Summary
The Hartford Financial Services Group, Inc. (HIG) filed a Form 8-K on March 23, 2012, to disclose revisions made to its Investor Financial Supplement (IFS) for the period ending December 31, 2011. These revisions are primarily driven by the retrospective adoption of a new accounting standard, specifically Accounting Standards Update No. 2010-26, effective January 1, 2012. The company is providing this updated information to investors to allow them to understand the impact of this accounting change on its financial results before the first quarter 2012 earnings release. The revised IFS also incorporates certain supplemental presentation changes for other information relating to the fiscal years ended December 31, 2011, and 2010. This proactive disclosure aims to ensure transparency and provide investors with a clear view of how the adoption of the new accounting standard affects The Hartford's financial reporting.
Key Highlights
- 1The Hartford Financial Services Group, Inc. (HIG) issued a Form 8-K on March 23, 2012.
- 2The primary purpose of the filing is to announce revisions to the Investor Financial Supplement (IFS) for the fiscal year ended December 31, 2011.
- 3Revisions are due to the retrospective adoption of Accounting Standards Update No. 2010-26 (previously EITF Issue No. 09-G).
- 4The adoption of this new accounting standard is effective as of January 1, 2012.
- 5The company is providing updated financial information to investors prior to its Q1 2012 earnings release.
- 6The revised IFS also includes supplemental presentation changes for fiscal years 2011 and 2010.
- 7A copy of the revised IFS is attached as Exhibit 99.1 to the 8-K filing.