##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 (Mark One)
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2006
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For
the transition period fromto
 Commission file number 001-12749
 HARTFORD LIFE, INC.
  Delaware
    
    06-1470915(State or other jurisdiction of
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)
 200 Hopmeadow Street, Simsbury, Connecticut 06089
 (860) 547-5000
  þ o
  o o þ
 o þ




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##### Table of Contents



INDEX
 PagePART I. FINANCIAL INFORMATIONItem 1. Financial Statements (Unaudited)Report of Independent Registered Public Accounting Firm
    
    
    3Condensed Consolidated Statements of Income  Three Months
Ended March 31, 2006 and 2005
    
    
    4Condensed Consolidated Balance Sheets  March 31, 2006
and December 31, 2005
    
    
    5Condensed Consolidated Statements of Changes in
Stockholders Equity  Three Months Ended March 31, 2006 and 2005
    
    
    6Condensed Consolidated Statements of Cash Flows  Three Months
Ended March 31, 2006 and 2005
    
    
    7Notes to Condensed Consolidated Financial Statements
    
    
    8Item 2. Managements Discussion and Analysis of Financial
Condition and Results of Operations
    
    
    19Item 4. Controls and Procedures
    
    
    44PART II. OTHER INFORMATIONItem 1. Legal Proceedings
    
    
    44Item 1A. Risk Factors
    
    
    45Item 5. Other Information
    
    
    49Item 6. Exhibits
    
    
    49Signature
    
    
    50Exhibits Index
    
    
    51EX-15.01: DELOITTE & TOUCHE LLP LETTER OF AWARENESSEX-31.01: CERTIFICATIONEX-31.02: CERTIFICATIONEX-32.01: CERTIFICATIONEX-32.02: CERTIFICATION
 2




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##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1. FINANCIAL STATEMENTS
 
  
      
 3




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HARTFORD LIFE, INC. AND SUBSIDIARIES
 
 Condensed Consolidated Statements of Income
 Three MonthsEndedMarch 31,(In millions)
    
    2006
    
    
    2005(Unaudited)RevenuesFee income
    
    $
    1,118
    
    
    $
    950Earned premiums
    
    
    1,273
    
    
    
    999Net investment incomeSecurities available-for-sale and other
    
    
    766
    
    
    
    729Equity securities held for trading
    
    
    454
    
    
    
    221Total net investment income
    
    
    1,220
    
    
    
    950Net realized capital (losses) gains
    
    
    (126
    )
    
    
    92Total revenues
    
    
    3,485
    
    
    
    2,991Benefits, claims and expensesBenefits, claims and claim adjustment expenses
    
    
    2,138
    
    
    
    1,739Insurance expenses and other
    
    
    576
    
    
    
    559Amortization of deferred policy acquisition costs and present value of future profits
    
    
    299
    
    
    
    291Dividends to policyholders
    
    
    14
    
    
    
    18Interest expense
    
    
    20
    
    
    
    20Total benefits, claims and expenses
    
    
    3,047
    
    
    
    2,627Income before income tax expense
    
    
    438
    
    
    
    364Income tax expense
    
    
    103
    
    
    
    86Net income
    
    $
    335
    
    
    $
    278
 See Notes to Condensed Consolidated Financial Statements.
 4




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##### Table of Contents



HARTFORD LIFE, INC. AND SUBSIDIARIES
 
 Condensed Consolidated Balance Sheets
 March 31,
    
    
    December 31,2006
    
    
    2005(In millions, except for share data)
    
    (Unaudited)AssetsInvestmentsFixed maturities, available-for-sale, at fair value (amortized cost of
$50,247 and $49,615)
    
    $
    50,571
    
    
    $
    50,812Equity securities, available-for-sale, at fair value (cost of $802 and $781)
    
    
    820
    
    
    
    800Equity securities, trading securities, at fair value (cost of $21,288 and $19,570)
    
    
    26,057
    
    
    
    24,034Policy loans, at outstanding balance
    
    
    2,007
    
    
    
    2,016Mortgage loans on real estate
    
    
    1,920
    
    
    
    1,513Other investments
    
    
    640
    
    
    
    609Total investments
    
    
    82,015
    
    
    
    79,784Cash
    
    
    1,104
    
    
    
    1,001Premiums receivable and agents balances
    
    
    408
    
    
    
    426Reinsurance recoverables
    
    
    805
    
    
    
    800Deferred policy acquisition costs and present value of future profits
    
    
    9,048
    
    
    
    8,567Deferred income taxes
    
    
    (414
    )
    
    
    (633
    )Goodwill
    
    
    796
    
    
    
    796Other assets
    
    
    1,982
    
    
    
    2,146Separate account assets
    
    
    158,419
    
    
    
    150,875Total assets
    
    $
    254,163
    
    
    $
    243,762LiabilitiesReserve for future policy benefits
    
    $
    13,163
    
    
    $
    12,777Other policyholder funds
    
    
    66,602
    
    
    
    64,452Long-term debt
    
    
    1,048
    
    
    
    1,048Other liabilities
    
    
    5,727
    
    
    
    5,251Separate account liabilities
    
    
    158,419
    
    
    
    150,875Total liabilities
    
    
    244,959
    
    
    
    234,403Commitments and Contingencies (Note 6)
    
    
    
    
    
    
    Stockholders EquityCommon Stock
 1,000 shares authorized, issued and outstanding;
par value $0.01
    
    
    
    
    
    
    Capital surplus
    
    
    3,094
    
    
    
    3,094Accumulated other comprehensive incomeNet unrealized capital gains on securities, net of tax
    
    
    146
    
    
    
    608Foreign currency translation adjustments
    
    
    (67
    )
    
    
    (79
    )Total accumulated other comprehensive income
    
    
    79
    
    
    
    529Retained earnings
    
    
    6,031
    
    
    
    5,736Total stockholders equity
    
    
    9,204
    
    
    
    9,359Total liabilities and stockholders equity
    
    $
    254,163
    
    
    $
    243,762
 See Notes to Condensed Consolidated Financial Statements.
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HARTFORD LIFE, INC. AND SUBSIDIARIES
 
 Condensed Consolidated Statements of Changes in Stockholders Equity
 Three Months Ended March 31, 2006
 Accumulated Other Comprehensive IncomeNet GainNet Unrealized
    
    
    (Loss) onCapital
    
    
    Cash Flow
    
    
    ForeignGains (Losses)
    
    
    Hedging
    
    
    Currency
    
    
    
    
    
    
    TotalCommon
    
    
    Capital
    
    
    on Securities,
    
    
    Instruments,
    
    
    Translation
    
    
    Retained
    
    
    Stockholders(In millions) (Unaudited)
    
    Stock
    
    
    Surplus
    
    
    Net of Tax
    
    
    Net of Tax
    
    
    Adjustments
    
    
    Earnings
    
    
    EquityBalance, December 31, 2005
    
    $
    
    
    
    $
    3,094
    
    
    $
    709
    
    
    $
    (101
    )
    
    $
    (79
    )
    
    $
    5,736
    
    
    $
    9,359Comprehensive incomeNet income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    335
    
    
    
    335Other comprehensive income, net of tax (1)Net change in unrealized capital losses
on securities (2)
    
    
    
    
    
    
    
    
    
    
    (377
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (377
    )Net loss on cash flow hedging
Instruments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (85
    )
    
    
    
    
    
    
    
    
    
    
    (85
    )Cumulative translation adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12
    
    
    
    
    
    
    
    12Total other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (450
    )Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (115
    )Dividends declared
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (40
    )
    
    
    (40
    )Balance, March 31, 2006
    
    $
    
    
    
    $
    3,094
    
    
    $
    332
    
    
    $
    (186
    )
    
    $
    (67
    )
    
    $
    6,031
    
    
    $
    9,204
 Three Months Ended March 31, 2005
 Accumulated Other Comprehensive IncomeNet GainNet Unrealized
    
    
    (Loss) onCapital
    
    
    Cash Flow
    
    
    ForeignGains (Losses)
    
    
    Hedging
    
    
    Currency
    
    
    
    
    
    
    TotalCommon
    
    
    Capital
    
    
    on Securities,
    
    
    Instruments,
    
    
    Translation
    
    
    Retained
    
    
    Stockholder's(In millions) (Unaudited)
    
    Stock
    
    
    Surplus
    
    
    Net of Tax
    
    
    Net of Tax
    
    
    Adjustments
    
    
    Earnings
    
    
    EquityBalance, December 31, 2004
    
    $
    
    
    
    $
    3,094
    
    
    $
    1,348
    
    
    $
    (170
    )
    
    $
    16
    
    
    $
    4,884
    
    
    $
    9,172Comprehensive incomeNet income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    278
    
    
    
    278Other comprehensive income, net of tax (1)Net change in unrealized capital losses
on securities (2)
    
    
    
    
    
    
    
    
    
    
    (370
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (370
    )Net loss on cash flow hedging
Instruments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (36
    )
    
    
    
    
    
    
    
    
    
    
    (36
    )Cumulative translation adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (20
    )
    
    
    
    
    
    
    (20
    )Total other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (426
    )Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (148
    )Balance, March 31, 2005
    
    $
    
    
    
    $
    3,094
    
    
    $
    978
    
    
    $
    (206
    )
    
    $
    (4
    )
    
    $
    5,162
    
    
    $
    9,024
 (1)
    
    Net change in unrealized capital gains (losses) on securities is reflected net of tax
benefit of $(200) and $(199) for the first quarters ended March 31, 2006 and 2005,
respectively. Net gain (loss) on cash flow hedging instruments is net of tax benefit of
$(49) and $(19) for the first quarters ended March 31, 2006 and 2005, respectively. There is
no tax effect on cumulative translation adjustments.(2)
    
    There were reclassification adjustments for after-tax gains realized in net income of $(40)
and $42 for each of the first quarters ended March 31, 2006 and 2005. See Notes to Condensed Consolidated Financial Statements.
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HARTFORD LIFE, INC. AND SUBSIDIARIES
 
 Condensed Consolidated Statements of Cash Flows
 Three Months EndedMarch 31,(In millions) (Unaudited)
    
    2006
    
    
    2005Operating ActivitiesNet income
    
    $
    335
    
    
    $
    278Adjustments to reconcile net income to net cash provided by operating activitiesAmortization of deferred policy acquisition costs and present value of future profits
    
    
    299
    
    
    
    291Additions to deferred policy acquisition costs and present value of future profits
    
    
    (504
    )
    
    
    (556
    )Change in:Reserve for future policy benefits
    
    
    385
    
    
    
    125Reinsurance recoverables
    
    
    69
    
    
    
    (18
    )Receivables
    
    
    (61
    )
    
    
    54Payables, accruals and other liabilities
    
    
    (283
    )
    
    
    (16
    )Accrued and deferred income taxes
    
    
    336
    
    
    
    (18
    )Net realized capital losses (gains)
    
    
    126
    
    
    
    (92
    )Net increase in equity securities, held for trading
    
    
    (2,028
    )
    
    
    (2,220
    )Net receipts from investment contracts credited to policyholder accounts associated
with equity securities, held for trading
    
    
    2,105
    
    
    
    2,367Depreciation and amortization
    
    
    18
    
    
    
    24Other, net
    
    
    287
    
    
    
    (7
    )Net cash provided by operating activities
    
    
    1,084
    
    
    
    212Investing ActivitiesProceeds from the sale/maturity/prepayment of:Fixed maturities, available-for-sale
    
    
    5,141
    
    
    
    7,576Equity securities, available-for-sale
    
    
    29
    
    
    
    2Mortgage loans
    
    
    102
    
    
    
    114Partnerships
    
    
    35
    
    
    
    7Payments for the purchase of:Fixed maturities, available-for-sale
    
    
    (5,887
    )
    
    
    (8,280
    )Equity securities, available-for-sale
    
    
    (50
    )
    
    
    (85
    )Mortgage loans
    
    
    (508
    )
    
    
    (170
    )Partnerships
    
    
    (147
    )
    
    
    (28
    )Change in policy loans, net
    
    
    9
    
    
    
    543Change in payables for collateral under securities lending, net
    
    
    436
    
    
    
    (127
    )Change in other investments, net
    
    
    (141
    )
    
    
    (7
    )Additions to property and equipment, net
    
    
    (13
    )
    
    
    (21
    )Net cash used for investing activities
    
    
    (994
    )
    
    
    (476
    )Financing ActivitiesNet receipts from investment and universal life-type contracts
    
    
    43
    
    
    
    548Dividends paid
    
    
    (42
    )
    
    
    (24
    )Net cash provided by financing activities
    
    
    1
    
    
    
    524Foreign exchange rate effect on cash
    
    
    12
    
    
    
    5Net increase in cash
    
    
    103
    
    
    
    260Cash  beginning of period
    
    
    1,001
    
    
    
    933Cash  end of period
    
    $
    1,104
    
    
    $
    1,198Supplemental Disclosure of Cash Flow InformationNet cash paid during the period forIncome taxes (received) paid
    
    $
    (230
    )
    
    $
    57Interest
    
    $
    19
    
    
    $
    19
 See Notes to Condensed Consolidated Financial Statements.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS  (Dollar amounts in millions, unless otherwise stated)
 1. Basis of Presentation and Accounting Policies
 Basis of Presentation
    Reclassifications
  Use of Estimates
   Significant Accounting Policies
  Income Taxes
   8




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Adoption of New Accounting Standards
  
 2. Segment Information
    Three Months EndedMarch 31,2006
    
    2005RetailRealized gains (losses)
    
    $
    9
    
    
    $
    9Credit risk charge
    
    
    (6
    )
    
    
    (7
    )Retirement PlansRealized gains (losses)
    
    
    3
    
    
    
    2Credit risk charge
    
    
    (2
    )
    
    
    (2
    )InstitutionalRealized gains (losses)
    
    
    4
    
    
    
    3Credit risk charge
    
    
    (6
    )
    
    
    (5
    )Individual LifeRealized gains (losses)
    
    
    3
    
    
    
    3Credit risk charge
    
    
    (2
    )
    
    
    (2
    )Group BenefitsRealized gains (losses)
    
    
    1
    
    
    
    2Credit risk charge
    
    
    (2
    )
    
    
    (2
    )InternationalRealized gains (losses)
    
    
    
    
    
    
    Credit risk charge
    
    
    (1
    )
    
    
    OtherRealized gains (losses)
    
    
    (20
    )
    
    
    (19
    )Credit risk charge
    
    
    19
    
    
    
    18Total
    
    $
    
    
    
    $
    
  9




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##### Table of Contents



Three Months EndedMarch 31,2006
    
    2005RevenuesEarned premiums, fees and other considerationsRetail
    
    $
    631
    
    
    $
    542Retirement Plans
    
    
    57
    
    
    
    37Institutional
    
    
    294
    
    
    
    119Individual Life
    
    
    191
    
    
    
    187Group Benefits
    
    
    1,032
    
    
    
    948International
    
    
    166
    
    
    
    97Other
    
    
    20
    
    
    
    19Total premiums, fees and other considerations
    
    
    2,391
    
    
    
    1,949Net investment incomeSecurities available-for-sale and other
    
    
    766
    
    
    
    729Equity securities held for trading
    
    
    454
    
    
    
    221Total net investment income
    
    
    1,220
    
    
    
    950Net realized capital (losses) gains
    
    
    (126
    )
    
    
    92Total revenues
    
    $
    3,485
    
    
    $
    2,991
 Three Months EndedMarch 31,2006
    
    2005Net Income (Loss)Retail
    
    $
    176
    
    
    $
    148Retirement Plans
    
    
    21
    
    
    
    17Institutional
    
    
    22
    
    
    
    21Individual Life
    
    
    45
    
    
    
    39Group Benefits
    
    
    68
    
    
    
    59International
    
    
    46
    
    
    
    14Other
    
    
    (43
    )
    
    
    (20
    )Total net income[1]
    
    $
    335
    
    
    $
    278
 [1]
    
    Includes charges of (i) $66, after tax, for the three months ended March 31, 2005, and (ii)
$7, after tax, for the three months ended March 31, 2006, to reserve for investigations by
the SEC and New York Attorney Generals Office related to market
timing, by the SEC
related to directed brokerage and by the New York Attorney
Generals Office and the Connecticut Attorney Generals
Office related to single premium group annuities.
 3. Investments and Derivative Instruments
 As of March 31, 2006
    
    As of December 31, 2005Gross
    
    Gross
    
    
    
    
    
    
    
    
    
    Gross
    
    GrossAmortized
    
    Unrealized
    
    Unrealized
    
    Fair
    
    Amortized
    
    Unrealized
    
    Unrealized
    
    FairCost
    
    Gains
    
    Losses
    
    Value
    
    Cost
    
    Gains
    
    Losses
    
    ValueBonds and NotesAsset-backed securities (ABS)
    
    $
    6,810
    
    
    $
    51
    
    
    $
    (77
    )
    
    $
    6,784
    
    
    $
    6,819
    
    
    $
    48
    
    
    $
    (75
    )
    
    $
    6,792Collateralized mortgage
obligations (CMOs)Agency backed
    
    
    782
    
    
    
    2
    
    
    
    (10
    )
    
    
    774
    
    
    
    758
    
    
    
    3
    
    
    
    (5
    )
    
    
    756Non-agency backed
    
    
    96
    
    
    
    1
    
    
    
    (1
    )
    
    
    96
    
    
    
    106
    
    
    
    
    
    
    
    
    
    
    
    106Commercial mortgage-backed
securities (CMBS)Agency backed
    
    
    70
    
    
    
    1
    
    
    
    (2
    )
    
    
    69
    
    
    
    70
    
    
    
    1
    
    
    
    
    
    
    
    71Non-agency backed
    
    
    9,521
    
    
    
    122
    
    
    
    (160
    )
    
    
    9,483
    
    
    
    9,219
    
    
    
    174
    
    
    
    (97
    )
    
    
    9,296Corporate
    
    
    24,336
    
    
    
    814
    
    
    
    (502
    )
    
    
    24,648
    
    
    
    23,893
    
    
    
    1,178
    
    
    
    (259
    )
    
    
    24,812Government/Government agencies
Foreign
    
    
    714
    
    
    
    40
    
    
    
    (8
    )
    
    
    746
    
    
    
    719
    
    
    
    50
    
    
    
    (4
    )
    
    
    765United States
    
    
    813
    
    
    
    8
    
    
    
    (15
    )
    
    
    806
    
    
    
    630
    
    
    
    24
    
    
    
    (5
    )
    
    
    649Mortgage-backed securities
(MBS) agency backed
    
    
    2,207
    
    
    
    2
    
    
    
    (62
    )
    
    
    2,147
    
    
    
    2,794
    
    
    
    6
    
    
    
    (43
    )
    
    
    2,757States, municipalities and
political subdivisions
    
    
    3,229
    
    
    
    152
    
    
    
    (32
    )
    
    
    3,349
    
    
    
    3,256
    
    
    
    210
    
    
    
    (9
    )
    
    
    3,457Redeemable preferred stock
    
    
    16
    
    
    
    
    
    
    
    
    
    
    
    16
    
    
    
    17
    
    
    
    
    
    
    
    
    
    
    
    17Short-term investments
    
    
    1,653
    
    
    
    
    
    
    
    
    
    
    
    1,653
    
    
    
    1,334
    
    
    
    
    
    
    
    
    
    
    
    1,334Total fixed maturities
    
    $
    50,247
    
    
    $
    1,193
    
    
    $
    (869
    )
    
    $
    50,571
    
    
    $
    49,615
    
    
    $
    1,694
    
    
    $
    (497
    )
    
    $
    50,812
 10




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##### Table of Contents



Derivative Instruments
      March 31, 2006
    
    December 31, 2005Liability
    
    
    
    
    
    LiabilityAsset Values
    
    Values
    
    Asset Values
    
    ValuesOther investments
    
    $
    144
    
    
    $
    
    
    
    $
    179
    
    
    $
    Reinsurance recoverables
    
    
    
    
    
    
    29
    
    
    
    
    
    
    
    17Other policyholder funds and benefits payable
    
    
    73
    
    
    
    
    
    
    
    8
    
    
    
    Other liabilities
    
    
    
    
    
    
    552
    
    
    
    
    
    
    
    420Total
    
    $
    217
    
    
    $
    581
    
    
    $
    187
    
    
    $
    437
  March 31, 2006
    
    December 31, 2005Notional
    
    
    
    
    
    NotionalAmount
    
    Fair Value
    
    Amount
    
    Fair ValueCash flow hedge
    
    $
    7,395
    
    
    $
    (360
    )
    
    $
    7,197
    
    
    $
    (242
    )Fair value hedge
    
    
    2,126
    
    
    
    11
    
    
    
    1,707
    
    
    
    (1
    )Other investment and risk management activities
    
    
    56,578
    
    
    
    (15
    )
    
    
    54,161
    
    
    
    (7
    )Total
    
    $
    66,099
    
    
    $
    (364
    )
    
    $
    63,065
    
    
    $
    (250
    )
     11




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##### Table of Contents



4. Deferred Policy Acquisition Costs and Present Value of Future Profits
  2006
    
    2005Balance, January 1
    
    $
    8,567
    
    
    $
    7,437Capitalization
    
    
    504
    
    
    
    556Amortization  Deferred policy acquisition costs and present value of future profits
    
    
    (299
    )
    
    
    (291
    )Adjustments to unrealized gains and losses on securities available-for-sale and other
    
    
    276
    
    
    
    245Effect of currency translation adjustment
    
    
    
    
    
    
    (39
    )Balance, March 31
    
    $
    9,048
    
    
    $
    7,908
 5. Separate Accounts, Death Benefits and Other Insurance Benefit Features
  U.S. GMDB [1]
    
    Japan GMDB/GMIBLiability balance as of January 1, 2006
    
    $
    158
    
    
    $
    50Incurred
    
    
    34
    
    
    
    9Paid
    
    
    (29
    )
    
    
    Liability balance as of March 31, 2006
    
    $
    163
    
    
    $
    59
 [1]
    
    The reinsurance recoverable asset related to the U.S. GMDB was $38 as of March 31, 2006.
 U.S. GMDB [1]
    
    Japan GMDB/GMIBLiability balance as of January 1, 2005
    
    $
    174
    
    
    $
    28Incurred
    
    
    32
    
    
    
    7Paid
    
    
    (38
    )
    
    
    Currency translation adjustment
    
    
    
    
    
    
    (2
    )Liability balance as of March 31, 2005
    
    $
    168
    
    
    $
    33
 [1]
    
    The reinsurance recoverable asset related to the U.S. GMDB was $55 as of March 31, 2005.
  12




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Breakdown of Individual Variable and Group Annuity Account Value by GMDB/GMIB Type
 Retained Net
    
    Weighted AverageAccount
    
    Net Amount
    
    Amount
    
    Attained Age ofMaximum anniversary value (MAV) [1]
    
    Value
    
    at Risk
    
    at Risk
    
    AnnuitantMAV only
    
    $
    57,174
    
    
    $
    4,488
    
    
    $
    440
    
    
    
    64With 5% rollup [2]
    
    
    4,040
    
    
    
    436
    
    
    
    81
    
    
    
    63With Earnings Protection Benefit Rider (EPB) [3]
    
    
    5,499
    
    
    
    379
    
    
    
    72
    
    
    
    60With 5% rollup & EPB
    
    
    1,453
    
    
    
    140
    
    
    
    31
    
    
    
    62Total MAV
    
    
    68,166
    
    
    
    5,443
    
    
    
    624Asset Protection Benefit (APB) [4]
    
    
    29,845
    
    
    
    27
    
    
    
    15
    
    
    
    61Lifetime Income Benefit (LIB) [5]
    
    
    924
    
    
    
    1
    
    
    
    1
    
    
    
    59Reset [6] (5-7 years)
    
    
    7,326
    
    
    
    365
    
    
    
    365
    
    
    
    65Return of Premium [7]/Other
    
    
    9,438
    
    
    
    35
    
    
    
    34
    
    
    
    49Subtotal U.S. Guaranteed Minimum Death Benefits
    
    
    115,699
    
    
    
    5,871
    
    
    
    1,039
    
    
    
    62Japan Guaranteed Minimum Death and Income Benefit [8]
    
    
    26,696
    
    
    
    12
    
    
    
    12
    
    
    
    66Total
    
    $
    142,395
    
    
    $
    5,883
    
    
    $
    1,051
 [1]
    
    [1] MAV: the death benefit is the greatest of current account value, net premiums paid and
the highest account value on any anniversary before age 80 (adjusted for withdrawals).[2]
    
    Rollup: the death benefit is the greatest of the MAV, current account value, net premium
paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to
the earlier of age 80 or 100% of adjusted premiums.[3]
    
    EPB: the death benefit is the greatest of the MAV, current account value, or contract value
plus a percentage of the contracts growth. The contracts growth is account value less
premiums net of withdrawals, subject to a cap of 200% of premiums net of withdrawals.[4]
    
    APB: the death benefit is the greater of current account value or MAV, not to exceed current
account value plus 25% times the greater of net premiums and MAV (each adjusted for premiums
in the past 12 months).[5]
    
    LIB: the death benefit is the greater of current account value or MAV, net premiums paid,
or a benefit amount that rachets over time, generally based on market performance.[6]
    
    Reset: the death benefit is the greatest of current account value, net premiums paid and
the most recent five to seven year anniversary account value before age 80 (adjusted for
withdrawals).[7]
    
    Return of premium: the death benefit is the greater of current account value and net
premiums paid.[8]
    
    Benefits include a Return of Premium and MAV (before age 75) death benefit and a guarantee
to return initial investment, adjusted for earnings liquidity, through a fixed annuity, after
a minimum deferral period of 10, 15 or 20 years. The guaranteed remaining balance related to
the Japan GMIB was $17.1 billion and $15.2 billion as of March 31, 2006 and December 31, 2005,
respectively.
   13




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6. Commitments and Contingencies
 Litigation
   Broker Compensation Litigation
   14




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##### Table of Contents



Regulatory Developments
     15




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##### Table of Contents



16




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##### Table of Contents



7. Stock Compensation Plans
   Stock Plan
   Stock Option Awards
   Share Awards
  Employee Stock Purchase Plan
  17




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##### Table of Contents



8. Transactions with Affiliates
  9.
Sale of Affiliates
   18




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##### Table of Contents



Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 (Dollar amounts in millions, unless otherwise stated)
   INDEX
 Overview
    
    
    20Critical Accounting Estimates
    
    
    22Consolidated Results of Operations
    
    
    24Retail
    
    
    27Retirement Plans
    
    
    28Institutional
    
    
    29Individual Life
    
    
    30Group Benefits
    
    
    31International
    
    
    32Other
    
    
    33Investments
    
    
    34Investment Credit Risk
    
    
    37Capital Markets Risk Management
    
    
    39Capital Resources and Liquidity
    
    
    42Accounting Standards
    
    
    44
 19




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OVERVIEW
  
 Regulatory Developments
       20




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##### Table of Contents



Broker Compensation
  21




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##### Table of Contents



CRITICAL ACCOUNTING ESTIMATES
   Life Deferred Policy Acquisition Costs and Present Value of Future Profits Associated with Variable
Annuity and Other Universal Life-Type Contracts
 Accounting Policy and Assumptions
    Unlock and Sensitivity Analysis
  22




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Other Critical Accounting Estimates
  23




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##### Table of Contents



CONSOLIDATED RESULTS OF OPERATIONS
 Performance Measures
 Fee Income
  As of and For theThree Months EndedMarch 31,Product/Key Indicator Information
    
    2006
    
    2005U.S. Variable AnnuitiesAccount value, beginning of period
    
    $
    105,314
    
    
    $
    99,617Net flows
    
    
    (828
    )
    
    
    406Change in market value and other
    
    
    4,209
    
    
    
    (1,952
    )Account value, end of period
    
    $
    108,695
    
    
    $
    98,071Retail Mutual FundsAssets under management, beginning of period
    
    $
    29,063
    
    
    $
    25,240Net sales
    
    
    1,528
    
    
    
    381Change in market value and other
    
    
    1,397
    
    
    
    (672
    )Assets under management, end of period
    
    $
    31,988
    
    
    $
    24,949Retirement PlansAccount value, beginning of period
    
    $
    19,317
    
    
    $
    16,493Net flows
    
    
    854
    
    
    
    677Change in market value and other
    
    
    294
    
    
    
    (224
    )Account value, end of period
    
    $
    20,465
    
    
    $
    16,946Individual Life InsuranceVariable universal life account value, end of period
    
    $
    6,191
    
    
    $
    5,249Total life insurance inforce
    
    $
    153,445
    
    
    $
    141,739S&P 500 IndexPeriod end closing value
    
    
    1,295
    
    
    
    1,181Daily average value
    
    
    1,284
    
    
    
    1,192Japan AnnuitiesAccount value, beginning of period
    
    $
    26,104
    
    
    $
    14,631Net flows
    
    
    1,846
    
    
    
    3,543Change in market value and other
    
    
    291
    
    
    
    (559
    )Account value, end of period
    
    $
    28,241
    
    
    $
    17,615
 
    
    The increase in U.S. variable annuity account values can be
attributed to market growth over the past four quarters. Net
flows for the U.S. variable annuity business have decreased
from prior year levels resulting from higher surrenders due
to increased competition.
    
    Mutual Fund net sales increased substantially over the prior
year period as a result of focused wholesaling efforts and
favorable equity market performance.
    
    Changes in market value are based on market conditions and
investment management performance. Japan annuity account
values continue to grow as a result of strong sales and
significant market growth in 2006. Japan net flows have
decreased due to increased competition.
 24




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##### Table of Contents



Net Investment Income and Interest Credited
  
    
    Net investment income and interest credited in Other
increased for the three months ended March 31, 2006 due to an
increase in the mark-to-market effects of trading account
securities supporting the Japanese variable annuity business.
    
    Net investment income and interest credited on general
account assets in Retail declined for the three months ended
March 31, 2006 due to lower assets under management from
surrenders on market value adjusted (MVA) fixed annuity
products at the end of their guarantee period. Also
contributing to the decline were transfers within Variable
Annuity products from the general account option to separate
account funds.
    
    Net investment income and interest credited on general
account assets in Institutional increased as a result of the
Companys funding agreement backed Investor Notes program,
but was partially offset by surrenders in the PPLI business.
 Premiums
  Three Months EndedMarch 31,Group Benefits
    
    2006
    
    2005Total premiums and other considerations
    
    $
    1,032
    
    
    $
    948Fully insured ongoing sales (excluding buyouts)
    
    
    441
    
    
    
    376
 
    
    Earned premiums and other considerations include $4 and $25 in buyout premiums for the
three months ended March 31, 2006 and 2005, respectively. The increase in premiums and other
considerations for Group Benefits in 2006 compared to 2005 was driven by sales and continued
strong persistency.
 Expenses
  For the Three Months Ended March 31,2006
    
    2005RetailGeneral insurance expense ratio (individual annuity)
    
    

    15.4
    bps
    

    
    17.8
    bpsDAC amortization ratio (individual annuity)
    
    
    49.3
    %
    
    
    50.1
    %Individual LifeDeath benefits
    
    $
    69
    
    
    $
    66Insurance expenses, net of deferrals
    
    $
    42
    
    
    $
    40Group BenefitsTotal benefits, claims and claim adjustment expenses
    
    $
    767
    
    
    $
    722Loss ratio (excluding buyout premiums)
    
    
    74.2
    %
    
    
    75.5
    %Insurance expenses, net of deferrals
    
    $
    261
    
    
    $
    237Expense ratio, (excluding buyout premiums)
    
    
    26.4
    %
    
    
    26.4
    %
 
    
    Asset growth and lower contract maintenance expenses for the
three months ended March 31, 2006 decreased individual annuitys
expense ratio to a level lower than previous quarters. Additionally,
the expense ratio continued to benefit from the Companys
disciplined expense management and economies of scale in the
variable annuity business. Management expects the 2006 full year
ratio to be between 17-19 bps.
    
    The ratio of individual annuity DAC amortization over income
before taxes and DAC amortization declined for the three
months ended March 31, 2006 as a result of higher gross
profits.
    
    Individual Life death benefits increased for the three months
ended March 31, 2006 due to unfavorable mortality experience
and larger insurance inforce.
    
    The Group Benefits loss ratio, excluding buyouts, for the
three months ended March 31, 2006 decreased primarily due to
favorable morbidity experience compared to the prior year
period.
 25




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##### Table of Contents



Profitability
  For the Three Months EndedMarch 31,Ratios
    
    2006
    
    2005RetailIndividual annuity return on assets (ROA)
    
    

    55
    bps
    
    
    49
    bpsGroup BenefitsAfter-tax margin (excluding buyouts)
    
    
    6.6
    %
    
    
    6.4
    %
 
    
    Individual annuitys ROA increased for the three months
ended March 31, 2006 compared to the prior year period. In
particular, variable annuity fees and the DRD benefit each
increased for the three months ended March 31, 2006 compared
to the prior year period. The increase in the ROA pertaining
to fees can be attributed to the increase in account values
and resulting increased fees including GMWB rider fees.
Additionally, general insurance expenses were also favorable
as a percentage of total assets.
    
    The improvement in the Group Benefits after-tax margin
for the three months ended March 31, 2006 was due to a lower
loss ratio principally driven by improved morbidity
experience.
 Three Months EndedMarch 31,2006
    
    2005
    
    ChangeOperating SummaryFee income
    
    $
    1,118
    
    
    $
    950
    
    
    
    18
    %Earned premiums
    
    
    1,273
    
    
    
    999
    
    
    
    27
    %Net investment incomeSecurities available-for-sale and other
    
    
    766
    
    
    
    729
    
    
    
    5
    %Equity securities held for trading [1]
    
    
    454
    
    
    
    221
    
    
    
    105
    %Total net investment income
    
    
    1,220
    
    
    
    950
    
    
    
    28
    %Net realized capital (losses) gains
    
    
    (126
    )
    
    
    92
    
    
    NMTotal revenues
    
    
    3,485
    
    
    
    2,991
    
    
    
    17
    %Benefits, claims and claim adjustment expenses [1]
    
    
    2,138
    
    
    
    1,739
    
    
    
    23
    %Amortization of deferred policy acquisition costs and present value of future profits
    
    
    299
    
    
    
    291
    
    
    
    3
    %Insurance operating costs and other expenses
    
    
    610
    
    
    
    597
    
    
    
    2
    %Total benefits, claims and expenses
    
    
    3,047
    
    
    
    2,627
    
    
    
    16
    %Income before income tax expense
    
    
    438
    
    
    
    364
    
    
    
    20
    %Income tax expense
    
    
    103
    
    
    
    86
    
    
    
    20
    %Net income
    
    $
    335
    
    
    $
    278
    
    
    
    21
    %
 [1]
    
    Includes investment income and mark-to-market effects of trading securities supporting the
international variable annuity business, which are classified in net investment income with
corresponding amounts credited to policyholders within benefits, claims and claim adjustment
expenses.
  Three months ended March 31, 2006 compared to the three months ended March 31, 2005
  
    
    Net income in Retail increased 19%, principally driven by higher fee income from growth in the variable annuity
and mutual fund businesses as a result of higher assets under management as compared to the prior year period.
    
    Retirement Plans net income increased 24% primarily driven by 401(k) fees attributable to growth in assets under
management.
    
    Institutional contributed higher earnings, increasing 5%, driven by higher assets under management.
    
    Individual Life earnings increased primarily driven by growth in fee income generated from higher life insurance
inforce and account values and revisions to estimates in DAC amortization of $5, which are not expected to recur.
    
    Net income in Group Benefits increased 15% primarily due to higher premiums and a lower loss ratio.
    
    Net income in International increased primarily driven by the increased fees from an increase in assets under
management of the Japan annuity business.
 
    
    In addition, net income was lower in Other due to the
following:
 
    
    Net realized capital losses occurred in 2006 compared to
net realized capital gains in the prior year period due to
increasing interest rates, realized losses from the Japan
fixed annuity contract hedges and the realized loss
associated with GMWB derivatives.
    
    During the first quarter of 2006 and 2005, the Company
recorded a $7 after-tax reserve and a $66 after-tax reserve,
respectively for investigations related to market timing by
the SEC and the New York Attorney Generals Office,
directed brokerage by the SEC and single premium group annuities by
the New York Attorney Generals Office and the Connecticut Attorney Generals Office.
    
    During the first quarter of 2006, the Company achieved
favorable settlements in several cases brought against the
Company by policyholders regarding their purchase of
broad-based leveraged corporate owned life insurance
(leveraged COLI) policies in the early to mid-1990s.
 26




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##### Table of Contents



RETAIL
 Three Months EndedMarch 31,2006
    
    2005
    
    ChangeOperating SummaryFee income
    
    $
    648
    
    
    $
    557
    
    
    
    16
    %Earned premiums
    
    
    (17
    )
    
    
    (15
    )
    
    
    (13
    )%Net investment income
    
    
    216
    
    
    
    244
    
    
    
    (11
    )%Net realized capital gains
    
    
    3
    
    
    
    4
    
    
    
    (25
    )%Total revenues
    
    
    850
    
    
    
    790
    
    
    
    8
    %Benefits, claims and claim adjustment expenses
    
    
    207
    
    
    
    235
    
    
    
    (12
    )%Insurance operating costs and other expenses
    
    
    228
    
    
    
    189
    
    
    
    21
    %Amortization of deferred policy acquisition costs and present value of future profits
    
    
    198
    
    
    
    181
    
    
    
    9
    %Total benefits, claims and expenses
    
    
    633
    
    
    
    605
    
    
    
    5
    %Income before income tax expense
    
    
    217
    
    
    
    185
    
    
    
    17
    %Income tax expense
    
    
    41
    
    
    
    37
    
    
    
    11
    %Net income
    
    $
    176
    
    
    $
    148
    
    
    
    19
    %Assets Under ManagementIndividual variable annuity account values
    
    $
    108,695
    
    
    $
    98,071
    
    
    
    11
    %Individual fixed annuity and other account values
    
    
    10,069
    
    
    
    10,946
    
    
    
    (8
    )%Other retail products account values
    
    
    386
    
    
    
    216
    
    
    
    79
    %Total account values [1]
    
    
    119,150
    
    
    
    109,233
    
    
    
    9
    %Retail mutual fund assets under management
    
    
    31,988
    
    
    
    24,949
    
    
    
    28
    %Other mutual fund assets under management
    
    
    1,140
    
    
    
    694
    
    
    
    64
    %Total mutual fund assets under management
    
    
    33,128
    
    
    
    25,643
    
    
    
    29
    %Total assets under management
    
    $
    152,278
    
    
    $
    134,876
    
    
    
    13
    %
 [1]
    
    Includes policyholder balances for investment contracts and reserves for future policy
benefits for insurance contracts.
 Three months ended March 31, 2006 compared to the three months ended March 31, 2005
  
    
    The increase in fee income in the variable annuity business
occurred primarily as result of growth in average account values.
The year-over-year increase in average account values can be
attributed to market appreciation of $12.7 billion over the past
four quarters. Variable annuities had net outflows of $828 for
the three months ended March 31, 2006 compared to net inflows of
$406 for the prior year period. The net outflows from additional
surrender activity was due to increased sales competition,
particularly as it relates to guaranteed living benefits offered
with variable annuity products.
    
    Mutual fund fee income increased 24% due to increased assets under
management driven by market appreciation of $4.6 billion and net
sales of $2.5 billion during the past four quarters. Net sales
grew four fold to $1.5 billion. This increase was primarily
attributable to focused wholesaling efforts and a favorable equity
market.
    
    Despite stable general account investment spread income over the
past four quarters, net investment income has steadily declined
due to an increased level of surrenders and transfers. Over the
same period, benefits, claims and claim adjustment expenses have
decreased due to a decline in interest credited as older fixed
annuity MVA business with higher credited rates matures and either
lapses or renews at lower credited rates.
    
    Throughout Retail, insurance operating costs and other expenses
increased. Mutual Fund commissions increased due to significant
growth in sales. In addition, variable annuity asset based
commissions increased due to an 11% growth in assets under
management, as well as an increase in the number of contracts
reaching anniversaries when trail commission payments begin.
    
    Higher amortization of DAC resulted from higher gross profits due
to the positive earnings drivers discussed above, however, the DAC
amortization rate as a percentage of pre-tax profits remained
fairly stable.
 27




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##### Table of Contents



RETIREMENT PLANS
 Three Months EndedMarch 31,2006
    
    2005
    
    ChangeOperating SummaryFee income
    
    $
    43
    
    
    $
    34
    
    
    
    26
    %Earned premiums
    
    
    14
    
    
    
    3
    
    
    NMNet investment income
    
    
    80
    
    
    
    76
    
    
    
    5
    %Total revenues
    
    
    137
    
    
    
    113
    
    
    
    21
    %Benefits, claims and claim adjustment expenses
    
    
    69
    
    
    
    56
    
    
    
    23
    %Insurance operating costs and other expenses
    
    
    31
    
    
    
    27
    
    
    
    15
    %Amortization of deferred policy acquisition costs
    
    
    8
    
    
    
    7
    
    
    
    14
    %Total benefits, claims and expenses
    
    
    108
    
    
    
    90
    
    
    
    20
    %Income before income tax expense
    
    
    29
    
    
    
    23
    
    
    
    26
    %Income tax expense
    
    
    8
    
    
    
    6
    
    
    
    33
    %Net income
    
    $
    21
    
    
    $
    17
    
    
    
    24
    %Assets Under ManagementGovernmental account values
    
    
    $10,427
    
    
    $
    9,882
    
    
    $
    6
    %401(k) account values
    
    
    10,038
    
    
    
    7,064
    
    
    
    42
    %Total account values[1]
    
    
    20,465
    
    
    
    16,946
    
    
    
    21
    %Governmental mutual fund assets under management [2]
    
    
    
    
    
    
    738
    
    
    
    (100
    )%401(k) mutual fund assets under management
    
    
    1,032
    
    
    
    767
    
    
    
    35
    %Total mutual fund assets under management
    
    
    1,032
    
    
    
    1,505
    
    
    
    (31
    )%Total assets under management
    
    
    $21,497
    
    
    $
    18,451
    
    
    $
    17
    %
 [1]
    
    Includes policyholder balances for investment contracts and reserves for future policy
benefits for insurance contracts[2]
    
    Government Mutual Fund assets declined to zero due to a large case surrender in 2005 and
the remaining business being transferred to the Institutional segment.
 Three months ended March 31, 2006 compared to the three months ended March 31, 2005
  
 
 
 28




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##### Table of Contents



INSTITUTIONAL
 Three Months EndedMarch 31,2006
    
    2005
    
    ChangeOperating SummaryFee income
    
    $
    27
    
    
    $
    37
    
    
    
    (27
    )%Earned premiums
    
    
    267
    
    
    
    82
    
    
    NMNet investment income
    
    
    225
    
    
    
    181
    
    
    
    24
    %Net realized capital losses
    
    
    (1
    )
    
    
    (1
    )
    
    
    Total revenues
    
    
    518
    
    
    
    299
    
    
    
    73
    %Benefits, claims and claim adjustment expenses
    
    
    463
    
    
    
    254
    
    
    
    82
    %Insurance operating costs and other expenses
    
    
    16
    
    
    
    10
    
    
    
    60
    %Amortization of deferred policy acquisition costs
    
    
    8
    
    
    
    6
    
    
    
    33
    %Total benefits, claims and expenses
    
    
    487
    
    
    
    270
    
    
    
    80
    %Income before income tax expense
    
    
    31
    
    
    
    29
    
    
    
    7
    %Income tax expense
    
    
    9
    
    
    
    8
    
    
    
    13
    %Net income
    
    $
    22
    
    
    $
    21
    
    
    
    5
    %Assets Under ManagementInstitutional
Investment Product account values [1] [2]
    
    $
    19,017
    
    
    $
    15,497
    
    
    
    23
    %Private
Placement Life Insurance account values [2]
    
    
    24,216
    
    
    
    22,641
    
    
    
    7
    %Mutual fund
assets under management [1]
    
    
    2,100
    
    
    
    815
    
    
    
    158
    %Total assets under management[1]
    
    $
    45,333
    
    
    $
    38,953
    
    
    
    16
    %
 [1]
    
    Institutional investment product account values and mutual fund assets under management
include transfers from the Retirement Plans segment of $413 and $178, respectively.[2]
    
    Includes policyholder balances for investment contracts and reserves for future policy benefits
for insurance contracts.
 Three months ended March 31, 2006 compared to the three months ended March 31, 2005
  
    
    Total revenues increased in IIP driven by positive net flows of $2.1 billion during the past four
quarters resulting in higher assets under management. Net flows for IIP were strong primarily as a
result of the Companys funding agreement backed Investor Notes program. Investor Notes sales for
the four quarters ended March 31, 2006 were $1.6 billion.
    
    General account spread is the main driver of net income for IIP. An increase in spread income in
2006 was driven by higher assets under management. The increase was partially offset by lower
mortality gains related to terminal funding and structured settlement contracts that include life
contingencies. For the three months ended March 31, 2006 and 2005, gains related to mortality,
investments or other activity were $1 and $3 after-tax, respectively.
  
    
    IIP had higher operating costs as a result of business growth.
    
    PPLIs cost of insurance charges have decreased due to reductions in the face amount of certain cases.
 29




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##### Table of Contents



INDIVIDUAL LIFE
 Three Months EndedMarch 31,2006
    
    2005
    
    ChangeOperating SummaryFee income
    
    $
    203
    
    
    $
    195
    
    
    
    4
    %Earned premiums
    
    
    (12
    )
    
    
    (8
    )
    
    
    (50
    )%Net investment income
    
    
    79
    
    
    
    74
    
    
    
    7
    %Net realized capital gains
    
    
    1
    
    
    
    1
    
    
    
    Total revenues
    
    
    271
    
    
    
    262
    
    
    
    3
    %Benefits, claims and claim adjustment expenses
    
    
    131
    
    
    
    120
    
    
    
    9
    %Insurance operating costs and other expenses
    
    
    42
    
    
    
    40
    
    
    
    5
    %Amortization of deferred policy acquisition costs and present value of future profits
    
    
    32
    
    
    
    45
    
    
    
    (29
    )%Total benefits, claims and expenses
    
    
    205
    
    
    
    205
    
    
    
    Income before income tax expense
    
    
    66
    
    
    
    57
    
    
    
    16
    %Income tax expense
    
    
    21
    
    
    
    18
    
    
    
    17
    %Net income
    
    $
    45
    
    
    $
    39
    
    
    
    15
    %Account valuesVariable universal life insurance
    
    $
    6,191
    
    
    $
    5,249
    
    
    
    18
    %Universal life/interest sensitive whole life
    
    
    3,775
    
    
    
    3,452
    
    
    
    9
    %Modified guaranteed life and other
    
    
    712
    
    
    
    728
    
    
    
    (2
    )%Total account values
    
    $
    10,678
    
    
    $
    9,429
    
    
    
    13
    %Life Insurance InforceVariable universal life insurance
    
    $
    71,852
    
    
    $
    69,442
    
    
    
    3
    %Universal life/interest sensitive whole life
    
    
    42,372
    
    
    
    39,349
    
    
    
    8
    %Modified guaranteed life and other
    
    
    39,221
    
    
    
    32,948
    
    
    
    19
    %Total life insurance inforce
    
    $
    153,445
    
    
    $
    141,739
    
    
    
    8
    %
 Three months ended March 31, 2006 compared to the three months ended March 31, 2005
  
    
    Fee income increased $8. Cost of insurance charges, the largest component of fee income, increased $8 driven by
business growth and aging in the variable universal, universal, and interest-sensitive whole life insurance inforce.
Variable fee income grew $2 as favorable equity markets and increased premiums added to the variable universal life account value.
    
    Amortization of DAC declined $9 primarily due to adjustments made to actual gross profits and deferrals reflecting
revisions in the first quarter of 2006 to estimates made at December 31, 2005. The remaining decrease resulted from
changes in the mix of product profitability.
    
    Net investment income increased primarily due to increased general account assets from sales growth.
  
    
    Earned premiums, which include premiums for ceded reinsurance, decreased primarily due to increased use of reinsurance.
    
    Benefits, claims and claim adjustment expenses increased primarily due to interest credited on growing account values
and increased death benefits as a result of the growth in life insurance inforce.
    
    Operating costs increased over the prior year period as a result of business growth.
 30




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##### Table of Contents



GROUP BENEFITS
 Three Months EndedMarch 31,2006
    
    2005
    
    ChangeOperating SummaryEarned premiums and other
    
    $
    1,032
    
    
    $
    948
    
    
    
    9
    %Net investment income
    
    
    101
    
    
    
    98
    
    
    
    3
    %Net realized capital losses
    
    
    (1
    )
    
    
    
    
    
    
    Total revenues
    
    
    1,132
    
    
    
    1,046
    
    
    
    8
    %Benefits, claims and claim adjustment expenses
    
    
    767
    
    
    
    722
    
    
    
    6
    %Insurance operating costs and other expenses
    
    
    261
    
    
    
    237
    
    
    
    10
    %Amortization of deferred policy acquisition costs
    
    
    10
    
    
    
    7
    
    
    
    43
    %Total benefits, claims and expenses
    
    
    1,038
    
    
    
    966
    
    
    
    7
    %Income before income tax expense
    
    
    94
    
    
    
    80
    
    
    
    18
    %Income tax expense
    
    
    26
    
    
    
    21
    
    
    
    24
    %Net income
    
    $
    68
    
    
    $
    59
    
    
    
    15
    %Earned premiums and otherFully insured  ongoing premiums
    
    $
    1,017
    
    
    $
    912
    
    
    $
    12
    %Buyout premiums
    
    
    4
    
    
    
    25
    
    
    
    (84
    )%Other
    
    
    11
    
    
    
    11
    
    
    
    Total earned premiums and other
    
    $
    1,032
    
    
    $
    948
    
    
    $
    9
    %
 Three months ended March 31, 2006 compared to the three months ended March 31, 2005
  
    
    Earned premiums increased 9% driven by sales (excluding
buyouts) growth, particularly in life, of 17% and continued
strong persistency.
    
    The segments loss ratio (defined as benefits, claims
and claim adjustment expenses as a percentage of premiums and
other considerations excluding buyouts) was 74.2%, down from
75.5% in the prior year period due to improved morbidity
experience. Excluding financial institutions, the loss ratio
was 79.2%, down from 79.5% in the prior year period.
    
    The segments expense ratio was 26.4% for both the
current and the prior year period. Excluding financial
institutions, the expense ratio was 21.6%, down from 23.1% in
the prior year period due to growth in premiums outpacing
growth in expenses.
 31




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##### Table of Contents



INTERNATIONAL
 Three Months EndedMarch 31,2006
    
    2005
    
    ChangeOperating SummaryFee income
    
    $
    166
    
    
    $
    97
    
    
    
    71
    %Net investment income
    
    
    28
    
    
    
    12
    
    
    
    133
    %Net realized capital losses
    
    
    (14
    )
    
    
    (5
    )
    
    
    (180
    )%Total revenues
    
    
    180
    
    
    
    104
    
    
    
    73
    %Benefits, claims and claim adjustment expenses
    
    
    12
    
    
    
    13
    
    
    
    (8
    )%Insurance operating costs and other expenses
    
    
    46
    
    
    
    39
    
    
    
    18
    %Amortization of deferred policy acquisition costs
    
    
    49
    
    
    
    32
    
    
    
    53
    %Total benefits, claims and expenses
    
    
    107
    
    
    
    84
    
    
    
    27
    %Income before income tax expense
    
    
    73
    
    
    
    20
    
    
    NMIncome tax expense
    
    
    27
    
    
    
    6
    
    
    NMNet income
    
    $
    46
    
    
    $
    14
    
    
    NMAssets under ManagementJapan variable annuity assets under management
    
    $
    26,696
    
    
    $
    16,495
    
    
    $
    62
    %Japan MVA fixed annuity assets under management
    
    
    1,545
    
    
    
    1,120
    
    
    
    38
    %Total assets under management
    
    $
    28,241
    
    
    $
    17,615
    
    
    $
    60
    %
 Three months ended March 31, 2006 compared to the three months ended March 31, 2005
  
    
    The increase in fee income was mainly a result of growth in Japans variable annuity assets under
management. As of March 31, 2006, Japans variable annuity assets under management were $26.7
billion, a 62% increase from the prior year period. The increase in assets under management was
driven by positive net flows of $8.6 billion and favorable market appreciation of $3.6 billion,
partially offset by a $(2.0) billion impact of foreign currency exchange over the past four
quarters.
    
    Also contributing to the higher fee income was increased surrender activity as customers
surrendered policies in order to take advantage of significant appreciation in their account
balances. For the quarter ended March 31, 2006, surrender fees increased by $10 from the
respective prior year period.
    
    The Japan MVA fixed annuity business contributed $3 of higher investment spread income, including
net periodic coupon settlements included in realized losses. This increase in investment spread
was driven by higher assets under management. As of March 31, 2006, Japans MVA assets under
management increased to $1.5 billion compared to $1.1 billion in the prior year period. The
increase in fixed annuity assets under management can be attributed to positive net flows of $530
over the past four quarters.
  
    
    The increase in operating costs was primarily due to the significant growth in the Japan
operation and the investment in our United Kingdom operation.
    
    DAC amortization was higher due to higher EGPs consistent with the growth in the Japan operation.
    
    Tax rates increased primarily due to an increase in the deferred tax valuation allowance
established for losses on the United Kingdom operation.
 32




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##### Table of Contents



OTHER
 Three Months EndedMarch 31,2006
    
    2005
    
    ChangeOperating SummaryFee income
    
    $
    20
    
    
    $
    19
    
    
    
    5
    %Net investment incomeSecurities available-for-sale and other
    
    
    37
    
    
    
    44
    
    
    
    (16
    )%Equity securities held for trading
    
    
    454
    
    
    
    221
    
    
    
    105
    %Total net investment income
    
    
    491
    
    
    
    265
    
    
    
    85
    %Net realized capital (losses) gains
    
    
    (114
    )
    
    
    93
    
    
    NMTotal revenues
    
    
    397
    
    
    
    377
    
    
    
    5
    %Benefits, claims and claim adjustment expenses
    
    
    489
    
    
    
    339
    
    
    
    44
    %Insurance operating costs and other expenses
    
    
    (14
    )
    
    
    55
    
    
    NMAmortization of deferred policy acquisition costs
    
    
    (6
    )
    
    
    13
    
    
    NMTotal benefits, claims and expenses
    
    
    469
    
    
    
    407
    
    
    
    15
    %Loss before income tax benefit
    
    
    (72
    )
    
    
    (30
    )
    
    
    140
    %Income tax benefit
    
    
    (29
    )
    
    
    (10
    )
    
    
    190
    %Net loss
    
    $
    (43
    )
    
    $
    (20
    )
    
    
    115
    %
 Three months ended March 31, 2006 compared to the three months ended March 31, 2005
  
    
    Net realized capital losses occurred in 2006 compared to
net realized capital gains in the prior year period due to
increasing interest rates, realized losses from the Japan
fixed annuity contract hedges and the realized loss
associated with GMWB derivatives.
    
    During the first quarter of 2006 and 2005, the Company
recorded a $7 after-tax reserve and a $66 after-tax reserve,
respectively for investigations related to market timing by
the SEC and the New York Attorney Generals Office,
directed brokerage by the SEC and single premium group annuities by
the New York Attorney Generals Office and the Connecticut
Attorney Generals Office.
    
    During the first quarter of 2006, the Company achieved
favorable settlements in several cases brought against the
Company by policyholders regarding their purchase of
broad-based leveraged corporate owned life insurance
(leveraged COLI) policies in the early to mid-1990s. The
Company ceased offering this product in 1996. Based on the
favorable outcome of these cases, together with the Companys
current assessment of the few remaining leveraged COLI cases,
the Company reduced its estimate of the ultimate cost of
these cases as of March 31, 2006. This reserve reduction,
recorded in insurance operating costs and other expenses,
resulted in an after-tax benefit of $34 in the quarter ended
March 31, 2006.
 33




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##### Table of Contents



INVESTMENTS
 General
       Composition of Invested Assets
 March 31, 2006
    
    December 31, 2005Amount
    
    Percent
    
    Amount
    
    PercentFixed maturities, available-for-sale, at fair value
    
    $
    50,571
    
    
    
    61.7
    %
    
    $
    50,812
    
    
    
    63.7
    %Equity securities, available-for-sale, at fair value
    
    
    820
    
    
    
    1.0
    %
    
    
    800
    
    
    
    1.0
    %Equity securities held for trading, at fair value
    
    
    26,057
    
    
    
    31.8
    %
    
    
    24,034
    
    
    
    30.1
    %Policy loans, at outstanding balance
    
    
    2,007
    
    
    
    2.4
    %
    
    
    2,016
    
    
    
    2.5
    %Mortgage loans, at amortized cost
    
    
    1,920
    
    
    
    2.3
    %
    
    
    1,513
    
    
    
    1.9
    %Limited partnerships, at fair value
    
    
    491
    
    
    
    0.6
    %
    
    
    431
    
    
    
    0.6
    %Other investments
    
    
    149
    
    
    
    0.2
    %
    
    
    178
    
    
    
    0.2
    %Total investments
    
    $
    82,015
    
    
    
    100.0
    %
    
    $
    79,784
    
    
    
    100.0
    %
  34




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##### Table of Contents



Investment Results
  Three Months EndedMarch 31,(before-tax)
    
    2006
    
    2005Net investment income  excluding income on policy loans
and equity securities held for trading
    
    $
    733
    
    
    $
    693Equity securities held for trading [1]
    
    
    454
    
    
    
    221Policy loan income
    
    
    33
    
    
    
    36Net investment income  total
    
    $
    1,220
    
    
    $
    950Yield on average invested assets [2]
    
    
    5.7
    %
    
    
    5.6
    %Gross gains on sale
    
    $
    41
    
    
    $
    98Gross losses on sale
    
    
    (59
    )
    
    
    (48
    )Impairments
    
    
    (9
    )
    
    
    (1
    )Japanese fixed annuity contract hedges, net [3]
    
    
    (44
    )
    
    
    36Periodic net coupon settlements on credit derivatives/Japan
    
    
    (14
    )
    
    
    (4
    )GMWB derivatives, net
    
    
    (13
    )
    
    
    7Other, net [4]
    
    
    (28
    )
    
    
    4Net realized capital gains (losses), before-tax
    
    $
    (126
    )
    
    $
    92
 [1]
    
    Represents the change in value of equity securities held
for trading.[2]
    
    Represents annualized net investment income (excluding income related to equity securities held for trading) divided by the monthly weighted
average invested assets at cost or amortized cost, as applicable, excluding equity securities held for trading, collateral received
associated with the securities lending program and reverse repurchase agreements as well as consolidated variable interest entity minority
interests.[3]
    
    Relates to the Japanese fixed annuity product (product and related derivative hedging instruments excluding periodic net coupon settlements).[4]
    
    Primarily consists of changes in fair value on non-qualifying derivatives, changes in fair value of certain derivatives in fair value hedge
relationships and hedge ineffectiveness on qualifying derivative instruments.
     
    
    The Japanese fixed annuity contract hedges, net amount consists of the foreign currency transaction remeasurements
associated with the yen denominated fixed annuity contracts offered in Japan and the corresponding offsetting cross
currency swaps. Although the Japanese fixed annuity contracts are economically hedged, the net realized capital losses
result from the mixed attribute accounting model, which requires fixed annuity liabilities to be recorded at cost and
remeasured only for foreign currency exchange rates but the associated derivatives to be reported at fair value. The
net realized capital losses in 2006 resulted from rising Japanese interest rates. The periodic net coupon settlements
on credit derivatives and the Japan fixed annuity cross currency swaps includes the net periodic income/expense or
coupon associated with the swap contracts. The net loss for 2006 is primarily associated with the Japan fixed annuity
cross currency swaps and results from the interest rate differential between U.S. and Japanese interest rates.
    
    The net losses on fixed maturity sales in 2006 were primarily the result of rising interest rates and, to a lesser
extent, credit spread widening on certain issuers.
 35




---



##### Table of Contents




    
    The losses associated with the GMWB derivatives were primarily driven by equity market volatility.
     Other-Than-Temporary Impairments
     36




---



##### Table of Contents



INVESTMENT CREDIT RISK
     Fixed Maturities by TypeMarch 31, 2006
    
    December 31, 2005Percent
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Percentof Total
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    of TotalAmortized
    
    Unrealized
    
    Unrealized
    
    Fair
    
    Fair
    
    Amortized
    
    Unrealized
    
    Unrealized
    
    Fair
    
    FairCost
    
    Gains
    
    Losses
    
    Value
    
    Value
    
    Cost
    
    Gains
    
    Losses
    
    Value
    
    ValueABS
    
    $
    6,810
    
    
    $
    51
    
    
    $
    (77
    )
    
    $
    6,784
    
    
    
    13.4
    %
    
    $
    6,819
    
    
    $
    48
    
    
    $
    (75
    )
    
    $
    6,792
    
    
    
    13.4
    %CMBS
    
    
    9,591
    
    
    
    123
    
    
    
    (162
    )
    
    
    9,552
    
    
    
    18.9
    %
    
    
    9,289
    
    
    
    175
    
    
    
    (97
    )
    
    
    9,367
    
    
    
    18.4
    %Collateralized mortgage
obligations (CMOs)
    
    
    878
    
    
    
    3
    
    
    
    (11
    )
    
    
    870
    
    
    
    1.7
    %
    
    
    864
    
    
    
    3
    
    
    
    (5
    )
    
    
    862
    
    
    
    1.7
    %Corporate
Basic industry
    
    
    2,205
    
    
    
    53
    
    
    
    (47
    )
    
    
    2,211
    
    
    
    4.4
    %
    
    
    2,296
    
    
    
    87
    
    
    
    (36
    )
    
    
    2,347
    
    
    
    4.6
    %Capital goods
    
    
    1,669
    
    
    
    64
    
    
    
    (30
    )
    
    
    1,703
    
    
    
    3.4
    %
    
    
    1,701
    
    
    
    91
    
    
    
    (18
    )
    
    
    1,774
    
    
    
    3.5
    %Consumer cyclical
    
    
    2,187
    
    
    
    44
    
    
    
    (68
    )
    
    
    2,163
    
    
    
    4.3
    %
    
    
    2,186
    
    
    
    71
    
    
    
    (37
    )
    
    
    2,220
    
    
    
    4.4
    %Consumer non-cyclical
    
    
    2,316
    
    
    
    77
    
    
    
    (52
    )
    
    
    2,341
    
    
    
    4.6
    %
    
    
    2,294
    
    
    
    124
    
    
    
    (24
    )
    
    
    2,394
    
    
    
    4.7
    %Energy
    
    
    1,131
    
    
    
    68
    
    
    
    (18
    )
    
    
    1,181
    
    
    
    2.3
    %
    
    
    1,068
    
    
    
    104
    
    
    
    (7
    )
    
    
    1,165
    
    
    
    2.3
    %Financial services
    
    
    6,979
    
    
    
    226
    
    
    
    (97
    )
    
    
    7,108
    
    
    
    14.0
    %
    
    
    6,768
    
    
    
    302
    
    
    
    (54
    )
    
    
    7,016
    
    
    
    13.8
    %Technology and
communications
    
    
    3,017
    
    
    
    133
    
    
    
    (68
    )
    
    
    3,082
    
    
    
    6.1
    %
    
    
    2,982
    
    
    
    193
    
    
    
    (32
    )
    
    
    3,143
    
    
    
    6.2
    %Transportation
    
    
    654
    
    
    
    18
    
    
    
    (15
    )
    
    
    657
    
    
    
    1.3
    %
    
    
    638
    
    
    
    29
    
    
    
    (6
    )
    
    
    661
    
    
    
    1.3
    %Utilities
    
    
    2,838
    
    
    
    114
    
    
    
    (70
    )
    
    
    2,882
    
    
    
    5.7
    %
    
    
    2,804
    
    
    
    154
    
    
    
    (30
    )
    
    
    2,928
    
    
    
    5.7
    %Other
    
    
    1,340
    
    
    
    17
    
    
    
    (37
    )
    
    
    1,320
    
    
    
    2.6
    %
    
    
    1,156
    
    
    
    23
    
    
    
    (15
    )
    
    
    1,164
    
    
    
    2.3
    %Government/Government
agencies
Foreign
    
    
    714
    
    
    
    40
    
    
    
    (8
    )
    
    
    746
    
    
    
    1.5
    %
    
    
    719
    
    
    
    50
    
    
    
    (4
    )
    
    
    765
    
    
    
    1.5
    %United States
    
    
    813
    
    
    
    8
    
    
    
    (15
    )
    
    
    806
    
    
    
    1.6
    %
    
    
    630
    
    
    
    24
    
    
    
    (5
    )
    
    
    649
    
    
    
    1.3
    %MBS  agency
    
    
    2,207
    
    
    
    2
    
    
    
    (62
    )
    
    
    2,147
    
    
    
    4.2
    %
    
    
    2,794
    
    
    
    6
    
    
    
    (43
    )
    
    
    2,757
    
    
    
    5.4
    %MunicipalTaxable
    
    
    953
    
    
    
    14
    
    
    
    (25
    )
    
    
    942
    
    
    
    1.9
    %
    
    
    948
    
    
    
    47
    
    
    
    (4
    )
    
    
    991
    
    
    
    2.0
    %Tax-exempt
    
    
    2,276
    
    
    
    138
    
    
    
    (7
    )
    
    
    2,407
    
    
    
    4.8
    %
    
    
    2,308
    
    
    
    163
    
    
    
    (5
    )
    
    
    2,466
    
    
    
    4.9
    %Redeemable preferred
stock
    
    
    16
    
    
    
    
    
    
    
    
    
    
    
    16
    
    
    
    
    
    
    
    17
    
    
    
    
    
    
    
    
    
    
    
    17
    
    
    
    Short-term
    
    
    1,653
    
    
    
    
    
    
    
    
    
    
    
    1,653
    
    
    
    3.3
    %
    
    
    1,334
    
    
    
    
    
    
    
    
    
    
    
    1,334
    
    
    
    2.6
    %Total fixed maturities
    
    $
    50,247
    
    
    $
    1,193
    
    
    $
    (869
    )
    
    $
    50,571
    
    
    
    100.0
    %
    
    $
    49,615
    
    
    $
    1,694
    
    
    $
    (497
    )
    
    $
    50,812
    
    
    
    100.0
    %
   37




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CMBS
 Financial services
 Aircraft lease receivables
     38




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##### Table of Contents



CAPITAL MARKETS RISK MANAGEMENT
  Market Risk
  Derivative Instruments
  Equity Risk
    
 39




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40




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Interest Rate Risk
  41




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CAPITAL RESOURCES AND LIQUIDITY
 Liquidity Requirements
      Sources of Capital
 Revolving Credit Facilities
  Ratings
  42




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##### Table of Contents



Standard &A.M. Best
    
    Fitch
    
    Poors
    
    MoodysInsurance RatingsHartford Life Insurance Company
    
    A+
    
    AA
    
    AA-
    
    Aa3Hartford Life and Accident Insurance Company
    
    A+
    
    AA
    
    AA-
    
    Aa3Hartford Life Group Insurance Company
    
    A+
    
    AA
    
    
    
    Hartford Life and Annuity Insurance Company
    
    A+
    
    AA
    
    AA-
    
    Aa3Hartford Life Insurance K.K. (Japan)
    
    
    
    
    
    AA-
    
    Hartford Life Limited (Ireland)
    
    
    
    
    
    AA-
    
    Other RatingsHartford Life, Inc.Senior debt
    
    a-
    
    A
    
    A-
    
    A3Commercial paper
    
    AMB-1
    
    F1
    
    A-2
    
    P-2Hartford Life, Inc.Capital II Trust preferred securities
    
    bbb
    
    A-
    
    BBB
    
    Baa1Hartford Life Insurance Company:Short Term Rating
    
    
    
    
    
    A-1+
    
    P-1
  Contingencies
 Legal
Proceedings
 Dependence on Certain Third Party Relationships 
  Regulatory Developments
  43




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##### Table of Contents



ACCOUNTING STANDARDS
  
 Item 4. CONTROLS AND PROCEDURES
 Evaluation of disclosure controls and procedures
  Changes in internal control over financial reporting
  
 Part II. OTHER INFORMATION
 
 Item 1. LEGAL PROCEEDINGS
   Broker Compensation Litigation
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##### Table of Contents



Item 1A. RISK FACTORS
  The occurrence of one or more terrorist attacks in the geographic areas we serve or the threat of
terrorism in general may have a material adverse effect on our business, consolidated operating
results, financial condition or liquidity.
  We are exposed to significant capital markets risk related to changes in interest rates, equity
prices and foreign exchange rates which may adversely affect our results of operations, financial
condition or cash flows.
  45




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We may be unable to effectively mitigate the impact of equity market volatility on our financial
position and results of operations arising from obligations under annuity product guarantees, which
may affect our consolidated results of operations, financial condition or cash flows.
  Regulatory proceedings or private claims relating to incentive compensation or payments made to
brokers or other producers, alleged anti-competitive conduct and other sales practices could have a
material adverse effect on us.
   Regulatory and market-driven changes may affect our practices relating to the payment of incentive
compensation to brokers and other producers, including changes that have been announced and those
which may occur in the future, and could have a material adverse effect on us in the future.
  46




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Competitive activity may adversely affect our market share and profitability, which could have an
adverse effect on our business, results of operations or financial condition.
  We may experience unfavorable judicial or legislative developments that would adversely affect our
results of operations or liquidity.
  Potential changes in domestic and foreign regulation may increase our business costs and required
capital levels, which could adversely affect our business, consolidated operating results,
financial condition or liquidity.
   
    
    Licensing companies and agents to transact business;
    
    calculating the value of assets to determine compliance with statutory requirements;
    
    mandating certain insurance benefits;
    
    regulating certain premium rates;
    
    reviewing and approving policy forms;
    
    regulating unfair trade and claims practices, including through the imposition of
restrictions on marketing and sales practices, distribution arrangements and payment of
inducements;
    
    establishing statutory capital and reserve requirements and solvency standards;
 
    
    fixing maximum interest rates on insurance policy loans and minimum rates for guaranteed
crediting rates on life insurance policies and annuity contracts;
 47




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##### Table of Contents




    
    approving changes in control of insurance companies;
    
    restricting the payment of dividends and other transactions between affiliates; and
    
    regulating the types, amounts and valuation of investments.
  Our business, results of operations and financial condition may be adversely affected by general
domestic and international economic and business conditions that are less favorable than
anticipated.
  We may experience difficulty in marketing and distributing products through our current and future
distribution channels.
  We may experience a downgrade in our financial strength or credit ratings which may make our
products less attractive, increase our cost of capital, and inhibit our ability to refinance our
debt, which would have an adverse effect on our business, consolidated operating results, financial
condition and liquidity.
  48




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If we are unable to maintain the availability of our systems and safeguard the security of our data
due to the occurrence of disasters or other unanticipated events, our ability to conduct business
may be compromised, which may have a material adverse effect on our business, consolidated results
of operations, financial condition or cash flows.
  
 Item 5. OTHER INFORMATION
  
 Item 6. EXHIBITS
  49




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SIGNATURE
  HARTFORD LIFE, INC./s/  Ernest M. McNeill Jr.Ernest M. McNeill Jr.Senior Vice President and Chief Accounting
Officer  50




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HARTFORD LIFE, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE THREE MONTHS ENDED MARCH 31, 2006
 
 EXHIBITS INDEX
 Exhibit #15.01
    
    Deloitte & Touche LLP Letter of Awareness31.01
    
    Certification of Thomas M. Marra pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.02
    
    Certification of David A. Carlson pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.01
    
    Certification of Thomas M. Marra pursuant to Section 906 of the Sarbanes-Oxley Act of 200232.02
    
    Certification of David A. Carlson pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 51