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The Hartford 2008 Annual Report Download - page 169

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primarily due to positive operating cash flows, partially offset by the return of capital to

Corporate. Contributing to the increase in net investment income was an increase in

income from limited partnerships and other alternative investments, driven by a higher

yield on these investments and shifting a greater allocation of investments to these asset

classes.

Other expenses

• The $26 increase in other expenses was primarily due to $49 of interest charged by

Corporate on the amount of capital held by the Property & Casualty operation in excess

of the amount needed to support the capital requirements of the Property & Casualty

operation, partially offset by a reduction in the estimated cost of legal settlements in

2007.

Income tax expense

• Income taxes increased by $19, reflecting the increase in pre-tax income from 2006 to

2007, partially offset by a $20 benefit in 2007 from a tax true-up.

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Source: HARTFORD FINANCIAL S, 10-K, February 12, 2009