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upon the current interest rate and credit environment, Property & Casualty expects a slightly higher average portfolio yield

for 2009 as compared to 2008.

Year ended December 31, 2007 compared to the year ended December 31, 2006

Before-tax net investment income increased $201, or 14%, and after-tax net investment income increased $139, or 13%,

compared to the prior year period. The increase in net investment income was primarily due to a higher average invested

asset base and a higher portfolio yield. The increase in the average invested asset base as compared to the prior year period,

was primarily due to positive operating cash flows. Limited partnerships and other alternative investments contributed to the

increase in income compared to the prior year period due to a higher portfolio yield and greater allocation of investments to

this asset class.

161

Source: HARTFORD FINANCIAL S, 10-K, February 12, 2009