23,795			17,619			14,316			(73	%)		(19	%)		54,304			127,747			135	%
Total sales by product	¥	256,550		¥	393,928		¥	291,128		¥	329,930		¥	292,393			14	%		(11	%)	¥	836,491		¥	1,307,379			56	%
NET FLOWS — Dollars
Individual Annuity
Variable	$	1,844		$	2,892		$	2,365		$	2,558		$	1,938			5	%		(24	%)	$	6,754		$	9,753			44	%
Fixed MVA		486			651			203			146			104			(79	%)		(29	%)		495			1,104			123	%
Total net flows by product	$	2,330		$	3,543		$	2,568		$	2,704		$	2,042			(12	%)		(24	%)	$	7,249		$	10,857			50	%
NET FLOWS — Yen
Individual Annuity
Variable	¥	192,866		¥	302,976		¥	253,416		¥	284,656		¥	227,625			18	%		(20	%)	¥	727,302		¥	1,068,673			47	%
Fixed MVA		50,601			68,072			21,811			16,198			12,927			(74	%)		(20	%)		51,555			119,008			131	%
Total net flows by product	¥	243,467		¥	371,048		¥	275,227		¥	300,854		¥	240,552			(1	%)		(20	%)	¥	778,857		¥	1,187,681			52	%
JAPAN AUM — Dollars
Individual Annuity
Variable	$	14,129		$	16,495		$	18,440		$	21,892		$	24,641			74	%		13	%
Fixed MVA		502			1,120			1,286			1,407			1,463			191	%		4	%
Total AUM by product	$	14,631		$	17,615		$	19,726		$	23,299		$	26,104			78	%		12	%
JAPAN AUM — Yen
Individual Annuity
Variable	¥	1,450,025		¥	1,767,250		¥	2,042,998		¥	2,481,209		¥	2,908,416			101	%		17	%
Fixed MVA		51,503			120,011			142,472			159,391			172,596		NM				8	%
Total AUM by product	¥	1,501,528		¥	1,887,261		¥	2,185,470		¥	2,640,600		¥	3,081,012			105	%		17	%

[1] The three months ended December 31, 2005 includes an $8, after tax, charge to establish a valuation allowance for deferred tax balances.

L-28

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INTERNATIONAL — JAPAN
INCOME STATEMENTS

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER, 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
Revenues
Premiums and other considerations
Variable annuity fees	$	73		$	86		$	102		$	118		$	134			84	%		14	%	$	219		$	440			101	%
Other Fees		3			11			1			12			19		NM				58	%		21			43			105	%
Total fee income		76			97			103			130			153			101	%		18	%		240			483			101	%
Net investment income
Net investment income on G/A assets		—			9			16			16			20			—			25	%		—			61			—
Total net investment income		—			9			16			16			20			—			25	%		—			61			-
Net realized capital losses		(1	)		(5	)		(10	)		(8	)		(11	)	NM				(38	%)		(1	)		(34	)	NM
Total revenues		75			101			109			138			162			116	%		17	%		239			510			113	%
Benefits and Expenses
Benefits and claims
Death and other benefits		7			10			4			9			4			(43	%)		(56	%)		21			27			29	%
Change in reserve		—			—			—			—			—			—			—			—			—			—
Interest credited on G/A assets		(1	)		3			4			3			4		NM				33	%		(1	)		14		NM
Total benefits and claims		6			13			8			12			8			33	%		(33	%)		20			41			105	%
Other insurance expenses
Commissions & wholesaling expenses		133			204			156			173			162			22	%		(6	%)		453			695			53	%
Operating expenses		35			31			32			33			43			23	%		30	%		96			139			45	%
Premium taxes and other expenses		9			14			10			12			10			11	%		(17	%)		29			46			59	%
Subtotal — expenses before deferral		177			249			198			218			215			21	%		(1	%)		578			880			52	%
Deferred policy acquisition costs		(148	)		(220	)		(169	)		(185	)		(158	)		(7	%)		15	%		(495	)		(732	)		(48	%)
Total other insurance expense		29			29			29			33			57			97	%		73	%		83			148			78	%
Amortization of deferred policy acquisition costs [1]		29			32			30			43			28			(3	%)		(35	%)		77			133			73	%
Total benefits and expenses		64			74			67			88			93			45	%		6	%		180			322			79	%
Income before income taxes and cumulative effect of accounting change		11			27			42			50			69		NM				38	%		59			188		NM
Income tax expense		2			10			16			17			25		NM				47	%		19			68		NM
Net income before cumulative effect of accounting change [2]		9			17			26			33			44		NM				33	%		40			120		NM
Cumulative effect of accounting change, net of tax		—			—			—			—			—			—			—			(4	)		—			100	%
Net income	$	9		$	17		$	26		$	33		$	44		NM				33	%	$	36		$	120		NM

[1]	Included in the three months ended December 31, 2005 is a $15 pretax adjustment to DAC amortization
[2]	Net income before cumulative effect of accounting change is defined as core earnings.

L-29

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
LIFE
INTERNATIONAL — JAPAN
SUPPLEMENTAL DATA — ACCOUNT VALUE ROLLFORWARD

		THREE MONTHS ENDED
		Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,
		2004			2005			2005			2005			2005
VARIABLE      ANNUITIES	Beginning balance	$	11,118		$	14,129		$	16,495		$	18,440		$	21,892
	Sales/premiums/other deposits		1,943			3,072			2,494			2,809			2,367
	Surrenders		(55	)		(125	)		(78	)		(200	)		(367	)
	Death benefits/annuitizations/other		(44	)		(55	)		(51	)		(51	)		(62	)
	Net Flows		1,844			2,892			2,365			2,558			1,938
	Change in market value/currency/change in reserve/interest credited		334			136			201			1,380			1,690
	Effect of currency translation		833			(662	)		(621	)		(486	)		(879	)
	Ending balance	$	14,129		$	16,495		$	18,440		$	21,892		$	24,641
FIXED MVA      AND OTHER	Beginning balance	$	9		$	502		$	1,120		$	1,286		$	1,407
	Sales/premiums/other deposits		512			688			222			158			122
	Surrenders		—			(3	)		(6	)		(2	)		(5	)
	Death benefits/annuitizations/other		(26	)		(34	)		(13	)		(10	)		(13	)
	Net Flows		486			651			203			146			104
	Change in market value/currency/change in reserve/interest credited		1			2			4			4			9
	Effect of currency translation		6			(35	)		(41	)		(29	)		(57	)
	Ending balance	$	502		$	1,120		$	1,286		$	1,407		$	1,463
TOTAL      INDIVIDUAL      ANNUITY	Beginning balance	$	11,127		$	14,631		$	17,615		$	19,726		$	23,299
	Sales/premiums/other deposits		2,455			3,760			2,716			2,967			2,489
	Surrenders		(55	)		(128	)		(84	)		(202	)		(372	)
	Death benefits/annuitizations/other		(70	)		(89	)		(64	)		(61	)		(75	)
	Net Flows		2,330			3,543			2,568			2,704			2,042
	Change in market value/change in reserve/interest credited		335			138			205			1,384			1,699
	Effect of currency translation		839			(697	)		(662	)		(515	)		(936	)
	Ending balance	$	14,631		$	17,615		$	19,726		$	23,299		$	26,104

L-30

PROPERTY & CASUALTY

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

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			Mar. 31,			Jun. 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
TOTAL PROPERTY & CASUALTY PREMIUMS
Written premiums	$	2,422		$	2,581		$	2,722		$	2,618		$	2,566			6	%		(2	%)	$	9,962		$	10,487			5	%
Earned premiums [1]		2,481			2,507			2,578			2,517			2,554			3	%		1	%		9,494			10,156			7	%
TOTAL PROPERTY & CASUALTY UNDERWRITING RESULTS
Business Insurance		63			118			141			125			12			(81	%)		(90	%)		360			396			10	%
Personal Lines		94			127			188			71			74			(21	%)		4	%		138			460		NM
Specialty Commercial		86			40			5			(143	)		(67	)	NM				53	%		(53	)		(165	)	NM
Ongoing Operations underwriting results [2]		243			285			334			53			19			(92	%)		(64	%)		445			691			55	%
Other Operations [3]		(59	)		(28	)		(110	)		(53	)		(35	)		41	%		34	%		(448	)		(226	)		50	%
Total Property & Casualty underwriting results	$	184		$	257		$	224		$	—		$	(16	)		NM			NM		$	(3	)	$	465				NM
ONGOING OPERATIONS UNDERWRITING RATIOS
Loss and loss adjustment expenses
Current year		63.9			63.1			64.2			69.6			67.7			(3.8	)		1.9			69.2			66.1			3.1
Prior year [1] [2] [4]		1.4			0.2			(2.9	)		1.7			2.4			(1.0	)		(0.7	)		0.1			0.4			(0.3	)
Total loss and loss adjustment expenses		65.4			63.3			61.3			71.3			70.2			(4.8	)		1.1			69.3			66.5			2.8
Expenses		24.8			25.1			25.6			26.7			28.7			(3.9	)		(2.0	)		25.9			26.5			(0.6	)
Policyholder dividends		—			0.2			0.2			—			0.3			(0.3	)		(0.3	)		0.1			0.1			—
Combined ratio		90.2			88.6			87.0			97.9			99.2			(9.0	)		(1.3	)		95.3			93.2			2.1
Catastrophe ratio [4] [5]		1.2			1.9			1.7			6.2			4.7			(3.5	)		1.5			2.2			3.6			(1.4	)
Combined ratio before catastrophes		89.0			86.8			85.3			91.7			94.6			(5.6	)		(2.9	)		93.1			89.6			3.5
Combined ratio before catastrophes and prior year development		87.6			87.1			88.5			89.8			92.1			(4.5	)		(2.3	)		89.7			89.4			0.3
Total Property & Casualty Income and ROE
Net income	$	342		$	417		$	369		$	233		$	217			(37	%)		(7	%)	$	910		$	1,236			36	%
Core earnings [6]		331			386			369			232			220			(34	%)		(5	%)		829			1,207			46	%
Impact of tax related items		—			—			—			—			—			—			—			26			—			(100	%)
Core earnings before tax related items	$	331		$	386		$	369		$	232		$	220			(34	%)		(5	%)	$	803		$	1,207			50	%
Core earnings ROE (last 12 months income-equity x-AOCI)		14.2	%		14.7	%		17.2	%		20.6	%		18.1	%		3.9			(2.5	)
Core earnings ROE (last 12 months income-equity x-AOCI) before tax related items		13.7	%		14.3	%		16.7	%		20.6	%		18.1	%		4.4			(2.5	)

	PROPERTY & CASUALTY
	Dec. 31,		Dec. 31,
	2004		2005		Change
Selected Financial Data
Hartford Fire adjusted statutory surplus ($ in billions) [7]		$6.4	$	7.1	$	0.7
Hartford Fire premium to adjusted surplus ratio		1.5		1.5		—

[1]	Earned premiums for the year ended December 31, 2004 were reduced by $90, reflecting a decrease in estimated earned premiums on retrospectively-rated policies. Earned premiums are net of catastrophe treaty reinstatement premium related to hurricanes of $17 in the third quarter of 2004, $60 in the third quarter of 2005, and $13 in the fourth quarter of 2005.
[2]	Ongoing Operations prior year loss and loss adjustment expenses for the year ended December 31, 2004 included a net reserve release of $298 related to September 11 and an increase in reserves of $190 for construction defects claims. Ongoing Operations prior year loss and loss adjustment expenses for the three months ended June 30, 2005 included a net reserve release of $95, predominantly related to allocated loss adjustment expenses on auto liability claims.
[3]	During the year ended December 31, 2004, the Company reduced the net reinsurance recoverable asset associated with older, long-term casualty liabilities reported in the Other Operations segment by $181. Additionally, the year ended December 31, 2004 included a net reserve release of $97 related to September 11, an increase of $170 for assumed casualty reinsurance reserves, and environmental reserve strengthening of $75. The three months ended June 30, 2005 included assumed reinsurance reserve strengthening of $73.
[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 year ended December 31, 2004, the net reserve release related to September 11.
[5]	Catastrophe losses for the year ended December 31, 2004 included losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. Catastrophe losses for the three months ended September 30, 2005 included losses from Hurricane Katrina and Hurricane Rita. Catastrophe losses for the three months ended December 31, 2005 included losses from Hurricane Wilma.
[6]	Core earnings for Property & Casualty before the impact of the $90 decrease in estimated earned premiums on retrospectively-rated policies and prior year development is $1,157 for the year ended December 31, 2004.
[7]	Estimated statutory surplus as of December 31, 2005.

PC-1

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

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			Mar. 31,			Jun. 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
TOTAL PROPERTY & CASUALTY UNDERWRITING RESULTS
Written premiums	$	2,422		$	2,581		$	2,722		$	2,618		$	2,566			6	%		(2	%)	$	9,962		$	10,487			5	%
Change in reserve		(59	)		74			144			101			12		NM				(88	%)		468			331			(29	%)
Earned premiums [1]		2,481			2,507			2,578			2,517			2,554			3	%		1	%		9,494			10,156			7	%
Loss and loss adjustment expenses
Current year		1,590			1,580			1,655			1,749			1,731			9	%		(1	%)		6,590			6,715			2	%
Prior year [2]		100			34			33			94			87			(13	%)		(7	%)		414			248			(40	%)
Total loss and loss adjustment expenses [3]		1,690			1,614			1,688			1,843			1,818			8	%		(1	%)		7,004			6,963			(1	%)
Underwriting expenses		608			632			662			675			744			22	%		10	%		2,481			2,713			9	%
Dividends to policyholders		(1	)		4			4			(1	)		8		NM			NM				12			15			25	%
Underwriting results		184			257			224			—			(16	)	NM			NM				(3	)		465		NM
Net servicing income		2			13			15			12			9		NM				(25	%)		42			49			17	%
Net investment income		333			337			328			349			351			5	%		1	%		1,248			1,365			9	%
Periodic net coupon settlements on non-qualifying derivatives, before-tax		1			—			—			—			—			(100	%)		—			9			—			(100	%)
Other expenses		(54	)		(60	)		(39	)		(53	)		(51	)		6	%		4	%		(235	)		(203	)		14	%
Income tax expense		(135	)		(161	)		(159	)		(76	)		(73	)		46	%		4	%		(258	)		(469	)		(82	%)
Core earnings before tax related items		331			386			369			232			220			(34	%)		(5	%)		803			1,207			50	%
Tax related items [4]		—			—			—			—			—			—			—			26			—			(100	%)
Core earnings		331			386			369			232			220			(34	%)		(5	%)		829			1,207			46	%
Add: Net realized capital gains (losses), after-tax		11			31			—			1			(3	)	NM			NM				81			29			(64	%)
Net income	$	342		$	417		$	369		$	233		$	217			(37	%)		(7	%)	$	910		$	1,236			36	%
Total Property & Casualty effective tax rate — net income		29.0	%		29.9	%		30.0	%		25.0	%		24.4	%		(4.6	)		(0.6	)		23.2	%		28.2	%		5.0
Total Property & Casualty effective tax rate — core earnings		28.8	%		29.5	%		30.0	%		24.9	%		24.7	%		(4.1	)		(0.2	)		21.8	%		28.0	%		6.2

[1]	Earned premiums for the year ended December 31, 2004 were reduced by $90, reflecting a decrease in estimated earned premiums on retrospectively-rated policies. Earned premiums are net of catastrophe treaty reinstatement premium related to hurricanes of $17 in the third quarter of 2004, $60 in the third quarter of 2005, and $13 in the fourth quarter of 2005.
[2]	The year ended December 31, 2004 included a net reserve release of $395 related to September 11, an increase in reserves of $190 for construction defects claims, an increase in reserves of $170 for assumed casualty reinsurance, a reduction in net reinsurance recoverables of $181 and environmental reserve strengthening of $75. The three months ended June 30, 2005 included a net reserve release of $95, predominantly related to allocated loss adjustment expenses on auto liability claims and assumed reinsurance reserve strengthening of $73.
[3]	The year ended December 31, 2004 included catastrophe losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. The three months ended September 30, 2005 included catastrophe losses from Hurricane Katrina and Hurricane Rita. The three months ended December 31, 2005 included catastrophe losses from Hurricane Wilma.
[4]	Tax benefit related to the audit settlement of tax years prior to 2004.

PC-2

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

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			Mar. 31,			Jun. 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
ONGOING OPERATIONS UNDERWRITING RESULTS
Written premiums	$	2,421		$	2,579		$	2,722		$	2,616		$	2,566			6	%		(2	%)	$	9,972		$	10,483			5	%
Change in reserve		(58	)		75			143			101			12		NM				(88	%)		502			331			(34	%)
Earned premiums [1]		2,479			2,504			2,579			2,515			2,554			3	%		2	%		9,470			10,152			7	%
Loss and loss adjustment expenses
Current year		1,587			1,580			1,655			1,749			1,731			9	%		(1	%)		6,554			6,715			2	%
Prior year [2]		35			6			(74	)		43			61			74	%		42	%		5			36		NM
Total loss and loss adjustment expenses [3]		1,622			1,586			1,581			1,792			1,792			10	%		—			6,559			6,751			3	%
Underwriting expenses		615			629			660			671			735			20	%		10	%		2,454			2,695			10	%
Dividends to policyholders		(1	)		4			4			(1	)		8		NM			NM				12			15			25	%
Underwriting results		243			285			334			53			19			(92	%)		(64	%)		445			691			55	%
Net servicing income		2			13			15			12			9		NM				(25	%)		42			49			17	%
Net investment income		253			260			258			279			285			13	%		2	%		903			1,082			20	%
Periodic net coupon settlements on non-qualifying derivatives, before-tax		1			—			—			—			—			(100	%)		—			9			—			(100	%)
Other expenses		(36	)		(59	)		(37	)		(50	)		(56	)		(56	%)		(12	%)		(198	)		(202	)		(2	%)
Income tax expense		(139	)		(149	)		(178	)		(77	)		(63	)		55	%		18	%		(330	)		(467	)		(42	%)
Core earnings, before tax related items		324			350			392			217			194			(40	%)		(11	%)		871			1,153			32	%
Tax related items [4]		—			—			—			—			—			—			—			26			—			(100	%)
Core earnings		324			350			392			217			194			(40	%)		(11	%)		897			1,153			29	%
Add: Net realized capital gains (losses), after-tax		12			18			(4	)		1			(3	)	NM			NM				58			12			(79	%)
Net income		336		$	368		$	388		$	218		$	191			(43	%)		(12	%)	$	955		$	1,165			22	%
Ongoing Operations effective tax rate — net income		30.0	%		30.2	%		31.1	%		26.1	%		24.7	%		(5.3	)		(1.4	)		25.9	%		28.9	%		3.0
Ongoing Operations effective tax rate — core earnings		29.8	%		30.0	%		31.1	%		26.0	%		24.9	%		(4.9	)		(1.1	)		25.2	%		28.8	%		3.6

[1]	Earned premiums for the year ended December 31, 2004 were reduced by $90, reflecting a decrease in estimated earned premiums on retrospectively-rated policies. Earned premiums are net of catastrophe treaty reinstatement premium related to hurricanes of $17 in the third quarter of 2004, $60 in the third quarter of 2005, and $13 in the fourth quarter of 2005.
[2]	The year ended December 31, 2004 included a net reserve release of $298 related to September 11 and an increase in reserves of $190 for construction defects claims. The three months ended June 30, 2005 included a net reserve release of $95, predominantly related to allocated loss adjustment expenses on auto liability claims.
[3]	The year ended December 31, 2004 included catastrophe losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. The three months ended September 30, 2005 included catastrophe losses from Hurricane Katrina and Hurricane Rita. The three months ended December 31, 2005 included catastrophe losses from Hurricane Wilma.
[4]	Tax benefit related to the audit settlement of tax years prior to 2004.

PC-3

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
ONGOING OPERATIONS CONSOLIDATING UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2005

	Business		Personal			Specialty			Ongoing
	Insurance		Lines			Commercial			Operations
UNDERWRITING RESULTS
Written premiums	$	1,293	$	901		$	372		$	2,566
Change in reserve		49		(16	)		(21	)		12
Earned premiums [1]		1,244		917			393			2,554
Loss and loss adjustment expenses
Current year		810		586			335			1,731
Prior year		36		15			10			61
Total loss and loss adjustment expenses [2]		846		601			345			1,792
Underwriting expenses		380		242			113			735
Dividends to policyholders		6		—			2			8
Underwriting results	$	12	$	74		$	(67	)	$	19
UNDERWRITING RATIOS
Loss and loss adjustment expenses
Current year		65.1		64.0			84.6			67.7
Prior year [3]		2.9		1.6			2.7			2.4
Total loss and loss adjustment expenses		68.1		65.7			87.3			70.2
Expenses		30.5		26.2			29.1			28.7
Policyholder dividends		0.5		—			0.7			0.3
Combined ratio		99.0		91.9			117.0			99.2
Catastrophe ratio [2] [3]		4.1		0.9			15.1			4.7
Combined ratio before catastrophes	94.9			91.0			101.9			94.6
Combined ratio before catastrophes and prior year development [3]		91.9		89.4			99.2			92.1

[1]	Earned premiums are net of catastrophe treaty reinstatement premium of $13 related to hurricanes.
[2]	Catastrophe losses for the three months ended December 31, 2005 included losses from Hurricane Wilma.
[3]	Included in the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses.

PC-4

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
PROPERTY & CASUALTY
ONGOING OPERATIONS CONSOLIDATING UNDERWRITING RESULTS
FOR THE YEAR ENDED DECEMBER 31, 2005

	Business		Personal			Specialty			Ongoing
	Insurance		Lines			Commercial			Operations
UNDERWRITING RESULTS
Written premiums	$	5,001	$	3,676		$	1,806		$	10,483
Change in reserve		216		66			49			331
Earned premiums [1]		4,785		3,610			1,757			10,152
Loss and loss adjustment expenses
Current year		2,949		2,389			1,377			6,715
Prior year [2]		22		(95	)		109			36
Total loss and loss adjustment expenses [3]		2,971		2,294			1,486			6,751
Underwriting expenses		1,411		856			428			2,695
Dividends to policyholders		7		—			8			15
Underwriting results	$	396	$	460		$	(165	)	$	691
UNDERWRITING RATIOS
Loss and loss adjustment expenses
Current year		61.6		66.2			78.4			66.1
Prior year [2] [4]		0.5		(2.6	)		6.2			0.4
Total loss and loss adjustment expenses		62.1		63.6			84.6			66.5
Expenses		29.5		23.7			24.3			26.5
Policyholder dividends		0.1		—			0.5			0.1
Combined ratio		91.7		87.3			109.4			93.2
Catastrophe ratio [3] [4]		2.0		2.9			9.5			3.6
Combined ratio before catastrophes		89.7		84.4			99.9			89.6
Combined ratio before catastrophes and prior year development [4]		89.4		87.2			93.8			89.4

[1]	Earned premiums are net of catastrophe treaty reinstatement premium related to hurricanes of $60 in the third quarter and $13 in the fourth quarter. Refer to the respective segment underwriting pages for catastrophe treaty reinstatement premium by segment.
[2]	Included a net reserve release of $95 in Personal Lines, predominantly related to allocated loss adjustment expenses on auto liability claims recorded in the second quarter. Included workers compensation reserve strengthening of $70 in Specialty Commercial recorded in the third quarter.
[3]	Included catastrophe losses from Hurricane Katrina and Hurricane Rita in the third quarter and from Hurricane Wilma in the fourth quarter.
[4]	Included in both the prior year loss and loss adjustment expenses ratio and catastrophe ratio is prior accident year development on catastrophe losses.

PC-5

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

														Year Over
	THREE MONTHS ENDED													Year			Sequential			YEAR ENDED
	Dec. 31,			Mar. 31,		Jun. 30,			Sept. 30,			Dec. 31,		3 Month			3 Month			DECEMBER 31,
	2004			2005		2005			2005			2005		Change			Change			2004		2005		Change
UNDERWRITING RESULTS
Written premiums	$	2,421		$	2,579	$	2,722		$	2,616		$	2,566		6	%		(2	%)	$	9,972	$	10,483		5	%
Change in reserve		(58	)		75		143			101			12	NM				(88	%)		502		331		(34	%)
Earned premiums [1] [2]		2,479			2,504		2,579			2,515			2,554		3	%		2	%		9,470		10,152		7	%
Loss and loss adjustment expenses
Current year		1,587			1,580		1,655			1,749			1,731		9	%		(1	%)		6,554		6,715		2	%
Prior year [3]		35			6		(74	)		43			61		74	%		42	%		5		36	NM
Total loss and loss adjustment expenses [4]		1,622			1,586		1,581			1,792			1,792		10	%		—			6,559		6,751		3	%
Underwriting expenses		615			629		660			671			735		20	%		10	%		2,454		2,695		10	%
Dividends to policyholders		(1	)		4		4			(1	)		8	NM			NM				12		15		25	%
Underwriting results	$	243		$	285	$	334		$	53		$	19		(92	%)		(64	%)	$	445	$	691		55	%
UNDERWRITING RATIOS [1]
Loss and loss adjustment expenses
Current year		63.9			63.1		64.2			69.6			67.7		(3.8	)		1.9			69.2		66.1		3.1
Prior year [3] [5]		1.4			0.2		(2.9	)		1.7			2.4		(1.0	)		(0.7	)		0.1		0.4		(0.3	)
Total loss and loss adjustment expenses		65.4			63.3		61.3			71.3			70.2		(4.8	)		1.1			69.3		66.5		2.8
Expenses		24.8			25.1		25.6			26.7			28.7		(3.9	)		(2.0	)		25.9		26.5		(0.6	)
Policyholder dividends		—			0.2		0.2			—			0.3		(0.3	)		(0.3	)		0.1		0.1		—
Combined ratio		90.2			88.6		87.0			97.9			99.2		(9.0	)		(1.3	)		95.3		93.2		2.1
Catastrophe ratio [4] [5]		1.2			1.9		1.7			6.2			4.7		(3.5	)		1.5			2.2		3.6		(1.4	)
Combined ratio before catastrophes		89.0			86.8		85.3			91.7			94.6		(5.6	)		(2.9	)		93.1		89.6		3.5
Combined ratio before catastrophes and prior year development [2] [4]		87.6			87.1		88.5			89.8			92.1		(4.5	)		(2.3	)		89.7		89.4		0.3

[1] Ongoing Operations earned premiums for the year ended December 31, 2004 were reduced by $90, reflecting a decrease in estimated earned premiums on retrospectively-rated policies. The year ended December 31, 2004 also included 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 year ended December 31, 2004 included an increase in reserves of $113. The following table shows underwriting ratios for the year ended December 31, 2004 before giving effect of these items:

Loss and loss adjustment expenses
Current year	68.5
Prior year	—
Total loss and loss adjustment expenses	68.5
Expenses	25.7
Policyholder dividends	0.1
Combined ratio	94.3
Catastrophe ratio	5.5
Combined ratio before catastrophes	88.9
Combined ratio before catastrophes and prior year development	88.9

[2]	Earned premiums are net of catastrophe treaty reinstatement premium related to hurricanes of $17 in the third quarter of 2004, $60 in the third quarter of 2005, and $13 in the fourth quarter of 2005.
[3]	The year ended December 31, 2004 included a net reserve release of $298 related to September 11 and an increase in reserves of $190 for construction defects claims. The three months ended June 30, 2005 included a net reserve release of $95 in Personal Lines, predominately related to allocated loss adjustment expenses on auto liability claims.
[4]	Catastrophe losses for the year ended December 31, 2004 included losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. Catastrophe losses for the three months ended September 30, 2005 included losses from Hurricane Katrina and Hurricane Rita. Catastrophe losses for the three months ended December 31, 2005 included losses from Hurricane Wilma.
[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 year ended December 31, 2004, the net reserve release related to September 11.

PC-6

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

														��
														Year Over
	THREE MONTHS ENDED													Year			Sequential
	Dec. 31,			Mar. 31,		Jun. 30,			Sept. 30,			Dec. 31,		3 Month			3 Month			YEAR ENDED DECEMBER 31,
	2004			2005		2005			2005			2005		Change			Change			2004			2005		Change
UNDERWRITING RESULTS
Written premiums	$	1,157		$	1,238	$	1,247		$	1,223		$	1,293		12	%		6	%	$	4,575		$	5,001		9	%
Change in reserve		32			88		50			29			49		53	%		69	%		276			216		(22	%)
Earned premiums [1] [2]		1,125			1,150		1,197			1,194			1,244		11	%		4	%		4,299			4,785		11	%
Loss and loss adjustment expenses
Current year		687			689		722			728			810		18	%		11	%		2,700			2,949		9	%
Prior year		41			8		(8	)		(14	)		36		(12	%)	NM				(67	)		22	NM
Total loss and loss adjustment expenses [3]		728			697		714			714			846		16	%		18	%		2,633			2,971		13	%
Underwriting expenses		337			333		340			358			380		13	%		6	%		1,296			1,411		9	%
Dividends to policyholders		(3	)		2		2			(3	)		6	NM			NM				10			7		(30	%)
Underwriting results	$	63		$	118	$	141		$	125		$	12		(81	%)		(90	%)	$	360		$	396		10	%
UNDERWRITING RATIOS [1]
Loss and loss adjustment expenses
Current year		61.0			60.0		60.2			60.9			65.1		(4.1	)		(4.2	)		62.8			61.6		1.2
Prior year [4]		3.7			0.7		(0.6	)		(1.2	)		2.9		0.8			(4.1	)		(1.6	)		0.5		(2.1	)
Total loss and loss adjustment expenses		64.7			60.7		59.6			59.7			68.1		(3.4	)		(8.4	)		61.2			62.1		(0.9	)
Expenses		29.9			28.9		28.4			30.1			30.5		(0.6	)		(0.4	)		30.1			29.5		0.6
Policyholder dividends		(0.2	)		0.2		0.2			(0.2	)		0.5		(0.7	)		(0.7	)		0.2			0.1		0.1
Combined ratio		94.4			89.8		88.2			89.5			99.0		(4.6	)		(9.5	)		91.6			91.7		(0.1	)
Catastrophe ratio [3] [4]		1.0			1.5		0.6			1.5			4.1		(3.1	)		(2.6	)		(0.9	)		2.0		(2.9	)
Combined ratio before catastrophes		93.4			88.2		87.6			88.0			94.9		(1.5	)		(6.9	)		92.5			89.7		2.8
Combined ratio before catastrophes and prior year development		89.7			88.3		88.2			89.0			91.9		(2.2	)		(2.9	)		89.7			89.4		0.3

[1]	The year ended December 31, 2004 included a net reserve release of $175 related to September 11 and an increase in reserves of $23 for construction defects claims.
[2]	Earned premiums are net of catastrophe treaty reinstatement premium related to hurricanes of $6 in the third quarter of 2004, $14 in the third quarter of 2005, and $2 in the fourth quarter of 2005.
[3]	Catastrophe losses for the year ended December 31, 2004 included losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. Catastrophe losses for the three months ended September 30, 2005 included losses from Hurricane Katrina and Hurricane Rita. Catastrophe losses for the three months ended December 31, 2005 included losses from Hurricane Wilma.
[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 year ended December 31, 2004, the net reserve release related to September 11.

PC-7

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

											Year Over
	THREE MONTHS ENDED										Year			Sequential					YEAR ENDED
	Dec. 31,		Mar. 31,		Jun. 30,		Sept. 30,		Dec. 31,		3 Month			3 Month			DECEMBER 31,
	2004		2005		2005		2005		2005		Change			Change			2004		2005		Change
WRITTEN PREMIUMS [1]
Small Commercial	$	569	$	658	$	642	$	607	$	638		12	%		5	%	$	2,255	$	2,545		13	%
Middle Market		588		580		605		616		655		11	%		6	%		2,320		2,456		6	%
Total	$	1,157	$	1,238	$	1,247	$	1,223	$	1,293		12	%		6	%	$	4,575	$	5,001		9	%
EARNED PREMIUMS [1]
Small Commercial	$	549	$	572	$	609	$	606	$	634		15	%		5	%	$	2,077	$	2,421		17	%
Middle Market		576		578		588		588		610		6	%		4	%		2,222		2,364		6	%
Total	$	1,125	$	1,150	$	1,197	$	1,194	$	1,244		11	%		4	%	$	4,299	$	4,785		11	%

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

PC-8

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

																Year Over
	THREE MONTHS ENDED															Year			Sequential					YEAR ENDED
	Dec. 31,			Mar. 31,			Jun. 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER 31,
	2004			2005			2005			2005			2005			Change			Change			2004		2005			Change
UNDERWRITING RESULTS
Written premiums	$	856		$	864		$	975		$	936		$	901			5	%		(4	%)	$	3,557	$	3,676			3	%
Change in reserve		(26	)		(25	)		61			46			(16	)		38	%	NM				112		66			(41	%)
Earned premiums [1]		882			889			914			890			917			4	%		3	%		3,445		3,610			5	%
Loss and loss adjustment expenses
Current year		591			577			603			623			586			(1	%)		(6	%)		2,509		2,389			(5	%)
Prior year [2]		(4	)		(11	)		(94	)		(5	)		15		NM			NM				3		(95	)	NM
Total loss and loss adjustment expenses [3]		587			566			509			618			601			2	%		(3	%)		2,512		2,294			(9	%)
Underwriting expenses		201			196			217			201			242			20	%		20	%		795		856			8	%
Underwriting results	$	94		$	127		$	188		$	71		$	74			(21	%)		4	%	$	138	$	460		NM
UNDERWRITING RATIOS
Loss and loss adjustment expenses
Current year		67.1			65.0			65.9			69.9			64.0			3.1			5.9			72.8		66.2			6.6
Prior year [2] [4]		(0.4	)		(1.2	)		(10.3	)		(0.5	)		1.6			(2.0	)		(2.1	)		0.1		(2.6	)		2.7
Total loss and loss adjustment expenses		66.7			63.7			55.6			69.3			65.7			1.0			3.6			72.9		63.6			9.3
Expenses		22.6			22.0			23.8			22.7			26.2			(3.6	)		(3.5	)		23.1		23.7			(0.6	)
Combined ratio		89.3			85.8			79.4			92.0			91.9			(2.6	)		0.1			96.0		87.3			8.7
Catastrophe ratio [3] [4]		(0.3	)		2.5			2.4			5.8			0.9			(1.2	)		4.9			7.4		2.9			4.5
Combined ratio before catastrophes		89.6			83.3			77.0			86.2			91.0			(1.4	)		(4.8	)		88.6		84.4			4.2
Combined ratio before catastrophes and prior year development		90.0			85.0			87.5			86.7			89.4			0.6			(2.7	)		88.2		87.2			1.0
COMBINED RATIO
Automobile		98.5			89.6			81.5			92.4			99.3			(0.8	)		(6.9	)		95.7		90.7			5.0
Homeowners		60.2			73.7			73.1			90.9			69.8			(9.6	)		21.1			96.8		76.6			20.2
Total		89.3			85.8			79.4			92.0			91.9			(2.6	)		0.1			96.0		87.3			8.7

[1]	Earned premiums are net of catastrophe treaty reinstatement premium related to hurricanes of $7 in the third quarter of 2004, $28 in the third quarter of 2005, and $3 in the fourth quarter of 2005.
[2]	The year ended December 31, 2004 included a net reserve release of $7 related to September 11. The three months ended June 30, 2005 included a net reserve release of $95, predominantly related to allocated loss adjustment expenses on auto liability claims.
[3]	Catastrophe losses for the year ended December 31, 2004 included losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. Catastrophe losses for the three months ended September 30, 2005 included losses from Hurricane Katrina and Hurricane Rita. Catastrophe losses for the three months ended December 31, 2005 included losses from Hurricane Wilma.
[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 year ended December 31, 2004, the net reserve release related to September 11.

PC-9

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

											Year Over
	THREE MONTHS ENDED										Year			Sequential					YEAR ENDED
	Dec. 31,		Mar. 31,		Jun. 30,		Sept. 30,		Dec. 31,		3 Month			3 Month			DECEMBER 31,
	2004		2005		2005		2005		2005		Change			Change			2004		2005		Change
BUSINESS UNIT
WRITTEN PREMIUMS [1]
AARP	$	534	$	550	$	635	$	608	$	580		9	%		(5	%)	$	2,244	$	2,373		6	%
Other Affinity		31		29		28		26		26		(16	%)		—			128		109		(15	%)
Agency		241		232		267		261		260		8	%		—			942		1,020		8	%
Omni		50		53		45		41		35		(30	%)		(15	%)		243		174		(28	%)
Total	$	856	$	864	$	975	$	936	$	901		5	%		(4	%)	$	3,557	$	3,676		3	%
EARNED PREMIUMS [1]
AARP	$	550	$	560	$	579	$	568	$	589		7	%		4	%	$	2,146	$	2,296		7	%
Other Affinity		33		31		31		28		28		(15	%)		—			138		118		(14	%)
Agency		238		242		252		246		257		8	%		4	%		907		997		10	%
Omni		61		56		52		48		43		(30	%)		(10	%)		254		199		(22	%)
Total	$	882	$	889	$	914	$	890	$	917		4	%		3	%	$	3,445	$	3,610		5	%
PRODUCT LINE
WRITTEN PREMIUMS [1]
Automobile	$	645	$	672	$	720	$	695	$	666		3	%		(4	%)	$	2,685	$	2,753		3	%
Homeowners		211		192		255		241		235		11	%		(2	%)		872		923		6	%
Total	$	856	$	864	$	975	$	936	$	901		5	%		(4	%)	$	3,557	$	3,676		3	%
EARNED PREMIUMS [1]
Automobile	$	671	$	674	$	684	$	684	$	686		2	%		—		$	2,622	$	2,728		4	%
Homeowners		211		215		230		206		231		9	%		12	%		823		882		7	%
Total	$	882	$	889	$	914	$	890	$	917		4	%		3	%	$	3,445	$	3,610		5	%

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

PC-10

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

														Year Over
	THREE MONTHS ENDED													Year			Sequential						YEAR ENDED
	Dec. 31,			Mar. 31,		Jun. 30,		Sept. 30,			Dec. 31,			3 Month			3 Month						DECEMBER 31,
	2004			2005		2005		2005			2005			Change			Change			2004			2005			Change
UNDERWRITING RESULTS
Written premiums	$	408		$	477	$	500	$	457		$	372			(9	%)		(19	%)	$	1,840		$	1,806			(2	%)
Change in reserve		(64	)		12		32		26			(21	)		67	%		NM			114			49			(57	%)
Earned premiums [1] [2]		472			465		468		431			393			(17	%)		(9	%)		1,726			1,757			2	%
Loss and loss adjustment expenses
Current year		309			314		330		398			335			8	%		(16	%)		1,345			1,377			2	%
Prior year [3]		(2	)		9		28		62			10			NM			(84	%)		69			109			58	%
Total loss and loss adjustment expenses [4]		307			323		358		460			345			12	%		(25	%)		1,414			1,486			5	%
Underwriting expenses		77			100		103		112			113			47	%		1	%		363			428			18	%
Dividends to policyholders		2			2		2		2			2			—			—			2			8			NM
Underwriting results	$	86		$	40	$	5	$	(143	)	$	(67	)		NM			53	%	$	(53	)	$	(165	)		NM
UNDERWRITING RATIOS [1]
Loss and loss adjustment expenses
Current year		64.9			67.1		70.9		92.8			84.6			(19.7	)		8.2			77.9			78.4			(0.5	)
Prior year [5]		(0.4	)		1.9		5.8		14.6			2.7			(3.1	)		11.9			4.0			6.2			(2.2	)
Total loss and loss adjustment expenses		64.5			69.1		76.7		107.4			87.3			(22.8	)		20.1			81.9			84.6			(2.7	)
Expenses		16.9			21.9		21.7		25.4			29.1			(12.2	)		(3.7	)		21.1			24.3			(3.2	)
Policyholder dividends		0.5			0.4		0.4		0.5			0.7			(0.2	)		(0.2	)		0.1			0.5			(0.4	)
Combined ratio		81.8			91.3		98.8		133.3			117.0			(35.2	)		16.3			103.1			109.4			(6.3	)
Catastrophe ratio [4] [5]		4.2			1.5		3.3		19.7			15.1			(10.9	)		4.6			(0.4	)		9.5			(9.9	)
Combined ratio before catastrophes		77.6			89.8		95.5		113.6			101.9			(24.3	)		11.7			103.5			99.9			3.6
Combined ratio before catastrophes and prior year development		78.0			88.0		91.0		98.2			99.2			(21.2	)		(1.0	)		92.8			93.8			(1.0	)

[1] Specialty Commercial earned premiums for the year ended December 31, 2004 were reduced by $90, reflecting a decrease in estimated earned premiums on retrospectively-rated policies. The year ended December 31, 2004 also included 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 included an increase in reserves of $18 for the year ended December 31, 2004. The following table shows underwriting ratios for the year ended December 31, 2004 before giving effect of these items:

Loss and loss adjustment expenses
Current year	74.0
Prior year	—
Total loss and loss adjustment expenses	74.0
Expenses	20.1
Policyholder dividends	0.1
Combined ratio	94.2
Catastrophe ratio	6.0
Combined ratio before catastrophes	88.2
Combined ratio before catastrophes and prior year development	88.2

[2]	Earned premiums are net of catastrophe treaty reinstatement premium related to hurricanes of $4 in the third quarter of 2004, $18 in the third quarter of 2005, and $8 in the fourth quarter of 2005.
[3]	The three months ended September 30, 2005 included workers compensation reserve strengthening of $70.
[4]	Catastrophe losses for the year ended December 31, 2004 included losses from Hurricane Charley, Hurricane Frances, Hurricane Ivan and Hurricane Jeanne. Catastrophe losses for the three months ended September 30, 2005 included losses from Hurricane Katrina and Hurricane Rita. Catastrophe losses for the three months ended December 31, 2005 included losses from Hurricane Wilma.
[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 year ended December 31, 2004, the net reserve release related to September 11.

PC-11

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

											Year Over
	THREE MONTHS ENDED										Year			Sequential					YEAR ENDED
	Dec. 31,		Mar. 31,		Jun. 30,		Sept. 30,		Dec. 31,		3 Month			3 Month			DECEMBER 31,
	2004		2005		2005		2005		2005		Change			Change			2004		2005		Change
WRITTEN PREMIUMS [1]
Property	$	72	$	66	$	75	$	38	$	32		(56	%)		(16	%)	$	443	$	211		(52	%)
Casualty		172		242		239		202		132		(23	%)		(35	%)		743		815		10	%
Bond		48		52		59		59		58		21	%		(2	%)		197		228		16	%
Professional Liability		93		76		89		109		111		19	%		2	%		342		385		13	%
Other		23		41		38		49		39		70	%		(20	%)		115		167		45	%
Total	$	408	$	477	$	500	$	457	$	372		(9	%)		(19	%)	$	1,840	$	1,806		(2	%)
EARNED PREMIUMS [1]
Property	$	118	$	76	$	72	$	40	$	57		(52	%)		43	%	$	461	$	245		(47	%)
Casualty [2]		198		214		221		201		151		(24	%)		(25	%)		635		787		24	%
Bond		48		49		52		54		55		15	%		2	%		188		210		12	%
Professional Liability		87		82		84		89		90		3	%		1	%		335		345		3	%
Other		21		44		39		47		40		90	%		(15	%)		107		170		59	%
Total	$	472	$	465	$	468	$	431	$	393		(17	%)		(9	%)	$	1,726	$	1,757		2	%

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

PC-12

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

	THREE MONTHS ENDED
	Dec. 31,			Mar. 31,			Jun. 30,			Sept. 30,			Dec. 31,
	2004			2005			2005			2005			2005
Written Price Increases
Business Insurance		2	%		—			(1	%)		(3	%)		(3	%)
Personal Lines Automobile		3	%		—			(1	%)		(1	%)		(1	%)
Personal Lines Homeowners		8	%		5	%		8	%		8	%		5	%
Premium Retention
Business Insurance		85	%		84	%		84	%		83	%		86	%
Personal Lines Automobile		89	%		87	%		87	%		86	%		88	%
Personal Lines Homeowners		96	%		94	%		94	%		93	%		97	%
New Business % to Net Written Premium
Business Insurance		26	%		24	%		24	%		24	%		23	%
Personal Lines Automobile		16	%		16	%		15	%		16	%		15	%
Personal Lines Homeowners		14	%		14	%		13	%		16	%		15	%

PC-13

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

																	Year Over
	THREE MONTHS ENDED																Year			Sequential						YEAR ENDED
	Dec. 31,			Mar. 31,			Jun. 30,			Sept. 30,			Dec. 31,				3 Month			3 Month			DECEMBER 31,
	2004			2005			2005			2005			2005				Change			Change			2004			2005			Change
UNDERWRITING RESULTS
Written premiums	$	1		$	2		$	—		$	2		$	—				(100	%)		(100	%)	$	(10	)	$	4			NM
Change in reserve		(1	)		(1	)		1			—			—				100	%		—			(34	)		—			100	%
Earned premiums		2			3			(1	)		2			—				(100	%)		(100	%)		24			4			(83	%)
Loss and loss adjustment expenses
Current year		3			—			—			—			—				(100	%)		—			36			—			(100	%)
Prior year [1]		65			28			107			51			26				(60	%)		(49	%)		409			212			(48	%)
Total loss and loss adjustment expenses		68			28			107			51			26				(62	%)		(49	%)		445			212			(52	%)
Underwriting expenses		(7	)		3			2			4			9				NM			125	%		27			18			(33	%)
Underwriting results	$	(59	)	$	(28	)	$	(110	)	$	(53	)	$	(35	)			41	%		34	%	$	(448	)	$	(226	)		50	%
Net investment income		80			77			70			70			66				(18	%)		(6	%)		345			283			(18	%)
Other expenses		(18	)		(1	)		(2	)		(3	)		5				NM			NM			(37	)		(1	)		97	%
Income tax expense		4			(12	)		19			1			(10	)			NM			NM			72			(2	)		NM
Core earnings		7			36			(23	)		15			26				NM			73	%		(68	)		54			NM
Add: Net realized capital (losses) gains, after-tax		(1	)		13			4			—			—		��		100	%		—			23			17			(26	%)
Net income (loss)	$	6		$	49		$	(19	)	$	15		$	26				NM			73	%	$	(45	)	$	71			NM

[1] The year ended December 31, 2004 included a net reserve release of $97 related to September 11, an increase of $170 for assumed casualty reinsurance reserves, a provision of $181 associated with the evaluation of the reinsurance recoverable asset and $75 of environmental reserve strengthening. The three months ended December 31, 2004 included an increase of $40 for assumed casualty reinsurance reserves. The three months ended June 30, 2005 included assumed reinsurance reserve strengthening of $73. The three months ended September 30, 2005 included environmental reserve strengthening of $37.

PC-14

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

For the Three Months Ended December 31, 2005	Asbestos				Environmental			All Other [1]			Total
Beginning liability — net [2] [3]	$	2,326			$	371		$	2,293		$	4,990
Claims and claim adjustment expenses incurred		10				1			15			26
Claims and claim adjustment expenses paid		(45	)			(12	)		(68	)		(125	)
Ending liability — net [2] [3]	$	2,291		[4]	$	360		$	2,240		$	4,891

For the Twelve Months Ended December 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		29				52			131			212
Claims and claim adjustment expenses paid		(209	)			(77	)		(405	)		(691	)
Ending liability — net [2] [3]	$	2,291		[4]	$	360		$	2,240		$	4,891

[1]	“All Other” also includes unallocated loss adjustment expense reserves and the allowance for uncollectible reinsurance.
[2]	Excludes asbestos and environmental net liabilities reported in Ongoing Operations of $10 and $6, respectively, as of December 31, 2005, $10 and $7, respectively, as of September 30, 2005, and $13 and $9, respectively, as of December 31, 2004. Total net claim and claim adjustment expenses incurred in Ongoing Operations for the three and twelve months ended December 31, 2005 includes $2 and $11, respectively, related to asbestos and environmental claims. Total net claim and claim adjustment expenses paid in Ongoing Operations for the three and twelve months ended December 31, 2005 includes $3 and $17, respectively, related to asbestos and environmental claims.
[3]	Gross of reinsurance, asbestos and environmental reserves, including liabilities in Ongoing Operations, were $3,845 and $432, respectively, as of December 31, 2005, $3,944 and $451, respectively, as of September 30, 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 $215 and $526, respectively, resulting in a one year net survival ratio of 10.7 and a three year net survival ratio of 4.4 (12.7 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-15

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

	Asbestos [1]					Environmental [1]
	Paid			Incurred		Paid			Incurred
For the Three Months Ended December 31, 2005	Loss & LAE			Loss & LAE		Loss & LAE			Loss & LAE
Gross
Direct	$	67		$	2	$	11		$	(1	)
Assumed — Domestic		19			—		5			1
London Market		15			—		2			—
Total		101			2		18			—
Ceded		(56	)		8		(6	)		1
Net	$	45		$	10	$	12		$	1

	Asbestos [1]						Environmental [1]
	Paid			Incurred			Paid			Incurred
For the Twelve Months Ended December 31, 2005	Loss & LAE			Loss & LAE			Loss & LAE			Loss & LAE
Gross
Direct	$	349		$	10		$	50		$	14
Assumed — Domestic		70			(4	)		21			—
London Market		61			—			9			—
Total		480			6			80			14
Ceded		(271	)		23			(3	)		38
Net	$	209		$	29		$	77		$	52

[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 three and twelve months ended December 31, 2005 includes $2 and $17, respectively, related to asbestos and environmental claims. Total gross loss and LAE paid in Ongoing Operations for the three and twelve months ended December 31, 2005 includes $3 and $23, respectively, related to asbestos and environmental claims.

PC-16

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

	For the Three Months Ended December 31, 2005
	Business			Personal			Specialty			Ongoing			Other			Total
	Insurance			Lines			Commercial			Operations			Operations			P&C
Liabilities for unpaid claims and claim adjustment expenses at 10/1/05 — gross	$	6,622		$	2,052		$	6,066		$	14,740		$	7,051		$	21,791
Reinsurance and other recoverables		536			201			2,321			3,058			2,061			5,119
Liabilities for unpaid claims and claim adjustment expenses at 10/1/05 — net		6,086			1,851			3,745			11,682			4,990			16,672
Provision for unpaid claims and claim adjustment expenses
Current year		810			586			335			1,731			—			1,731
Prior year		36			15			10			61			26			87
Total provision for unpaid claims and claim adjustment expenses		846			601			345			1,792			26			1,818
Payments		(575	)		(685	)		(242	)		(1,502	)		(125	)		(1,627	)
Liabilities for unpaid claims and claim adjustment expenses at 12/31/05 — net		6,357			1,767			3,848			11,972			4,891			16,863
Reinsurance and other recoverables		709			385			2,354			3,448			1,955			5,403
Liabilities for unpaid claims and claim adjustment expenses at 12/31/05 — gross	$	7,066		$	2,152		$	6,202		$	15,420		$	6,846		$	22,266
Earned premiums	$	1,244		$	917		$	393		$	2,554		$	—		$	2,554
Loss and loss expense paid ratio		46.3			74.8			60.8			58.8
Loss and loss expense incurred ratio		68.1			65.7			87.3			70.2
Prior accident year development (pts.)		2.9			1.6			2.7			2.4

PC-17

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

	For the Year Ended December 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		2,949			2,389			1,377			6,715			—			6,715
Prior year		22			(95	)		109			36			212			248
Total provision for unpaid claims and claim adjustment expenses		2,971			2,294			1,486			6,751			212			6,963
Payments		(2,197	)		(2,337	)		(1,066	)		(5,600	)		(691	)		(6,291	)
Liabilities for unpaid claims and claim adjustment expenses at 12/31/05 — net		6,357			1,767			3,848			11,972			4,891			16,863
Reinsurance and other recoverables		709			385			2,354			3,448			1,955			5,403
Liabilities for unpaid claims and claim adjustment expenses at 12/31/05 — gross	$	7,066		$	2,152		$	6,202		$	15,420		$	6,846		$	22,266
Earned premiums	$	4,785		$	3,610		$	1,757		$	10,152		$	4		$	10,156
Loss and loss expense paid ratio		45.9			64.8			60.6			55.1
Loss and loss expense incurred ratio		62.1			63.6			84.6			66.5
Prior accident year development (pts.)		0.5			(2.6	)		6.2			0.4

PC-18

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

	December 31,			December 31,
	2005			2004
Gross Reinsurance Recoverable [1]
Paid Loss and Loss Adjustment Expense	$	580		$	646
Unpaid Loss and Loss Adjustment Expense		5,393			4,913
Subtotal Gross Reinsurance Recoverable		5,973			5,559
Less: Allowance for Uncollectible Reinsurance		(413	)		(374	)
Net Property & Casualty Reinsurance Recoverable	$	5,560		$	5,185

Distribution of Net Reinsurance Recoverable as of December 31, 2005	% of			% of Rated			% of Rated
	Amount			Total			Companies
Net Property & Casualty Reinsurance Recoverables	$	5,560
Less: Mandatory (Assigned Risk) Pools		(495	)
Net P&C Reinsurance Recoverable Excluding Mandatory Pools	$	5,065
Rated A— (Excellent) or better by A.M. Best [2]	$	3,491			68.9	%		94.4	%
Other Rated by A.M. Best [2]		207			4.1	%		5.6	%
Total Rated Companies		3,698			73.0	%		100.0	%
Voluntary Pools		291			5.7	%
Captives		188			3.7	%
Other Not Rated Companies		888			17.6	%
Total	$	5,065			100.0	%

[1]	Net of commutations, settlements and known insolvencies.
[2]	Based on A.M. Best ratings as of 12/31/05

PC-19

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

	THREE MONTHS ENDED															Year Over
																Year			Sequential						YEAR ENDED
	Dec. 31,			Mar. 31,			Jun. 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
Earned premiums	$	2,481		$	2,507		$	2,578		$	2,517		$	2,554			3	%		1	%	$	9,494		$	10,156			7	%
Net investment income		333			337			328			349			351			5	%		1	%		1,248			1,365			9	%
Other revenues		108			112			115			115			121			12	%		5	%		436			463			6	%
Net realized capital gains (losses)		17			48			—			2			(6	)	NM			NM				133			44			(67	%)
Total revenues		2,939			3,004			3,021			2,983			3,020			3	%		1	%		11,311			12,028			6	%
Benefits, claims and claim adjustment expenses [1]		1,690			1,614			1,688			1,843			1,818			8	%		(1	%)		7,004			6,963			(1	%)
Amortization of deferred policy acquisition costs		478			492			498			500			507			6	%		1	%		1,850			1,997			8	%
Insurance operating costs and expenses		129			144			168			174			245			90	%		41	%		643			731			14	%
Other expenses		160			159			139			156			163			2	%		4	%		629			617			(2	%)
Total benefits and expenses		2,457			2,409			2,493			2,673			2,733			11	%		2	%		10,126			10,308			2	%
Income before income taxes		482			595			528			310			287			(40	%)		(7	%)		1,185			1,720			45	%
													��
Income tax expense [2]		140			178			159			77			70			(50	%)		(9	%)		275			484			76	%
Net income		342			417			369			233			217			(37	%)		(7	%)		910			1,236			36	%
Less: Net realized capital gains (losses), after-tax		11			31			—			1			(3	)	NM			NM				81			29			(64	%)
Core earnings	$	331		$	386		$	369		$	232		$	220			(34	%)		(5	%)	$	829		$	1,207			46	%
Total Property & Casualty effective tax rate — net income		29.0	%		29.9	%		30.0	%		25.0	%		24.4	%		(4.6	)		(0.6	)		23.2	%		28.2	%		5.0
Total Property & Casualty effective tax rate — core earnings		28.8	%		29.5	%		30.0	%		24.9	%		24.7	%		(4.1	)		(0.2	)		21.8	%		28.0	%		6.2

[1]

The year ended December 31, 2004 included a net reserve release of $395 related to September 11, an increase in reserves of $190 for construction defects claims, an increase in reserves of $170 for assumed casualty reinsurance, a $181 reduction in the reinsurance recoverable asset associated with older long-term casualty liabilities and a $75 increase in environmental reserves. The three months ended June 30, 2005 included assumed reinsurance reserve strengthening of $73 and a net reserve release of $95, predominantly related to allocated loss adjustment expenses on auto liability claims.

[2]

The year ended December 31, 2004 included a $26 tax benefit related to the audit settlement of tax years prior to 2004.

PC-20

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

	AS OF
												Year Over
	Dec. 31,			Mar. 31,		Jun. 30,		Sept. 30,		Dec. 31,		Year			Sequential
	2004			2005		2005		2005		2005		Change			Change
Investments
Fixed maturities, available for sale, at fair value	$	24,410		$	24,130	$	24,550	$	24,994	$	25,330		4	%		1	%
Equity securities, available for sale, at fair value		307			427		589		604		661		115	%		9	%
Other investments		809			770		811		769		862		7	%		12	%
Total investments		25,526			25,327		25,950		26,367		26,853		5	%		2	%
Cash		215			241		256		258		272		27	%		5	%
Premiums receivable and agents’ balances		2,844			2,910		2,916		2,801		3,308		16	%		18	%
Reinsurance recoverables		5,185			5,186		4,943		5,306		5,560		7	%		5	%
Deferred policy acquisition costs		1,071			1,080		1,095		1,113		1,134		6	%		2	%
Deferred income tax		879			914		738		858		904		3	%		5	%
Goodwill		152			152		152		152		152		—			—
Property and equipment, net		461			464		466		475		485		5	%		2	%
Other assets		1,685			1,728		1,755		1,713		1,614		(4	%)		(6	%)
Total assets	$	38,018		$	38,002	$	38,271	$	39,043	$	40,282		6	%		3	%
Future policy benefits, unpaid claims and claim adjustment expenses	$	21,329		$	21,301	$	21,104	$	21,791	$	22,266		4	%		2	%
Unearned premiums		4,763			4,886		4,987		5,049		5,502		16	%		9	%
Other liabilities		3,730			3,591		3,524		3,707		3,865		4	%		4	%
Total liabilities		29,822			29,778		29,615		30,547		31,633		6	%		4	%
Equity, x-AOCI, net of tax		7,542			7,876		8,080		8,183		8,398		11	%		3	%
AOCI, net of tax		654			348		576		313		251		(62	%)		(20	%)
Total stockholders’ equity		8,196			8,224		8,656		8,496		8,649		6	%		2	%
Total liabilities and stockholders’ equity	$	38,018		$	38,002	$	38,271	$	39,043	$	40,282		6	%		3	%
Hartford Fire NAIC RBC		447	%

PC-21

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

PROPERTY & CASUALTY

STATUTORY SURPLUS TO GAAP STOCKHOLDERS’ EQUITY RECONCILIATION

	Sept. 30, 2005			Dec. 31, 2004
Statutory Capital and Surplus	$	6,846		$	6,335
GAAP Adjustments
Deferred policy acquisition costs		1,113			1,071
Deferred taxes		(427	)		(468	)
Benefit reserves		(241	)		(216	)
Unrealized gains on investments		430			776
Goodwill		99			85
Non-admitted assets		807			824
Other, net		(131	)		(211	)
GAAP Stockholders’ Equity	$	8,496		$	8,196

PC-22

INVESTMENTS

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTMENT EARNINGS BEFORE-TAX

CONSOLIDATED

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
Net Investment Income
Fixed maturities [1]
Taxable	$	818		$	826		$	850		$	865		$	885			8	%		2	%	$	3,201		$	3,426			7	%
Tax-exempt		124			128			131			130			137			10	%		5	%		488			526			8	%
Total fixed maturities		942			954			981			995			1,022			8	%		3	%		3,689			3,952			7	%
Equities
Available-for-sale		9			12			11			16			19			111	%		19	%		38			58			53	%
Held for trading		416			221			303			1,500			1,823		NM				22	%		799			3,847		NM
Total equities		425			233			314			1,516			1,842		NM				22	%		837			3,905		NM
Mortgage loans		16			17			19			22			26			63	%		18	%		59			84			42	%
Real estate		4			—			2			—			1			(75	%)		—			6			3			(50	%)
Policy loans		48			36			36			36			36			(25	%)		—			186			144			(23	%)
Limited partnerships		22			18			19			47			21			(5	%)		(55	%)		42			105			150	%
Other		50			48			15			22			16			(68	%)		(27	%)		179			101			(44	%)
Subtotal		1,507			1,306			1,386			2,638			2,964			97	%		12	%		4,998			8,294			66	%
Less: Investment expense		18			13			16			14			20			11	%		43	%		55			63			15	%
Total net investment income	$	1,489		$	1,293		$	1,370		$	2,624		$	2,944			98	%		12	%	$	4,943		$	8,231			67	%
Less: Securities held for trading		416			221			303			1,500			1,823		NM				22	%		799			3,847		NM
Total net investment income excluding trading securities	$	1,073		$	1,072		$	1,067		$	1,124		$	1,121			4	%		—		$	4,144		$	4,384			6	%
Investment yield, before-tax [2]		5.7	%		5.6	%		5.6	%		5.8	%		5.6	%		(0.1	)		(0.2	)		5.7	%		5.7	%		—
Investment yield, after-tax [2]		3.9	%		3.9	%		3.8	%		4.0	%		3.9	%		—			(0.1	)		3.9	%		3.9	%		—
Net Realized Capital Gains (Losses)
Gross gains on sale	$	160		$	160		$	163		$	123		$	63			(61	%)		(49	%)	$	569		$	509			(11	%)
Gross losses on sale		(76	)		(67	)		(118	)		(98	)		(81	)		(7	%)		17	%		(230	)		(364	)		(58	%)
Impairments		(14	)		(1	)		(10	)		(20	)		(16	)		(14	%)		20	%		(38	)		(47	)		(24	%)
Japanese fixed annuity contract hedges, net [3]		3			36			(40	)		(32	)		—			(100	%)		100	%		3			(36	)	NM
Periodic net coupon settlements on credit derivatives/Japan [4]		3			(4	)		(9	)		(8	)		(11	)	NM				(38	%)		17			(32	)	NM
GMWB derivatives, net		4			7			1			(1	)		(53	)	NM			NM				8			(46	)	NM
Other net gain (loss) [5]		(40	)		8			3			12			10		NM				(17	%)		(38	)		33		NM
Total net realized capital gains (losses)	$	40		$	139		$	(10	)	$	(24	)	$	(88	)	NM			NM			$	291		$	17			(94	%)

[1]	Includes income on short-term bonds.
[2]	The investment yield calculation excludes equity securities held for trading, collateral received associated with the securities lending program and consolidated variable interest entity minority interests.
[3]	Relates to the Japanese fixed annuity product (product and related derivative hedging instruments excluding periodic net coupon settlements).
[4]	Included in core earnings.
[5]	Primarily consists of changes in fair value on non-qualifying derivatives, changes in fair value of certain derivatives in fair value hedge relationships and hedge ineffectiveness on qualifying derivative instruments.

I-1

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTMENT EARNINGS BEFORE-TAX

LIFE

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
Net Investment Income
Fixed maturities [1]
Taxable	$	608		$	612		$	635		$	641		$	657			8	%		2	%	$	2,387		$	2,545			7	%
Tax-exempt		27			27			28			29			30			11	%		3	%		106			114			8	%
Total fixed maturities		635			639			663			670			687			8	%		3	%		2,493			2,659			7	%
Equities
Available-for-sale		7			9			8			10			13			86	%		30	%		30			40			33	%
Held for trading		416			221			303			1,500			1,823		NM				22	%		799			3,847		NM
Total equities		423			230			311			1,510			1,836		NM				22	%		829			3,887		NM
Mortgage loans		13			14			16			20			23			77	%		15	%		45			73			62	%
Policy loans		48			36			36			36			36			(25	%)		—			186			144			(23	%)
Limited partnerships		11			7			5			36			11			—			(69	%)		20			59			195	%
Other		33			33			16			10			10			(70	%)		—			137			69			(50	%)
Subtotal		1,163			959			1,047			2,282			2,603			124	%		14	%		3,710			6,891			86	%
Less: Investment expense		12			9			11			11			15			25	%		36	%		35			46			31	%
Total net investment income	$	1,151		$	950		$	1,036		$	2,271		$	2,588			125	%		14	%	$	3,675		$	6,845			86	%
Less: Securities held for trading		416			221			303			1,500			1,823		NM				22	%		799			3,847		NM
Total net investment income excluding trading securities	$	735		$	729		$	733		$	771		$	765			4	%		(1	%)	$	2,876		$	2,998			4	%
Investment yield, before-tax [2]		5.7	%		5.6	%		5.6	%		5.8	%		5.7	%		—			(0.1	)		5.8	%		5.7	%		(0.1	)
Investment yield, after-tax [2]		3.8	%		3.7	%		3.7	%		3.9	%		3.8	%		—			(0.1	)		3.8	%		3.8	%		—
Net Realized Capital Gains (Losses)
Gross gains on sale	$	101		$	98		$	123		$	89		$	36			(64	%)		(60	%)	$	359		$	346			(4	%)
Gross losses on sale		(35	)		(48	)		(84	)		(72	)		(50	)		(43	%)		31	%		(147	)		(254	)		(73	%)
Impairments		(9	)		(1	)		(5	)		(16	)		(15	)		(67	%)		6	%		(25	)		(37	)		(48	%)
Japanese fixed annuity contract hedges, net [3]		3			36			(40	)		(32	)		—			(100	%)		100	%		3			(36	)	NM
Periodic net coupon settlements on credit derivatives/Japan [4]		2			(4	)		(9	)		(8	)		(11	)	NM				(38	%)		8			(32	)	NM
GMWB derivatives, net		4			7			1			(1	)		(53	)	NM			NM				8			(46	)	NM
Other net gain (loss) [5]		(43	)		4			5			14			11		NM				(21	%)		(42	)		34		NM
Total net realized capital gains (losses)	$	23		$	92		$	(9	)	$	(26	)	$	(82	)	NM			NM			$	164		$	(25	)	NM

[1]	Includes income on short-term bonds.
[2]	The investment yield calculation excludes equity securities held for trading, collateral received associated with the securities lending program and consolidated variable interest entity minority interests.
[3]	Relates to the Japanese fixed annuity product (product and related derivative hedging instruments excluding periodic net coupon settlements).
[4]	Included in core earnings.
[5]	Primarily consists of changes in fair value on non-qualifying derivatives, changes in fair value of certain derivatives in fair value hedge relationships and hedge ineffectiveness on qualifying derivative instruments.

I-2

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTMENT EARNINGS BEFORE-TAX

PROPERTY & CASUALTY

																Year Over
	THREE MONTHS ENDED															Year			Sequential			YEAR ENDED
	Dec. 31,			March 31,			June 30,			Sept. 30,			Dec. 31,			3 Month			3 Month			DECEMBER 31,
	2004			2005			2005			2005			2005			Change			Change			2004			2005			Change
Net Investment Income
Fixed maturities [1]
Taxable	$	210		$	212		$	213		$	220		$	223			6	%		1	%	$	813		$	868			7	%
Tax-exempt		97			101			103			101			107			10	%		6	%		382			412			8	%
Total fixed maturities		307			313			316			321			330			7	%		3	%		1,195			1,280			7	%
Equities — available-for-sale		2			3			3			6			6		NM				—			8			18			125	%
Mortgage loans		3			3			3			2			3			—			50	%		14			11			(21	%)
Real estate		4			—			2			—			1			(75	%)		—			6			3			(50	%)
Limited partnerships		11			11			14			11			10			(9	%)		(9	%)		22			46			109	%
Other		12			11			(5	)		12			6			(50	%)		(50	%)		23			24			4	%
Subtotal		339			341			333			352			356			5	%		1	%		1,268			1,382			9	%
Less: Investment expense		6			4			5			3			5			(17	%)		67	%		20			17			(15	%)
Total net investment income	$	333		$	337		$	328		$	349		$	351			5	%		1	%	$	1,248		$	1,365			9	%
Investment yield, before-tax [2]		5.7	%		5.6	%		5.4	%		5.6	%		5.5	%		(0.2	)		(0.1	)		5.4	%		5.5	%		0.1
Investment yield, after-tax [2]		4.2	%		4.2	%		4.0	%		4.2	%		4.1	%		(0.1	)		(0.1	)		4.1	%		4.1	%		—
Net Realized Capital Gains (Losses)
Gross gains on sale	$	59		$	62		$	40		$	34		$	27			(54	%)		(21	%)	$	210		$	163			(22	%)
Gross losses on sale		(41	)		(19	)		(34	)		(26	)		(31	)		24	%		(19	%)		(83	)		(110	)		(33	%)
Impairments		(5	)		—			(5	)		(4	)		(1	)		80	%		75	%		(13	)		(10	)		23	%
Periodic net coupon settlements on credit derivatives [3]		1			—			—			—			—			(100	%)		—			9			—			(100	%)
Other net gain (loss) [4]		3			5			(1	)		(2	)		(1	)	NM				50	%		10			1			(90	%)
Total net realized capital gains (losses)	$	17		$	48		$	—		$	2		$	(6	)	NM			NM			$	133		$	44			(67	%)

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

I-3

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

INVESTMENT EARNINGS BEFORE-TAX

CORPORATE

													Year Over
	THREE MONTHS ENDED												Year			Sequential			YEAR ENDED
	Dec. 31,		March 31,			June 30,			Sept. 30,		Dec. 31,		3 Month			3 Month			DECEMBER 31,
	2004		2005			2005			2005		2005		Change			Change			2004			2005			Change
Net Investment Income
Fixed maturities [1]
Taxable	$	—	$	2		$	2		$	4	$	5		—			25	%	$	1		$	13		NM
Total fixed maturities		—		2			2			4		5		—			25	%		1			13		NM
Other [2]		5		4			4			—		—		(100	%)		—			19			8			(58	%)
Total net investment income	$	5	$	6		$	6		$	4	$	5		—			25	%	$	20		$	21			5	%
Net Realized Capital Gains (Losses)
Other net gain (loss) [3]	$	—	$	(1	)	$	(1	)	$	—	$	—		—			—			(6	)		(2	)		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. The amortization period concluded on June 30, 2005.
[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

	December 31,					March 31,					June 30,					September 30,						December 31,
	2004					2005					2005					2005						2005
	Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent				Amount		Percent
Fixed maturities, available-for-sale, at fair value [1]	$	75,100		79.6	%	$	75,215		77.9	%	$	76,554		76.1	%	$	76,461		73.8	%		$	76,440		71.5	%
Equity securities, at fair value
Available-for-sale		832		0.9	%		1,089		1.1	%		1,382		1.4	%		1,401		1.4	%			1,461		1.4	%
Held for trading		13,634		14.4	%		15,855		16.5	%		17,955		17.8	%		21,247		20.5	%			24,034		22.5	%
Total equity securities, at fair value		14,466		15.3	%		16,944		17.6	%		19,337		19.2	%		22,648		21.9	%			25,495		23.9	%
Policy loans, at outstanding balance		2,662		2.8	%		2,119		2.2	%		2,140		2.1	%		2,009		1.9	%			2,016		1.9	%
Real estate/Mortgage loans, at cost		1,176		1.2	%		1,177		1.2	%		1,343		1.4	%		1,355		1.3	%			1,733		1.6	%
Limited partnerships, at fair value		433		0.5	%		459		0.5	%		524		0.5	%		564		0.5	%			668		0.6	%
Other investments [2]		571		0.6	%		594		0.6	%		726		0.7	%		580		0.6	%			583		0.5	%
Total investments	$	94,408		100.0	%	$	96,508		100.0	%	$	100,624		100.0	%	$	103,617		100.0	%		$	106,935		100.0	%
Less: Securities held for trading		13,634		14.4	%		15,855		16.5	%		17,955		17.8	%		21,247		20.5	%			24,034		22.5	%
Total investments excluding trading securities	$	80,774		85.6	%	$	80,653		83.5	%	$	82,669		82.2	%	$	82,370		79.5	%		$	82,901		77.5	%
HIMCO managed third party accounts	$	3,893				$	3,928				$	4,832				$	4,640					$	4,710
Asset-backed securities (“ABS”)	$	7,469		9.9	%	$	7,438		9.9	%	$	7,906		10.3	%	$	8,029		10.5	%		$	7,878		10.3	%
Commercial mortgage-backed securities (“CMBS”)		11,748		15.6	%		11,640		15.5	%		12,299		16.1	%		12,641		16.5	%			13,002		17.0	%
Collateralized mortgage obligation (“CMO”)		1,227		1.6	%		1,155		1.5	%		1,118		1.5	%		1,079		1.4	%			990		1.3	%
Corporate		34,801		46.4	%		34,743		46.2	%		35,426		46.3	%		34,388		45.0	%			34,018		44.5	%
Government/Government agencies — Foreign		1,796		2.4	%		1,596		2.1	%		1,483		1.9	%		1,468		1.9	%			1,467		1.9	%
Government/Government agencies — U.S.		1,132		1.5	%		1,142		1.5	%		848		1.1	%		1,071		1.4	%			898		1.2	%
Mortgage-backed securities (“MBS”) — agency		2,799		3.7	%		3,292		4.4	%		3,525		4.6	%		3,480		4.5	%			3,861		5.0	%
Municipal — taxable		944		1.3	%		1,022		1.4	%		1,188		1.5	%		1,199		1.6	%			1,199		1.6	%
Municipal — tax-exempt		10,393		13.8	%		10,237		13.6	%		10,436		13.6	%		11,081		14.5	%			11,019		14.4	%
Redeemable preferred stock		39		0.1	%		37		—			42		0.1	%		41		0.1	%			45		0.1	%
Short-term		2,752		3.7	%		2,913		3.9	%		2,283		3.0	%		1,984		2.6	%			2,063		2.7	%
Total fixed maturities [1]	$	75,100		100.0	%	$	75,215		100.0	%	$	76,554		100.0	%	$	76,461		100.0	%		$	76,440		100.0	%
AAA	$	18,787		25.0	%	$	18,246		24.3	%	$	18,965		24.8	%	$	20,346		26.6	%		$	19,837		26.0	%
AA		8,935		11.9	%		9,281		12.3	%		10,207		13.3	%		9,728		12.7	%			10,143		13.3	%
A		18,382		24.5	%		17,937		23.8	%		18,693		24.4	%		19,216		25.1	%			18,914		24.7	%
BBB		17,912		23.8	%		18,492		24.6	%		18,175		23.7	%		17,102		22.4	%			16,892		22.1	%
Government		5,160		6.9	%		5,465		7.3	%		5,413		7.1	%		5,199		6.8	%			5,686		7.4	%
BB & below		3,172		4.2	%		2,881		3.8	%		2,818		3.7	%		2,886		3.8	%			2,905		3.8	%
Short-term		2,752		3.7	%		2,913		3.9	%		2,283		3.0	%		1,984		2.6	%			2,063		2.7	%
Total fixed maturities [1]	$	75,100		100.0	%	$	75,215		100.0	%	$	76,554		100.0	%	$	76,461		100.0	%		$	76,440		100.0	%
																					��

[1]	Includes $159, $208, $281, $352 and $298 in Corporate at December 31, 2004, March 31, 2005, June 30, 2005, September 30, 2005 and December 31, 2005, respectively, of which $152, $201, $130, $114 and $89, respectively, were investments held by The Hartford Financial Services Group, Inc.
[2]	Includes $7, $1, $7, $2 and $0 in Corporate at December 31, 2004, March 31, 2005, June 30, 2005, September 30, 2005 and December 31, 2005, respectively.

I-5

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

	December 31,					March 31,					June 30,					September 30,					December 31,
	2004					2005					2005					2005					2005
	Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent
Fixed maturities, available-for-sale, at fair value	$	50,531		73.5	%	$	50,877		71.7	%	$	51,723		69.5	%	$	51,115		66.5	%	$	50,812		63.7	%
Equity securities, at fair value
Available-for-sale		525		0.8	%		662		0.9	%		793		1.1	%		797		1.1	%		800		1.0	%
Held for trading		13,634		19.8	%		15,855		22.3	%		17,955		24.1	%		21,247		27.6	%		24,034		30.1	%
Total equity securities, at fair value		14,159		20.6	%		16,517		23.2	%		18,748		25.2	%		22,044		28.7	%		24,834		31.1	%
Policy loans, at outstanding balance		2,662		3.9	%		2,119		3.0	%		2,140		2.9	%		2,009		2.6	%		2,016		2.5	%
Real estate/Mortgage loans, at cost		923		1.3	%		979		1.4	%		1,148		1.6	%		1,178		1.5	%		1,513		1.9	%
Limited partnerships, at fair value		256		0.4	%		273		0.4	%		309		0.4	%		369		0.5	%		431		0.6	%
Other investments		185		0.3	%		207		0.3	%		318		0.4	%		181		0.2	%		178		0.2	%
Total investments	$	68,716		100.0	%	$	70,972		100.0	%	$	74,386		100.0	%	$	76,896		100.0	%	$	79,784		100.0	%
Less: Securities held for trading		13,634		19.8	%		15,855		22.3	%		17,955		24.1	%		21,247		27.6	%		24,034		30.1	%
Total investments excluding trading securities	$	55,082		80.2	%	$	55,117		77.7	%	$	56,431		75.9	%	$	55,649		72.4	%	$	55,750		69.9	%
ABS	$	6,358		12.6	%	$	6,426		12.6	%	$	6,772		13.1	%	$	6,983		13.7	%	$	6,792		13.4	%
CMBS		8,806		17.4	%		8,588		16.9	%		8,930		17.3	%		9,187		18.0	%		9,367		18.4	%
CMO		1,092		2.2	%		1,027		2.0	%		996		1.9	%		941		1.8	%		862		1.7	%
Corporate		25,922		51.3	%		25,932		51.0	%		26,038		50.3	%		25,042		49.0	%		24,812		48.8	%
Government/Government agencies — Foreign		788		1.6	%		775		1.5	%		729		1.4	%		753		1.5	%		765		1.5	%
Government/Government agencies — U.S.		898		1.8	%		927		1.8	%		700		1.4	%		834		1.6	%		649		1.3	%
MBS — agency		1,788		3.5	%		2,250		4.4	%		2,481		4.8	%		2,413		4.7	%		2,757		5.4	%
Municipal — taxable		725		1.4	%		808		1.6	%		965		1.9	%		990		1.9	%		991		2.0	%
Municipal — tax-exempt		2,270		4.5	%		2,260		4.5	%		2,478		4.8	%		2,486		4.9	%		2,466		4.9	%
Redeemable preferred stock		13		—			12		—			14		—			13		—			17		—
Short-term		1,871		3.7	%		1,872		3.7	%		1,620		3.1	%		1,473		2.9	%		1,334		2.6	%
Total fixed maturities	$	50,531		100.0	%	$	50,877		100.0	%	$	51,723		100.0	%	$	51,115		100.0	%	$	50,812		100.0	%
AAA	$	10,282		20.4	%	$	10,008		19.6	%	$	10,596		20.5	%	$	11,311		22.1	%	$	10,746		21.1	%
AA		5,509		10.9	%		5,986		11.8	%		6,565		12.7	%		6,156		12.1	%		6,490		12.8	%
A		13,682		27.1	%		13,242		26.0	%		13,543		26.2	%		13,924		27.2	%		13,865		27.3	%
BBB		13,452		26.6	%		13,945		27.4	%		13,616		26.3	%		12,710		24.9	%		12,490		24.6	%
Government		3,803		7.5	%		4,111		8.1	%		4,130		8.0	%		3,887		7.6	%		4,232		8.3	%
BB & below		1,932		3.8	%		1,713		3.4	%		1,653		3.2	%		1,654		3.2	%		1,655		3.3	%
Short-term		1,871		3.7	%		1,872		3.7	%		1,620		3.1	%		1,473		2.9	%		1,334		2.6	%
Total fixed maturities	$	50,531		100.0	%	$	50,877		100.0	%	$	51,723		100.0	%	$	51,115		100.0	%	$	50,812		100.0	%

I-6

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

	December 31,					March 31,					June 30,					September 30,					December 31,
	2004					2005					2005					2005					2005
	Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent
Fixed maturities, available-for-sale, at fair value	$	24,410		95.6	%	$	24,130		95.3	%	$	24,550		94.6	%	$	24,994		94.8	%	$	25,330		94.3	%
Equity securities, available-for-sale, at fair value		307		1.2	%		427		1.7	%		589		2.3	%		604		2.3	%		661		2.5	%
Real estate/Mortgage loans, at cost		253		1.0	%		198		0.8	%		195		0.8	%		177		0.7	%		220		0.8	%
Limited partnerships, at fair value		177		0.7	%		186		0.7	%		215		0.8	%		195		0.7	%		237		0.9	%
Other investments		379		1.5	%		386		1.5	%		401		1.5	%		397		1.5	%		405		1.5	%
Total investments	$	25,526		100.0	%	$	25,327		100.0	%	$	25,950		100.0	%	$	26,367		100.0	%	$	26,853		100.0	%
ABS	$	1,111		4.5	%	$	1,012		4.2	%	$	1,134		4.6	%	$	1,046		4.2	%	$	1,086		4.3	%
CMBS		2,942		12.1	%		3,052		12.6	%		3,369		13.7	%		3,454		13.8	%		3,635		14.3	%
CMO		135		0.6	%		128		0.5	%		122		0.5	%		138		0.6	%		128		0.5	%
Corporate		8,803		36.0	%		8,811		36.5	%		9,189		37.4	%		9,085		36.3	%		9,026		35.6	%
Government/Government agencies — Foreign		1,008		4.1	%		821		3.4	%		754		3.1	%		715		2.9	%		702		2.8	%
Government/Government agencies — U.S.		234		1.0	%		215		0.9	%		148		0.6	%		237		0.9	%		249		1.0	%
MBS — agency		1,011		4.1	%		1,042		4.3	%		1,044		4.3	%		1,067		4.3	%		1,104		4.4	%
Municipal — taxable		219		0.9	%		214		0.9	%		223		0.9	%		209		0.8	%		208		0.8	%
Municipal — tax-exempt		8,123		33.3	%		7,977		33.1	%		7,958		32.4	%		8,595		34.4	%		8,553		33.8	%
Redeemable preferred stock		26		0.1	%		25		0.1	%		28		0.1	%		28		0.1	%		28		0.1	%
Short-term		798		3.3	%		833		3.5	%		581		2.4	%		420		1.7	%		611		2.4	%
Total fixed maturities	$	24,410		100.0	%	$	24,130		100.0	%	$	24,550		100.0	%	$	24,994		100.0	%	$	25,330		100.0	%
AAA	$	8,505		34.8	%	$	8,238		34.1	%	$	8,354		34.0	%	$	9,018		36.1	%	$	9,080		35.9	%
AA		3,380		13.8	%		3,295		13.7	%		3,549		14.5	%		3,452		13.8	%		3,563		14.1	%
A		4,671		19.1	%		4,695		19.5	%		5,060		20.6	%		5,179		20.7	%		4,974		19.6	%
BBB		4,459		18.3	%		4,547		18.8	%		4,558		18.6	%		4,381		17.5	%		4,398		17.4	%
Government		1,357		5.6	%		1,354		5.6	%		1,283		5.2	%		1,312		5.3	%		1,454		5.7	%
BB & below		1,240		5.1	%		1,168		4.8	%		1,165		4.7	%		1,232		4.9	%		1,250		4.9	%
Short-term		798		3.3	%		833		3.5	%		581		2.4	%		420		1.7	%		611		2.4	%
Total fixed maturities	$	24,410		100.0	%	$	24,130		100.0	%	$	24,550		100.0	%	$	24,994		100.0	%	$	25,330		100.0	%

I-7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
UNREALIZED LOSS AGING
CONSOLIDATED [1] [2]

	December 31, 2005							December 31, 2004
	Amortized		Fair		Unrealized			Amortized		Fair		Unrealized
	Cost		Value		Loss			Cost		Value		Loss
Total AFS [3] Securities
Three months or less	$	17,986	$	17,704	$	(282	)	$	7,572	$	7,525	$	(47	)
Greater than three months to six months		5,143		5,013		(130	)		573		567		(6	)
Greater than six months to nine months		1,061		1,036		(25	)		3,405		3,342		(63	)
Greater than nine months to twelve months		3,001		2,907		(94	)		462		445		(17	)
Greater than twelve months		5,053		4,826		(227	)		2,417		2,285		(132	)
Total	$	32,244	$	31,486	$	(758	)	$	14,429	$	14,164	$	(265	)
BIG [4] and Equity AFS [3] Securities
Three months or less	$	686	$	657	$	(29	)	$	326	$	322	$	(4	)
Greater than three months to six months		252		242		(10	)		33		32		(1	)
Greater than six months to nine months		170		165		(5	)		174		165		(9	)
Greater than nine months to twelve months		89		85		(4	)		81		75		(6	)
Greater than twelve months		353		309		(44	)		285		240		(45	)
Total	$	1,550	$	1,458	$	(92	)	$	899	$	834	$	(65	)

[1]	As of December 31, 2005, fixed maturities represented $750, or 99%, of the Company’s total unrealized loss of available-for-sale securities. There were no fixed maturities as of December 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 December 31, 2005 and 2004, for which management’s best estimate of future cash flows adversely changed during the reporting period for which an impairment has not been recorded. 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]	Includes investments held in Corporate.
[3]	Represents available-for-sale (“AFS”) securities.
[4]	Represents below investment grade (“BIG”) securities.

I-8

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

	December 31, 2005							December 31, 2004
	Amortized		Fair		Unrealized			Amortized		Fair		Unrealized
	Cost		Value		Loss			Cost		Value		Loss
Total AFS Securities
Three months or less	$	11,416	$	11,234	$	(182	)	$	5,560	$	5,528	$	(32	)
Greater than three months to six months		3,551		3,465		(86	)		474		470		(4	)
Greater than six months to nine months		861		843		(18	)		2,277		2,237		(40	)
Greater than nine months to twelve months		2,123		2,057		(66	)		399		383		(16	)
Greater than twelve months		3,236		3,086		(150	)		1,415		1,323		(92	)
Total	$	21,187	$	20,685	$	(502	)	$	10,125	$	9,941	$	(184	)
BIG and Equity AFS Securities
Three months or less	$	381	$	363	$	(18	)	$	206	$	203	$	(3	)
Greater than three months to six months		127		123		(4	)		14		13		(1	)
Greater than six months to nine months		121		117		(4	)		128		120		(8	)
Greater than nine months to twelve months		71		68		(3	)		79		73		(6	)
Greater than twelve months		270		230		(40	)		225		184		(41	)
Total	$	970	$	901	$	(69	)	$	652	$	593	$	(59	)

I-9

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

	December 31, 2005							December 31, 2004
	Amortized		Fair		Unrealized			Amortized		Fair		Unrealized
	Cost		Value		Loss			Cost		Value		Loss
Total AFS Securities
Three months or less	$	6,554	$	6,454	$	(100	)	$	2,012	$	1,997	$	(15	)
Greater than three months to six months		1,580		1,536		(44	)		99		97		(2	)
Greater than six months to nine months		190		183		(7	)		1,128		1,105		(23	)
Greater than nine months to twelve months		861		833		(28	)		63		62		(1	)
Greater than twelve months		1,812		1,735		(77	)		1,002		962		(40	)
Total	$	10,997	$	10,741	$	(256	)	$	4,304	$	4,223	$	(81	)
BIG and Equity AFS Securities
Three months or less	$	305	$	294	$	(11	)	$	120	$	119	$	(1	)
Greater than three months to six months		125		119		(6	)		19		19		—
Greater than six months to nine months		49		48		(1	)		46		45		(1	)
Greater than nine months to twelve months		18		17		(1	)		2		2		—
Greater than twelve months		83		79		(4	)		60		56		(4	)
Total	$	580	$	557	$	(23	)	$	247	$	241	$	(6	)

I-10

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

	LIFE						P&C						CONSOLIDATED [1]
			Percent of						Percent of						Percent of
			Total						Total						Total
TOP TEN CORPORATE FIXED MATURITY EXPOSURES BY SECTOR	Fair Value		Invested Assets				Fair Value		Invested Assets				Fair Value		Invested Assets
Financial services	$	7,016		8.8	%	Financial services	$	2,524		9.4	%	Financial services	$	9,679		9.1	%
Technology and communications		3,143		3.9	%	Technology and communications		1,290		4.8	%	Technology and communications		4,437		4.1	%
Utilities		2,928		3.7	%	Utilities		1,252		4.7	%	Utilities		4,181		3.9	%
Consumer non cyclical		2,394		3.0	%	Consumer non cyclical		872		3.2	%	Consumer non cyclical		3,266		3.1	%
Basic industry		2,347		2.9	%	Basic industry		783		2.9	%	Basic industry		3,144		2.9	%
Consumer cyclical		2,220		2.8	%	Consumer cyclical		713		2.7	%	Consumer cyclical		2,945		2.8	%
Capital goods		1,774		2.2	%	Capital goods		599		2.2	%	Capital goods		2,383		2.2	%
Energy		1,165		1.5	%	Energy		486		1.8	%	Energy		1,651		1.5	%
Other		1,164		1.5	%	Other		294		1.1	%	Other		1,458		1.4	%
Transportation		661		0.8	%	Transportation		213		0.8	%	Transportation		874		0.8	%
Total	$	24,812		31.1	%	Total	$	9,026		33.6	%	Total	$	34,018		31.8	%
TOP TEN EXPOSURES BY ISSUER [2]
AT&T Inc.	$	261		0.3	%	State of California	$	278		1.0	%	State of California	$	440		0.4	%
Royal Bank of Scotland Group PLC		244		0.3	%	New York City, NY		261		1.0	%	AT&T Inc.		358		0.3	%
HSBC Holdings PLC		242		0.3	%	State of Illinois		214		0.8	%	State of Massachusetts		348		0.3	%
JPMorgan Chase & Co.		239		0.3	%	State of Massachusetts		211		0.8	%	State of Illinois		330		0.3	%
Bank of America Corp.		198		0.3	%	State of Georgia		202		0.8	%	HSBC Holdings PLC		324		0.3	%
Barclays Bank PLC		189		0.3	%	The Goldman Sachs Group, Inc.		157		0.6	%	JPMorgan Chase & Co.		316		0.3	%
Credit Suisse Group		186		0.2	%	SLM Corporation		136		0.5	%	The Goldman Sachs Group, Inc.		310		0.3	%
ABN AMRO Holding N.V.		186		0.2	%	Puerto Rico Public Buildings Authority		117		0.4	%	New York City, NY		308		0.3	%
Verizon Communications, Inc.		185		0.2	%	Mass. Bay Transportation Authority		116		0.4	%	Royal Bank of Scotland Group PLC		286		0.3	%
Wachovia Corporation		173		0.2	%	Merrill Lynch & Co., Inc.		113		0.4	%	Barclays Bank PLC		268		0.3	%
Total	$	2,103		2.6	%	Total	$	1,805		6.7	%	Total	$	3,288		3.1	%

[1]	Includes investments held in Corporate.
[2]	Excludes U.S. government and government agency backed securities as well as securities classified as trading securities.

I-11