Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 806

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 12
Chunk 806
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 new guidance will not have an impact on the consolidated financial position, results of operations, or cash flows.Disaggregated Income Statement ExpensesThe FASB issued new guidance on disclosures of disaggregated income statement expenses. The new guidance requires footnote disclosures that will disaggregate expenses included in relevant expense captions into prescribed categories, as well as narrative disclosures about selling expenses. The Company is required to provide the new disclosures beginning with the December 31, 2027 consolidated financial statements and on a quarterly basis beginning with the March 31, 2028 interim condensed consolidated financial statements. The new guidance will be applied on a prospective basis, with retrospective application or early adoption permitted.  The Company is evaluating the disclosure impact of the new guidance; however, it will not have an impact on the consolidated financial position, results of operations, or cash flows.Significant Accounting PoliciesThe Company’s significant accounting policies are as follows:Revenue RecognitionPremium Revenue from Direct Insurance and Assumed ReinsuranceProperty and casualty premiums are earned on a pro rata basis over the policy period and include accruals for policies that have been written by agents but not yet reported to us, as well as ultimate premium revenue anticipated under auditable and retrospectively rated policies. We estimate the amount of premium not yet reported based on current and historical trends of the business being written. Such estimates are regularly reviewed and updated and any resulting adjustments are included in the current year's results. Unearned premiums represent the premiums applicable to the unexpired terms of policies in force, or period of risk. Group life, disability and accident premiums are generally due from policyholders, and recognized as revenue, on a pro rata basis over the period of the contracts.An estimated ACL is recorded on the basis of periodic evaluations of balances due from insureds and considering historical credit loss information, adjusted for current economic conditions as well as reasonable and supportable forecasts when appropriate. The Company records total credit loss expenses related to premiums receivable in insurance operating costs and other expenses. Write-offs of premiums receivable and agents' balances and any related ACL are recorded in the period in which the balance is deemed uncollectible. Refer to Note 7 - Premiums Receivable and Agents' Balances for further discussion regarding the allowance for doubtful accounts included in premiums receivable and agents’ balances.Non-Insurance Revenue from Contracts with CustomersInstallment fees are charged on property and casualty insurance contracts for billing the insurance customer in installments over the policy term. These fees are recognized in fee income as earned on collection.Insurance servicing revenues within Personal Insurance