Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 1530

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 2
Chunk 1530
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 $484 $502 

192

|Index to Consolidated Financial Statements and SchedulesTable of ContentsNote 11 - Reserve for Future Policy BenefitsTHE HARTFORD INSURANCE GROUP, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Undiscounted Expected Future Gross Premiums and Benefit Payments As of December 31,202420232022Payout Annuities [1]Expected future benefit payments$256 $257 $272 Life ConversionsExpected future gross premiums$106 $114 $120 Expected future benefit payments$198 $204 $212 Paid-up Life [1]Expected future benefit payments$260 $281 $300 [1]Payout Annuities and Paid-up Life have no expected future gross premiums.Weighted-Average Interest RatesAs of December 31,202420232022Payout AnnuitiesInterest accretion rate5.6 %5.6 %5.6 %Current discount rate5.5 %5.0 %5.3 %Life ConversionsInterest accretion rate4.3 %4.2 %4.1 %Current discount rate5.6 %5.1 %5.3 %Paid-up LifeInterest accretion rate2.9 %2.9 %2.9 %Current discount rate5.3 %5.0 %5.2 %

The Company completed a review of cash flow assumptions in the third quarter 2024 and 2023, resulting in immaterial changes to the reserve for future policy benefits. For payout annuities, the net effect of updating cash flow assumptions was offset by a corresponding impact to the deferred profit liability. Gross premiums and interest accretion recognized on long-duration insurance policies for the years ended December 31, 2024, 2023 and 2022 were immaterial. 

12. OTHER POLICYHOLDER FUNDS AND BENEFITS PAYABLEOther policyholder funds and benefits payable of $614, $638 and $658 as of December 31, 2024, 2023 and 2022, respectively, included universal life long-duration contacts of $206, $223 and $232 as well as policyholder balances related to short-duration contracts of $408, $415 and $426. The universal life long-duration contacts presented in the table below were economically ceded to Prudential as part of