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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Hartford Funds
|HARTFORD FUNDS - RESULTS OF OPERATIONS
Operating Summary
| Three Months Ended March 31, | |||
|---|---|---|---|
| 2024 | 2023 | Change | |
| Fee income and other revenue | $250 | $241 | 4% |
| Net investment income | 4 | 3 | 33% |
| Net realized gains | 5 | 5 | —% |
| Total revenues | 259 | 249 | 4% |
| Operating costs and other expenses | 203 | 198 | 3% |
| Income before income taxes | 56 | 51 | 10% |
| Income tax expense [1] | 11 | 10 | 10% |
| Net income | $45 | $41 | 10% |
| Daily average Hartford Funds AUM | $131,648 | $127,084 | 4% |
| ROA [2] | 13.7 | 12.9 | 6% |
| Adjustment to reconcile ROA to ROA, core earnings: | |||
| Effect of net realized gains excluded from core earnings, before tax | (1.5) | (1.6) | 6% |
| Effect of income tax expense | 0.3 | 0.3 | —% |
| ROA, core earnings [2] | 12.5 | 11.6 | 8% |
[1]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
[2]Represents annualized earnings divided by a daily average of assets under management, as measured in basis points.
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| Table of Contents | Index to MD&A |
|---|
Hartford Funds Segment AUM
| Three Months Ended March 31, | |||
|---|---|---|---|
| 2024 | 2023 | Change | |
| Mutual Fund and ETF AUM - beginning of period | $119,316 | $112,472 | 6% |
| Sales - Mutual Fund | 5,637 | 6,239 | (10)% |
| Redemptions - Mutual Fund | (7,939) | (7,485) | (6)% |
| Net flows - ETF | (209) | 67 | NM |
| Net flows - Mutual Fund and ETF | (2,511) | (1,179) | (113)% |
| Change in market value and other | 6,754 | 4,215 | 60% |
| Mutual Fund and ETF AUM - end of period | 123,559 | 115,508 | 7% |
| Third-party life and annuity separate account AUM | 12,083 | 11,672 | 4% |
| Hartford Funds AUM - end of period | $135,642 | $127,180 | 7% |
Mutual Fund and ETF AUM by Asset Class
| As of March 31, | |||
|---|---|---|---|
| 2024 | 2023 | Change | |
| Equity - Mutual Funds | $83,337 | $76,132 | 9% |
| Fixed Income - Mutual Funds | 17,201 | 16,399 | 5% |
| Multi-Strategy Investments - Mutual Funds [1] | 19,268 | 19,941 | (3)% |
| Equity - ETF | 1,851 | 1,878 | (1)% |
| Fixed Income - ETF | 1,902 | 1,158 | 64% |
| Mutual Fund and ETF AUM | $123,559 | $115,508 | 7% |
[1]Includes balanced, allocation and alternative investment products.
Net income increased for the three months ended March 31, 2024 primarily due to an increase in fee income net of variable expenses driven by an increase in daily average AUM, and higher net investment income.
Hartford Funds AUM
March 31, 2024 compared to March 31, 2023
Hartford Funds AUM increased primarily due to an increase in market values, partly offset by net outflows over the previous twelve months. Net outflows were $2.5 billion for the three months ended March 31, 2024 compared to net outflows of $1.2 billion for the three months ended March 31, 2023.
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