Summary
The Hartford Financial Services Group, Inc. (HIG) filed an 8-K on May 11, 2012, primarily to disclose updated financial information related to the retrospective adoption of Accounting Standards Update No. 2010-26. This update impacts how the company accounts for policy acquisition costs and future profits, particularly within its Wealth Management and Life Other Operations segments. The filing provides revised Consolidating Balance Sheets and details on Deferred Policy Acquisition Costs (DPAC) and Present Value of Future Profits (PVFP) for various past periods in 2011 and end-of-year 2010. Investors should review these revisions as they offer a clearer, albeit retrospective, view of the company's financial position and performance under the new accounting standard.
Key Highlights
- 1The Hartford released updated financial information on May 11, 2012, via an 8-K filing.
- 2The filing pertains to the retrospective adoption of Accounting Standards Update No. 2010-26.
- 3Revised Consolidating Balance Sheets as of December 31, 2010, and for quarters in 2011 are provided.
- 4Updated figures for Deferred Policy Acquisition Costs (DPAC) and Present Value of Future Profits (PVFP) are included.
- 5These revisions specifically affect the Wealth Management and Life Other Operations segments.
- 6The information supplements previously issued Investor Financial Supplements (IFS).
- 7This filing does not report new operational results but provides retrospective financial data adjustments.