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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Property & Casualty Other Operations
|PROPERTY & CASUALTY OTHER OPERATIONS - RESULTS OF OPERATIONS
| Three Months Ended March 31, | |||
|---|---|---|---|
| 2024 | 2023 | Change | |
| Losses and loss adjustment expenses | |||
| Prior accident year development [1] | $7 | $3 | 133% |
| Total losses and loss adjustment expenses | 7 | 3 | 133% |
| Underwriting expenses | 2 | 3 | (33)% |
| Underwriting loss | (9) | (6) | (50)% |
| Net investment income [2] | 18 | 16 | 13% |
| Net realized gains (losses) [2] | — | (3) | 100% |
| Income before income taxes | 9 | 7 | 29% |
| Income tax expense [3] | 1 | 1 | —% |
| Net income | $8 | $6 | 33% |
[1]For additional information on prior accident year development, see Note 9 - Reserve for Unpaid Losses and Loss Adjustment Expenses of Notes to Condensed Consolidated Financial Statements.
[3]For discussion of income taxes, see Note 12 - Income Taxes of Notes to Condensed Consolidated Financial Statements.
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| Table of Contents | Index to MD&A |
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Net income
Net income increased primarily due to net realized losses in the 2023 period and higher net investment income, partially offset by a greater underwriting loss.
Underwriting loss increased primarily due to higher unfavorable prior accident year reserve development in the 2024 period related to an increase in reserves for uncollectible reinsurance.
Asbestos and environmental reserve comprehensive annual reviews will occur in the fourth quarter of 2024. For information on A&E reserves, see MD&A - Critical Accounting Estimates, Asbestos and Environmental Reserves included in the Company's 2023 Form 10-K Annual Report.
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