Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 1475

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 2
Chunk 1475
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 regions.Mortgage Loans by Property TypeDecember 31, 2024December 31, 2023Amortized CostPercent of TotalAmortized CostPercent of TotalCommercialIndustrial$2,737 42.5 %$2,363 38.5 %Multifamily2,161 33.5 %2,200 35.9 %Office507 7.9 %578 9.4 %Retail [1]957 14.9 %917 14.9 %Single Family78 1.2 %80 1.3 %Total mortgage loans6,440 100.0 %6,138 100.0 %ACL(44)(51)Total mortgage loans, net of ACL$6,396 $6,087 [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 December 31, 2024 and December 31, 2023, 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 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 Consolidated Balance Sheets. As of December 31, 2023, the Company serviced mortgage loans with a total outstanding principal balance of $9.4 billion, of which $4.4 billion was serviced on behalf of third parties and $5.0 billion was retained and reported in total investments on the Company's Consolidated Balance Sheets. Servicing rights are carried at the lower of cost or fair value and were $0 as of December 31, 2024 and December 31, 2023, 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