The Hartford 2014 Annual Report Download - page 85
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Account value decreased to approximately $219 billion at December 31, 2013 from approximately $228 billion at December 31, 2012 due primarily to
increased net outflows and negative currency translation impacts, partially offset by market value appreciation in variable annuities. In addition, the net
decrease in account value reflects the disposition of $1.8 billion of variable annuities related to the sold U.K. business. In 2013 variable annuity net outflows
increased by approximately $9.1 billion as compared to the prior year period driven by increased net outflows in the Japan variable annuities as a result of
market appreciation and the expiration of the surrender charge period as the block of business ages.
The annualized full surrender rate on U.S. variable annuities rose to 16.7% for the year ended December 31, 2013 compared to 11.1% for the prior year
period. The annualized full surrender rate on Japan variable annuities rose to 28.8% for the year ended December 31, 2013 compared to 3.4% for the prior
year period. Surrender activity in Japan has increased significantly over the past nine months as market appreciation has resulted in an increased number of
account values exceeding guaranteed amounts.
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