Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 105

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 105
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 As of December 31, 2023, the largest issuer concentrations were the New York City Transitional Finance Authority, the State of Illinois, and the Metropolitan Transportation Authority, which each comprised less than 3% of the municipal bond portfolio and were primarily comprised of general obligation and revenue bonds. In total, municipal bonds make up 9% of the fair value of the Company's investment portfolio.Limited Partnerships and Other Alternative InvestmentsThe following table presents the Company’s investments in limited partnerships and other alternative investments which include real estate joint ventures, real estate funds, private equity funds, other funds, and other alternative investments. Private equity funds primarily consist of investments in funds whose assets typically consist of a diversified pool of investments in small to mid-sized non-public businesses with high growth potential and strong owner sponsorship, as well as limited exposure to public markets.Income or losses on investments in limited partnerships and other alternative investments are recognized on a lag as results from private equity investments and other funds are generally reported on a three-month delay.

Limited Partnerships and Other Alternative Investments - Net Investment Income

Year Ended December 31, 202420232022 AmountYield [1]AmountYield [1]AmountYield [1]Real estate joint ventures and funds$(67)(3.4)%$(10)(0.5)%$316 21.9 %Private equity funds108 5.9 %161 9.9 %186 14.2 %Other funds60 11.7 %29 6.6 %32 10.5 %Other alternative investments [2]47 9.1 %32 6.6 %(19)(3.8)%Total$148 3.0 %$212 4.8 %$515 14.4 %

[1]Yields calculated using annualized net investment income divided by the monthly average invested assets.

[2]Consists of an insurer-owned life insurance policy which is primarily invested in private equity funds and fixed income.

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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

Investments in Limited Partnerships and Other Alternative Investments

December 31, 2024December 31, 2023AmountPercentAmountPercentReal estate joint ventures and funds$1,907 37.8 %$1,931 40.4 %Private equity funds1,956 38.8