Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 1060

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1C
Chunk 1060
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 costs, including higher incentive compensation and benefits costs, higher commissions and increased technology investments.Fully Insured Ongoing Premiums Year ended December 31, 2024 compared to the year ended December 31, 2023 Fully insured ongoing premiums increased over prior year and included an increase in exposure on existing accounts, new business sales, and persistency in excess of 90%, though slightly below the prior year.Fully insured ongoing sales decreased compared to prior year driven by lower group life and group disability sales.RatiosYear ended December 31, 2024 compared to the year ended December 31, 2023 Loss ratio improved 1.0 points in 2024 compared to the prior year period, driven by a lower group life loss ratio, partially offset by increased loss ratios in disability and supplemental health products. The group life loss ratio decreased 4.8 points driven by a lower level of mortality. The group disability loss ratio increased 0.9 points driven by higher loss ratio on paid family and medical leave products, partially offset by favorable long-term disability claim recoveries and changes in the long-term disability recovery rate assumption of 0.5 points. Expense ratio increased primarily due to the impact of higher staffing costs, including higher incentive compensation and benefits costs and increased investments in technology.2025 OutlookThe Company expects growth in fully insured ongoing premiums in 2025 due to sales and continued strong book persistency.  The level of long-term disability incidence and recoveries will impact the group disability loss ratio. Although the group life loss ratio, which had been elevated during the pandemic, improved in 2024, we expect 2025 mortality to still be above pre-pandemic levels. We expect the long-term net income margin outlook for this business to be approximately 6% to 7%.

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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

|HARTFORD FUNDS - RESULTS OF OPERATIONS

Operating Summary

202420232022Increase (Decrease) From 2023 to 2024Increase (Decrease) From 2022 to 2023Fee income and other revenue$1,035 $973 $1,044 6 %(7 %)Net investment income20 17 9 18 %89 %Net realized gains (losses)12 10 (24)20 %NMTotal revenues1,067 1,000 1,