The Hartford 2009 Annual Report Download - page 30
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30
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(Dollar amounts in millions, except for per share data, unless otherwise stated)
Management’ s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) addresses the financial condition
of The Hartford Financial Services Group, Inc. and its subsidiaries (collectively, “The Hartford” or the “Company”) as of December 31,
2009, compared with December 31, 2008, and its results of operations for each of the three years in the period ended December 31,
2009. This discussion should be read in conjunction with the Consolidated Financial Statements and related Notes beginning on page F-
1. Certain reclassifications have been made to prior year financial information to conform to the current year presentation.
INDEX
Description Page
Consolidated Results of Operations………………………………………………………….…………………... 31
Outlooks………………………………………………………………………………………………………….. 34
Critical Accounting Estimates……………………………………………………………………………………. 39
The Hartford’ s Operations Overview…………………………………………………………………………….. 67
Key Performance Measures and Ratios…………………………………………………………………………... 73
Retail……………………………………………………………………………………………………………… 80
Individual Life……………………………………………………………………………………………………. 83
Group Benefits……………………………………………………………………………………………………. 86
Retirement Plans………………………………………………………………………………………………….. 88
International………………………………………………………………………………………………………. 90
Institutional……………………………………………………………………………………………………….. 93
Life Other………………………………………………………………………………………………………… 95
Personal Lines……………………………………………………………………………………………………. 96
Small Commercial………………………………………………………………………………………………... 101
Middle Market……………………………………………………………………………………………………. 104
Specialty Commercial……………………………………………………………………………………………. 107
Other Operations…………………………………………………………………………………………………. 110
Corporate…………………………………………………………………………………………………………. 111
Property & Casualty Underwriting Risk Management Strategy………………………………….……………… 112
Investment Credit Risk…………………………………………………………………………………………… 117
Capital Markets Risk Management………………………………………………………………………………. 127
Capital Resources and Liquidity…………………………………………………………………………………. 134
Impact of New Accounting Standards…………………………………………………………………………… 144