Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 1347

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 2
Chunk 1347
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 compared to the year ended December 31, 2023Net income increased primarily due to higher net investment income, lower net realized losses and a higher underwriting gain. For further discussion of investment results, see MD&A - Investment Results.Underwriting Gain Year ended December 31, 2024 compared to the year ended December 31, 2023Underwriting gain increased due to the effect of earned premium growth and slightly higher favorable prior accident year development, including $145 of a benefit for amortization of a deferred gain on the Navigators ADC in the current year period.Expense ratio increased modestly as higher staffing costs, including higher incentive compensation and benefits costs, and higher commissions were largely offset by the impact of higher earned premium.

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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

Earned Premiums[1]Other of $46, $52 and $57 for 2022, 2023 and 2024, respectively, is included in the total.Written Premiums[1]Other written premiums of $46, $52 and $58 for the year ended December 31, 2022, 2023 and 2024, respectively, is included in the total.Year ended December 31, 2024 compared to the year ended December 31, 2023Earned premiums increased in 2024 due to written premium increases over the prior twelve months, including the effect of higher insured exposures, principally in workers’ compensation and property lines.Written premiums increased in 2024 driven by growth across small business, middle & large business and global specialty.•Small business written premium increased driven by double-digit new business growth, renewal written price increases in all lines and higher insured exposures. Written premium grew in nearly all lines of business, including package business, excess and surplus and automobile.•Middle & large business written premium increased driven by double-digit new business growth, renewal written price increases in all lines and higher insured exposures. Written premium grew in nearly all lines across industry verticals, specialty markets, general industries and large property.•Global specialty written premium increased driven by written price increases across almost all lines as well as an increase in gross new business, primarily in U.S. and international casualty insurance lines. Written premiums also grew in global reinsurance, primarily in property and liability.Renewal written price increases were recognized in most lines other than directors and officers ("D&O").•In small business,