The Hartford 2010 Annual Report Download - page 183
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THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
F-55
5. Investments and Derivative Instruments (continued)
Collateral Arrangements
The Company enters into various collateral arrangements in connection with its derivative instruments, which require both the pledging
and accepting of collateral. As of December 31, 2010 and 2009, collateral pledged having a fair value of $790 and $818, respectively,
was included in fixed maturities, AFS, in the Consolidated Balance Sheets.
From time to time, the Company enters into secured borrowing arrangements as a means to increase net investment income. The
Company received cash collateral of $33 and $42 as of December 31, 2010 and 2009, respectively.
The following table presents the classification and carrying amount of loaned securities and derivative instruments collateral pledged.
December 31, 2010 December 31, 2009
Fixed maturities, AFS $ 823 $ 891
Short-term investments — 14
Total collateral pledged $ 823 $ 905
As of December 31, 2010 and 2009, the Company had accepted collateral with a fair value of $1.5 billion and $1.0 billion, respectively,
of which $1.1 billion and $931, respectively, was cash collateral which was invested and recorded in the Consolidated Balance Sheets in
fixed maturities and short-term investments with a corresponding liability recorded. Included in this cash collateral was $1.1 billion and
$888 for derivative cash collateral as of December 31, 2010 and 2009, respectively. The Company is only permitted by contract to sell
or repledge the noncash collateral in the event of a default by the counterparty. As of December 31, 2010 and 2009, noncash collateral
accepted was held in separate custodial accounts and were not included in the Company’ s Consolidated Balance Sheets.
Securities on Deposit with States
The Company is required by law to deposit securities with government agencies in states where it conducts business. As of December
31, 2010 and 2009, the fair value of securities on deposit was approximately $1.4 billion.