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.
See the whole filing, with its images and exhibitsContents
Property & Casualty Other Operations
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| Table of Contents | Index to MD&A |
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|PROPERTY & CASUALTY OTHER OPERATIONS - RESULTS OF OPERATIONS
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | Change | 2024 | 2023 | Change | |
| Losses and loss adjustment expenses | ||||||
| Prior accident year development [1] | $— | $2 | (100%) | $7 | $7 | —% |
| Total losses and loss adjustment expenses | — | 2 | (100%) | 7 | 7 | —% |
| Underwriting expenses | 3 | 3 | —% | 7 | 8 | (13)% |
| Underwriting loss | (3) | (5) | 40% | (14) | (15) | 7% |
| Net investment income [2] | 18 | 18 | —% | 55 | 51 | 8% |
| Net realized gains (losses) [2] | — | (2) | 100% | (3) | (6) | 50% |
| Other expenses | (4) | — | NM | (4) | — | NM |
| Income before income taxes | 11 | 11 | —% | 34 | 30 | 13% |
| Income tax expense [3] | 1 | 2 | (50%) | 5 | 6 | (17)% |
| Net income | $10 | $9 | 11% | $29 | $24 | 21% |
[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 thethree months ended September 30, 2024, primarily due to a lower underwriting loss and no net realized gains or losses in the 2024 period compared to net realized losses in the 2023 period. Net income increased in thenine months ended September 30, 2024, primarily due to higher net investment income and lower net realized losses. The increases to net income in both periods were partially offset by an increase in other expense relating to a one-time contract settlement charge on a claims servicing arrangement.
Underwriting loss decreased in the three months ended September 30, 2024, primarily due to unfavorable prior accident year reserve development in the 2023 period. Underwriting loss decreased slightly in the nine months ended September 30, 2024 due to 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.
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