Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 1271

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1C
Chunk 1271
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 lease liabilities25 40 6 Weighted-average remaining lease term in years for operating leases6 years7 years6 yearsWeighted-average discount rate for operating leases4.3 %4.0 %3.0 %Maturities of Operating Lease Liabilities as of December 31, 2024 Operating Leases2025$31 202629 202727 202823 202919 Thereafter40 Total lease payments169 Less: Discount on lease payments to present value24 Total lease liability$145 

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|Index to Consolidated Financial Statements and SchedulesTable of ContentsNote 21 - Restructuring and Other CostsTHE HARTFORD INSURANCE GROUP, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

21. RESTRUCTURING AND OTHER COSTSIn recognition of the need to become more cost efficient and competitive along with enhancing the experience we provide to agents and customers, on July 30, 2020 the Company announced an operational transformation and cost reduction plan it refers to as Hartford Next. Hartford Next is intended to reduce annual insurance operating costs and other expenses through reduction of the Company's headcount, investment in information technology ("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 Inc