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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________ 
FORM 10-Q
 ____________________________________
(Mark One)
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2019
or
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ______________
Commission file number 001-13958
____________________________________ 
STAGLOGOA03A01A02.JPG
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
13-3317783
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
One Hartford Plaza, Hartford, Connecticut 06155
(Address of principal executive offices) (Zip Code)
(860) 547-5000
(Registrant’s telephone number, including area code)
Indicate by check mark:
Yes
 
No
 
 
 
 
•     whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
ý
 
¨
 
 
 
 
•     whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
ý
 
¨
 
 
 
 
•     whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
 
 
Large accelerated filer  x
Accelerated filer   ¨
Non-accelerated filer   ¨
Smaller reporting company   ¨
Emerging growth company   ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨
•     whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
¨
 
ý
As of April 29, 2019 , there were outstanding 361,499,141 shares of Common Stock, $0.01 par value per share, of the registrant.

1






THE HARTFORD FINANCIAL SERVICES GROUP, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2019
TABLE OF CONTENTS
Item
Description
Page
 
 
1.      
FINANCIAL STATEMENTS
 
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018
 
CONDENSED CONSOLIDATED BALANCE SHEETS - AS OF MARCH 31, 2019 AND DECEMBER 31, 2018
 
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018
 
CONDENSED CONOLIDATED STATEMENTS OF CASH FLOWS - FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
2.      
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
3.      
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
[a]
4.      
CONTROLS AND PROCEDURES
 
 
1.      
LEGAL PROCEEDINGS
1A.   
RISK FACTORS
2.      
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
6.      
EXHIBITS
 
EXHIBITS INDEX
 
SIGNATURE
[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.


2






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 or in Part I, Item 1A, Risk Factors in The Hartford’s 2018 Form 10-K Annual Report; and our other filings with the Securities and Exchange Commission ("SEC").
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, and market volatility;
the impact on our investment portfolio if our investment portfolio is concentrated in any particular segment of the economy;
the impacts of changing climate and weather patterns on our businesses, operations and investment portfolio including on claims, demand and pricing of our products, the availability and cost of reinsurance, our modeling data used to evaluate and manage risks of catastrophes and severe weather events, the value of our investment portfolios and credit risk with reinsurers and other counterparties;
the risks associated with the change in or replacement of the London Inter-Bank Offered Rate ("LIBOR") on the securities we hold or may have issued, other financial instruments and any other assets and liabilities whose value is tied to LIBOR;
Insurance Industry and Product-Related Risks:
the possibility of unfavorable loss development, including with respect to long-tailed exposures;
the significant uncertainties that limit our ability to estimate the ultimate reserves necessary for asbestos and environmental claims;
the possibility of a pandemic, earthquake, or other natural or man-made disaster that may adversely affect our businesses;
weather and other natural physical events, including the intensity and frequency of storms, hail, wildfires, flooding, winter storms, hurricanes and tropical storms, as well as climate change and its potential impact on weather patterns;
the possible occurrence of terrorist attacks and the Company’s inability to contain its exposure as a result of, among other factors, the inability to exclude coverage for terrorist attacks from workers' compensation policies and limitations on reinsurance coverage from the federal government under applicable laws;
the Company’s ability to effectively price its property and casualty policies, including its ability to obtain regulatory consents to pricing actions or to non-renewal or withdrawal of certain product lines;
actions by competitors that may be larger or have greater financial resources than we do;
technological changes, such as usage-based methods of determining premiums, advancements in automotive safety features, the development of autonomous vehicles, and platforms that facilitate ride sharing, which may alter demand for the Company's products, impact the frequency or severity of losses, and/or impact the way the Company markets, distributes and underwrites its products;
the Company's ability to market, distribute and provide insurance products and investment advisory services through current and future distribution channels and advisory firms;
the uncertain effects of emerging claim and coverage issues;
Financial Strength, Credit and Counterparty Risks:
risks to our business, financial position, prospects and results associated with negative rating actions or downgrades in the Company’s financial strength and credit ratings or negative rating actions or downgrades relating to our investments;
the impact on our statutory capital of various factors, including many that are outside the Company’s control, which can in turn affect our credit and financial strength ratings, cost of capital, regulatory compliance and other aspects of our business and results;

3






losses due to nonperformance or defaults by others, including credit risk with counterparties associated with i nvestments, derivatives, premiums receivable, reinsurance recoverables and indemnifications provided by third parties in connection with previous dispositions;
the potential for losses due to our reinsurers' unwillingness or inability to meet their obligations under reinsurance contracts and the availability, pricing and adequacy of reinsurance to protect the Company against losses;
regulatory limitations on the ability of the Company and certain of its subsidiaries to declare and pay dividends;
Risks Relating to Estimates, Assumptions and Valuations:
risk associated with the use of analytical models in making decisions in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance and catastrophe risk management;
the potential for differing interpretations of the methodologies, estimations and assumptions that underlie the Company’s fair value estimates for its investments and the evaluation of other-than-temporary impairments on available-for-sale securities;
the potential for further impairments of our goodwill or the potential for changes in valuation allowances against deferred tax assets;
Strategic and Operational Risks:
the Company’s ability to maintain the availability of its systems and safeguard the security of its data in the event of a disaster, cyber or other information security incident or other unanticipated event;
the potential for difficulties arising from outsourcing and similar third-party relationships;
the risks, challenges and uncertainties associated with capital management plans, expense reduction initiatives and other actions, which may include acquisitions, divestitures or restructurings;
failure to complete our proposed acquisition of The Navigators Group, Inc. may cause volatility in our securities;
risks associated with acquisitions and divestitures, including the challenges of integrating acquired companies or businesses or separating from our divested businesses, which may result in our inability to achieve the anticipated benefits and synergies and may result in unintended consequences;
difficulty in attracting and retaining talented and qualified personnel, including key employees, such as executives, managers and employees with strong technological, analytical and other specialized skills;
the Company’s ability to protect its intellectual property and defend against claims of infringement;
Regulatory and Legal Risks:
the cost and other potential effects of increased regulatory and legislative developments, including those that could adversely impact the demand for the Company’s products, operating costs and required capital levels;
unfavorable judicial or legislative developments;
the impact of changes in federal or state tax laws;
regulatory requirements that could delay, deter or prevent a takeover attempt that stockholders might consider in their best interests; and
the impact of potential changes in accounting principles and related financial reporting requirements.
Any forward-looking statement made by the Company in this document speaks only as of the date of the filing of this Form 10-Q. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

4




Part I - Item 1. Financial Statements


Item 1. 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 March 31, 2019, the related condensed consolidated statements of operations, comprehensive income (loss), changes in stockholders' equity, and cash flows for the three-month periods ended March 31, 2019 and 2018, 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, 2018, 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 22, 2019, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2018, 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 information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.


/s/ DELOITTE & TOUCHE LLP
Hartford, Connecticut
May 1, 2019



5

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
Condensed Consolidated Statements of Operations

 
Three Months Ended March 31,
(In millions, except for per share data)
2019
2018
 
(Unaudited)
Revenues
 
 
Earned premiums
$
3,940

$
3,927

Fee income
314

323

Net investment income
470

451

Net realized capital gains (losses):
 
 
Total other-than-temporary impairment ("OTTI") losses
(4
)
(2
)
OTTI losses recognized in other comprehensive income (“OCI”)
2

2

Net OTTI losses recognized in earnings
(2
)

Other net realized capital gains (losses)
165

(30
)
Total net realized capital gains (losses)
163

(30
)
Other revenues
53

20

Total revenues
4,940

4,691

Benefits, losses and expenses
 
 
Benefits, losses and loss adjustment expenses
2,685

2,695

Amortization of deferred policy acquisition costs ("DAC")
355

342

Insurance operating costs and other expenses
1,048

1,037

Interest expense
64

80

Amortization of other intangible assets
13

18

Total benefits, losses and expenses
4,165

4,172

Income from continuing operations, before tax
775

519

 Income tax expense
145

91

Income from continuing operations, net of tax
630

428

Income from discontinued operations, net of tax

169

Net income
630

597

Preferred stock dividends
5


Net income available to common stockholders
$
625

$
597

 
 
 
Income from continuing operations, net of tax, available to common stockholders per common share


Basic
$
1.74

$
1.20

Diluted
$
1.71

$
1.18

Net income available to common stockholders per common share



Basic
$
1.74

$
1.67

Diluted
$
1.71

$
1.64

See Notes to Condensed Consolidated Financial Statements.

6

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)

 
Three Months Ended March 31,
(In millions)
2019
2018
 
(Unaudited)
Net income
$
630

$
597

Other comprehensive income (loss):
 
 
Changes in net unrealized gain on securities
679

(855
)
Changes in OTTI losses recognized in other comprehensive income
1

(2
)
Changes in net gain on cash flow hedging instruments
5

(44
)
Changes in foreign currency translation adjustments
1

(6
)
Changes in pension and other postretirement plan adjustments
8

10

OCI, net of tax
694

(897
)
Comprehensive income (loss)
$
1,324

$
(300
)
See Notes to Condensed Consolidated Financial Statements.

7

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
Condensed Consolidated Balance Sheets

(In millions, except for share and per share data)
March 31,
2019
December 31, 2018
 
(Unaudited)
 
Assets
 
Investments:
 
 
Fixed maturities, available-for-sale, at fair value (amortized cost of $35,894 and $35,603)
$
36,819

$
35,652

Fixed maturities, at fair value using the fair value option
20

22

Equity securities, at fair value
1,275

1,214

Mortgage loans (net of allowances for loan losses of $1 and $1)
3,637

3,704

Limited partnerships and other alternative investments
1,719

1,723

Other investments
222

192

Short-term investments
4,203

4,283

Total investments
47,895

46,790

Cash
104

121

Premiums receivable and agents’ balances, net
4,160

3,995

Reinsurance recoverables, net
4,341

4,357

Deferred policy acquisition costs
688

670

Deferred income taxes, net
921

1,248

Goodwill
1,290

1,290

Property and equipment, net
1,145

1,006

Other intangible assets, net
644

657

Other assets
2,136

2,173

Total assets
$
63,324

$
62,307

Liabilities


Unpaid losses and loss adjustment expenses
$
32,973

$
33,029

Reserve for future policy benefits
648

642

Other policyholder funds and benefits payable
742

767

Unearned premiums
5,482

5,282

Short-term debt
499

413

Long-term debt
3,767

4,265

Other liabilities
4,873

4,808

Total liabilities
48,984

49,206

Commitments and Contingencies (Note 11 )
 
 
Stockholders’ Equity
 
 
Preferred stock, $0.01 par value — 50,000,000 shares authorized, 13,800 shares issued at March 31, 2019 and December 31, 2018, aggregate liquidation preference of $345
334

334

Common stock, $0.01 par value — 1,500,000,000 shares authorized, 384,923,222 shares issued at March 31, 2019 and December 31, 2018
4

4

Additional paid-in capital
4,329

4,378

Retained earnings
11,572

11,055

Treasury stock, at cost — 24,058,244 and 25,772,238 shares
(1,014
)
(1,091
)
 Accumulated other comprehensive loss, net of tax
(885
)
(1,579
)
Total stockholders’ equity
14,340

13,101

Total liabilities and stockholders’ equity
$
63,324

$
62,307

See Notes to Condensed Consolidated Financial Statements.

8

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
Condensed Consolidated Statements of Changes in Stockholders' Equity

 
Three Months Ended March 31,
(In millions, except for share data)
2019
2018
 
(Unaudited)
Preferred Stock
$
334

$

Common Stock
4

4

Additional Paid-in Capital
 
 
Additional Paid-in Capital, beginning of period
4,378

4,379

Issuance of shares under incentive and stock compensation plans
(68
)
(74
)
Stock-based compensation plans expense
55

61

Issuance of shares for warrant exercise
(36
)
(3
)
Additional Paid-in Capital, end of period
4,329

4,363

Retained Earnings
 
 
Retained Earnings, beginning of period
11,055

9,642

Cumulative effect of accounting changes, net of tax

5

Adjusted balance, beginning of period
11,055

9,647

Net income
630

597

Dividends declared on preferred stock
(5
)

Dividends declared on common stock
(108
)
(88
)
Retained Earnings, end of period
11,572

10,156

Treasury Stock, at cost
 
 
Treasury Stock, at cost, beginning of period
(1,091
)
(1,194
)
Treasury stock acquired


Issuance of shares under incentive and stock compensation plans
71

81

Net shares acquired related to employee incentive and stock compensation plans
(30
)
(31
)
Issuance of shares for warrant exercise
36

3

Treasury Stock, at cost, end of period
(1,014
)
(1,141
)
Accumulated Other Comprehensive Income (Loss), net of tax
 
 
Accumulated Other Comprehensive Income (Loss), net of tax, beginning of period
(1,579
)
663

Cumulative effect of accounting changes, net of tax

(5
)
Adjusted balance, beginning of period
(1,579
)
658

Total other comprehensive income (loss)
694

(897
)
Accumulated Other Comprehensive Loss, net of tax, end of period
(885
)
(239
)
Total Stockholders’ Equity
$
14,340

$
13,143

Preferred Shares Outstanding
 
 
Preferred Shares Outstanding, beginning of period
13,800


Issuance of preferred shares


Preferred Shares Outstanding, end of period
13,800


Common Shares Outstanding
 
 
Common Shares Outstanding, beginning of period (in thousands)
359,151

356,835

Treasury stock acquired


Issuance of shares under incentive and stock compensation plans
1,534

1,770

Return of shares under incentive and stock compensation plans to treasury stock
(601
)
(595
)
Issuance of shares for warrant exercise
781

67

Common Shares Outstanding, at end of period
360,865

358,077

Cash dividends declared per common share
$
0.30

$
0.25

Cash dividends declared per preferred share
$
375.00

$

See Notes to Condensed Consolidated Financial Statements.

9

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
Condensed Consolidated Statements of Cash Flows

 
Three Months Ended March 31,
(In millions)
2019
2018
Operating Activities
(Unaudited)
Net income
$
630

$
597

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Net realized capital losses (gains)
(163
)
9

Amortization of deferred policy acquisition costs
355

383

Additions to deferred policy acquisition costs
(373
)
(356
)
Depreciation and amortization
108

116

Gain on sale

(62
)
Other operating activities, net
37

324

Change in assets and liabilities:
 
 
Decrease in reinsurance recoverables
16

19

Decrease in accrued and deferred income taxes
116

122

Increase in insurance liabilities
138

58

Net change in other assets and other liabilities
(585
)
(498
)
Net cash provided by operating activities
279

712

Investing Activities
 
 
Proceeds from the sale/maturity/prepayment of:
 
 
Fixed maturities, available-for-sale
5,072

6,639

Fixed maturities, fair value option
2

6

Equity securities, at fair value
619

185

Mortgage loans
100

154

Partnerships
68

75

Payments for the purchase of:
 
 
Fixed maturities, available-for-sale
(5,105
)
(5,874
)
Equity securities, at fair value
(607
)
(256
)
Mortgage loans
(31
)
(178
)
Partnerships
(78
)
(126
)
Net proceeds from (payments for) derivatives
26

(189
)
Net additions of property and equipment
(20
)
(39
)
Net proceeds from (payments for) short-term investments
82

(608
)
Other investing activities, net
1

(31
)
Net cash provided by (used for) investing activities
129

(242
)
Financing Activities
 
 
Deposits and other additions to investment and universal life-type contracts

1,366

Withdrawals and other deductions from investment and universal life-type contracts
(24
)
(7,670
)
Net transfers from separate accounts related to investment and universal life-type contracts

5,918

Federal Home Loan Bank of Boston ("FHLBB") advances
50


Repayments at maturity or settlement of consumer notes

(4
)
Net increase (decrease) in securities loaned or sold under agreements to repurchase
102

(368
)
Repayment of debt
(413
)
(320
)
Proceeds from the issuance of debt

490

Net issuance (return) of shares under incentive and stock compensation plans

(28
)
1

Dividends paid on preferred stock
(6
)

Dividends paid on common stock
(109
)
(90
)
Net cash used for financing activities
(428
)
(677
)
Foreign exchange rate effect on cash
3

(5
)
Net decrease in cash, including cash classified as assets held for sale
(17
)
(212
)
 Less: Net increase (decrease) in cash classified as assets held for sale

(260
)
Net increase (decrease) in cash
(17
)
48

Cash – beginning of period
121

180

Cash – end of period
$
104

$
228

Supplemental Disclosure of Cash Flow Information
 
 
Income tax received (paid)
$

$
(1
)
Interest paid
$
41

$
65

See Notes to Condensed Consolidated Financial Statements

10

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollar amounts in millions, except for per share data, unless otherwise stated)



1 . BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The Hartford Financial Services Group, Inc. is a holding company for insurance and financial services subsidiaries that provide property and casualty insurance, group life and disability products and mutual funds and exchange-traded products to individual and business customers (collectively, “The Hartford”, the “Company”, “we” or “our”).
On August 22, 2018, the Company announced it entered into a definitive agreement to acquire all outstanding common shares of The Navigators Group, Inc. ("Navigators Group"), a global specialty underwriter, for $70 a share, or $2.2 billion in cash, including transaction expenses. The transaction is expected to close in the second quarter of 2019, subject to customary closing conditions, including receipt of regulatory approvals. The Company signed an agreement with National Indemnity Company ("NICO"), a subsidiary of Berkshire Hathaway Inc., which, subject to regulatory approval and upon closing of the acquisition, will have Navigators Group subsidiaries enter into an aggregate excess of loss reinsurance agreement with NICO to cover unfavorable reserve development to Navigators Group reserves subject to the agreement, with limited exclusions. The reinsurance agreement will cover accident year 2018 and prior year reserves. The reinsurance agreement provides up to $300 of coverage for potential unfavorable net loss reserve development in excess of $1.916 billion which is $100 above Navigators Group recorded reserves subject to the agreement of $1.816 billion as of December 31, 2018.
On May 31, 2018, Hartford Holdings, Inc., a wholly owned subsidiary of the Company, completed the sale of the issued and outstanding equity of Hartford Life, Inc. (“HLI”), a holding company, for its life and annuity operating subsidiaries. For further discussion of this transaction, see Note 16 - Business Disposition and Discontinued Operations of Notes to Condensed Consolidated Financial Statements.
The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities. These Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2018 Form 10-K Annual Report. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year.
The accompanying Condensed Consolidated Financial Statements and Notes are unaudited. These financial statements reflect all adjustments (generally consisting only of normal accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods. The Company's significant accounting policies are summarized in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to
 
Consolidated Financial Statements included in the Company's 2018 Form 10-K Annual Report.
Consolidation
The Condensed Consolidated Financial Statements include the accounts of The Hartford Financial Services Group, Inc., and entities in which the Company directly or indirectly has a controlling financial interest. Entities in which the Company has significant influence over the operating and financing decisions but does not control are reported using the equity method. All intercompany transactions and balances between The Hartford and its subsidiaries and affiliates that are not held for sale have been eliminated.
Discontinued Operations
The results of operations of a component of the Company are reported in discontinued operations when certain criteria are met as of the date of disposal, or earlier if classified as held-for-sale. When a component is identified for discontinued operations reporting, amounts for prior periods are retrospectively reclassified as discontinued operations. Components are identified as discontinued operations if they are a major part of an entity's operations and financial results such as a separate major line of business or a separate major geographical area of operations.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
The most significant estimates include those used in determining property and casualty and group long-term disability insurance product reserves, net of reinsurance; evaluation of goodwill for impairment; valuation of investments and derivative instruments; valuation allowance on deferred tax assets; and contingencies relating to corporate litigation and regulatory matters.
Adoption of New Accounting Standards
Hedging Activities
On January 1, 2019, the Company adopted the Financial Accounting Standards Board's ("FASB") updated guidance for hedge accounting through a cumulative effect adjustment of less than $1 to reclassify cumulative ineffectiveness on cash flow hedges from retained earnings to AOCI. The updates allow hedge accounting for new types of interest rate hedges of financial instruments and simplify documentation requirements to qualify for hedge accounting. In addition, any gain or loss from hedge

11

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

ineffectiveness is reported in the same income statement line with the effective hedge results and the hedged transaction. For cash flow hedges, the ineffectiveness is recognized in earnings only when the hedged transaction affects earnings; otherwise, the ineffectiveness gains or losses remain in AOCI. Under previous accounting, total hedge ineffectiveness was reported separately in realized capital gains and losses apart from the hedged transaction. The adoption did not affect the Company’s financial position or cash flows or have a material effect on net income.
Leases
On January 1, 2019 , the Company adopted the FASB’s updated lease guidance. Under the updated guidance, lessees with operating leases are required to recognize a liability for the present value of future minimum lease payments with a corresponding asset for the right of use of the property. Prior to the new guidance, future minimum lease payments on operating leases were commitments that were not recognized as liabilities on the balance sheet. Leases are classified as financing or operating leases. Where the lease is economically similar to a purchase because The Hartford obtains control of the underlying
 
asset, the lease is classified as a financing lease and the Company recognizes amortization of the right of use asset and interest expense on the liability. Where the lease provides The Hartford with only the right to control the use of the underlying asset over the lease term and the lease term is greater than one year, the lease is an operating lease and the lease cost is recognized as rental expense over the lease term on a straight-line basis. Leases with a term of one year or less are also expensed over the lease term but not recognized on the balance sheet. On adoption, The Hartford recorded a lease payment obligation of $160 for outstanding leases and a right of use asset of $150 , which is net of $10 in lease incentives received, with no change to comparative periods. As permitted by the new guidance, as of the implementation date, the Company did not reassess whether expired or existing contracts are leases or contain leases, did not change the classification of expired or existing operating leases, and did not reassess initial direct costs for existing leases to determine if deferred costs should be written-off or recorded on adoption. The adoption did not impact net income or cash flows.

2 . EARNINGS PER COMMON SHARE
Computation of Basic and Diluted Earnings per Common Share
 
Three Months Ended March 31,
(In millions, except for per share data)
2019
2018
Earnings
 
 
Income from continuing operations, net of tax
$
630

$
428

Less: Preferred stock dividends
5


Income from continuing operations, net of tax, available to common stockholders
625

428

Income from discontinued operations, net of tax, available to common stockholders

169

Net income available to common stockholders
$
625

$
597

Shares
 
 
Weighted average common shares outstanding, basic
360.0

357.5

Dilutive effect of stock-based awards under compensation plans
3.3

4.4

Dilutive effect of warrants
1.4

2.0

Weighted average common shares outstanding and dilutive potential common shares
364.7

363.9

Earnings per common share
 
 
Basic
 
 
Income from continuing operations, net of tax, available to common stockholders
$
1.74

$
1.20

Income from discontinued operations, net of tax, available to common stockholders

0.47

Net income available to common stockholders
$
1.74

$
1.67

Diluted
 
 
Income from continuing operations, net of tax, available to common stockholders
$
1.71

$
1.18

Income from discontinued operations, net of tax, available to common stockholders

0.46

Net income available to common stockholders
$
1.71

$
1.64




12

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

3 . SEGMENT INFORMATION
The Company currently conducts business principally in five reporting segments including Commercial Lines, Personal Lines, Property & Casualty ("P&C") Other Operations, Group Benefits and Hartford Funds, as well as a Corporate category. The Company includes in the Corporate category discontinued operations related to the life and annuity business sold in May 2018, reserves for run-off structured settlement and terminal funding agreement liabilities, capital raising activities (including debt financing and related interest expense), certain purchase accounting adjustments related to goodwill and other expenses not allocated to the reporting segments. Corporate also includes investment management fees and expenses related to managing third party business, including management of the invested assets of Talcott Resolution Life, Inc. and its subsidiaries ("Talcott Resolution"). Talcott Resolution is the new holding company of the life and annuity business the Company sold in May 2018. In addition, Corporate includes a 9.7 % ownership interest in the legal entity that acquired the sold life and annuity business. For further discussion of continued involvement in the life and annuity business sold in May 2018, see Note 16 - Business Disposition and Discontinued Operations of Notes to Condensed Consolidated Financial Statements.
The Company's revenues are generated primarily in the United States ("U.S."). Any foreign sourced revenue is immaterial.
Net Income
 
Three Months Ended March 31,
 
2019
2018
Commercial Lines
$
363

$
298

Personal Lines
96

89

Property & Casualty Other Operations
23

17

Group Benefits
118

54

Hartford Funds
30

34

Corporate

105

Net income
630

597

Preferred stock dividends
5


Net income available to common stockholders
$
625

$
597


 
Revenues
 
Three Months Ended March 31,

2019
2018
Earned premiums and fee income:
 
 
Commercial Lines
 
 
Workers’ compensation
$
825

$
818

Liability
168

151

Package business
352

332

Automobile
157

149

Professional liability
68

62

Bond
60

58

Property
156

150

Total Commercial Lines
1,786

1,720

Personal Lines




Automobile
561

607

Homeowners
247

262

Total Personal Lines [1]
808

869

Group Benefits
 
 
Group disability
704

677

Group life
643

664

Other
62

60

Total Group Benefits
1,409

1,401

Hartford Funds
 
 
Mutual fund and Exchange-Traded Products ("ETP")
216

232

Talcott Resolution life and annuity separate accounts [2]
22

26

Total Hartford Funds
238

258

Corporate
13

2

Total earned premiums and fee income
4,254

4,250

Net investment income
470

451

Net realized capital gains (losses)
163

(30
)
Other revenues
53

20

Total revenues
$
4,940

$
4,691


[1]
For the three months ended March 31, 2019 and 2018 , AARP members accounted for earned premiums of $722 and $758 , respectively.
[2]
Represents revenues earned for investment advisory services on the life and annuity separate account AUM sold in May 2018 that is still managed by the Company's Hartford Funds segment.

13

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Revenue from Non-Insurance Contracts with Customers
 
 
Three months ended March 31,
 
Revenue Line Item
2019
2018
Commercial Lines
 
 
 
Installment billing fees
Fee income
$
9

$
9

Personal Lines
 




Installment billing fees
Fee income
9

10

Insurance servicing revenues
Other revenues
19

19

Group Benefits
 




Administrative services
Fee income
45

44

Hartford Funds
 




Advisor, distribution and other management fees
Fee income
217

238

Other fees
Fee income
21

20

Corporate
 




Investment management and other fees
Fee income
13

2

Transition service revenues
Other revenues
6


Total non-insurance revenues with customers
 
$
339

$
342


 

4 . FAIR VALUE MEASUREMENTS
The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs. The fair value hierarchy levels are as follows:
Level 1
Fair values based primarily on unadjusted quoted prices for identical assets or liabilities, in active markets that the Company has the ability to access at the measurement date.
Level 2
Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities.
 
Level 3
Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers.
The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3.

14

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of March 31, 2019
 
Total
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets accounted for at fair value on a recurring basis
 
 
 
 
Fixed maturities, AFS
 
 
 
 
Asset-backed-securities ("ABS")
$
968

$

$
959

$
9

Collateralized loan obligations ("CLOs")
1,438


1,324

114

Commercial mortgage-backed securities ("CMBS")
3,568


3,556

12

Corporate
14,403


13,878

525

Foreign government/government agencies
882


879

3

Municipal
10,346


10,346


Residential mortgage-backed securities ("RMBS")
3,548


2,777

771

U.S. Treasuries
1,666

122

1,544


Total fixed maturities
36,819

122

35,263

1,434

Fixed maturities, FVO
20


20


Equity securities, at fair value
1,275

1,161

41

73

Derivative assets
 
 
 
 
Credit derivatives
24


24


Equity derivatives
1



1

Foreign exchange derivatives
(2
)

(2
)

Interest rate derivatives
1


1


Total derivative assets [1]
24


23

1

Short-term investments
4,203

1,488

2,715


Total assets accounted for at fair value on a recurring basis
$
42,341

$
2,771

$
38,062

$
1,508

Liabilities accounted for at fair value on a recurring basis
 
 
 
 
Derivative liabilities
 
 
 
 
Credit derivatives
(5
)

(5
)

Foreign exchange derivatives
(3
)

(3
)

Interest rate derivatives
(56
)

(56
)

Total derivative liabilities [2]
(64
)

(64
)

Contingent consideration [3]
(29
)


(29
)
Total liabilities accounted for at fair value on a recurring basis
$
(93
)
$

$
(64
)
$
(29
)


15

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2018
 
Total
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets accounted for at fair value on a recurring basis
 
 
 
 
Fixed maturities, AFS
 
 
 
 
Asset-backed-securities ("ABS")
$
1,276

$

$
1,266

$
10

Collateralized loan obligations ("CLOs")
1,437


1,337

100

Commercial mortgage-backed securities ("CMBS")
3,552


3,540

12

Corporate
13,398


12,878

520

Foreign government/government agencies
847


844

3

Municipal
10,346


10,346


Residential mortgage-backed securities ("RMBS")
3,279


2,359

920

U.S. Treasuries
1,517

330

1,187


Total fixed maturities
35,652

330

33,757

1,565

Fixed maturities, FVO
22


22


Equity securities, at fair value
1,214

1,093

44

77

Derivative assets
 
 
 
 
Credit derivatives
5


5


Equity derivatives
3



3

Foreign exchange derivatives
(2
)

(2
)

Interest rate derivatives
1


1


Total derivative assets [1]
7


4

3

Short-term investments
4,283

1,039

3,244


Total assets accounted for at fair value on a recurring basis
$
41,178

$
2,462

$
37,071

$
1,645

Liabilities accounted for at fair value on a recurring basis
 
 
 
 
Derivative liabilities
 
 
 
 
Credit derivatives
(2
)

(2
)

Equity derivatives
1


1


Foreign exchange derivatives
(5
)

(5
)

Interest rate derivatives
(62
)

(63
)
1

Total derivative liabilities [2]
(68
)

(69
)
1

Contingent consideration [3]
(35
)


(35
)
Total liabilities accounted for at fair value on a recurring basis
$
(103
)
$

$
(69
)
$
(34
)

[1]
Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 2 to this table for derivative liabilities.
[2]
Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.
[3]
For additional information see the Contingent Consideration section below.
Fixed Maturities, Equity Securities, Short-term Investments, and Derivatives
Valuation Techniques
The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a "waterfall" approach
 
comprised of the following pricing sources and techniques, which are listed in priority order:
Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1.
Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of

16

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities, such as municipal securities and bank loans, include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3.
Internal matrix pricing, which is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s financial strength and term to maturity, using an independent public security index and trade information, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the inputs are observable or can be corroborated with observable data.
Independent broker quotes, which are typically non-binding, use inputs that can be difficult to corroborate with observable market based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3.
The fair value of derivative instruments is determined primarily using a discounted cash flow model or option model technique and incorporate counterparty credit risk. In some cases, quoted market prices for exchange-traded and OTC-cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments.
Valuation Controls
The fair value process for investments is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company that meets at least quarterly. The purpose of the committee is to oversee the pricing policy and procedures, as well as to approve changes to valuation methodologies and pricing sources. Controls and procedures used to assess third-party pricing services are reviewed by the Valuation Committee, including the results of annual due-diligence reviews.
There are also two working groups under the Valuation Committee: a Securities Fair Value Working Group (“Securities Working Group”) and a Derivatives Fair Value Working Group
 
("Derivatives Working Group"). The working groups, which include various investment, operations, accounting and risk management professionals, meet monthly to review market data trends, pricing and trading statistics and results, and any proposed pricing methodology changes.
The Securities Working Group reviews prices received from third parties to ensure that the prices represent a reasonable estimate of the fair value. The group considers trading volume, new issuance activity, market trends, new regulatory rulings and other factors to determine whether the market activity is significantly different than normal activity in an active market. A dedicated pricing unit follows up with trading and investment sector professionals and challenges prices of third-party pricing services when the estimated assumptions used differ from what the unit believes a market participant would use. If the available evidence indicates that pricing from third-party pricing services or broker quotes is based upon transactions that are stale or not from trades made in an orderly market, the Company places little, if any, weight on the third party service’s transaction price and will estimate fair value using an internal process, such as a pricing matrix.
The Derivatives Working Group reviews the inputs, assumptions and methodologies used to ensure that the prices represent a reasonable estimate of the fair value. A dedicated pricing team works directly with investment sector professionals to investigate the impacts of changes in the market environment on prices or valuations of derivatives. New models and any changes to current models are required to have detailed documentation and are validated to a second source. The model validation documentation and results of validation are presented to the Valuation Committee for approval.
The Company conducts other monitoring controls around securities and derivatives pricing including, but not limited to, the following:
Review of daily price changes over specific thresholds and new trade comparison to third-party pricing services.
Daily comparison of OTC derivative market valuations to counterparty valuations.
Review of weekly price changes compared to published bond prices of a corporate bond index.
Monthly reviews of price changes over thresholds, stale prices, missing prices, and zero prices.
Monthly validation of prices to a second source for securities in most sectors and for certain derivatives.
In addition, the Company’s enterprise-wide Operational Risk Management function, led by the Chief Risk Officer, is responsible for model risk management and provides an independent review of the suitability and reliability of model inputs, as well as an analysis of significant changes to current models.
Valuation Inputs
Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, certain short-term investments, and exchange traded futures and option contracts.

17

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Valuation Inputs Used in Levels 2 and 3 Measurements for Securities and Derivatives
Level 2
Primary Observable Inputs
Level 3
Primary Unobservable Inputs
Fixed Maturity Investments
Structured securities (includes ABS, CLOs, CMBS and RMBS)
 
• Benchmark yields and spreads
• Monthly payment information
• Collateral performance, which varies by vintage year and includes delinquency rates, loss severity rates and refinancing assumptions
• Credit default swap indices

Other inputs for ABS and RMBS:
• Estimate of future principal prepayments, derived from the characteristics of the underlying structure
• Prepayment speeds previously experienced at the interest rate levels projected for the collateral
 
• Independent broker quotes
• Credit spreads beyond observable curve
• Interest rates beyond observable curve

Other inputs for less liquid securities or those that trade less actively, including subprime RMBS:
• Estimated cash flows
• Credit spreads, which include illiquidity premium
• Constant prepayment rates
• Constant default rates
• Loss severity
Corporates
 
• Benchmark yields and spreads
• Reported trades, bids, offers of the same or similar securities
• Issuer spreads and credit default swap curves

Other inputs for investment grade privately placed securities that utilize internal matrix pricing:
• Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
 
• Independent broker quotes
• Credit spreads beyond observable curve
• Interest rates beyond observable curve

Other inputs for below investment grade privately placed securities:
• Independent broker quotes
• Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature
U.S Treasuries, Municipals, and Foreign government/government agencies
 
• Benchmark yields and spreads
• Issuer credit default swap curves
• Political events in emerging market economies
• Municipal Securities Rulemaking Board reported trades and material event notices
• Issuer financial statements
 
• Credit spreads beyond observable curve
• Interest rates beyond observable curve
Equity Securities
 
• Quoted prices in markets that are not active
 
• For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable
Short-term Investments
 
• Benchmark yields and spreads
• Reported trades, bids, offers
• Issuer spreads and credit default swap curves
• Material event notices and new issue money market rates
 
Not applicable
Derivatives
Credit derivatives
 
• Swap yield curve
• Credit default swap curves
 
Not applicable
Equity derivatives
 
• Equity index levels
• Swap yield curve
 
• Independent broker quotes
• Equity volatility
Foreign exchange derivatives
 
• Swap yield curve
• Currency spot and forward rates
• Cross currency basis curves
 
Not applicable
Interest rate derivatives
 
• Swap yield curve
 
• Independent broker quotes
• Interest rate volatility


18

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Significant Unobservable Inputs for Level 3 - Securities
Assets accounted for at fair value on a recurring basis
Fair
Value
Predominant
Valuation
Technique
Significant
Unobservable Input
Minimum
Maximum
Weighted Average [1]
Impact of
Increase in Input
on Fair Value [2]
As of March 31, 2019
CLOs [3]
$
93

Discounted cash flows
Spread
256 bps
256 bps
256 bps
Decrease
CMBS [3]
$
2

Discounted cash flows
Spread (encompasses prepayment, default risk and loss severity)
9 bps
1,040 bps
180 bps
Decrease
Corporate [4]
$
294

Discounted cash flows
Spread
121 bps
656 bps
213 bps
Decrease
RMBS [3]
$
725

Discounted cash flows
Spread [6]
21 bps
407 bps
78 bps
Decrease
 
 
 
Constant prepayment rate [6]
—%
16%
6%
 Decrease [5]
 
 
 
Constant default rate [6]
1%
6%
3%
Decrease
 
 
 
Loss severity [6]
—%
100%
62%
Decrease
As of December 31, 2018
CMBS [3]
$
2

Discounted cash flows
Spread (encompasses prepayment, default risk and loss severity)
9 bps
1,040 bps
182 bps
Decrease
Corporate [4]
$
274

Discounted cash flows
Spread
145 bps
1,175 bps
263 bps
Decrease
RMBS [3]
$
815

Discounted cash flows
Spread [6]
12 bps
215 bps
86 bps
Decrease
 
 
 
Constant prepayment rate [6]
1%
15%
6%
Decrease [5]
 
 
 
Constant default rate [6]
1%
8%
3%
Decrease
 
 
 
Loss severity [6]
—%
100%
61%
Decrease
[1]
The weighted average is determined based on the fair value of the securities.
[2]
Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.
[3]
Excludes securities for which the Company bases fair value on broker quotations.
[4]
Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value.
[5]
Decrease for above market rate coupons and increase for below market rate coupons.
[6]
Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads.
Significant Unobservable Inputs for Level 3 - Derivatives
 
Fair
Value
Predominant
Valuation 
Technique
Significant Unobservable Input
Minimum
Maximum
Weighted Average [1]
Impact of 
Increase in Input on 
Fair Value [2]
As of March 31, 2019
Equity Options
$
1

Option model
Equity volatility
12
%
20
%
18
%
Increase
As of December 31, 2018
Interest rate swaptions [3]
$
1

Option model
Interest rate volatility
3
%
3
%
3
%
Increase
Equity options
$
3

Option model
Equity volatility
19
%
21
%
20
%
Increase
[1]
The weighted average is determined based on the fair value of the derivatives.
[2]
Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. Changes are based on long positions, unless otherwise noted. Changes in fair value will be inversely impacted for short positions.
[3]
The swaptions presented are purchased options that have the right to enter into a pay-fixed swap.
The tables above exclude ABS and certain corporate securities for which fair values are predominately based on independent broker quotes. While the Company does not have access to the significant unobservable inputs that independent brokers may use in their pricing process, the Company believes brokers likely
 
use inputs similar to those used by the Company and third-party pricing services to price similar instruments. As such, in their pricing models, brokers likely use estimated loss severity rates, prepayment rates, constant default rates and credit spreads. Therefore, similar to non-broker priced securities, increases in

19

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

these inputs would generally cause fair values to decrease. As of March 31, 2019 , no significant adjustments were made by the Company to broker prices received.
Contingent Consideration
The acquisition of Lattice Strategies LLC ("Lattice") on July 29, 2016 requires the Company to make payments to former owners of Lattice of up to $60 contingent upon growth in exchange-traded products ("ETP") assets under management ("AUM") over a period of four years beginning on the date of acquisition. The contingent consideration is measured at fair value on a quarterly basis by projecting future eligible ETP AUM over the contingency period to estimate the amount of expected payout. The future expected payout is discounted back to the valuation date using a risk-adjusted discount rate of 12.7% . The risk-adjusted discount rate is an internally generated and significant unobservable input to fair value.
The contingency period for ETP AUM growth ends July 29, 2020 and management adjusts the fair value of the contingent consideration when it revises its projection of ETP AUM for the acquired business. Before discounting to fair value, the Company estimates a total contingent consideration payout of $ 41 , of which $10 was paid in January 2019 and another $10 will be paid
 
in May 2019 given that ETP AUM reached $2 billion during the first quarter of 2019. Accordingly, as of March 31, 2019, the fair value of $29 reflects remaining consideration payable of $31 , assuming ETP AUM for the acquired business grows to approximately $4.1 billion over the contingency period.
Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The Company uses derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified with the same fair value hierarchy level as the associated asset or liability. Therefore, the realized and unrealized gains and losses on derivatives reported in the Level 3 rollforward may be offset by realized and unrealized gains and losses of the associated assets and liabilities in other line items of the financial statements.
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended March 31, 2019
 
Total realized/unrealized gains (losses)
 
 
 
 
 
 
 
 
Fair value as of January 1, 2019
Included in net income [1]
Included in OCI [2]
Purchases
Settlements
Sales
Transfers into Level 3 [3]
Transfers out of Level 3 [3]
Fair value as of March 31, 2019
Assets
 
 
 
 
 
 
 
 
 
Fixed Maturities, AFS
 
 
 
 
 
 
 
 
 
 
ABS
$
10

$

$

$

$
(1
)
$

$

$

$
9

 
CLOs
100



35


(6
)

(15
)
114

 
CMBS
12


1


(1
)



12

 
Corporate
520

(1
)
7

37

(2
)
(25
)
12

(23
)
525

 
Foreign Govt./Govt. Agencies
3








3

 
RMBS
920

1

(2
)
44

(54
)
(35
)

(103
)
771

Total Fixed Maturities, AFS
1,565


6

116

(58
)
(66
)
12

(141
)
1,434

Equity Securities, at fair value
77

(1
)

5


(8
)


73

Derivatives, net [4]
 
 
 
 
 
 
 
 
 
 
Equity
3

(2
)






1

 
Interest rate
1

(1
)







Total Derivatives, net [4]
4

(3
)






1

Total Assets
$
1,646

$
(4
)
$
6

$
121

$
(58
)
$
(74
)
$
12

$
(141
)
$
1,508

Liabilities
 
 
 
 
 
 
 
 
 
Contingent Consideration
(35
)
(4
)


10




(29
)
Total Liabilities
$
(35
)
$
(4
)
$

$

$
10

$

$

$

$
(29
)
 
 
 
 
 
 
 
 
 
 
 

20

THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended March 31, 2018
 
Total realized/unrealized gains (losses)
 
 
 
 
 
 
 
 
Fair value as of January 1, 2018
Included in net income [1]
Included in OCI [2]
Purchases
Settlements
Sales
Transfers into Level 3 [3]
Transfers out of Level 3 [3]
Fair value as of March 31, 2018
Assets
 
 
 
 
 
 
 
 
 
Fixed Maturities, AFS
 
 
 
 
 
 
 
 
 
 
ABS
$
19

$

$

$

$
(2
)
$

$

$
(3
)
$
14

 
CLOs
95



21




(10
)
106

 
CMBS
69


(1
)

(1
)


(34
)
33

 
Corporate
520

1

(1
)
65

(14
)
(23
)

(33
)
515

 
Foreign Govt./Govt. Agencies
2








2

 
Municipal
17


(1
)





16

 
RMBS
1,230


(3
)
102

(81
)


(15
)
1,233

Total Fixed Maturities, AFS
1,952

1

(6
)
188

(98
)
(23
)

(95
)
1,919

Equity Securities, at fair value
76

28




(39
)


65

Derivatives, net [4]
 
 
 
 
 
 
 
 
 
 
Equity
1

2




(2
)


1

 
Interest rate
1

1







2

Total Derivatives, net [4]
2

3




(2
)


3

Total Assets
$
2,030

$
32

$
(6
)
$
188

$
(98
)
$
(64
)
$

$
(95
)
$
1,987

Liabilities
 
 
 
 
 
 
 
 
 
Contingent Consideration
(29
)
2







(27
)
Total Liabilities
$
(29
)
$
2

$

$

$

$

$

$

$
(27
)
[1]
Amounts in these columns are generally reported in net realized capital gains (losses). All amounts are before income taxes.