HARTFORD FINANCIAL SERVICES GROUP INC
For the period ended Jun 30, 2024. Filed Jul 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.
Jun 30, 2024 · Filed Jul 25, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Property & Casualty Other Operations
|
| Table of Contents | Index to MD&A |
|---|
|PROPERTY & CASUALTY OTHER OPERATIONS - RESULTS OF OPERATIONS
| Three Months Ended June 30, | Six Months Ended June 30, | |||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | Change | 2024 | 2023 | Change | |
| Losses and loss adjustment expenses | ||||||
| Prior accident year development [1] | $— | $2 | (100%) | $7 | $5 | 40% |
| Total losses and loss adjustment expenses | — | 2 | (100%) | 7 | 5 | 40% |
| Underwriting expenses | 2 | 2 | —% | 4 | 5 | (20)% |
| Underwriting loss | (2) | (4) | 50% | (11) | (10) | (10)% |
| Net investment income [2] | 19 | 17 | 12% | 37 | 33 | 12% |
| Net realized losses [2] | (3) | (1) | NM | (3) | (4) | 25% |
| Income before income taxes | 14 | 12 | 17% | 23 | 19 | 21% |
| Income tax expense [3] | 3 | 3 | —% | 4 | 4 | —% |
| Net income | $11 | $9 | 22% | $19 | $15 | 27% |
[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.
Net income
Net income increased in the three months ended June 30, 2024, primarily due to a lower underwriting loss and higher net investment income, partially offset by an increase in net realized losses. Net income increased in the six months ended June 30, 2024, primarily due to higher net investment income, and slightly lower net realized losses, partially offset by a greater underwriting loss.
Underwriting loss decreased in thethree months ended June 30, 2024, primarily due to unfavorable prior accident year reserve development in the 2023 period. Underwriting loss increased slightly in the six months ended June 30, 2024 due to higher unfavorable prior accident year reserve development in the 2024 period primarily related to an increase in reserves for uncollectible reinsurance, partially offset by a decrease in underwriting expenses.
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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.