The Hartford 2013 Annual Report Download - page 79
Download and view the complete annual report
Please find page 79 of the 2013 The Hartford annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69 -
70 -
71 -
72 -
73 -
74 -
75 -
76 -
77 -
78 -
79 -
80 -
81 -
82 -
83 -
84 -
85 -
86 -
87 -
88 -
89 -
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
-
225
-
226
-
227
-
228
-
229
-
230
-
231
-
232
-
233
-
234
-
235
-
236
-
237
-
238
-
239
-
240
-
241
-
242
-
243
-
244
-
245
-
246
-
247
-
248
-
249
-
250
 |
 |
79
PROPERTY & CASUALTY OTHER OPERATIONS
Results of Operations
Underwriting Summary 2013 2012 2011
Written premiums $ 2 $ 8 $ 1
Change in unearned premium reserve 1 10 1
Earned premiums 1 (2) —
Losses and loss adjustment expenses
Prior accident years 148 65 317
Total losses and loss adjustment expenses 148 65 317
Underwriting expenses 29 33 27
Underwriting losses (176)(100) (344)
Net servicing expense (1) — —
Net investment income 141 149 151
Net realized capital gains (losses) 12 17 (1)
Other income 2 5 3
Income (loss) before income taxes (22) 71 (191)
Income tax expense (benefit) (20) 14 (74)
Net income (loss) $ (2) $ 57 $ (117)
Year ended December 31, 2013 compared to the year ended December 31, 2012
Net income, as compared to the prior year period, declined in 2013 primarily due to net asbestos and environmental reserve
strengthening. As part of its annual ground-up asbestos and environmental reserve evaluations in 2013, the Company strengthened its
associated reserves by $130 and $10, before tax, respectively. In 2012, the Company strengthened its net asbestos and environmental
reserves by $48 and $3, before tax, respectively.
For information on net asbestos and environmental reserves, see Property & Casualty Other Operations Claims within the Property and
Casualty Insurance Product Reserves, Net of Reinsurance section in Critical Accounting Estimates.
Year ended December 31, 2012 compared to the year ended December 31, 2011
Net income, as compared to the prior year period, increased in 2012. As a result of annual reviews of asbestos and environmental
liabilities, the company strengthened its net asbestos reserves by $48, pre-tax, and environmental reserves by $3, pre-tax, as compared to
$290, pre-tax, and $19, pre-tax, respectively, in 2011.
For information on net asbestos and environmental reserves, see Property & Casualty Other Operations Claims within the Property and
Casualty Insurance Product Reserves, Net of Reinsurance section in Critical Accounting Estimates.