Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 63

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 63
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 (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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Earned PremiumsWritten PremiumsYear ended December 31, 2024 compared to the year ended December 31, 2023Earned premiums increased in 2024 due to higher written premium over the prior twelve months in both automobile and homeowners.Written premiums increased in 2024 driven by the effect of written pricing increases and by an increase in new business premium in both automobile and homeowners. Renewal written pricing increases were higher for both automobile and homeowners in 2024 primarily in response to recent elevated loss cost trends as well as higher insured values in homeowners.Policy count retention decreased for automobile and was stable for homeowners in 2024, in response to renewal written pricing increases.Effective policy count retention decreased both for automobile and homeowners in 2024, in response to renewal written pricing increases.Policies in-force as of the end of 2024 declined since 2023 for automobile and increased for homeowners, reflecting the level of new business in relation to non-renewed policies.

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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

Underlying Loss and Loss Adjustment Expense RatioYear ended December 31,