Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 1523

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 2
Chunk 1523
---
 and loss adjustment expenses, net7,924 8,020 7,915 Reinsurance recoverables282 254 245 Ending liabilities for unpaid losses and loss adjustment expenses, gross$8,206 $8,274 $8,160 [1]Prior incurral year development represents the change in estimated ultimate incurred losses and loss adjustment expenses for prior incurral years on a discounted basis.[2]Includes unallocated loss adjustment expenses of $175, $182 and $185 for the years ended December 31, 2024, 2023 and 2022, respectively, that are recorded in insurance operating costs and other expenses in the Consolidated Statements of Operations.

187

|Index to Consolidated Financial Statements and SchedulesTable of ContentsNote 10 - Reserve for Unpaid Losses and Loss Adjustment ExpensesTHE HARTFORD INSURANCE GROUP, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Group Life, Disability and Accident Products Reserves, Net of Reinsurance, that are DiscountedFor the years ended December 31,202420232022Liability for unpaid losses and loss adjustment expenses, at undiscounted amounts$8,111 $8,150 $8,124 Amount of discount(1,196)(1,166)(1,205)Carrying value of liability for unpaid losses and loss adjustment expenses$6,915 $6,984 $6,919 Weighted average discount rate3.3 %3.2 %3.2 %Range of discount rate2.1 %-8.0 %2.1 %-8.0 %2.1 %-8.0 %Reserves are discounted at rates in effect at the time claims were incurred, ranging from 2.1% for life and disability reserves acquired from Aetna based on interest rates in effect at the acquisition date of November 1, 2017, to 8.0% for the Company’s pre-acquisition reserves for incurral year 1990, and vary by product. Prior year's discount accretion has been calculated as the average reserve balance of discounted reserves for the year times the weighted average discount rate. 2024 re-estimates of prior incurral year reservesGroup disability- Prior period reserve estimates decreased by approximately $483 largely driven by long-term disability claim incidence lower than prior assumptions and favorable recoveries on prior incurral year claims, as well as a favorable