HARTFORD INSURANCE GROUP INC

For the period ended Mar 31, 2025. Filed Apr 24, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed Apr 24, 2025

HIG$134.86+0.6%Stored close · as of Nov 9, 2026

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Contents

Employee Benefits

Table of Contents	Index to MD&A

Employee Benefits - Results of Operations

Operating Summary
	Three Months Ended March 31,
	2025	2024	Change
Premiums and other considerations	$1,668	$1,639	2%
Net investment income [1]	126	114	11%
Net realized gains (losses) [1]	(4)	1	NM
Total revenues	1,790	1,754	2%
Benefits, losses and loss adjustment expenses	1,199	1,204	—%
Amortization of DAC	8	9	(11)%
Insurance operating costs and other expenses	406	397	2%
Amortization of other intangible assets	10	10	—%
Total benefits, losses and expenses	1,623	1,620	—%
Income before income taxes	167	134	25%
Income tax expense [2]	34	26	31%
Net income	$133	$108	23%

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

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

Premiums and Other Considerations
	Three Months Ended March 31,
	2025	2024	Change
Fully insured – ongoing premiums	$1,612	$1,585	2%
Buyout premiums	—	—	—%
Fee income	56	54	4%
Total premiums and other considerations	$1,668	$1,639	2%
Fully insured ongoing sales	$381	$444	(14)%

Ratios, Excluding Buyouts
	Three Months Ended March 31,
	2025	2024	Change
Group disability loss ratio	69.0%	70.1%	(1.1)
Group life loss ratio	79.9%	82.6%	(2.7)
Total loss ratio	71.9%	73.5%	(1.6)
Expense ratio	25.4%	25.4%	—

Margin
	Three Months Ended March 31,
	2025	2024	Change
Net income margin	7.4%	6.2%	1.2
Adjustments to reconcile net income margin to core earnings margin:
Net realized gains (losses), before tax	0.3%	(0.1%)	0.4
Income tax benefit	(0.1%)	—%	(0.1)
Core earnings margin	7.6%	6.1%	1.5

Table of Contents	Index to MD&A

Net income increased in the three months ended March 31, 2025 primarily due to a lower group life and group disability loss ratio, higher fully insured ongoing premiums and higher net investment income, partially offset by a higher loss ratio on supplemental health products.

Insurance operating costs and other expenses were higher prim arily due to the effect of an increase in fully insured ongoing premium.

Fully Insured Ongoing Premiums

[1]Other of $104 and $118 for the three months ended March 31, 2024 and 2025 respectively, which includes other group coverages such as retiree health insurance, critical illness, accident and hospital indemnity coverages.

Fully insured ongoing premiums increased over prior year and included an increase in exposure on existing accounts, new business sales, and persistency in excess of 90%, though slightly below the prior year.

Fully insured ongoing sales decreased compared to prior year driven by lower sales for the paid family and medical leave product and fewer large case sales.

Table of Contents	Index to MD&A

Ratios

Loss ratio improved 1.6 points in the three months ended March 31, 2025 compared to the prior year period driven by a lower group life and group disability loss ratio, partially offset by a higher loss ratio on supplemental health products. The group life loss ratio decreased 2.7 points driven by a lower level of mortality. The group disability loss ratio decreased 1.1 points driven by a lower loss ratio on paid family and medical leave products, partially offset by a higher long-term disability loss ratio driven by higher incidence, although favorable to long-term historical averages. Improvement in the paid family and medical leave loss ratio in 2025 reflects pricing actions to address benefit utilization trends as well as a decrease in recent claim emergence.

Expense ratio is flat compared to prior year with expenses increasing due to the effect of an increase in fully insured premium.

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