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MarketScreener Homepage  >  Equities  >  Nyse  >  Hartford Financial Services Group (The), Inc.    HIG

HARTFORD FINANCIAL SERVICES GROUP (THE), INC.

(HIG)
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Hartford Financial Services : Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

10/29/2020 | 03:45pm EST
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(Dollar amounts in millions except for per share data, unless otherwise stated)
The Hartford provides projections and other forward-looking information in the
following discussions, which contain many forward-looking statements,
particularly relating to the Company's future financial performance. These
forward-looking statements are estimates based on information currently
available to the Company, are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and are subject to the
cautionary statements set forth on pages 4 and 5 of this Form 10-Q. Actual
results are likely to differ, and in the past have differed, materially from
those forecast by the Company, depending on the outcome of various factors,
including, but not limited to, those set forth in the following discussion; Part
II, Item 1A, Risk Factors of this Quarterly Report on Form 10-Q; Part I, Item
1A, Risk Factors in The Hartford's 2019 Form 10-K Annual Report; and our other
filings with the Securities and Exchange Commission. The Hartford undertakes no
obligation to publicly update any forward-looking statements, whether as a
result of new information, future developments or otherwise.
On September 30, 2020, the Company entered into a definitive agreement to sell
all of the issued and outstanding equity of Navigators Holdings (Europe) N.V., a
Belgium holding company, and its subsidiaries, Bracht, Deckers & Mackelbert N.V.
("BDM") and Assurances Contintales Contintale Verzekeringen N.V. ("ASCO"),
(collectively referred to as "Continental Europe Operations"). For discussion of
this transaction, see Note 2 - Business Acquisition and Disposition of Notes to
Condensed Consolidated Financial Statements.
On May 23, 2019, the Company completed the acquisition of Navigators Group, a
specialty underwriter. For discussion of this transaction, see Note 2 - Business
Acquisition and Disposition of Notes to Condensed Consolidated Financial
Statements.
Certain reclassifications have been made to historical financial information
presented in Management's Discussion and Analysis of Financial Condition and
Results of Operations ("MD&A") to conform to the current period presentation.
The Hartford defines increases or decreases greater than or equal to 200% as
"NM" or not meaningful.
INDEX
Description                                  Page
Key Performance Measures and Ratios             57
  The Hartford's Operations                     62
  Consolidated Results of Operations            69
  Investment Results                            75
  Critical Accounting Estimates                 77
  Commercial   Lines                            85
Personal Lines                                  90

Property & Casualty Other Operations 95

  Group Benefits                                96
Hartford Funds                                  99
  Corporate                                    101
  Enterprise Risk Management                   102
  Capital Resources and Liquidity              114
  Impact of New Accounting Standards           121


KEY PERFORMANCE MEASURES AND RATIOS
The Company considers the measures and ratios in the following discussion to be
key performance indicators for its businesses. Management believes that these
ratios and measures are useful in understanding the underlying trends in The
Hartford's businesses. However, these key performance indicators should only be
used in conjunction with, and not in lieu of, the results presented in the
segment discussions that follow in this MD&A. These ratios and measures may not
be comparable to other performance measures used by the Company's competitors.

                                                                            

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations




Definitions of Non-GAAP and Other Measures and Ratios
Assets Under Management ("AUM")- Include mutual fund and exchange-traded
products ("ETP") assets. AUM is a measure used by the Company's Hartford Funds
segment because a significant portion of the Company's mutual fund and ETP
revenues are based upon asset values. These revenues increase or decrease with a
rise or fall in AUM whether caused by changes in the market or through net
flows.
Book Value per Diluted Share excluding accumulated other comprehensive income
("AOCI")- This is a non-GAAP per share measure that is calculated by dividing
(a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares
outstanding and dilutive potential common shares. The Company provides this
measure to enable investors to analyze the amount of the Company's net worth
that is primarily attributable to the Company's business operations. The Company
believes that excluding AOCI from the numerator is useful to investors because
it eliminates the effect of items that can fluctuate significantly from period
to period, primarily based on changes in interest rates. Book value per diluted
share is the most directly comparable U.S. GAAP measure.
Combined Ratio- The sum of the loss and loss adjustment expense ratio, the
expense ratio and the policyholder dividend ratio. This ratio is a relative
measurement that describes the related cost of losses and expenses for every
$100 of earned premiums. A combined ratio below 100 demonstrates underwriting
profit; a combined ratio above 100 demonstrates underwriting losses.
Core Earnings- The Hartford uses the non-GAAP measure core earnings as an
important measure of the Company's operating performance. The Hartford believes
that core earnings provides investors with a valuable measure of the performance
of the Company's ongoing businesses because it reveals trends in our insurance
and financial services businesses that may be obscured by including the net
effect of certain items. Therefore, the following items are excluded from core
earnings:
•Certain realized capital gains and losses - Some realized capital gains and
losses are primarily driven by investment decisions and external economic
developments, the nature and timing of which are unrelated to the insurance and
underwriting aspects of our business. Accordingly, core earnings excludes the
effect of all realized gains and losses that tend to be highly variable from
period to period based on capital market conditions. The Hartford believes,
however, that some realized capital gains and losses are integrally related to
our insurance operations, so core earnings includes net realized gains and
losses such as net periodic settlements on credit derivatives. These net
realized gains and losses are directly related to an offsetting item included in
the income statement such as net investment income.
•Restructuring and other costs - Costs incurred as part of a restructuring plan
are not a recurring operating expense of the business.
•Loss on extinguishment of debt - Largely consisting of make-whole payments or
tender premiums upon paying debt off before maturity, these losses are not a
recurring operating expense of the business.
•Gains and losses on reinsurance transactions - Gains or losses on reinsurance,
such as those entered into upon sale of a business or to reinsure loss reserves,
are not a recurring operating expense of the business.
•Integration and transaction costs in connection with an acquired business - As
transaction costs are incurred upon acquisition of a business and integration
costs are completed within a short period after an acquisition, they do not
represent ongoing costs of the business.
•Change in loss reserves upon acquisition of a business - These changes in loss
reserves are excluded from core earnings because such changes could obscure the
ability to compare results in periods after the acquisition to results of
periods prior to the acquisition.
•Deferred gain resulting from retroactive reinsurance and subsequent changes in
the deferred gain - Retroactive reinsurance agreements economically transfer
risk to the reinsurers and including the full benefit from retroactive
reinsurance in core earnings provides greater insight into the economics of the
business.
•Change in valuation allowance on deferred taxes related to non-core components
of pre-tax income - These changes in valuation allowances are excluded from core
earnings because they relate to non-core components of pre-tax income, such as
tax attributes like capital loss carryforwards.
•Results of discontinued operations - These results are excluded from core
earnings for businesses sold or held for sale because such results could obscure
the ability to compare period over period results for our ongoing businesses.
In addition to the above components of net income available to common
stockholders that are excluded from core earnings, preferred stock dividends
declared, which are excluded from net income available to common stockholders,
are included in the determination of core earnings. Preferred stock dividends
are a cost of financing more akin to interest expense on debt and are expected
to be a recurring expense as long as the preferred stock is outstanding.
Net income (loss) and net income (loss) available to common stockholders are the
most directly comparable U.S. GAAP measures to core earnings. Core earnings
should not be considered as a substitute for net income (loss) or net income
(loss) available to common stockholders and does not reflect the overall
profitability of the Company's business. Therefore, The Hartford believes that
it is useful for investors to evaluate net income (loss), net income (loss)
available to common stockholders, and core earnings when reviewing the Company's
performance.
                                                                            

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations



                                    Reconciliation of Net Income to Core Earnings
                                                                  Three Months Ended             Nine Months Ended
                                                                    September 30,                  September 30,
                                                                   2020         2019              2020        2019
Net income                                                     $      459$   535$   1,200$ 1,537
Preferred stock dividends                                               6         11                 16         16
Net income available to common stockholders                           453        524              1,184      1,521

Adjustments to reconcile net income available to common stockholders to core earnings: Net realized capital losses (gains) excluded from core earnings, before tax

                                                   (6)       (88)               119       (327)
Restructuring and other costs, before tax                              87          -                 87          -
Loss on extinguishment of debt, before tax                              -         90                  -         90
Loss on reinsurance transaction, before tax                             -          -                  -         91

Integration and transaction costs associated with acquired business, before tax

                                                   14         29                 40         70

Change in loss reserves upon acquisition of a business, before tax

                                                                     -          -                  -         97

Change in deferred gain on retroactive reinsurance, before tax 14

       -                 97          -
Income tax expense                                                    (35)        (7)               (77)        (2)

Core earnings                                                  $      527$   548$   1,450$ 1,540


Core Earnings Margin- The Hartford uses the non-GAAP measure core earnings
margin to evaluate, and believes it is an important measure of, the Group
Benefits segment's operating performance. Core earnings margin is calculated by
dividing core earnings by revenues, excluding buyouts and realized gains
(losses). Net income margin, calculated by dividing net income by revenues, is
the most directly comparable U.S. GAAP measure. The Company believes that core
earnings margin provides investors with a valuable measure of the performance of
Group Benefits because it reveals trends in the business that may be obscured by
the effect of buyouts and realized gains (losses) as well as other items
excluded in the calculation of core earnings. Core earnings margin should not be
considered as a substitute for net income margin and does not reflect the
overall profitability of Group Benefits. Therefore, the Company believes it is
important for investors to evaluate both core earnings margin and net income
margin when reviewing performance. A reconciliation of net income margin to core
earnings margin is set forth in the Results of Operations section within MD&A -
Group Benefits.
Current Accident Year Catastrophe Ratio- A component of the loss and loss
adjustment expense ratio, represents the ratio of catastrophe losses incurred in
the current accident year (net of reinsurance) to earned premiums. For U.S.
events, a catastrophe is an event that causes $25 or more in industry insured
property losses and affects a significant number of property and casualty
policyholders and insurers, as defined by the Property Claim Service office of
Verisk. For international events, the Company's approach is similar, informed,
in part, by how Lloyd's of London defines catastrophes. Lloyd's of London is an
insurance market-place operating worldwide ("Lloyd's"). Lloyd's does not
underwrite risks. The Company accepts risks as the sole member of Lloyd's
Syndicate 1221 ("Lloyd's Syndicate"). The current accident year catastrophe
ratio includes the effect of catastrophe losses, but does not include the effect
of reinstatement premiums.
Expense Ratio- For the underwriting segments of Commercial Lines and Personal
Lines is the ratio of underwriting
expenses less fee income, to earned premiums. Underwriting expenses include the
amortization of deferred policy acquisition costs ("DAC") and insurance
operating costs and expenses, including certain centralized services costs and
bad debt expense. DAC include commissions, taxes, licenses and fees and other
incremental direct underwriting expenses and are amortized over the policy term.
The expense ratio for Group Benefits is expressed as the ratio of insurance
operating costs and other expenses including amortization of intangibles and
amortization of DAC, to premiums and other considerations, excluding buyout
premiums.
The expense ratio for Commercial Lines, Personal Lines and Group Benefits does
not include integration and other transaction costs associated with an acquired
business.
Fee Income- Is largely driven from amounts earned as a result of contractually
defined percentages of assets under management in our Hartford Funds business.
These fees are generally earned on a daily basis. Therefore, the growth in
assets under management either through positive net flows or favorable market
performance will have a favorable impact on fee income. Conversely, either
negative net flows or unfavorable market performance will reduce fee income.
Loss and Loss Adjustment Expense Ratio- A measure of the cost of claims incurred
in the calendar year divided by earned premium and includes losses and loss
adjustment expenses incurred for both the current and prior accident years.
Among other factors, the loss and loss adjustment expense ratio needed for the
Company to achieve its targeted return on equity fluctuates from year to year
based on changes in the expected investment yield over the claim settlement
period, the timing of expected claim settlements and the targeted returns set by
management based on the competitive environment.
The loss and loss adjustment expense ratio is affected by claim frequency and
claim severity, particularly for shorter-tail property lines of business, where
the emergence of claim frequency and severity is credible and likely indicative
of ultimate
                                                                            

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations




losses. Claim frequency represents the percentage change in the average number
of reported claims per unit of exposure in the current accident year compared to
that of the previous accident year. Claim severity represents the percentage
change in the estimated average cost per claim in the current accident year
compared to that of the previous accident year. As one of the factors used to
determine pricing, the Company's practice is to first make an overall assumption
about claim frequency and severity for a given line of business and then, as
part of the rate-making process, adjust the assumption as appropriate for the
particular state, product or coverage.
Loss and Loss Adjustment Expense Ratio before Catastrophes and Prior Accident
Year Development- A measure of the cost of non-catastrophe loss and loss
adjustment expenses incurred in the current accident year divided by earned
premiums. Management believes that the current accident year loss and loss
adjustment expense ratio before catastrophes is a performance measure that is
useful to investors as it removes the impact of volatile and unpredictable
catastrophe losses and prior accident year development.
Loss Ratio, excluding Buyouts- Utilized for the Group Benefits segment and is
expressed as a ratio of benefits, losses and loss adjustment expenses, excluding
those related to buyout premiums, to premiums and other considerations,
excluding buyout premiums. Since Group Benefits occasionally buys a block of
claims for a stated premium amount, the Company excludes this buyout from the
loss ratio used for evaluating the profitability of the business as buyouts may
distort the loss ratio. Buyout premiums represent takeover of open claim
liabilities and other non-recurring premium amounts.
Mutual Fund and Exchange-Traded Product Assets- Are owned by the shareholders of
those products and not by the Company and, therefore, are not reflected in the
Company's Condensed Consolidated Financial Statements except in instances where
the Company seeds new investment products and holds an investment in the fund
for a period of time. Mutual fund and ETP assets are a measure used by the
Company primarily because a significant portion of the Company's Hartford Funds
segment revenues are based upon asset values. These revenues increase or
decrease with a rise or fall in AUM whether caused by changes in the market or
through net flows.
New Business Written Premium- Represents the amount of premiums charged for
policies issued to customers who were not insured with the Company in the
previous policy term. New business written premium plus renewal policy written
premium equals total written premium.
Policies in Force- Represents the number of policies with coverage in effect as
of the end of the period. The number of policies in force is a growth measure
used for Personal Lines and standard commercial lines (small commercial and
middle market lines within middle & large commercial) within Commercial Lines
and is affected by both new business growth and policy count retention.
Premium Retention- Represents renewal premium written in the current period
divided by total premium written in the prior period.
Policy Count Retention- Represents the ratio of the number of policies renewed
during the period divided by the number of policies available to renew. The
number of policies available to renew represents the number of policies, net of
any cancellations, written in the previous policy term. Policy count retention
is affected by a number of factors, including the percentage of renewal policy
quotes accepted and decisions by the Company to non-renew policies because of
specific policy underwriting concerns or because of a decision to reduce premium
writings in certain classes of business or states. Policy count retention is
also affected by advertising and rate actions taken by competitors.
Policyholder Dividend Ratio- The ratio of policyholder dividends to earned
premium.
Prior Accident Year Loss and Loss Adjustment Expense Ratio- Represents the
increase (decrease) in the estimated cost of settling catastrophe and
non-catastrophe claims incurred in prior accident years as recorded in the
current calendar year divided by earned premiums.
Reinstatement Premiums- Represents additional ceded premium paid for the
reinstatement of the amount of reinsurance coverage that was reduced as a result
of the Company ceding losses to reinsurers.
Renewal Earned Price Increase (Decrease)- Written premiums are earned over the
policy term, which is six months for certain Personal Lines automobile business
and twelve months for substantially all of the remainder of the Company's
Property and Casualty business. Since the Company earns premiums over the six to
twelve month term of the policies, renewal earned price increases
(decreases) lag renewal written price increases (decreases) by six to
twelve months.
Renewal Written Price Increase (Decrease)- For Commercial Lines, represents the
combined effect of rate changes, amount of insurance and individual risk pricing
decisions per unit of exposure on standard commercial lines policies that
renewed. For Personal Lines, renewal written price increases represent the total
change in premium per policy since the prior year on those policies that renewed
and includes the combined effect of rate changes, amount of insurance and other
changes in exposure. For Personal Lines, other changes in exposure include, but
are not limited to, the effect of changes in number of drivers, vehicles and
incidents, as well as changes in customer policy elections, such as deductibles
and limits. The rate component represents the change in rate filed with and
approved by state regulators during the period and the amount of insurance
represents the change in the value of the rating base, such as model
year/vehicle symbol for automobiles, building replacement costs for property and
wage inflation for workers' compensation. A number of factors affect renewal
written price increases (decreases) including expected loss costs as projected
by the Company's pricing actuaries, rate filings approved by state regulators,
risk selection decisions made by the Company's underwriters and marketplace
competition. Renewal written price changes reflect the property and casualty
insurance market cycle. Prices tend to increase for a particular line of
business when insurance carriers have incurred significant losses in that line
of business in the recent past or the industry as a whole commits less of its
capital to writing exposures in that line of business. Prices tend to decrease
when recent loss experience
                                                                            

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations




has been favorable or when competition among insurance carriers increases.
Renewal written price statistics are subject to change from period to period,
based on a number of factors, including changes in actuarial estimates and the
effect of subsequent cancellations and non-renewals, and modifications made to
better reflect ultimate pricing achieved.
Return on Assets ("ROA"), Core Earnings- The Company uses this non-GAAP
financial measure to evaluate, and believes is an important measure of, the
Hartford Funds segment's operating performance. ROA, core earnings is calculated
by dividing annualized core earnings by a daily average AUM. ROA is the most
directly comparable U.S. GAAP measure. The Company believes that ROA, core
earnings, provides investors with a valuable measure of the performance of the
Hartford Funds segment because it reveals trends in our business that may be
obscured by the effect of items excluded in the calculation of core earnings.
ROA, core earnings, should not be considered as a substitute for ROA and does
not reflect the overall profitability of our Hartford Funds business. Therefore,
the Company believes it is important for investors to evaluate both ROA, and
ROA, core earnings when reviewing the Hartford Funds segment performance. A
reconciliation of ROA to ROA, core earnings is set forth in the Results of
Operations section within MD&A - Hartford Funds.
Underlying Combined Ratio- This non-GAAP financial measure of underwriting
results represents the combined ratio before catastrophes, prior accident year
development and current accident year change in loss reserves upon acquisition
of a business. Combined ratio is the most directly comparable GAAP measure. The
underlying combined ratio represents the combined ratio for the current accident
year, excluding the impact of current accident year catastrophes and current
accident year change in loss reserves upon acquisition of a business. The
Company believes this ratio is an important measure of the trend in
profitability since it removes the impact of volatile and unpredictable
catastrophe losses and prior accident year loss and loss adjustment expense
reserve development. The changes to loss reserves upon acquisition of a business
are excluded from underlying combined ratio because such changes could obscure
the ability to compare results in periods after the acquisition to results of
periods prior to the acquisition as such trends are valuable to our investors'
ability to assess the Company's financial performance.

A reconciliation of combined ratio to underlying combined ratio is set forth in
the Results of Operations section within MD&A - Commercial Lines and Personal
Lines.
Underwriting Gain (Loss)- The Hartford's management evaluates profitability of
the Commercial and Personal Lines segments primarily on the basis of
underwriting gain or loss. Underwriting gain (loss) is a before tax non-GAAP
measure that represents earned premiums less incurred losses, loss adjustment
expenses and underwriting expenses. Net income (loss) is the most directly
comparable GAAP measure. Underwriting gain (loss) is influenced significantly by
earned premium growth and the adequacy of The Hartford's pricing. Underwriting
profitability over time is also greatly influenced by The Hartford's
underwriting discipline, as management strives to manage exposure to loss
through favorable risk selection and diversification, effective management of
claims, use of reinsurance and its ability to manage its expenses. The Hartford
believes that the measure underwriting gain (loss) provides investors with a
valuable measure of profitability, before tax, derived from underwriting
activities, which are managed separately from the Company's investing
activities.
                                                                            

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations



                            Reconciliation of Net Income to Underwriting Gain (Loss)
                                                          Three Months Ended               Nine Months Ended
                                                            September 30,                    September 30,
                                                           2020         2019               2020         2019
                                                Commercial Lines
Net income                                            $       323$    336$      378$    890
Adjustments to reconcile net income to underwriting
gain (loss):
Net servicing income                                           (1)         (2)                 (2)         (3)
Net investment income                                        (316)       (291)               (797)       (831)
Net realized capital losses (gains)                            26         (60)                105        (229)
Other expense                                                   8          20                  25          27
Loss on reinsurance transaction                                 -           -                   -          91
Income tax expense                                             52          79                  71         202
Underwriting gain (loss)                              $        92$     82$     (220)$    147
                                                 Personal Lines
Net income                                            $        79$     94$      548$    252
Adjustments to reconcile net income to underwriting
gain (loss):
Net servicing income                                           (5)         (4)                (10)        (11)
Net investment income                                         (41)        (46)               (110)       (134)
Net realized capital losses (gains)                            (3)         (9)                 12         (36)
Other expense                                                   2           -                   1           1
Income tax expense                                             20          23                 142          60
Underwriting gain                                     $        52$     58$      583$    132
                                                 P&C Other Ops
Net income                                            $         2    $     18$       12$     52
Adjustments to reconcile net income to underwriting
gain (loss):
Net investment income                                         (14)        (21)                (40)        (64)
Net realized capital losses (gains)                            (2)         (4)                  3         (17)
Income tax expense                                              1           4                   2          11
Underwriting loss                                     $       (13)$     (3)$      (23)$    (18)


Written and Earned Premiums- Written premium represents the amount of premiums
charged for policies issued, net of reinsurance, during a fiscal period.
Premiums are considered earned and are included in the financial results on a
pro rata basis over the policy period. Management believes that written premium
is a performance measure that is useful to investors as it reflects current
trends in the Company's sale of property and casualty insurance products.
Written and earned premium are recorded net of ceded reinsurance premium.
Traditional life and disability insurance type products, such as those sold by
Group Benefits, collect premiums from policyholders in exchange for financial
protection for the policyholder from a specified insurable loss, such as death
or disability. These premiums together with net investment income earned are
used to pay the contractual obligations under these insurance contracts. Two
major factors, new sales and persistency, impact premium growth. Sales can
increase or decrease in a given year based on a number of factors, including but
not limited to, customer demand for the Company's product offerings, pricing
competition, distribution channels and the Company's reputation and ratings.
Persistency refers to the percentage of premium remaining in-force from
year-to-year.
THE HARTFORD'S OPERATIONS
The Hartford conducts business principally in five reporting segments including
Commercial Lines, Personal Lines, Property & Casualty Other Operations, Group
Benefits and Hartford Funds, as well as a Corporate category. The Company
includes in the Corporate category reserves for run-off structured settlement
and terminal funding agreement liabilities, restructuring costs, capital raising
activities (including equity financing, debt financing and related interest
expense), transaction expenses incurred in connection with an acquisition,
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 holding company
of the life and annuity business that was sold in May 2018. In addition,
Corporate
                                                                            

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations




includes a 9.7% ownership interest in the legal entity that acquired the life
and annuity business sold.
The Company derives its revenues principally from: (a) premiums earned for
insurance coverage provided to insureds; (b) management fees on mutual fund and
ETP assets; (c) net investment income; (d) fees earned for services provided to
third parties; and (e) net realized capital gains and losses. Premiums charged
for insurance coverage are earned principally on a pro rata basis over the terms
of the related policies in-force.
The profitability of the Company's property and casualty insurance businesses
over time is greatly influenced by the Company's underwriting discipline, which
seeks to manage exposure to loss through favorable risk selection and
diversification, its management of claims, its use of reinsurance, the size of
its in force block, actual mortality and morbidity experience, and its ability
to manage its expense ratio which it accomplishes through economies of scale and
its management of acquisition costs and other underwriting expenses. Pricing
adequacy depends on a number of factors, including the ability to obtain
regulatory approval for rate changes, proper evaluation of underwriting risks,
the ability to project future loss cost frequency and severity based on
historical loss experience adjusted for known trends, the Company's response to
rate actions taken by competitors, its expense levels and expectations about
regulatory and legal developments. The Company seeks to price its insurance
policies such that insurance premiums and future net investment income earned on
premiums received will cover underwriting expenses and the ultimate cost of
paying claims reported on the policies and provide for a profit margin. For many
of its insurance products, the Company is required to obtain approval for its
premium rates from state insurance departments and the Lloyd's Syndicate's
ability to write business is subject to Lloyd's approval for its premium
capacity each year. Most of Personal Lines written premium is associated with
our exclusive licensing agreement with AARP.  This agreement provides an
important competitive advantage given the size of the 50 plus population and the
strength of the AARP brand.  During the second quarter of this year, the Company
extended this agreement through December 31, 2032.
Similar to property and casualty, profitability of the group benefits business
depends, in large part, on the ability to evaluate and price risks appropriately
and make reliable estimates of mortality, morbidity, disability and longevity.
To manage the pricing risk, Group Benefits generally offers term insurance
policies, allowing for the adjustment of rates or policy terms in order to
minimize the adverse effect of market trends, loss costs, declining interest
rates and other factors. However, as policies are typically sold with rate
guarantees of up to three years, pricing for the Company's products could prove
to be inadequate if loss and expense trends emerge adversely during the rate
guarantee period or if investment returns are lower than expected at the time
the products were sold. For some of its products, the Company is required to
obtain approval for its premium rates from state insurance departments. New and
renewal business for group benefits business, particularly for long-term
disability, are priced using an assumption about expected investment yields over
time. While the Company employs asset-liability duration matching strategies to
mitigate risk and may use interest-rate sensitive derivatives to hedge its
exposure in the Group Benefits investment portfolio, cash flow patterns related
to the payment of benefits and claims are uncertain and actual investment yields
could differ significantly
from expected investment yields, affecting profitability of the business. In
addition to appropriately evaluating and pricing risks, the profitability of the
Group Benefits business depends on other factors, including the Company's
response to pricing decisions and other actions taken by competitors, its
ability to offer voluntary products and self-service capabilities, the
persistency of its sold business and its ability to manage its expenses which it
seeks to achieve through economies of scale and operating efficiencies.
The financial results of the Company's mutual fund and ETP businesses depend
largely on the amount of assets under management and the level of fees charged
based, in part, on asset share class and product type. Changes in assets under
management are driven by the two main factors of net flows and the market return
of the funds, which are heavily influenced by the return realized in the equity
and bond markets. Net flows are comprised of new sales less redemptions by
mutual fund and ETP shareholders. Financial results are highly correlated to the
growth in assets under management since these products generally earn fee income
on a daily basis.
The investment return, or yield, on invested assets is an important element of
the Company's earnings since insurance products are priced with the assumption
that premiums received can be invested for a period of time before benefits,
losses and loss adjustment expenses are paid. Due to the need to maintain
sufficient liquidity to satisfy claim obligations, the majority of the Company's
invested assets have been held in available-for-sale securities, including,
among other asset classes, corporate bonds, municipal bonds, government debt,
short-term debt, mortgage-backed securities, asset-backed securities and
collateralized loan obligations. The primary investment objective for the
Company is to maximize economic value, consistent with acceptable risk
parameters, including the management of credit risk and interest rate
sensitivity of invested assets, while generating sufficient net of tax income to
meet policyholder and corporate obligations. Investment strategies are developed
based on a variety of factors including business needs, regulatory requirements
and tax considerations.
Impact of COVID-19 on our financial condition, results of operations and
liquidity
Impact to revenues
Earned premiums
The COVID-19 pandemic has caused significant disruption to the economy of the
U.S. and other countries in which we operate. Due to government restrictions
that have prevented some businesses from offering goods and services to their
customers and due to shelter-in-place guidelines that have reduced business
activity, many of our customers, especially small businesses, have had to
curtail their operations or have found they are unable to meet cash flow needs
due to declining business volume, causing some to lay off workers. As one of the
largest providers of small business insurance in the U.S., we experienced a 3%
year over year decline in our small commercial written premium in the first nine
months of 2020 though only a 1% decline in third quarter 2020. In addition to
the expected decline in small commercial written and earned premium, other
business lines in Commercial Lines have also been negatively affected due to
government-
                                                                            

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations




mandated restrictions and stay-at-home guidelines reducing business activity and
due to consumers having less disposable income or less willingness to spend on
the products and services that our commercial lines policyholders sell.
Excluding the effect of the Navigators acquisition, Commercial Lines written
premium declined $249, or 4%, year over year for the nine months ended September
30, 2020 and we expect written premium declines to continue for the remainder of
2020, driven by lower new business and due to endorsements or other changes to
in-force policies that decrease premiums to reflect reduced exposures.
Within Commercial Lines, workers' compensation written premium declined year
over year in the nine month period and is expected to continue to decline over
the remainder of 2020, partly due to declining payrolls as a result of the
economic effects of COVID-19.
While the impact of the COVID-19 pandemic on Personal Lines written premium has
been less than the effect in Commercial Lines, we expect written premium
declines to continue for the remainder of 2020 in part due to increased shopping
behaviors, and lower new business levels arising out of the competitive
marketplace. In addition, The Hartford provided a 15 percent refund on
policyholders' April, May and June personal automobile insurance premiums which
reduced Personal Lines written and earned premiums by $81 in the second quarter
of 2020. In Group Benefits, we expect fully insured ongoing premium for 2020 to
decline modestly year over year due to the economic downturn causing lower sales
of new policies, declining payrolls reducing premiums on existing accounts and
the potential that some employers may cancel coverage. Because of the economic
stress caused by COVID-19, we also expect a higher amount of uncollectible
premiums receivable. As a result, to reflect our higher expectation of credit
losses, The Hartford increased its allowance for credit losses ("ACL") on
premiums receivable by $55 in the nine months ended September 30, 2020.
Fee revenues
Our Hartford Funds segment revenues are based on average daily assets under
management. While fee revenues have also been affected by a continued shift to
lower fee generating funds, if daily average assets under management were to
decrease due to a decline in markets over the balance of the year, we could
experience a larger decrease in 2020 full year net income from our Hartford
Funds segment relative to 2019 net income.
Net investment income and realized capital gains (losses)
Reflecting the trend year-to-date, we expect lower net investment income in 2020
than in 2019. In an effort to stimulate the economy, central banks have reduced
benchmark interest rates to near zero, impacting our yields on floating rate
securities and reinvestment rates. From late March to mid-May, 2020, the Company
temporarily reinvested receipts of interest and proceeds from maturing fixed
maturity investments in liquid, short-term investments. While the Company
resumed investing in fixed maturities in May, 2020, lower interest rates since
the pandemic began have generally resulted in lower investment yields on newly
invested funds. Income or losses on investments in limited partnerships and
other alternative investments are recognized on a lag as results from private
equity investments and other funds are generally reported on a three-month
delay. A prolonged period of lower interest rates could depress the Company's
net investment income such that to earn the same
level of return on equity we may have to charge higher premiums for the
insurance products we sell unless loss costs similarly lessen.
Net realized capital gains (losses) for the three and nine month periods
included a total $42 and $(269) respectively, of before tax unrealized
mark-to-market gains (losses) on equity securities held and net realized gains
(losses) on equity securities sold, net of realized gains on equity derivative
hedges. While equity markets in the second and third quarter of 2020 largely
recovered the value they lost during the first quarter, economic conditions
remain uncertain and if equity markets were to experience similar declines as
occurred earlier this year, we may incur more net realized capital losses in
future periods; however, the Company reduced its investments in public equity
securities during March and April of 2020, with the fair value of equity
securities declining from $1.7 billion as of December 31, 2019 to $819 as of
September 30, 2020.
Net realized capital losses for the three and nine month periods also included
($4) and $52, respectively, of increases (decreases) in the allowance for credit
losses, partially offset by reversals of the allowance due to improvements in
market value or sales, and $0 and $5, respectively, of intent-to-sell
impairments. The increase (decrease) in the allowance for credit losses in the
three and nine month periods included increases of $1 and $33, respectively, on
available for sale fixed maturities and increases (decreases) of ($5) and $19,
respectively, on commercial mortgage loans. If it takes a prolonged period for
the economy to recover or if the impacts of the economic downturn are deeper
than anticipated, we could experience further credit losses and intent-to-sell
impairments, particularly with highly leveraged companies and issuers in the
energy, commercial real estate, and travel and leisure sectors, resulting in
further net realized capital losses.
Impact to direct benefits, losses and loss adjustment expenses from COVID-19
claims
For the three and nine months ended September 30, 2020, we recorded direct
COVID-19 incurred losses of $72 and $339, respectively, including $37 and $250,
respectively, in P&C and $35 and $89, respectively, in Group Benefits,
reflecting management's best estimate of the ultimate cost of settling COVID-19
claims incurred. For the nine months ended September 30, 2020, COVID-19 incurred
losses and loss adjustment expenses in P&C primarily included $141 for property
claims, $52 for workers' compensation, net of favorable frequency on other
workers' compensation claims, and $57 of incurred losses largely concentrated in
financial lines such as D&O and E&O and domestic wholesale. For the three months
ended September 30, 2020, P&C incurred COVID-19 losses and loss adjustment
expenses included $17 for workers' compensation, net of favorable frequency, and
$20 in financial lines and other.
Nearly all of our property insurance policies require direct physical loss or
damage to property and contain standard exclusions that we believe preclude
coverage for COVID-19 related claims, and the vast majority of such policies
contain exclusions for virus-related losses. Included in the $141 of COVID-19
property incurred losses and loss adjustment expenses in the nine month period
were $101 of losses arising from a small number of property policies that do not
require
                                                                            

64

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations




direct physical loss or damage and from policies intended to cover specific
business needs, including crisis management and performance disruption. In
addition, we recorded a reserve of $40 for legal defense costs. Given the
significant business disruptions that have occurred due to the COVID-19
pandemic, the Company has experienced increased property claims, resulting in
increased litigation activity and legal expenses. Within Property & Casualty, we
incur COVID-19 workers' compensation losses when it is determined that workers
were exposed to COVID-19 out of and in the course of their employment and in
other cases where states have passed laws providing for the presumption of
coverage for certain industry classes, including health care and other essential
workers. While current accident year losses for workers' compensation in the
three and nine months ended September 30, 2020 increased $65 and $140,
respectively, due to COVID-19 claims, this has been partially offset by lower
claim frequency of non-COVID-19 related workers' compensation claims due to
reduced business activity, resulting in a net increase in incurred losses of $17
and $52, respectively. Favorable non-COVID-19 workers' compensation claim
frequency could continue over the remainder of 2020 though possibly to a lesser
extent if more business activity resumes. COVID-19 incurred losses in the three
and nine month periods of $35 and $89, respectively, in Group Benefits consisted
of $28 and $71, respectively, of losses on group life claims and $7 and $18,
respectively, of losses on short-term disability and paid family leave claims.
The Company could incur additional COVID-19 direct incurred losses over the
remainder of 2020, particularly for workers' compensation and financial lines
within P&C and in group life.
Other impacts from COVID-19 and resulting economic downturn
Apart from impacts on the investment portfolio, net investment income and net
realized capital gains (losses), in third quarter 2020, the Company incurred a
number of other insurance business impacts from the COVID-19 pandemic and the
resulting economic downturn as follows:
•For the three and nine months ended September 30, 2020, we recognized an
estimated decrease in current accident incurred losses in Personal Lines
automobile of $62 and $173, respectively, due to a significant reduction in
miles driven since the pandemic began, though miles driven has begun to increase
again. In the second quarter of 2020, Personal Lines written and earned premiums
were reduced by $81 due to providing automobile policyholders with premium
refunds or credits in recognition of the decrease in miles driven.
•The Company reduced audit premiums receivable by $100 in second quarter 2020
driven by the economic effects of COVID-19 reducing our insured exposures,
principally in workers' compensation. Net of a related reduction in estimated
incurred losses and commissions attributable to the reduction in exposure, the
net effect in second quarter was a $34 reduction in income before tax. In the
third quarter of 2020, there was virtually no change in estimated audit premiums
receivable due to COVID-19 though we continue to expect lower audit premiums
based on expected lower exposures. Estimated audit premiums receivable could
decrease over the remainder of 2020 with the magnitude of
the impact depending on how economic conditions change in the U.S. in the fourth
quarter.
•From April through approximately July of 2020, the Company waived late payment
fees for a period of time for business and personal insurance customers and
temporarily suspended the policy cancellation process for policyholders of our
Commercial Lines, Personal Lines and Group Benefits segments with the period of
policy cancellations for non-payment varying by state.
•Because of the economic stress caused by COVID-19 and partly due to the
extension of billing terms, we expect a higher amount of uncollectible premiums
receivable. As a result, to reflect our higher expectation of credit losses, The
Hartford increased its ACL on premiums receivable by $55 in the nine months
ended September 30, 2020. The allowance on premiums receivable decreased in the
third quarter of 2020 as the provision required on premiums written in the
quarter was more than offset by write-offs and a $9 reduction in the provision
reflecting improved collection experience, largely in Group Benefits.
•Apart from the increase in the premiums receivable allowance, we have
experienced a decline in insurance operating costs and other expenses partly due
to lower acquisition-related and other operating costs associated with lower
earned premium volumes and expect that trend to continue for the remainder of
2020.
•As a result of the effects of COVID-19 on our economy, we evaluated our
goodwill and other intangible assets for impairment as of September 30, 2020 and
determined that no impairments were necessary. The estimated fair values of
reporting units with goodwill and of certain intangible assets are sensitive to
changes in discount rates and are based on expected cash flows assuming
improvement due to the gradual reopening of the economy continuing into 2021.
For information about additional resources the Company has to manage capital and
liquidity during the COVID-19 pandemic and financial crisis, refer to the
Capital Resources & Liquidity section of MD&A.
For additional information about the potential impacts of the COVID-19 pandemic
and resulting economic crisis, see the risk factor "The pandemic caused by the
spread of COVID-19 has disrupted our operations and may have a material adverse
impact on our business results, financial condition, results of operations
and/or liquidity" in Item 1A of Part II.
P&C combined ratios and Group Benefits margin
In 2020, we expect our combined ratio for Commercial Lines to be higher than the
outlook range we provided in our 2019 Form 10-K, primarily due to COVID-19
incurred losses and higher than budgeted current accident year catastrophe
losses, partially offset by net favorable prior accident year development. We
expect the underlying combined ratio for Commercial Lines in 2020 to be higher
due to COVID-19 incurred losses. In 2020, we expect our combined ratio for
Personal Lines to be lower than the outlook range we provided in our 2019 Form
10-K, primarily due to favorable prior accident year catastrophe reserve
development year-to-date, including a $260 subrogation recoverable from PG&E
recorded in the second quarter, partially offset by higher than expected current
accident year
                                                                            

65

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations




catastrophes, and expect the underlying combined ratio for Personal lines to be
lower primarily due to favorable automobile claim frequency and lower
non-catastrophe homeowners' claims, partially offset by $81 before tax of
premium credits issued to policyholders in the second quarter.
Our net income margin and core earnings margin for Group Benefits has been
trending toward the higher end of the outlook ranges we provided in our 2019
Form 10-K and will continue to be influenced by the net effect of COVID-19 group
life claims and continued favorable emergence of claim incidence on group
disability over the balance of 2020.
Common stockholders' equity
Apart from the direct loss and premium impacts of COVID-19 on net income, we
could also experience a reduction in AOCI within common stockholders' equity.
The net unrealized gain position on our portfolio of fixed maturities, AFS
increased by $933 from December 31, 2019 to September 30, 2020, due to an
increase in valuations resulting from a decline in interest rates, partially
offset by wider credit spreads. If credit spreads widen going forward or if
interest rates increase from the level they were at as of September 30, 2020, we
would recognize a decline in the fair value of fixed maturities, AFS in future
periods through a reduction of AOCI within common stockholders' equity.
During the nine months ended September 30, 2020, the Company repurchased 2.7
million common shares for $150 under a $1.0 billion share repurchase
authorization by the Board of Directors approved in February, 2019. Any
repurchase of shares under the remaining equity repurchase authorization of $650
is dependent on market conditions and other factors including the extent to
which COVID-19 impacts our business, results of operations, financial condition
and liquidity.
For further information on the Company's reporting segments refer to Part I,
Item 1, Business - Reporting Segments in The Hartford's 2019 Form 10-K Annual
Report.
Operational Transformation and Cost Reduction Plan
In recognition of the need to become more cost efficient and competitive along
with enhancing the experience we provide to agents and customers, on July 30,
2020, the Company announced
an operational transformation and cost reduction plan it refers to as Hartford
Next. Through reduction of its headcount, IT investments to further enhance our
capabilities, and other activities, relative to 2019, the Company expects to
achieve a reduction in annual insurance operating costs and other expenses of
approximately $500 by 2022. The Hartford Next program will contribute to our
goal of reducing the 2022 P&C expense ratio by about 2.0 to 2.5 points, reducing
the 2022 Group Benefits expense ratio by about 1.5 to 2.0 points and reducing
our 2022 claim expense ratio by 0.5 point.
To achieve those expected savings, we expect to spend approximately $360, with
those costs expected to be approximately $156 over the last six months of 2020,
$90 in 2021, $64 in 2022 and $50 after 2022. The estimated costs of
approximately $360 includes an expected $60 in capitalized development costs for
internal use software to be amortized over the useful life of the software,
typically 3 years. Of the estimated costs of $360, approximately $310 would be
recognized as an expense through the end of 2022, with $50 of IT asset
amortization after 2022. Included in the estimated costs of $360, we expect to
incur restructuring costs of approximately $150, including $78 of employee
severance, and approximately $72 of other costs, including consulting expenses
and the cost to retire certain IT applications. These estimated restructuring
and other costs do not include all of the costs associated with a real estate
consolidation plan as those plans are not yet sufficiently developed to provide
a full estimate of those costs and related savings.
Restructuring costs are reported as a charge to net income but not in core
earnings. All other costs of the Hartford Next program will be included in
insurance operating costs and other expenses in the Condensed Consolidated
Statement of Operations. Relative to 2019 full year actual expenses, the Company
estimates a net increase in insurance operating costs and other expenses of
approximately $81 over the last six months of 2020 and expects a net expense
reduction of approximately $210 in 2021 and approximately $436 in 2022.
The following table shows the expected costs of the Hartford Next program,
including restructuring costs, and expected expense savings through 2022:
                                                                            

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations



                        Hartford Next Expected Costs and Expense Savings
                                                     Estimate for Second
                                                         Half of 2020        Estimate for 2021     Estimate for 2022
Employee severance                                  $                78    $                -    $                -
IT costs to retire applications                                       4                    10                    14
Professional fees and other expenses                                 34                    10                     -

Estimated restructuring costs to be expensed and                    116                    20                    14

paid


Non-capitalized IT costs to be paid                                  30                    50                    30
Other costs to be paid                                               10                    20                    10
Amortization of capitalized IT development costs                      -                     -                    10

[1]


Estimated costs within core earnings                                 40                    70                    50
Total estimated Hartford Next program costs to      $               156    $               90    $               64

be expensed [2]


Cumulative savings relative to 2019 beginning       $               (75)   $             (300)   $             (500)

July 1, 2020


Net expense (savings) before-tax:                   $                81    $             (210)   $             (436)

Net expense (savings) before-tax:
To be accounted for within core earnings            $               (35)   $             (230)   $             (450)
Restructuring costs recognized outside of core                      116                    20                    14

earnings

Net expense (savings) before tax                    $                81    $             (210)   $             (436)


[1]Does not include approximately $50 of IT asset amortization after 2022. [2] Includes $87 of restructuring costs incurred through September 30, 2020.

67

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations





                              Financial Highlights
    Net Income Available to         Net Income Available to Common          Book Value per
      Common Stockholders           Stockholders per Diluted Share          Diluted Share

[[Image Removed: hig-20200930_g2.jpg]] [[Image Removed: hig-20200930_g3.jpg]]

                     [[Image Removed: hig-20200930_g4.jpg]]

Þ Decreased $71 or 14% Þ Decreased $0.17 or 12%

Ý Increased $4.62 or 11%

- Higher current accident year - Decrease in net income

+ Increase in common

     catastrophes largely due to                                           

stockholders' equity largely

     losses from wildfires,                                                

due to an increase in AOCI,

hurricanes, tropical storms, + Decrease in dilutive shares,

primarily driven by unrealized

     and other wind and hail               and consequently weighted       

capital gains on available for

     events.                               average shares outstanding,          sale securities.
                                           principally due to a decrease
                                           in the dilutive effect of
                                           stock compensation as a
                                           result of average market
                                           price declines during the
  -  Restructuring costs related to        period.                          

+ Net income in excess of

     the Hartford Next initiative,                                         

stockholder dividends.

primarily severance costs.

  -  Lower net realized capital                                             

+ Decrease in dilutive shares.

gains, including a loss on

sale of Continental Europe

Operations of $32, after tax.

- $57, after tax, of COVID-19

claims across group life,

disability, financial lines

and workers' compensation, net

of favorable workers'

compensation frequency.

- A change from income to loss

from the retained interest in

Talcott Resolution.

+ Loss on extinguishment of debt

in 2019 period.

+ Lower non-COVID-19 current

accident year non-catastrophe

property losses and lower

personal automobile claim

frequency.

+ Greater net favorable prior

accident year development.

+ Lower insurance operating

costs and other expenses,

partly driven by lower

variable incentive costs and

reduced travel expenses.




                                      Property & Casualty        Group 

Benefits Net Income

   Investment Yield, After Tax           Combined Ratio                    

Margin

[[Image Removed: hig-20200930_g5.jpg]] [[Image Removed: hig-20200930_g6.jpg]]

                     [[Image Removed: hig-20200930_g7.jpg]]

Þ Decreased 10 bps Ý Increased 0.2 points Þ Decreased 1.6 points

- Lower reinvestment + Higher current accident year - COVID-19 incurred benefits and

rates and lower yield catastrophes, largely due to losses of $28 after tax.

       on variable rate               losses from Pacific Coast

securities due to the wildfires, hurricanes and - Lower net investment income.

       decline in interest            tropical storms.

rates.

+ Greater income from + Higher current accident year - A decrease in net realized

       non-routine income             loss ratio in Commercial Lines        

capital gains.

       items, including               driven by COVID-19 losses,

make-whole payments on partially offset by lower + Lower insurance operating costs

       fixed maturities.              non-catastrophe property              and other expenses, including
                                      losses.                               lower variable incentive
                                                                            compensation and lower
                                                                            integration costs.
    +  Higher income on            -  Lower current accident year        +  Excluding COVID-19 impacts, a
       limited partnerships           loss ratio in Personal Lines,         lower group disability loss
       and other alternative          due to lower automobile claim         ratio, driven by lower claim
       investments in 2020.           frequency.                            incidence partially offset by
                                   -  More favorable prior accident         less favorable prior incurral
                                      year development                      year development.
                                   -  Lower amortization of DAC and
                                      lower underwriting expenses,
                                      mostly driven by lower
                                      variable incentive
                                      compensation and travel costs.


                                                                              68

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Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

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