Company: HIG-PG
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0000874766-25-000052
Chunk: 147

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1
Chunk 147
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 regions, as well as winter storms, primarily in the Northeast, Pacific and South regions.Partially offset by:–A favorable change of $66, before tax, in P&C net prior accident year reserve development, with development in the 2025 period of $122, compared to $56 in the prior year period. Favorable prior year reserve development in the 2025 period was primarily driven by decreases in reserves related to workers' compensation, homeowners, and Personal Insurance automobile liability and physical damage. Favorable prior year reserve development in the 2024 period was primarily driven by decreases in reserves related to workers' compensation and Personal Insurance automobile physical damage, partially offset by increases in reserves for general liability, assumed reinsurance, and marine. Also included within net prior accident year reserve development for three months ended March 31, 2025 and 2024 was a benefit of $32 and $24, respectively, related to amortization of the Navigators ADC deferred gain. Losses and LAE Incurred for Employee BenefitsFor further discussion, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements. •A slight decrease in Employee Benefits of $5, before tax, primarily driven by lower group life mortality, and a lower loss ratio on paid family and medical leave products, largely offset by the effect of higher earned premiums, a higher loss ratio on long-term disability and supplemental health products.Amortization of deferred policy acquisition costs increased from the prior year period primarily driven by Business Insurance, reflecting an increase in earned premiums across all lines of business.Insurance operating costs and other expenses increased due to:•Higher staffing costs, largely in response to increased business volume;•Higher direct marketing costs in Personal Insurance;•An increase in doubtful accounts expense partly due to higher business volume; and•Higher commissions due to increased business volume and a slightly higher commission ratio due to mix of business.Income tax expense decreased primarily due to a decrease in income before tax. For further discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.

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Table of ContentsIndex to MD&A Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Investment Results

Composition of Invested AssetsMarch 31, 2025December 31, 2024AmountPercentAmountPercentFixed maturities, AFS, at fair value$44,204 73.5 %$42