Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 1249

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1C
Chunk 1249
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 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, 2024. In making the assessment, management considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences, the ability to hold assets to recovery, and carryovers, taxable income in open carry back years and other tax planning strategies which management views as prudent and feasible. Uncertain Tax PositionsRollforward of Unrecognized Tax Benefits For the years ended December 31, 202420232022Balance, beginning of period$26 $22 $16 Gross increases - tax positions in current period3 5 6 Gross decreases - tax positions in current period(1)— — Lapse of statute of limitations(4)(1)— Balance, end of period$