Company: HIG-PG
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0000874766-25-000052
Chunk: 165

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1
Chunk 165
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204 — %Amortization of DAC8 9 (11)%Insurance operating costs and other expenses406 397 2 %Amortization of other intangible assets10 10 — %Total benefits, losses and expenses1,623 1,620 — % Income before income taxes167 134 25 % Income tax expense [2]34 26 31 %Net income$133 $108 23 %

[1]For discussion of consolidated investment results, see MD&A - Investment Results.

[2]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.

Premiums and Other ConsiderationsThree Months Ended March 31,20252024ChangeFully insured – ongoing premiums$1,612 $1,585 2 %Buyout premiums— — — %Fee income56 54 4 %Total premiums and other considerations$1,668 $1,639 2 %Fully insured ongoing sales$381 $444 (14)%

Ratios, Excluding BuyoutsThree Months Ended March 31,20252024ChangeGroup disability loss ratio69.0 %70.1 %(1.1)Group life loss ratio79.9 %82.6 %(2.7)Total loss ratio71.9 %73.5 %(1.6)Expense ratio25.4 %25.4 %—

MarginThree Months Ended March 31,20252024ChangeNet income margin7.4 %6.2 %1.2 Adjustments to reconcile net income margin to core earnings margin:Net realized gains (losses), before tax0.3 %(0.1 %)0.4 Income tax benefit(0.1 %)— %(0.1)Core earnings margin7.6 %6.1 %1.5 

77

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

Net Income  Three months ended March 31, 2025 compared to the three months ended March 31, 2024 Net income increased in the three months ended March 31, 2025 primarily due to a lower group life and group disability loss ratio, higher fully insured ongoing premiums and higher net investment income, partially offset by a higher loss ratio