The Hartford 2012 Annual Report Download - page 36

Table of Contents
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(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, 2012, compared with December 31,
2011, and its results of operations for each of the three years in the period ended December 31, 2012. This discussion should be read in conjunction with the
Consolidated Financial Statements and related Notes beginning on page F-1. The Hartford made changes to its reporting segments in 2012 to reflect the manner
in which the Company is currently organized for purposes of making operating decisions and assessing performance. Accordingly, segment data for prior
reporting periods has been adjusted to reflect the new segment reporting; see Note 4 of the Notes to Consolidated Financial Statement for further discussion.
Additionally, certain reclassifications have been made to prior year financial information to conform to the current year presentation.
On January 1, 2012, the Company retrospectively adopted Accounting Standards Update (“ASU”) No. 2010-26, Financial Services – Insurance (Topic
944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts which clarifies the definition of policy acquisition costs that are
eligible for deferral. Previously reported financial information has been revised to reflect the effect of the Company’s adoption of this accounting standard. For
further information regarding the effect of adoption of this accounting standard, see Note 1 and Note 8 of the Notes to Consolidated Financial Statements.
The Hartford defines increases or decreases greater than or equal to 200%, or changes from a net gain to a net loss position, or vice versa, as “NM” or not
meaningful.
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Consolidated Results of Operations
36
Outlooks
39
Critical Accounting Estimates
41
The Hartford’s Operations Overview
68
Investment Results
73
Property & Casualty Commercial
76
Group Benefits
84
Consumer Markets
79
Mutual Funds
86
Talcott Resolution
87
Property & Casualty Other Operations
83
Corporate
90
Enterprise Risk Management
91
Capital Resources and Liquidity
122
Impact of New Accounting Standards
134
35