HARTFORD FINANCIAL SERVICES GROUP INC
For the period ended Mar 31, 2024. Filed Apr 25, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 25, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Corporate
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| Table of Contents | Index to MD&A |
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|CORPORATE - RESULTS OF OPERATIONS
Operating Summary
| Three Months Ended March 31, | |||
|---|---|---|---|
| 2024 | 2023 | Change | |
| Fee income [1] | $10 | $9 | 11% |
| Other revenue | — | 1 | (100)% |
| Net investment income [2] | 16 | 10 | 60% |
| Net realized gains [2] | 9 | 6 | 50% |
| Total revenues (losses) | 35 | 26 | 35% |
| Benefits, losses and loss adjustment expenses [3] | 2 | 2 | —% |
| Insurance operating costs and other expenses [1] | 14 | 13 | 8% |
| Interest expense [4] | 50 | 50 | —% |
| Restructuring and other costs | 1 | — | NM |
| Total benefits, losses and expenses | 67 | 65 | 3% |
| Loss before income taxes | (32) | (39) | 18% |
| Income tax benefit [5] | (17) | (15) | (13)% |
| Net loss | (15) | (24) | 38% |
| Preferred stock dividends | 5 | 5 | —% |
| Net loss available to common stockholders | $(20) | $(29) | 31% |
[1]Includes investment management fees and expenses related to managing third-party business.
[3]Includes benefits expense on life and annuity business previously underwritten by the Company.
[4]For discussion of debt, see Note 14 - Debt of Notes to Consolidated Financial Statements in The Hartford's 2023 Form 10-K Annual Report.
[5]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
Net loss available to common stockholders
Net loss available to common stockholders for the three months ended March 31, 2024 decreased primarily due to higher net investment income, higher net realized gains, and a higher tax benefit related to the vesting of stock-based compensation awards during the quarter.
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