Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 584

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 584
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axable net investment income(40)(41)(29)Other(30)(23)(2)Provision for income taxes $738 $584 $443 The current income tax receivable of $12 as of December 31, 2024 is included in other assets in the Consolidated Balance Sheets. The current income tax payable of $18 as of December 31, 2023, is included in other liabilities in the Consolidated Balance Sheets.Deferred TaxesDeferred tax assets and liabilities on the consolidated balance sheets represent the tax consequences of differences between the financial reporting and tax basis of assets and liabilities. The Company predominantly pays non-income state taxes as a percentage of premiums written which are accounted for as policy acquisition costs. State income taxes were $4, $3 and $4 for the years ended December 31, 2024, 2023 and 2022, respectively, and are included in other expenses. The Hartford has not recorded state deferred taxes, including net deferred tax assets from state operating loss carryforwards, because the Company does not expect to earn state taxable income to utilize such state tax benefits.

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|Index to Consolidated Financial Statements and SchedulesTable of ContentsNote 16 - Income TaxesTHE HARTFORD INSURANCE GROUP, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Deferred Tax Assets (Liabilities)As of December 31,20242023Deferred tax assetsLoss reserves and tax discount$550 $517 Unearned premium reserve and other underwriting related reserves517 483 Employee benefits181 172 Net unrealized losses on investments394 387 Net operating loss carryover41 45 Other— 1 Total deferred tax assets1,683 1,605 Valuation allowance— (12)Deferred tax assets, net of valuation allowance1,683 1,593 Deferred tax liabilitiesDeferred acquisition costs(183)(163)Investment-related items(167)(110)Other depreciable and amortizable assets(91)(147)Other(13)— Total deferred tax liabilities(454)(420)Net deferred tax asset$1,229 $1,173 Management has assessed the need for a valuation allowance against its deferred tax assets based on tax character and jurisdiction, and as part of this assessment, the Company reduced the valuation allowance related to the deferred tax asset for foreign net operating losses from $12 as of December 31, 2023 to $0 as of December 31,