Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 1304

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 2
Chunk 1304
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%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 of $263, before tax, primarily driven by a higher level of invested assets and a higher yield on fixed maturities, partially offset by lower income from limited partnerships and other alternative investments; •Lower net realized losses of $127, before tax; and•In Employee Benefits, a lower group life loss ratio and the effect of higher fully insured ongoing premiums, partially offset by a higher expense ratio, a higher group disability loss ratio, and a higher loss ratio on supplemental health products.For a discussion of the Company's operating results by segment, see MD&A - Reportable Segment and Corporate Operating Summaries.

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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

REVENUEEarned PremiumsEarned premiums increased by $1,541 or 7% primarily due to:•An increase in P&C reflecting a 9% increase in Business Insurance and a 12% increase in Personal Insurance.–Contributing to the increase in Business Insurance was the effect of an increase in new business across most lines of business, earned pricing increases, and higher insured exposures, principally in workers’ compensation and property lines.–For Personal Insurance, earned premium increased primarily due to the effect of earned pricing increases, partially offset by non-renewals.•An increase in Employee Benefits earned premium of 2% including an increase in exposure on existing accounts, new business sales, and persistency in excess of 90%.Fee income increased