Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 14

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 14
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 Results of Operations

202420232022Increase (Decrease) From 2023 to 2024Increase (Decrease) From 2022 to 2023Earned premiums$22,567 $21,026 $19,390 7 %8 %Fee income1,373 1,300 1,349 6 %(4 %)Net investment income2,568 2,305 2,177 11 %6 %Net realized losses(61)(188)(627)68 %70 %Other revenues88 84 73 5 %15 %Total revenues26,535 24,527 22,362 8 %10 %Benefits, losses and loss adjustment expenses14,874 14,238 13,138 4 %8 %Amortization of deferred policy acquisition costs ("DAC")2,282 2,044 1,824 12 %12 %Insurance operating costs and other expenses5,258 4,881 4,841 8 %1 %Interest expense199 199 213 — %(7 %)Amortization of other intangible assets71 71 71 — %— %Restructuring and other costs2 6 13 (67 %)(54 %)Total benefits, losses and expenses22,686 21,439 20,100 6 %7 %Income before income taxes3,849 3,088 2,262 25 %37 % Income tax expense738 584 443 26 %32 %Net income3,111 2,504 1,819 24 %38 %Preferred stock dividends21 21 21 — %— %Net income available to common stockholders$3,090 $2,483 $1,798 24 %38 %

Year ended December 31, 2024 compared to year ended December 31, 2023Net income available to common stockholders increased by $607, primarily driven by:•An increase in P&C underwriting gain of $338, before tax, driven by the effect of earned premium growth, a lower underlying loss and LAE ratio in Personal Insurance, and a change from unfavorable to favorable prior accident year reserve development, partially offset by higher CAY catastrophe losses and a slightly higher expense ratio;•Higher net investment income