Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 1352

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 2
Chunk 1352
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2023 to 2024Increase (Decrease) From 2022 to 2023AutomobileCombined ratio103.3 112.8 104.1 (9.5)8.7 Adjustment to reconcile combined ratio to underlying combined ratio:Current accident year catastrophes(2.6)(1.8)(3.5)(0.8)1.7 Prior accident year development2.8 (1.1)0.7 3.9 (1.8)Underlying combined ratio103.4 109.8 101.3 (6.4)8.5 HomeownersCombined ratio90.1 96.4 92.2 (6.3)4.2 Adjustment to reconcile combined ratio to underlying combined ratio:Current accident year catastrophes(20.9)(21.1)(14.9)0.2 (6.2)Prior accident year development3.5 0.6 (0.3)2.9 0.9 Underlying combined ratio72.7 75.9 77.0 (3.2)(1.1)

Net Income (Loss) Year ended December 31, 2024 compared to the year ended December 31, 2023 Net income changed to a net gain compared to a net loss for the prior year, largely driven by improved underwriting results and an increase in net investment income.Underwriting Gain (Loss)Year ended December 31, 2024 compared to the year ended December 31, 2023Underwriting gain changed to a net gain compared to a net loss for the prior year, driven by a decrease in the underlying loss and LAE ratio, the effect of an increase in earned premium due to renewal written price increases, and a change from unfavorable to favorable prior accident year development, partially offset by an increase in current accident year catastrophe losses, and an increase in insurance operating costs. Expense ratio increased primarily due to higher direct marketing costs, higher incentive compensation and benefits costs, and higher commissions, partially 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 PremiumsWritten PremiumsYear ended December 31, 2024 compared to the year ended December 31, 2023Earned premiums increased in 2024 due to