Hartford is reaching important milestones in its effort to transform
the 203-year old firm and deliver greater shareholder value, company
Chairman, President and CEO Liam E. McGee said yesterday at the Annual
Meeting of Shareholders.
"We entered 2013 as a leading property and casualty company, with a
major group benefits business, top-performing mutual funds, and an
annuity runoff operation, which we refer to as Talcott Resolution, that
is now capital self-sufficient," McGee said. "The Hartford has made
significant progress executing the strategy we announced in March of
The company announced plans in March 2012 to divest its individual life,
retirement plans, and broker-dealer operations, as well as to place its
annuity business into runoff, thereby exiting the business.
"In important ways The Hartford is a new company, sharply-focused and
positioned for profitable growth, with a significantly reduced risk
profile," McGee told shareholders.
The Hartford had completed its divestitures by early 2013, and in the
first quarter the go-forward businesses delivered core earnings growth
of 19 percent compared with the previous year. In the first quarter, the
company also announced a two-year $1.5 billion capital management plan
that will be accretive to shareholders, and it is now planning the next
phase of its capital management program.
"I especially want to thank The Hartford's nearly 20,000 teammates for
working so hard and with such passion to successfully execute the
company's strategy," McGee said. "We're proud of how much The Hartford
has accomplished, while realistic about the work still ahead."
During the business portion of the annual meeting, The Hartford's
shareholders voted on the following actions:
All of The Hartford's directors were reelected to the Board with an
average approval rate exceeding 95 percent of the shares voted at the
meeting, excluding abstentions.
Shareholders ratified the selection of Deloitte & Touche LLP as the
company's independent registered public accounting firm with support
from over 95 percent of the shares voted at the meeting.
Shareholders also approved the compensation of the company's named
executive officers through an advisory vote with support from
approximately 84 percent of shares voted at the meeting.
About The Hartford
With more than 200 years of expertise, The Hartford (NYSE: HIG) is a
leader in property and casualty insurance, group benefits and mutual
funds. The company is widely recognized for its service excellence,
sustainability practices, trust and integrity. More information on the
company and its financial performance is available at www.thehartford.com.
Some of the statements in this release may be considered forward-looking
statements as defined in the Private Securities Litigation Reform Act of
1995. We caution investors that these forward-looking statements are not
guarantees of future performance, and actual results may differ
materially. Investors should consider the important risks and
uncertainties that may cause actual results to differ. These important
risks and uncertainties include those discussed in our Quarterly Reports
on Form 10-Q, our 2012 Annual Report on Form 10-K and the other filings
we make with the Securities and Exchange Commission. We assume no
obligation to update this release, which speaks as of the date issued.
Sabra Purtill, CFA, 860-547-8691