The Hartford 2015 Annual Report Download - page 85

85
TALCOTT RESOLUTION
Results of Operations
Operating Summary 2015 2014 2013
Earned premiums [1] $ 92 $ 206 $ 94
Fee income and other [1] 1,041 1,201 1,369
Net investment income 1,470 1,542 1,577
Net realized capital (losses) gains (161) 26 1,719
Total revenues 2,442 2,975 4,759
Benefits, losses and loss adjustment expenses 1,451 1,643 1,717
Amortization of DAC 139 402 485
Insurance operating costs and other expenses 469 567 645
Reinsurance (gain) loss on disposition in 2014 and 2013, respectively (28)(23) 1,505
Total benefits, losses and expenses 2,031 2,589 4,352
Income from continuing operations, before income taxes 411 386 407
Income tax expense (benefit) (17) 16 (7)
Income from continuing operations 428 370 414
Income (loss) from discontinued operations, net of tax [2] 2 (557) (1,048)
Net income (loss) $ 430 $ (187) $ (634)
Assets Under Management (end of period)
Variable annuity account value $ 44,245 $ 52,861 $ 81,942
Fixed market value adjusted and payout annuities 8,109 8,748 13,203
Institutional annuity account value 15,077 15,636 16,857
Other account value [4] 88,151 91,163 108,133
Total account value [3] $ 155,582 $ 168,408 $ 219,127
Variable Annuity Account Value [5]
Account value, beginning of period $ 52,861 $ 61,812 $ 64,824
Net outflows (7,938)(11,726) (14,598)
Change in market value and other (678) 2,775 11,586
Account value, end of period $ 44,245 $ 52,861 $ 61,812
[1] Includes earned premiums, fee income and other related to the Retirement Plans business of $38 and the Individual Life business of $2 for the
year ended December 31, 2013.
[2] Represents the loss from operations and sale of HLIKK in 2014 and 2013, and HLIL in 2013. For additional information, see Note 18
Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements.
[3] Included in the balance is approximately $(1.0) billion for the year ended December 31, 2013 related to a Talcott Resolution intra-segment
funding agreement which eliminates in consolidation.
[4] Other account value includes $33.2 billion, $14.6 billion, and $40.3 billion as of December 31, 2015, and $36.5 billion, $14.9 billion, $39.8
billion as of December 31, 2014, and $54.7 billion, $14.7 billion, and $38.7 billion as of December 31, 2013, for the Retirement Plans,
Individual Life, and Private Placement Life Insurance businesses; respectively. Account values associated with the Retirement Plans, and
Individual Life businesses no longer generate asset-based fee income due to the sales of these businesses through reinsurance.
[5] Excludes account value related to the HLIKK business sold on June 30, 2014.