Significant Progress Being Made On Transformation Strategy, The Hartford CEO
Says At Shareholders’ Meeting
P&C, Group Benefits and Mutual Funds performing well, Annuity Runoff business
Shareholders approve board of directors, accounting firm and executive
HARTFORD, Conn. -- May 16, 2013
The 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
“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 2012.”
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 rateexceeding95 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
fromover 95 percentof 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
approximately84 percent of sharesvoted 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.
Shannon Lapierre, 860-547-5624
David Collins, 860-547-2251
Sabra Purtill, CFA, 860-547-8691
Sean Rourke, 860-547-5688
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