Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Dollar amounts in millions except share data unless otherwise stated)
Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") addresses the financial condition of The Hartford Financial Services Group, Inc. and its subsidiaries (collectively, "The Hartford" or the "Company") as of March 31, 2011, compared with December 31, 2010, and its results of operations for the three months ended March 31, 2011, compared to the equivalent 2010 period. This discussion should be read in conjunction with the MD&A in The Hartford's 2010 Form 10-K Annual Report. Certain reclassifications have been made to prior period financial information to conform to the current period classifications. Also, prior period income statement amounts have been restated to reflect discontinued operations, see Note 12 of the Notes to Condensed Consolidated Financial Statements for further information on discontinued operations. The Hartford defines increases or decreases greater than or equal to 200%, or changes from a net gain to a net loss position, or vice versa, as "NM" or not meaningful.
INDEX

Description Page

Consolidated Results of Operations 53

Outlooks 55

Critical Accounting Estimates 56

The Hartford's Operations Overview 62

Key Performance Measures and Ratios 62

Property & Casualty Commercial 70

Group Benefits 72

Consumer Markets 73

Global Annuity 76

Life Insurance 78

Retirement Plans 79

Mutual Funds 80

Corporate and Other 81

Insurance Risk Management 82

Investment Credit Risk Management 82

Capital Markets Risk Management 90

Capital Resources and Liquidity 98

Impact of New Accounting Standards 104

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