Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 1354

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 2
Chunk 1354
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 development was favorable in 2024, primarily driven by lower estimated severity on automobile physical damage, automobile liability, and homeowners, as well as decreases in reserves related to catastrophes. Prior accident year development was unfavorable for 2023, primarily driven by automobile physical damage, partially offset by decreases in reserves related to homeowners and catastrophes.2025 OutlookIn 2025, the Company expects written premium growth primarily from strong renewal written pricing increases in both automobile and homeowners, as well an increase in new business premium. We expect 2025 annual written pricing increases in both automobile and homeowners to moderate compared to 2024 results. Retention is expected to improve as written pricing moderates, while growth in new business will be driven by increased marketing spend. Loss ratios are expected to continue to improve in automobile.

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|Table of ContentsIndex to MD&APart II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

| PROPERTY & CASUALTY OTHER OPERATIONS - RESULTS OF OPERATIONS

Underwriting Summary

202420232022Increase (Decrease) From 2023 to 2024Increase (Decrease) From 2022 to 2023Losses and loss adjustment expensesPrior accident year development [1]$219 $224 $280 (2 %)(20 %)Total losses and loss adjustment expenses219 224 280 (2 %)(20 %)Insurance operating costs9 4 9 125 %(56 %)Underwriting loss(228)(228)(289)— %21 %Net investment income [2]74 69 63 7 %10 %Net realized losses [2](4)(7)(16)43 %56 %Other expenses(4)— — NM— %Loss before income taxes(162)(166)(242)2 %31 %Income tax benefit [3](35)(36)(52)3 %31 %Net loss$(127)$(130)$(190)2 %32 %

[1]For discussion of prior accident year development, see MD&A - Critical Accounting Estimates, Property and Casualty Insurance Product Reserves, Net of Reinsurance and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements.

[2]For discussion of consolidated investment results, see MD&A - Investment Results.

[3]For discussion of income taxes, see Note 16 - Income Taxes of