Company: HIG-PG
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0000874766-25-000052
Chunk: 102

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1
Chunk 102
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, 2024Amortized CostPercent of TotalAmortized CostPercent of TotalCommercialIndustrial$2,724 42.6 %$2,737 42.5 %Multifamily2,141 33.4 %2,161 33.5 %Office503 7.9 %507 7.9 %Retail [1]953 14.9 %957 14.9 %Single Family78 1.2 %78 1.2 %Total mortgage loans6,399 100.0 %6,440 100.0 %ACL(43)(44)Total mortgage loans, net of ACL$6,356 $6,396 [1]Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.Past-Due Mortgage LoansMortgage loans are considered past due if a payment of principal or interest is not received according to the contractual terms of the loan agreement, which typically includes a grace period. As of March 31, 2025 and December 31, 2024, the Company held no mortgage loans considered past due.Mortgage ServicingThe Company originates, sells and services commercial mortgage loans on behalf of third parties and recognizes servicing fee income over the period that services are performed. As of both March 31, 2025 and December 31, 2024, under this program, the Company serviced mortgage loans with a total outstanding principal of $10.0 billion, of which $4.8 billion was serviced on behalf of third parties and $5.2 billion was retained and reported in total investments on the Company's Condensed Consolidated Balance Sheets. Servicing rights are carried at the lower of cost or fair value and were $0 as of March 31, 2025 and December 31, 2024, because servicing fees were market-level fees at origination and remain adequate to compensate the Company for servicing the loans.Variable Interest EntitiesThe Company is engaged with various special purpose entities and other entities that are deemed to be VIEs primarily as an investor through normal investment activities or, at times, as an investment manager.A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company