Hartford Financial Services Group Files Q2 2024 10-Q

Ticker: HIG-PG · Form: 10-Q · Filed: Jul 25, 2024 · CIK: 874766

Hartford Financial Services Group, INC. 10-Q Filing Summary
FieldDetail
CompanyHartford Financial Services Group, INC. (HIG-PG)
Form Type10-Q
Filed DateJul 25, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, insurance

TL;DR

**HARTFORD FILES Q2 10-Q: Financials out, check common stock, notes, and preferred stock details.**

AI Summary

The Hartford Financial Services Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including information on its common stock, deferrable notes, and non-cumulative preferred stock. Specific financial figures and operational details are presented within the report.

Why It Matters

This filing provides investors and analysts with crucial financial data for The Hartford, enabling them to assess the company's performance and make informed investment decisions.

Risk Assessment

Risk Level: medium — As a financial services company, Hartford is subject to market, credit, and regulatory risks inherent in the insurance and investment sectors.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on July 25, 2024.

What is the Standard Industrial Classification code for The Hartford?

The Standard Industrial Classification code for The Hartford is FIRE, MARINE & CASUALTY INSURANCE [6331].

What types of financial instruments are mentioned in the filing header?

The filing header mentions common stock, deferrable notes, and non-cumulative preferred stock.

What is the company's fiscal year end?

The company's fiscal year end is December 31.

Filing Stats: 4,566 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-07-25 16:17:38

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1. FINANCIAL STATEMENTS REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 6 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 7 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 8 CONDENSED CONSOLIDATED BALANCE SHEETS - AS OF JUNE 30, 2024 AND DECEMBER 31, 2023 9 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 10 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023 11 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 12 NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES 12 NOTE 2 - EARNINGS PER COMMON SHARE 12 NOTE 3 - SEGMENT INFORMATION 13 NOTE 4 - FAIR VALUE MEASUREMENTS 15 NOTE 5 - INVESTMENTS 24 NOTE 6 - DERIVATIVES 31 NOTE 7 - PREMIUMS RECEIVABLE AND AGENTS' BALANCES 36 NOTE 8 - REINSURANCE 37 NOTE 9 - RESERVE FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES 39 NOTE 10 - RESERVE FOR FUTURE POLICY BENEFITS 43 NOTE 11 - OTHER POLICYHOLDER FUNDS AND BENEFITS PAYABLE 44 NOTE 12 - INCOME TAXES 45 NOTE 13 - COMMITMENTS AND CONTINGENCIES 45 NOTE 14 - EQUITY 48 NOTE 15 - CHANGES IN AND RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 48 NOTE 16 - EMPLOYEE BENEFIT PLANS 51 NOTE 17 - RESTRUCTURING AND OTHER COSTS 51 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 52 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK [a] 4. CONTROLS AND PROCEDURES 109

OTHER INFORMATION

PART II. OTHER INFORMATION 1. LEGAL PROCEEDINGS 110 1A. RISK FACTORS 110 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 110 5. . OTHER INFORMATION 110 6. EXHIBITS 111 SIGNATURE 112 [a] The information required by this item is set forth in the Enterprise Risk Management section of Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations and is incorporated herein by reference. 3

Forward-looking Statements

Forward-looking Statements Certain of the statements contained herein are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "projects," and similar references to future periods. Forward-looking statements are based on management's current expectations and assumptions regarding future economic, competitive, legislative and other developments and their potential effect upon The Hartford Financial Services Group, Inc. and its subsidiaries (collectively, the "Company" or "The Hartford"). Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from expectations depending on the evolution of various factors, including the risks and uncertainties identified below, as well as factors described in such forward-looking statements, the Risk Factors of The Hartford's 2023 Form 10-K Annual Report, and our other filings with the Securities and Exchange Commission. Risks Relating to Economic, Political and Global Market Conditions: challenges related to the Company's current operating environment, including global political, economic and market conditions, and the effect of financial market disruptions, economic downturns, changes in trade regulation including tariffs and other barriers or other potentially adverse macroeconomic developments on the demand for our products and returns in our investment portfolios; market risks associated with our business, including changes in credit spreads, equity prices, interest rates, inflation rate, foreign currency exchange rates and market volatility; the impact on our investment portfolio if our investment portfolio is concentrated in any particular segment of the econom

- Item 1. Financial Statements

Part I - Item 1. Financial Statements Item 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of The Hartford Financial Services Group, Inc. Hartford, Connecticut Results of Review of Interim Financial Information We have reviewed the accompanying condensed consolidated balance sheet of The Hartford Financial Services Group, Inc. and subsidiaries (the "Company") as of June 30, 2024, the related condensed consolidated statements of operations, comprehensive income, and changes in stockholders' equity for the three-month and six-month periods ended June 30, 2024 and 2023, and of cash flows for the six-month periods ended June 30, 2024 and 2023, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America. We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2023, and the related consolidated statements of operations, comprehensive income (loss), changes in stockholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated February 23, 2024, we expressed an unqualified opinion on those consolidated financial statements and included an explanatory paragraph regarding a change in accounting principle for the measurement and disclosure of long-duration contracts issued by insurance companies. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. Basis for Review Results This interim financial

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