HARTFORD FINANCIAL SERVICES GROUP INC

For the period ended Jun 30, 2024. Filed Jul 25, 2024.

About 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.

Jun 30, 2024 · Filed Jul 25, 2024

HIG$134.86+0.6%Stored close · as of Nov 9, 2026

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Contents

Hartford Funds

|HARTFORD FUNDS - RESULTS OF OPERATIONS

Operating Summary

	Three Months Ended June 30,			Six Months Ended June 30,
	2024	2023	Change	2024	2023	Change
Fee income and other revenue	$253	$244	4%	$503	$485	4%
Net investment income	5	4	25%	9	7	29%
Net realized gains	3	1	NM	8	6	33%
Total revenues	261	249	5%	520	498	4%
Operating costs and other expenses	203	192	6%	406	390	4%
Income before income taxes	58	57	2%	114	108	6%
Income tax expense [1]	14	12	17%	25	22	14%
Net income	$44	$45	(2%)	$89	$86	3%
Daily average Hartford Funds AUM	$134,064	$127,540	5%	$132,856	$127,313	4%
ROA [2]	13.1	14.1	(7%)	13.4	13.5	(1)%
Adjustment to reconcile ROA to ROA, core earnings:
Effect of net realized gains excluded from core earnings, before tax	(0.9)	(0.3)	NM	(1.3)	(1.0)	(30)%
Effect of income tax expense	0.6	—	NM	0.5	0.2	150%
ROA, core earnings [2]	12.8	13.8	(7%)	12.6	12.7	(1)%

[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.

Table of Contents	Index to MD&A

Hartford Funds Segment AUM

	Three Months Ended June 30,			Six Months Ended June 30,
	2024	2023	Change	2024	2023	Change
Mutual Fund and ETF AUM - beginning of period	$123,559	$115,508	7%	$119,316	$112,472	6%
Sales - Mutual Fund	5,653	5,065	12%	11,290	11,304	—%
Redemptions - Mutual Fund	(6,841)	(6,531)	(5%)	(14,780)	(14,016)	(5)%
Net flows - ETF	103	210	(51%)	(106)	277	NM
Net flows - Mutual Fund and ETF	(1,085)	(1,256)	14%	(3,596)	(2,435)	(48)%
Change in market value and other	1,212	3,855	(69%)	7,966	8,070	(1)%
Mutual Fund and ETF AUM - end of period	123,686	118,107	5%	123,686	118,107	5%
Third-party life and annuity separate account AUM	11,832	11,799	—%	11,832	11,799	—%
Hartford Funds AUM - end of period	$135,518	$129,906	4%	$135,518	$129,906	4%

Mutual Fund and ETF AUM by Asset Class

	As of June 30,
	2024	2023	Change
Equity - Mutual Funds	$83,212	$78,951	5%
Fixed Income - Mutual Funds	17,825	16,149	10%
Multi-Strategy Investments - Mutual Funds [1]	18,807	19,764	(5)%
Equity - ETF	1,734	1,931	(10)%
Fixed Income - ETF	2,108	1,312	61%
Mutual Fund and ETF AUM	$123,686	$118,107	5%

[1]Includes balanced, allocation and alternative investment products.

Net income decreased for the three months ended June 30, 2024, primarily due to a decrease in fee income net of operating costs and other expenses, partially offset by higher net realized gains and higher net investment income. Net income increased for the six months ended June 30, 2024, primarily due to an increase in fee income net of operating costs and other expenses, driven by an increase in daily average AUM, higher net realized gains, and higher net investment income.

Hartford Funds AUM

June 30, 2024 compared to June 30, 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 $1.1 billion and $3.6 billion, respectively, for the three and six months ended June 30, 2024 compared to net outflows of $1.3 billion and $2.4 billion, respectively, for the three and six months ended June 30, 2023.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.