Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 241

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 241
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 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 the sale of the Company's former individual life business, which closed in 2013.Universal Life Long Duration Contracts RollforwardFor the year ended December 31,202420232022Balance, beginning of year$223 $232 $253 Premiums Received13 14 15 Policy Charges(23)(21)(23)Surrenders and Withdrawals(5)(6)(4)Benefit Payments(9)(6)(20)Interest Credited7 10 11 Balance, End of Year$206 $223 $232 Weighted-average crediting rate4.3 %4.2 %4.2 %Net Amount at Risk [1]$824 $917 $987 Cash Surrender Value$205 $221 $229 [1] Net amount at risk is defined as the current death benefit in excess of the current account value as of the balance sheet date.

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|Index to Consolidated Financial Statements and SchedulesTable of