Company: HIG-PG
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0000874766-25-000052
Chunk: 33

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 2
Chunk 33
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 (Favorable) Prior Accident Year DevelopmentThree months ended March 31, 2025 compared to the three months ended March 31, 2024Current accident year catastrophe losses increased for the three months ended March 31, 2025, compared to the prior year. CAY catastrophe losses for the three months ended March 31, 2025 included a loss of $118 from the January 2025 California Wildfire Event, as well as tornado, wind and hail events primarily in the Midwest and South regions. CAY catastrophe losses for the three months ended March 31, 2024 included from tornado, wind and hail events mainly in the Midwest and South regions, as well as winter storms in the Pacific and South Regions.Prior accident year development was favorable for the three months ended March 31, 2025, primarily driven by lower estimated severity on homeowners, automobile physical damage, and automobile liability. Prior accident year development was favorable for the three months ended March 31, 2024, primarily driven by improved severity on automobile physical damage.

Property & Casualty Other Operations - Results of Operations

Underwriting Summary

 Three Months Ended March 31,20252024ChangeLosses and loss adjustment expensesPrior accident year development [1]$— $7 (100)%Total losses and loss adjustment expenses— 7 (100)%Insurance operating costs2 2 — %Underwriting loss(2)(9)78 %Net investment income [2]18 18 — % Income before income taxes16 9 78 %Income tax expense [3]3 1 NMNet income$13 $8 63 %

[1]For additional information on prior accident year development, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.

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

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

Net income  Three months ended March 31, 2025 compared to the three months ended March 31, 2024 Net income increased due to a lower underwriting loss.Underwriting loss decreased due to unfavorable prior accident year reserve development in the 2024 period. 

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

Employee