Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 930

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 12
Chunk 930
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2]As of December 31, 2024 and 2023, the Accumulated Benefit Obligation is equal to the Projected Benefit Obligation.[3]Employer and plan participants' contributions for the Other Postretirement Benefits represent funding from Company and plan participant assets.Changes in assumptions for the U.S. Pension Plan in 2024 primarily included a $145 decrease in the benefit obligation for pension benefits as a result of an increase in the discount rate from 5.15% as of the December 31, 2023 valuation to 5.65% as of the December 31, 2024 valuation. Changes in assumptions in 2023 included an $88 increase in the benefit obligation for pension benefits as a result of a decrease in the discount rate from 5.43% as of the December 31, 2022 valuation to 5.15% as of the December 31, 2023 valuation. Changes in assumptions for the Other Pension Plans in 2024 primarily included a $12 decrease in the benefit obligation for pension benefits as a result of an increase in the discount rate from 5.14% as of the December 31, 2023 valuation to 5.59% as of the December 31, 2024 valuation. Changes in assumptions in 2023 included a $7 increase in the benefit obligation for pension benefits as a result of a decrease in the discount rate from 5.40% as of the December 31, 2022 valuation to 5.14% as of the December 31, 2023 valuation. Included in the benefit obligation for the U.S. Pension Plan in the table above, the cash balance plan pension benefit obligation was $332 and $357 as of December 31, 2024 and 2023, respectively.The fair value of assets for total pension plans, and hence the funded status, presented in the table above excludes assets of $245 and $198 as of December 31, 2024 and 2023, respectively, held in rabbi trusts and designated for the Other Pension Plans. The Company made no contribution in 2024, but contributed $3 to the rabbi trusts in 2023. The assets do not qualify as plan assets; however, the assets are available to pay benefits for certain retired, terminated and active participants. Such assets are available to the Company’s general creditors in the event of insolvency. The rabbi trusts' assets consist of equity and fixed income investments.