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The Hartford 2008 Annual Report Download - page 137

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The decrease in Life’s net income was due to the following:

• Realized losses increased as compared to the comparable prior year period primarily due to net losses from the

adoption of SFAS 157 and impairments on investment securities. For further discussion, please refer to the Realized

Capital Gains and Losses by Segment table under Life’s Operating Section of the MD&A.

• Life recorded a DAC unlock charge of $941, after-tax, during the third quarter of 2008 as compared to a DAC unlock

benefit of $210, after-tax, during the third quarter of 2007. See Critical Accounting Estimates with Managements

Discussion and Analysis for a further discussion on the DAC unlock.

• Declines in assets under management in Retail, primarily driven by market depreciation of $37.8 billion for Individual

Annuity and $20.2 billion for retail mutual funds during 2008, drove declines in fee income compared to 2007.

Source: HARTFORD FINANCIAL S, 10-K, February 12, 2009