Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 1569

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 2
Chunk 1569
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 ("IT") to further enhance our capabilities, and other activities. Termination benefits related to workforce reductions and professional fees are included within restructuring and other costs in the Consolidated Statement of Operations and unpaid restructuring costs are included in other liabilities in the Company's Consolidated Balance Sheets. For the years ended December 31, 2023 and December 31, 2022, the severance benefits accrual was reduced by $6, and $7 respectively, due to more recent experience of higher than expected voluntary attrition.As of December 31, 2024, the program is substantially complete, though the Company may incur additional costs related to real estate that has been temporarily idled as part of Hartford Next. Any other remaining costs, including amortization of right of use assets, other lease exit costs, IT costs to retire applications and other expenses are expected to be immaterial.Total restructuring and other costs, excluding any additional costs related to temporarily idled real estate, are expected to be approximately $127, before tax, and have been recognized in the Corporate category for segment reporting.Restructuring and Other Costs, Before TaxIncurred in the Year Ended December 31, 2022Incurred in the Year Ended December 31, 2023Incurred in the Year Ended December 31, 2024Cumulative Incurred in the Year Ended December 31, 2024Total Amount Expected to be IncurredSeverance benefits$(7)$(6)$— $35 $35 IT costs8 5 — 25 25 Professional fees and other expenses12 7 2 67 67 Total restructuring and other costs, before tax$13 $6 $2 $127 $127 Accrued Restructuring and Other CostsYear Ended December 31, 2024Severance Benefits and Related CostsIT CostsProfessional Fees and OtherTotal Restructuring and Other Costs LiabilityBalance, beginning of period$— $— $— $— Incurred— — 2 2 Payments— — (2)(2)Balance, end of period$— $— $— $— Accrued Restructuring and Other CostsYear Ended December 31, 2023Severance Benefits and Related CostsIT CostsProfessional Fees and OtherTotal Restructuring and Other Costs LiabilityBalance, beginning of period$7 $— $— $7 Incurred(6)5 7