HARTFORD FINANCIAL SERVICES GROUP INC
For the period ended Sep 30, 2024. Filed Oct 24, 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.
Sep 30, 2024 · Filed Oct 24, 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 September 30, | Nine Months Ended September 30, | |||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | Change | 2024 | 2023 | Change | |
| Fee income [1] | $10 | $10 | —% | $30 | $30 | —% |
| Other revenue | 1 | 1 | —% | 2 | 2 | —% |
| Net investment income [2] | 17 | 12 | 42% | 47 | 30 | 57% |
| Net realized gains (losses) [2] | 14 | (10) | NM | 31 | 7 | NM |
| Total revenues (losses) | 42 | 13 | NM | 110 | 69 | 59% |
| Benefits, losses and loss adjustment expenses [3] | 1 | 1 | —% | 5 | 5 | —% |
| Insurance operating costs and other expenses [1] | 12 | 27 | (56%) | 37 | 51 | (27)% |
| Interest expense [4] | 49 | 50 | (2%) | 149 | 150 | (1)% |
| Restructuring and other costs | 1 | 1 | —% | 2 | 4 | (50)% |
| Total benefits, losses and expenses | 63 | 79 | (20%) | 193 | 210 | (8)% |
| Loss before income taxes | (21) | (66) | 68% | (83) | (141) | 41% |
| Income tax benefit [5] | (9) | (14) | 36% | (39) | (39) | —% |
| Net loss | (12) | (52) | 77% | (44) | (102) | 57% |
| Preferred stock dividends | 6 | 6 | —% | 16 | 16 | —% |
| Net loss available to common stockholders | $(18) | $(58) | 69% | $(60) | $(118) | 49% |
[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 and nine months ended September 30, 2024, decreased primarily due to a change from net realized losses to net realized gains in the three month period and an increase in net realized gains in the nine month period, a $14, before tax, capital-based state tax expense covering several years in the 2023 periods, and higher net investment income.
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