The
Hartford is executing on its strategic plan to transform into an
insurance underwriting company and deliver greater shareholder value,
The Hartford’s Chairman, President and CEO Liam E. McGee said today at
the Annual Meeting of Shareholders.
“We have made substantial progress on The Hartford’s strategy to create
greater shareholder value by profitably growing our P&C, Group Benefits
and Mutual Funds businesses, reducing the size and risk of the company’s
annuity runoff operation, and increasing operating effectiveness and
efficiency,” McGee said.
Building on a successful 2013, The Hartford reported core earnings
growth of 23 percent in the first quarter, with core earnings in P&C,
Group Benefits and Mutual Funds also growing 23 percent year-over-year.
Over the next few years, the company is investing in new systems,
applications and business platforms to drive continued growth and margin
expansion in these businesses. In addition, the sale of the Japan
annuity business announced in April substantially reduces the company’s
risk profile by permanently eliminating its Japan variable annuity risk.
“The transaction we announced to sell our Japan annuity company will
generate an estimated $1.4 billion capital benefit," McGee told
shareholders. “The successful execution of the company’s strategy has
resulted in financial strength and flexibility, which has enabled us to
increase the dividend, pay down debt and repurchase equity.”
“I am grateful to all of The Hartford’s dedicated employees who have
made these achievements possible. We will continue to execute our
strategy to drive profitable growth and deliver greater value to
shareholders,” McGee said.
During the business portion of the annual meeting, The Hartford’s
shareholders voted on the following actions:
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All of The Hartford's directors were reelected to the Board;
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Shareholders ratified the selection of Deloitte & Touche LLP as the
company's independent registered public accounting firm;
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Shareholders approved the compensation of the company's named
executive officers through an advisory vote;
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Shareholders approved The Hartford’s 2014 Incentive Stock Plan; and
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Shareholders also approved the material terms of the annual executive
bonus program.
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.
Join us on Facebook at www.facebook.com/TheHartford.
Follow us on Twitter at www.twitter.com/TheHartford.
HIG-F
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 2013 Annual
Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, 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.
From time to time, The Hartford may use its website to disseminate
material company information. Financial and other important information
regarding The Hartford is routinely accessible through and posted on our
website at http://ir.thehartford.com.
In addition, you may automatically receive email alerts and other
information about The Hartford when you enroll your email address by
visiting the “Email Alerts” section at http://ir.thehartford.com.
Copyright Business Wire 2014