Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 393

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 393
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 increase in A&E reserves and a $28 increase in related ULAE reserves. Unfavorable prior accident year reserve development for the year ended December 31, 2023 was primarily due to a $194 increase in A&E reserves and a $23 increase in related ULAE reserves. In 2024, an increase in the deferred gain of $62 was recognized relating to ceding losses to the A&E ADC.Asbestos reserves prior accident year development in 2024 before NICO reinsurance of $167 was primarily due to  higher-than-expected frequency, higher settlement values for certain accounts, an increase in the Company’s share of liability due to insolvencies and cost sharing agreements and an increase in claim settlement rates.Environmental reserves prior accident year development in 2024 before NICO reinsurance of $36 was primarily due to higher severity on recently emerged accounts, higher environmental site cleanup and monitoring costs, and higher legal expenses.

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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

|EMPLOYEE BENEFITS - RESULTS OF OPERATIONS

Operating Summary

202420232022Increase (Decrease) From 2023 to 2024Increase (Decrease) From 2022 to 2023Premiums and other considerations$6,615 $6,515 $6,057 2 %8 %Net investment income [1]475 469 524 1 %(10 %)Net realized losses [1](24)(45)(122)47 %63 %Total revenues7,066 6,939 6,459 2 %7 %Benefits, losses and loss adjustment expenses4,681 4,683 4,517 — %4 %Amortization of DAC34 34 33 — %3 %Insurance operating costs and other expenses1,609 1,514 1,467 6 %3 %Amortization of other intangible assets40 40 40 — %— %Total benefits, losses and expenses6,364 6,271 6,057 1 %4 %Income before income taxes702 668 402 5 %66 % Income tax expense [2]141 133 75 6 %77 %Net income$561 $535 $327 5 %64 %

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