Discontinued Operations

12 Months Ended

Dec. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Business Dispositions

Discontinued Operations

On November 1, 2011, the Company completed a merger with CenterState Banks, Inc. (“CBI”), pursuant to which Federal Trust Corporation (“FTC”), a wholly owned subsidiary of the Company, was merged with and into CBI, and Federal Trust Bank (“FTB”), a federally chartered, FDIC-insured thrift and wholly owned subsidiary of FTC, was merged with and into CenterState Bank of Florida, N.A. (“CenterState Bank”), a wholly owned subsidiary of CBI. The Company recorded an after-tax charge of $74 to net realized capital losses in the second quarter of 2011 for the estimated loss on disposal, including the write off of remaining goodwill of $10, after-tax, and losses on certain FTC and FTB assets and liabilities, which were not transferred to CenterState Bank. Upon final closing with CBI, the Company recorded a benefit of $6, after tax, in the fourth quarter of 2011 related to the divestiture.

In the first quarter of 2011, the Company completed the sale of its wholly-owned subsidiary Specialty Risk Services (“SRS”) and recorded a net realized capital gain of $150, after-tax. SRS is a third-party claims administration business that provides self-insured, insured, and alternative market clients with customized claims services. The Company is required to provide certain services to SRS for up to 24 months under a Transition Services Agreement. During the fourth quarter 2011 the Company recorded a charge of $4, after-tax, attributed to asset disposals. SRS is included in the Property & Casualty Commercial reporting segment.

In addition, during the fourth quarter of 2010, the Company completed the sales of its indirect wholly-owned subsidiaries Hartford Investments Canada Corporation (“HICC”) and Hartford Advantage Investment, Ltd. (“HAIL”) and recorded net realized gains (losses) of $41 and $(4), respectively.

The following table summarizes the amounts related to discontinued operations in the Consolidated Statements of Operations.

	For the years ended December 31,
	2012			2011			2010
Revenues
Fee income and other	$	—		$	—		$	36
Net investment income	—			17			28
Net realized capital losses	—			(6		)	(5		)
Other revenues	—			48			213
Total revenues	—			59			272
Benefits, losses and expenses
Amortization of DAC	—			—			17
Insurance operating costs and other expenses	6			54			256
Goodwill impairment	—			—			153
Total benefits, losses and expenses	6			54			426
Income (loss) before income taxes	(6		)	5			(154		)
Income tax expense (benefit)	(2		)	1			(53		)
Income (loss) from operations of discontinued operations, net of tax	(4		)	4			(101		)
Net realized capital gain (loss) on disposal, net of tax	(1		)	82			37
Income (loss) from discontinued operations, net of tax	$	(5	)	$	86		$	(64	)