HARTFORD FINANCIAL SERVICES GROUP INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Corporate
|CORPORATE - RESULTS OF OPERATIONS
| 2023 | 2022 | 2021 | Increase (Decrease) From 2022 to 2023 | Increase (Decrease) From 2021 to 2022 | |
|---|---|---|---|---|---|
| Fee income [1] | $39 | $49 | $50 | (20%) | (2%) |
| Net investment income | 47 | 26 | 24 | 81% | 8% |
| Net realized gains (losses) | 26 | (45) | 73 | NM | NM |
| Other revenue (loss) | 2 | 1 | (10) | 100% | NM |
| Total revenues | 114 | 31 | 137 | NM | (77%) |
| Benefits, losses and loss adjustment expenses [2] | 7 | 8 | 8 | (13%) | —% |
| Insurance operating costs and other expenses [1] | 68 | 61 | 90 | 11% | (32%) |
| Interest expense [3] | 199 | 213 | 234 | (7%) | (9%) |
| Restructuring and other costs | 6 | 13 | 1 | (54%) | NM |
| Total benefits, losses and expenses | 280 | 295 | 333 | (5%) | (11%) |
| Loss before income taxes | (166) | (264) | (196) | 37% | (35%) |
| Income tax benefit [4] | (45) | (69) | (47) | 35% | (47%) |
| Net loss | (121) | (195) | (149) | 38% | (31%) |
| Preferred stock dividends | 21 | 21 | 21 | —% | —% |
| Net loss available to common stockholders | $(142) | $(216) | $(170) | 34% | (27%) |
[1]Includes investment management fees and expenses related to managing third-party assets.
[2]Includes benefits expense on life and annuity business previously underwritten by the Company.
[3]For discussion of debt, see Note 14 - Debt of Notes to Consolidated Financial Statements.
Net loss available to common stockholders
Net loss available to common stockholders for the year ended December 31, 2023 decreased primarily due to a change from net realized losses in the 2022 period to net realized gains in the 2023 period, higher net investment income, lower interest expense, a loss on extinguishment of debt in the 2022 period and lower restructuring costs, partially offset by a $14, before tax, capital-based state tax expense covering several years recorded in the 2023 period related to recently released guidance.
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| Table of Contents | Index to MD&A |
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Interest Expense
Interest expense decreasedfor the year ended December 31, 2023 dueto the redemption of $600 in 7.875% junior subordinated debentures in April 2022.
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