Hartford Financial Services Group Files Q3 2024 10-Q

Ticker: HIG-PG · Form: 10-Q · Filed: Oct 24, 2024 · CIK: 874766

Hartford Financial Services Group, INC. 10-Q Filing Summary
FieldDetail
CompanyHartford Financial Services Group, INC. (HIG-PG)
Form Type10-Q
Filed DateOct 24, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, insurance, financials

TL;DR

Hartford's Q3 2024 10-Q is in. Check financials for insurance giant.

AI Summary

The Hartford Financial Services Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its operations in fire, marine, and casualty insurance. Key financial data and disclosures relevant to investors and regulatory bodies are presented.

Why It Matters

This filing provides crucial insights into the financial health and operational performance of a major insurance provider, impacting investors and policyholders.

Risk Assessment

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

Key Numbers

Key Players & Entities

FAQ

What is the primary business of The Hartford Financial Services Group, Inc.?

The Hartford Financial Services Group, Inc. is primarily involved in FIRE, MARINE & CASUALTY INSURANCE, as indicated by its Standard Industrial Classification code [6331].

For what reporting period was this 10-Q filed?

This 10-Q filing is for the period of report ending September 30, 2024.

When was this 10-Q filing officially submitted?

The filing was submitted on October 24, 2024.

What is the Central Index Key (CIK) for The Hartford Financial Services Group, Inc.?

The Central Index Key for The Hartford Financial Services Group, Inc. is 0000874766.

What is the company's fiscal year end?

The company's fiscal year ends on December 31.

Filing Stats: 4,555 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-10-24 16:16:55

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 NINE MONTHS ENDED S EPTE MBER 30, 2024 AND 2023 7 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 8 CONDENSED CONSOLIDATED BALANCE SHEETS - AS OF SEPT EMBER 30, 2024 AND DECEMBER 31, 2023 9 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 10 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - FOR THE NINE MONTHS ENDED SEPTEMBER 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 25 NOTE 6 - DERIVATIVES 32 NOTE 7 - PREMIUMS RECEIVABLE AND AGENTS' BALANCES 37 NOTE 8 - REINSURANCE 38 NOTE 9 - RESERVE FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES 40 NOTE 10 - RESERVE FOR FUTURE POLICY BENEFITS 44 NOTE 11 - OTHER POLICYHOLDER FUNDS AND BENEFITS PAYABLE 45 NOTE 12 - INCOME TAXES 46 NOTE 13 - DEBT 46 NOTE 1 4 - COMMITMENTS AND CONTINGENCIES 47 NOTE 1 5 - EQUITY 49 NOTE 1 6 - CHANGES IN AND RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 49 NOTE 1 7 - EMPLOYEE BENEFIT PLANS 52 NOTE 1 8 - RESTRUCTURING AND OTHER COSTS 53 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 54 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK [a] 4. CONTROLS AND PROCEDURES 111

OTHER INFORMATION

PART II. OTHER INFORMATION 1. LEGAL PROCEEDINGS 112 1A. RISK FACTORS 112 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 112 5. . OTHER INFORMATION 113 6. EXHIBITS 113 SIGNATURE 114 [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 September 30, 2024, the related condensed consolidated statements of operations, comprehensive income (loss), and changes in stockholders' equity for the three-month and nine-month periods ended September 30, 2024 and 2023, and of cash flows for the nine-month periods ended September 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

View Full Filing

View this 10-Q filing on SEC EDGAR

View on Read The Filing