The Hartford 2008 Annual Report Download - page 337

Table of Contents
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
Consolidated Statements of Operations
For the years ended December 31,
(In millions, except for per share data) 2008 2007 2006
Revenues
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 (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 expenses
Benefits, losses and loss adjustment expenses 14,088 13,919 13,218
Benefits, losses, and loss adjustment expenses — returns
credited on International variable annuities (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
Earnings (loss) per share
Basic $ (8.99) $ 9.32 $ 8.89
Diluted $ (8.99) $ 9.24 $ 8.69
Weighted average common shares outstanding 306.7 316.3 308.8
Weighted average common shares outstanding and dilutive
potential common shares 306.7 319.1 315.9
Cash dividends declared per common share $ 1.91 $ 2.03 $ 1.70
See Notes to Consolidated Financial Statements.
F-3
Source: HARTFORD FINANCIAL S, 10-K, February 12, 2009