HARTFORD INSURANCE GROUP INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 21, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Property & Casualty Other Operations
|
| Table of Contents | Index to MD&A |
|---|
| PROPERTY & CASUALTY OTHER OPERATIONS - RESULTS OF OPERATIONS
| 2024 | 2023 | 2022 | Increase (Decrease) From 2023 to 2024 | Increase (Decrease) From 2022 to 2023 | |
|---|---|---|---|---|---|
| Losses and loss adjustment expenses | |||||
| Prior accident year development [1] | $219 | $224 | $280 | (2%) | (20%) |
| Total losses and loss adjustment expenses | 219 | 224 | 280 | (2%) | (20%) |
| Insurance operating costs | 9 | 4 | 9 | 125% | (56%) |
| Underwriting loss | (228) | (228) | (289) | —% | 21% |
| Net investment income [2] | 74 | 69 | 63 | 7% | 10% |
| Net realized losses [2] | (4) | (7) | (16) | 43% | 56% |
| Other expenses | (4) | — | — | NM | —% |
| Loss before income taxes | (162) | (166) | (242) | 2% | 31% |
| Income tax benefit [3] | (35) | (36) | (52) | 3% | 31% |
| Net loss | $(127) | $(130) | $(190) | 2% | 32% |
[1]For discussion of prior accident year development, see MD&A - Critical Accounting Estimates, Property and Casualty Insurance Product Reserves, Net of Reinsurance and Note 10 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Consolidated Financial Statements.
[3]For discussion of income taxes, see Note 16 - Income Taxes of Notes to Consolidated Financial Statements.
Net Loss
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 losswas 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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.