Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 391

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 391
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 increases.Policies in-force as of the end of 2024 declined since 2023 for automobile and increased for homeowners, reflecting the level of new business in relation to non-renewed policies.

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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

Underlying Loss and Loss Adjustment Expense RatioYear ended December 31, 2024 compared to the year ended December 31, 2023Underlying loss and LAE ratio decreased in both automobile and homeowners in 2024. The decrease in automobile was primarily due to the impact of earned pricing increases as well as lower physical damage claim frequency, partially offset by higher automobile claim severities. The auto physical damage claim severity trend has moderated from the prior year. The automobile liability severity increases continue to recognize the inflationary effects and higher attorney representation rates on bodily injury claims. For homeowners, the decrease in the underlying loss and LAE ratio was primarily due to the impact of earned pricing increases and lower claim frequency, partially offset by higher claim severities. Contributing to the higher homeowners severity was the effect of higher rebuilding costs.Current Accident Year Catastrophes and Unfavorable (Favorable) Prior Accident Year DevelopmentYear ended December 31, 2024 compared to the year ended December 31, 2023Current accident year catastrophe losses increased in 2024 compared to the prior year. Current accident year catastrophe losses for 2024 included losses from tornado, wind and hail events in several regions of the United States, and to a lesser extent, from hurricanes and tropical storms primarily in the Southeast region. Current accident year catastrophe losses for 2023 included tornado, wind and hail events across several regions of the United States, losses from winter storms primarily on the East and West coasts, and to a lesser extent, wildfire events and hurricanes and tropical storms.Prior accident year 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