The Hartford 2008 Annual Report Download - page 112

Table of Contents
CONSOLIDATED RESULTS OF OPERATIONS
For the Years Ended December 31,
Operating Summary 2008 2007 2006
Earned premiums $ 15,503 $ 15,619 $ 15,023
Fee income 5,135 5,436 4,739
Net investment income (loss)
Securities available-for-sale and other 4,335 5,214 4,691
Equity securities held for trading [1] (10,340) 145 1,824
Total net investment income (loss) (6,005) 5,359 6,515
Other revenues 504 496 474
Net realized capital losses (5,918) (994) (251)
Total revenues 9,219 25,916 26,500
Benefits, losses and loss adjustment expenses 14,088 13,919 13,218
Benefits, losses and loss adjustment expenses — returns
credited on International variable annuities [1] (10,340) 145 1,824
Amortization of deferred policy acquisition costs and present
value of future profits 4,271 2,989 3,558
Insurance operating costs and expenses 3,993 3,894 3,252
Interest expense 343 263 277
Goodwill impairment 745 — —
Other expenses 710 701 769
Total benefits, losses and expenses 13,810 21,911 22,898
Income (loss) before income taxes (4,591) 4,005 3,602
Income tax expense (benefit) (1,842) 1,056 857
Net income (loss) $ (2,749) $ 2,949 $ 2,745
[1] Includes investment income and mark-to-market effects of equity securities held for trading supporting the
international variable annuity business, which are classified in net investment income with corresponding amounts
credited to policyholders within benefits, losses and loss adjustment expenses.
Net Income (Loss) by Operation and Life Segment 2008 2007 2006
Life
Retail $ (1,399) $ 812 $ 536
Individual Life (43) 182 150
Total Individual Markets Group (1,442) 994 686
Retirement Plans (157) 61 101
Group Benefits (6) 315 298
Total Employer Markets Group (163) 376 399
International (325) 223 231
Institutional (502) 17 78
Other (11) (52) 47
Total Life (2,443) 1,558 1,441
Property & Casualty
Ongoing Operations
Underwriting results
Personal Lines 280 322 429
Small Commercial 437 508 422
Middle Market 169 157 214
Specialty Commercial 71 (18) 46
Ongoing Operations underwriting results 957 969 1,111
Net servicing income [1] 31 52 53
Net investment income 1,056 1,439 1,225
Net realized capital losses (1,669) (160) (17)
Other expenses (219) (248) (222)
Income tax (expense) benefit 33 (575) (596)
Ongoing Operations 189 1,477 1,554
Other Operations (97) 30 (35)
Total Property & Casualty 92 1,507 1,519
Corporate (398) (116) (215)
Net income (loss) $ (2,749) $ 2,949 $ 2,745
[1] Net of expenses related to service business.
Source: HARTFORD FINANCIAL S, 10-K, February 12, 2009