The Hartford 2014 Annual Report Download - page 173
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Table of Contents
Generally a change in withdrawal utilization assumptions would be accompanied by a directionally opposite change in lapse rate assumptions, as the
behavior of policyholders that utilize GMWB riders is typically different from policyholders that do not utilize these riders.
Separate Account Assets
Separate account assets are primarily invested in mutual funds. Other separate account assets include fixed maturities, limited partnerships, equity securities,
short-term investments and derivatives that are valued in the same manner, and using the same pricing sources and inputs, as those investments held by the
Company. Separate account assets classified as Level 3 primarily include limited partnerships in which fair value represents the separate account's share of
the fair value of the equity in the investment ("net asset value") and are classified in Level 3, based on the Company's ability to redeem its investments.
Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
The tables below provide fair value roll-forwards for the years ended December 31, 2014 and 2013, for the financial instruments classified as Level 3.
Fair value as of January 1, 2014 $ 147 $ 664 $ 663 $ 1,274 $ 65 $ 69 $ 1,272 $ 4,154 $ 193
Total realized/unrealized gains (losses)
Included in net income [1], [2], [6] — 12 28 (24) (2) — 11 25 19
Included in OCI [3] 3 (4) (27) 10 9 7 12 10 —
Purchases 72 48 126 145 15 16 494 916 16
Settlements (3) (60) (253) (46) (4) — (193) (559) (136)
Sales (18) (12) (123) (205) (24) (1) (260) (643) (4)
Transfers into Level 3 [4] 75 72 17 255 — — — 419 6
Transfers out of Level 3 [4] (154) (97) (147) (369) — (25) (55) (847) (2)
Changes in unrealized gains (losses)
included in net income related to financial
instruments still held at December 31, 2014
[2] [7] $ — $ — $ (3) $ (15) $ (2) $ — $ (1) $ (21) $ 16
F-37