Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 72

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 72
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 in net realized gains, higher net investment income, a $14, before tax, capital-based state tax expense covering several years in the 2023 period, and lower restructuring costs.Interest ExpenseYear ended December 31, 2024 compared to the year ended December 31, 2023Interest expense remained flat for the year ended December 31, 2024.

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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

ENTERPRISE RISK MANAGEMENTThe Company’s Board of Directors has ultimate responsibility for risk oversight, as described more fully in our Proxy Statement, while management is tasked with the day-to-day management of the Company’s risks.The Company manages and monitors risk through risk policies, controls and limits. At the senior management level, an Enterprise Risk and Capital Committee ("ERCC") oversees the risk profile and risk management practices of the Company. As illustrated below, a number of functional committees sit underneath the ERCC, providing oversight of specific risk areas and recommending risk mitigation strategies to the ERCC. 

ERCC MembersCEO (Chair)Chief Financial OfficerChief Investment OfficerChief Risk OfficerChief Underwriting OfficerGeneral CounselOthers as deemed necessary by the Committee Chair

ERCCAsset Liability CommitteeUnderwriting Risk CommitteeEmerging Risk Steering CommitteeOperational Risk CommitteeEconomic Capital Executive CommitteeModel Oversight CommitteeExecutive Artificial Intelligence Governance Council

The Company's enterprise risk management ("ERM") function supports the ERCC and functional committees, and is tasked with, among other things:•risk identification and assessment;•the development of risk appetites, tolerances, and limits;•risk monitoring; and•internal and external risk reporting.The Company categorizes its main risks as insurance risk, operational risk and financial risk, each of which is described in more detail below.|INSURANCE RISKInsurance risk is the risk of losses of both a catastrophic and non-catastrophic nature on the P&C and Employee Benefits products the Company has sold. Catastrophe insurance risk is the exposure arising from both natural catastrophes (e.g., weather, earthquakes, wildfires, pandemics) and man-made catastrophes (e.g., terrorism, cyber-attacks) that create a concentration or aggregation of loss across the Company's insurance or asset portfolios.Sources of Insurance Risk Non-catastrophe insurance risks exist within each of the Company's segments except Hartford Funds and include:•Property- Risk of loss to personal or commercial property from automobile related accidents, weather,