Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 392

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 392
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 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 Notes to Consolidated Financial Statements. 

Net Loss  Year ended December 31, 2024 compared to the year ended December 31, 2023 Net loss decreased slightly primarily due to higher net investment income and lower net realized losses, partially offset by an increase in other expense relating to a one-time contract settlement charge on a claims servicing arrangement.Underwriting loss was unchanged as an increase in insurance operating costs was offset by a decrease in unfavorable prior accident year reserve development. Unfavorable prior accident year reserve development for the year ended December 31, 2024 was primarily due to a $203