Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 1355

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 2
Chunk 1355
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 Notes to Consolidated Financial Statements. 

Net Loss  Year ended December 31, 2024 compared to the year ended December 31, 2023 Net loss decreased slightly primarily due to higher net investment income and lower net realized losses, partially offset by an increase in other expense relating to a one-time contract settlement charge on a claims servicing arrangement.Underwriting loss was unchanged as an increase in insurance operating costs was offset by a decrease in unfavorable prior accident year reserve development. Unfavorable prior accident year reserve development for the year ended December 31, 2024 was primarily due to a $203 increase in A&E reserves and a $28 increase in related ULAE reserves. Unfavorable prior accident year reserve development for the year ended December 31, 2023 was primarily due to a $194 increase in A&E reserves and a $23 increase in related ULAE reserves. In 2024, an increase in the deferred gain of $62 was recognized relating to ceding losses to the A&E ADC.Asbestos reserves prior accident year development in 2024 before NICO reinsurance of $167 was primarily due to  higher-than-expected frequency, higher settlement values for certain accounts, an increase in the Company’s share of liability due to insolvencies and cost sharing agreements and an increase in claim settlement rates.Environmental reserves prior accident year development in 2024 before NICO reinsurance of $36 was primarily due to higher severity on recently emerged accounts, higher environmental site cleanup and monitoring costs, and higher legal expenses.

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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

|EMPLOYEE BENEFITS - RESULTS OF OPERATIONS

Operating Summary

202420232022Increase (Decrease) From 2023 to 2024Increase (Decrease) From 2022 to 2023Premiums and other considerations$6,615 $6,515 $6,057 2 %8 %Net investment income [1]475 469 524 1 %(10 %)Net realized losses [1](24)(45)(122)47 %63 %Total revenues7,066 6,939 6,459 2 %7 %Benefits, losses and loss adjustment expenses4,681 4,683 4,517 — %4 %Amortization of DAC34 34 33 — %3 %Insurance