califax
15 years ago
ADDING MULTIMEDIA The Hartford Turns 200 Years Old
Date : 05/10/2010 @ 12:02PM
Source : Business Wire
Stock : The Hartford Financial Services Group, Inc. (HIG)
http://ih.advfn.com/p.php?pid=nmona&article=42742071&symbol=HIG
The Hartford Financial Services Group, Inc. (NYSE: HIG) today celebrates its 200th anniversary of helping its customers achieve what’s ahead. To commemorate the company’s May 10, 1810, incorporation date, CEO Liam E. McGee and CFO Christopher J. Swift will ring the opening bell at the New York Stock Exchange (NYSE).
“For 200 years, this iconic American company has helped its customers achieve what’s ahead, earning a reputation for trust, integrity and customer service excellence,” said McGee. “The company has played a critical role in America’s history, protecting and investing in the country’s trials and triumphs. We have assisted customers through almost every major historic event in the U.S. since 1810.”
The Hartford has been involved with numerous milestones in the nation’s history including:
* Providing the contract bonds for construction of the Hoover Dam in 1931 and the Golden Gate Bridge in 1937;
* Issuing a personal liability policy for President Dwight D. Eisenhower’s 190-acre working farm and insuring Abraham Lincoln’s home in Springfield, Ill., in 1861;
* Paying out almost $2 million in claims after the Great Chicago Fire of 1871 destroyed nearly 17,500 buildings and claimed 250 lives; and
* Paying more than 950 business, life, auto and property claims as a result of the September 11, 2001 terrorist attacks.
“As the company enters its third century, The Hartford is more committed than ever to its customers, agents and brokers, communities, shareholders and importantly, to our 28,000 teammates. We are well-positioned to move forward and have everything we need for success: a new strategy; a large and growing customer base; a broad and diverse product portfolio; and an enviable distribution network of agents, brokers and financial advisors. The Hartford’s goal is to deliver sustained, profitable growth over time with strength, confidence, focus and discipline,” said McGee.
“As the first insurance company incorporated in Connecticut, The Hartford has grown into one of the preeminent protection and wealth management companies in the United States,” said Connecticut Governor M. Jodi Rell. “I would like to congratulate The Hartford’s employees on 200 years of serving customers and for the remarkable impact they make in Connecticut and in the communities where the company’s employees live and work.”
Celebrating the Bicentennial
The Hartford has a full schedule of events and other activities to commemorate this historic milestone:
* Company leaders and employees will ring the opening bell on the morning of May 10 at the NYSE. There will be a display featuring the company’s Richard Childress Racing's No. 33 Chevrolet Impala with The Hartford’s commemorative logo. And, in honor of The Hartford’s role as the founding partner of the U.S. Paralympics, there will be curling, wheelchair basketball, and sit volleyball demonstrations at the NYSE.
* Bicentennial branded corporate advertising in major publications and online, featuring a celebratory gatefold ad in TIME magazine’s 100 Most Influential People issue, as well as graphics celebrating the company’s history on the homepage of the Wall Street Journal online and trade advertisements.
* In the spirit of the company’s longstanding commitment to philanthropy in the communities where employees live and work, The Hartford will sponsor employee community service programs and events in local markets across the country. In Hartford, the company and its employees raised more than $230,000 for Foodshare’s 2010 “Walk Against Hunger.” Thousands of employees are expected to participate in fundraising and volunteer activities with nonprofit organizations across the country to help their local communities achieve what’s ahead.
* Recognition programs for agents and partners, including philanthropic contributions in their honor, as well as other special events and activities.
Visit www.thehartford.com for more information on The Hartford’s bicentennial celebration, products and services. Multimedia from The Hartford's bicentennial events will also be posted to the company's social media pages throughout the month. Visit: http://www.facebook.com/thehartford, http://www.twitter.com/thehartford, http://www.youtube.com/thehartford and http://www.flickr.com/thehartford for the newest photos and videos. For additional multi-media elements, visit PressLift, http://thehartford.presslift.com.
About The Hartford
Celebrating 200 years of helping its customers achieve what’s ahead, The Hartford (NYSE: HIG) is an insurance and wealth management company. Through its unique focus on customer needs, the company serves businesses and consumers by providing the products and solutions they need to protect their assets and income from risks and manage their wealth and retirement needs. A Fortune 100 company, The Hartford is recognized widely for its service expertise and as one of the world's most ethical companies. More information on the company and its financial performance is available at www.thehartford.com.
HIG-C
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 Annual Report for fiscal year 2009 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.
califax
15 years ago
Dr. Robert Pokorski Named Chief Medical Strategist For The Hartford’s Individual Life Insurance Division
Date : 05/04/2010 @ 11:44AM
Source : Business Wire
Stock : The Hartford (HIG)
http://ih.advfn.com/p.php?pid=nmona&article=42653160&symbol=HIG
Dr. Robert Pokorski, an internationally renowned medical underwriting expert, has joined The Hartford’s Individual Life Division as its Chief Medical Strategist. In this newly created position, Dr. Pokorski will educate advisors and consumers about medical advancements that are improving the longevity, quality of life, and insurability of Americans.
“Too many Americans assume they cannot purchase life insurance if they have been treated for a serious illness,” Dr. Pokorski said. “But that assumption is often outdated and simply wrong. For example, many people who have been successfully treated for cancer and heart attacks have the same life expectancy as people their age who have been given a clean bill of health by their doctor.”
Dr. Pokorski has worked full-time in the insurance industry since 1982, specializing in underwriting, mortality research, and product design. He has written more than 130 medical and insurance articles, including papers published in Nature, Cancer, The American Journal of Human Genetics, and The Yale Journal of Biology and Medicine, and has delivered more than 350 technical presentations to audiences worldwide. He has also served on the editorial boards of the North American Actuarial Journal and the Journal of Insurance Medicine. In 1995, he served as Chairman of the American Council of Life Insurance Medical Section.
He earned an MBA from Heriot-Watt University in Edinburgh, Scotland, and a doctorate of medicine from Creighton University School of Medicine in Omaha, Nebraska. In addition, Dr. Pokorski is certified as a fellow by the American College of Physicians, the Board of Insurance Medicine, and the American Board of Internal Medicine.
According to Brian Murphy, Executive Vice President of The Hartford’s Individual Life Division, the decision to hire a Chief Medical Strategist stems from the company’s progressive approach to underwriting which resulted in The Hartford becoming the first in the industry to offer life insurance at standard rates to qualified women who have recovered from certain kinds of breast cancer and qualified men who have been successfully treated for prostate cancer. “Dr. Robert Pokorski is a leader in his field and is the perfect person to lead our effort to, whenever and wherever possible, make life insurance available to those who want it.”
In addition to educating advisors and consumers, Dr. Pokorski will analyze morbidity and mortality; work with the current medical staff to provide training seminars and education for underwriters; and support the company’s field sales force in its efforts to convey the advantages of the company’s progressive underwriting capabilities to financial advisors and independent agents.
About The Hartford
Celebrating nearly 200 years of helping its customers achieve what’s ahead, The Hartford (NYSE: HIG) is an insurance and wealth management company. Through its unique focus on customer needs, the company serves businesses and consumers by providing the products and solutions they need to protect their assets and income from risks and manage their wealth and retirement needs. A Fortune 100 company, The Hartford is recognized widely for its service expertise and as one of the world's most ethical companies. More information on the company and its financial performance is available at www.thehartford.com.
Life insurance products are issued by Hartford Life Insurance Company (New York) and Hartford Life and Annuity Insurance Company (outside New York), Simsbury, CT. Mailing address for both issuers is P.O. Box 2999, Hartford, CT 06104-2999.
HIG- LIF 11625
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 2007 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.
califax
15 years ago
Book value per common share increased to $38.94
29.04.2010 22:34
http://www.finanznachrichten.de/nachrichten-2010-04/16768463-the-hartford-reports-first-quarter-2010-net-income-of-dollar-319-million-004.htm
The Hartford Reports First Quarter 2010 Net Income Of $319 Million
The Hartford Financial Services Group, Inc. (NYSE:HIG):
- Core earnings* of $545 million
- Core earnings per diluted share* of $0.14 includes after-tax charges for CPP repurchase, litigation accrual and new federal healthcare legislation totaling $1.18 per diluted share
- Book value per common share increased 61% over prior year period to $38.94
- With successful capital raise and CPP repurchase, company is focused on execution of go-forward strategy
The Hartford Financial Services Group, Inc. (NYSE:HIG) today reported first quarter 2010 net income of $319 million. Due to the repurchase of the government's CPP preferred shares, the company also recorded a $440 million charge to retained earnings that impacts the calculation of net income per diluted share, contributing to a reported net loss per diluted share of $0.42. In the first quarter of 2009, the company reported a net loss of $1.2 billion, or $3.77 per diluted share.
Core earnings for the first quarter of 2010 were $545 million, or $0.14 per diluted share, compared with a core loss of $1.2 billion, or $3.66 per diluted share, for the prior year period.
"The company's first quarter results reflect building momentum, with year-over-year top-line improvements in many businesses," said Liam E. McGee, The Hartford's Chairman, President and Chief Executive Officer. "We also benefited from capital market improvements, disciplined underwriting and a continued focus on execution across the organization. Our goal is to deliver superior shareholder value by generating sustained, profitable growth over time."
"In the first quarter, we made significant progress on our path forward. We completed a successful capital raise, which enabled us to strengthen the company's balance sheet and return the government's investment in The Hartford. We are now focused on executing our go-forward strategy, which leverages our product breadth, distribution strength and broad customer base," added McGee.
...
califax
15 years ago
The Hartford Enhances Leave Management Capabilities With Reporting, Communications, Self-service Tools
Date : 04/12/2010 @ 9:38AM
Source : Business Wire
Stock : The Hartford (HIG)
http://ih.advfn.com/p.php?pid=nmona&article=42339157&symbol=HIG
Time seems to fly when you’re not keeping track of it. And in the current economy, many business owners can’t afford to miss a minute, much less days or weeks of productive time. But the strain of managing absences can take a toll on businesses today. Understanding these dual pressures on employers, The Hartford Financial Services Group, Inc. (NYSE: HIG) is expanding its leave management capabilities to help employers’ maximize productivity.
The Hartford is enhancing its leave management capabilities with streamlined reporting and tracking capabilities, powerful self-service capabilities, and flexible communication tools for employers with 500 or more workers.
“Employers are struggling with tracking leaves, determining whether a condition qualifies as a serious health condition, and understanding new and existing regulations. We understand that strain combined with lost productivity can be taxing on a company’s bottom line,” said Ron Gendreau, executive vice president of The Hartford’s Group Benefits Division. “We have invested in people and capabilities that remove that burden from employers, allowing them to focus on growing their business.”
The Hartford’s in-house leave management team manages a variety of leaves – federal, state and company-sponsored – while coordinating them with short- and/or long-term disability leaves in compliance with applicable federal and state leave laws and/or regulations. With nearly a decade of providing leave and absence management services, The Hartford’s medical professionals are among the most knowledgeable in the industry.
Round-the-Clock Access
The enhancements to The Hartford’s leave management capabilities include flexible reporting and tracking to keep employers updated on the status of their workforce and manage production effectively. “Today employers aren’t necessarily aware of where they are losing productivity within their complex organizations. It’s a real challenge when they have a workforce in several locations and multiple lines of business,” Gendreau said. “Our robust reporting is designed to help employers understand the causes of their employees’ absences and better manage their productivity.”
In addition, The Hartford is boosting its self-service tools, providing employers with round-the-clock access to important information on their employee absences. These online resources include secure submission of leave requests and reports on the status of leaves.
The new leave management capabilities also include flexible communications tools that help employers better connect with their workers on a leave. “We know from our years of experience that employees have an easier transition back to productivity when there is communication early and often during their absence,” Gendreau said.
About The Hartford
Celebrating nearly 200 years of helping its customers achieve what’s ahead, The Hartford (NYSE: HIG) is an insurance and wealth management company. Through its unique focus on customer needs, the company serves businesses and consumers by providing the products and solutions they need to protect their assets and income from risks and manage their wealth and retirement needs. A Fortune 500 company, The Hartford is recognized widely for its service expertise and as one of the world's most ethical companies. More information on the company and its financial performance is available at www.thehartford.com.
HIG-L
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 2009 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.
califax
15 years ago
The Hartford Outlines Customer-centric Strategy at Investor Meeting
Date : 04/01/2010 @ 9:05AM
Source : Business Wire
Stock : The Hartford Financial Services Group, Inc. (HIG)
http://ih.advfn.com/p.php?pid=nmona&cb=1270127826&article=42228269&symbol=NY^HIG
The Hartford Outlines Customer-centric Strategy at Investor Meeting
The Hartford Financial Services Group, Inc. (NYSE: HIG)
* Strategy focuses on the company’s unique product breadth, distribution channel advantages, large and growing customer base and strong brand to deliver sustained, profitable growth
* Company announces three businesses to execute on key customer growth opportunities:
o Commercial Markets
o Wealth Management
o Consumer Markets
* New digital commerce effort launched to expand services and offerings
The Hartford Financial Services Group, Inc. (NYSE: HIG) today discussed its go-forward business plan, including a customer-centric business strategy and organizational structure at its investor meeting in New York City.
“With the successful capital raise, repayment of the Treasury investment and customer-focused strategy, we are well positioned to move The Hartford forward with confidence to achieve what’s ahead,” said Liam E. McGee, The Hartford’s Chairman, President and Chief Executive Officer. “The go-forward plan will focus the company around our customers, partners and The Hartford’s strong brand. We will organize around our key customer growth opportunities: risk protection and benefits for businesses, wealth management, and consumer risk protection for affinity groups and select customer segments.”
“The new go-to-market organization will allow us to better capitalize on our competitive advantages. We have a large and growing customer base; a broad and diverse product portfolio; and an enviable distribution network of agents, brokers and advisors. The Hartford’s goal is to deliver sustained, profitable growth with strength, confidence, focus and discipline,” added McGee.
Commercial Markets
Commercial Markets will provide risk protection and benefits for businesses, offering small commercial, middle market and specialty property and casualty, and group benefits, with a growth focus on small and mid-sized businesses. Juan Andrade will serve as President of Commercial Markets.
Wealth Management
The Wealth Management business will provide solutions for the retirement savings, income and estate planning needs of consumers and small business owners. The aging of America presents significant opportunities for The Hartford’s wealth management businesses as the 65+ population is expected to increase by 36 percent by 2020. John Walters will serve as President of Wealth Management.
Consumer Markets
Through this business, The Hartford will continue to grow its AARP auto and homeowners insurance program through independent agents and direct distribution, and grow its non-AARP business, with an initial focus on customers age 40+, through independent agents. Going forward, the company intends to use its expertise to pursue additional affinity relationships and targeted customer segments. The company is conducting an internal and external search for a Consumer Markets leader.
The company also discussed its launch of a new effort to enhance its ability to reach customers through the web and to generate customer research and analytics. The group will be led by Jonathan Bennett, Executive Vice President of Digital Commerce and Customer Analytics. Bennett, who previously led personal and small business insurance in the company’s Property and Casualty Operations, will report directly to McGee.
About The Hartford
Celebrating nearly 200 years of helping its customers achieve what’s ahead, The Hartford (NYSE: HIG) is an insurance and wealth management company. Through its unique focus on customer needs, the company serves businesses and consumers by providing the products and solutions they need to protect their assets and income from risks and manage their wealth and retirement needs. A Fortune 500 company, The Hartford is recognized widely for its service expertise and as one of the world's most ethical companies. More information on the company and its financial performance is available at www.thehartford.com.
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 Annual Report for fiscal year 2009 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.
califax
15 years ago
The Hartford Returns U.S. Treasury Investment
Date : 03/31/2010 @ 12:53PM
Source : Business Wire
Stock : The Hartford Financial Services Group, Inc. (HIG)
http://ih.advfn.com/p.php?pid=nmona&cb=1270054476&article=42212514&symbol=NY^HIG
The Hartford Financial Services Group, Inc. (NYSE: HIG) today announced that it has repurchased all of The Hartford’s preferred shares issued to the U.S. Department of Treasury under the Capital Purchase Program (CPP).
“We are pleased to complete our plan to return the U.S. Treasury’s investment in The Hartford and appreciated the opportunity to participate in CPP and the support of the government and American taxpayers,” said Liam E. McGee, The Hartford’s Chairman, President and Chief Executive Officer. “With the capital raise completed and the investment repaid, we are well positioned from both a capital and balance sheet perspective.”
The Hartford paid $3.4 billion to the U.S. Treasury to repurchase the preferred stock, plus a final dividend payment of about $21.7 million. The Hartford funded the repurchase with proceeds from its recent equity and debt offerings, as well as from available resources. The U.S. Treasury continues to hold warrants to purchase approximately 52 million shares of The Hartford’s common stock at an initial exercise price of $9.79 per share. The company does not intend to repurchase the warrants from the U.S. Treasury.
About The Hartford
Celebrating nearly 200 years, The Hartford (NYSE: HIG) is an insurance-based financial services company that serves households, businesses and employees by helping to protect their assets and income from risks, and by managing wealth and retirement needs. A Fortune 500 company, The Hartford is recognized widely for its service expertise and as one of the world's most ethical companies.
HIG-F
This news release shall not constitute an offer to sell or a solicitation to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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 Annual Report for fiscal year 2009 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.
califax
15 years ago
The Hartford to Webcast Investor Presentation on April 1
Date : 03/25/2010 @ 12:15PM
Source : Business Wire
Stock : The Hartford Financial Services Group, Inc. (HIG)
http://ih.advfn.com/p.php?pid=nmona&cb=1269537301&article=42127259&symbol=NY^HIG
The Hartford Financial Services Group, Inc. (NYSE: HIG) will host an investor presentation on Thursday, April 1 from 9:00 a.m. – 11:45 a.m. EDT in New York City. The presentation will be simultaneously webcast and available on the company’s website at http://ir.thehartford.com, with replays of the sessions available following the event.
At the presentation, The Hartford’s Chairman, President and Chief Executive Officer Liam E. McGee and Executive Vice President and Chief Financial Officer Christopher J. Swift, will discuss The Hartford’s business, capital and financial outlook, which will be followed by a question and answer session.
The planned agenda for the presentation is as follows:
9 a.m. Liam E. McGee Remarks 10 a.m. Christopher J. Swift Remarks 10:30 a.m. Break 10:45 a.m. Q&A and Closing Comments
About The Hartford
Celebrating nearly 200 years, The Hartford (NYSE: HIG) is an insurance-based financial services company that serves households, businesses and employees by helping to protect their assets and income from risks, and by managing wealth and retirement needs. A Fortune 500 company, The Hartford is recognized widely for its service expertise and as one of the world’s most ethical companies. More information on the company and its financial performance is available at www.thehartford.com.
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 Quarterly Reports on Form 10-Q, our 2009 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.
califax
15 years ago
The Hartford Completes Capital Raise; Plans to Return Treasury Investment
Date : 03/23/2010 @ 10:30AM
Source : Business Wire
Stock : The Hartford Financial Services Group, Inc. (HIG)
http://ih.advfn.com/p.php?pid=nmona&cb=1269354943&article=42086337&symbol=NY^HIG
The Hartford Completes Capital Raise; Plans to Return Treasury Investment
The Hartford Financial Services Group, Inc. (NYSE: HIG) today announced that it has completed its previously announced equity and debt offerings as part of its plan to fully repurchase the $3.4 billion of The Hartford’s preferred shares issued to the U.S. Treasury under Treasury’s Capital Purchase Program (CPP).
“We were pleased with the execution of the capital raise,” said Liam E. McGee, The Hartford’s Chairman, President and Chief Executive Officer. “There was a high level of investor interest in our offerings and pricing was favorable, reflecting confidence in The Hartford’s future. With the funds secured, we are moving forward with our plans to repurchase Treasury’s preferred shares.”
Investors purchased 59.59 million shares of The Hartford’s common stock; 23 million depositary shares, each representing a 1/40th interest in a share of The Hartford’s 7.25% Mandatory Convertible Preferred Stock, Series F; and $1.1 billion of its senior notes, consisting of $300 million of its 4.00% Senior Notes due 2015, $500 million of its 5.50% Senior Notes due 2020 and $300 million of its 6.625% Senior Notes due 2040. The number of securities sold in the common stock and depositary shares offerings included 7.3 million shares of common stock and 3 million depositary shares issued to the underwriters of those offerings upon the exercise of their respective options to purchase additional securities.
The Hartford plans, subject to approval, to use $425 million of the net proceeds from the debt offering, together with the net proceeds of its common stock and depositary shares offerings and available funds, to repurchase the $3.4 billion of preferred shares issued to the U.S. Treasury under Treasury’s Capital Purchase Program. Remaining proceeds from the senior notes offering are planned to be used to pre-fund the maturity of The Hartford’s senior debt maturing in 2010 and 2011.
About The Offering
Goldman, Sachs & Co. and J.P. Morgan Securities Inc. acted as joint bookrunning managers for the offering of common stock and depositary shares.
Goldman, Sachs & Co., J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC acted as joint bookrunning managers for the offering of senior notes.
About The Hartford
Celebrating nearly 200 years, The Hartford (NYSE: HIG) is an insurance-based financial services company that serves households, businesses and employees by helping to protect their assets and income from risks, and by managing wealth and retirement needs. A Fortune 500 company, The Hartford is recognized widely for its service expertise and as one of the world's most ethical companies.
HIG-F
This news release shall not constitute an offer to sell or a solicitation to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. These offerings were made only by means of a prospectus and related prospectus supplement, which may be obtained by visiting the SEC’s website at www.sec.gov or by contacting Goldman, Sachs & Co., Attention: Prospectus Department, 85 Broad Street, New York, NY 10004, telephone: 866-471-2526, fax: 212-902-9316, email: Prospectus-ny@ny.email.gs.com or by contacting J.P. Morgan Securities Inc. via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866-803-9204.
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 Annual Report for fiscal year 2009 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.
califax
15 years ago
The Hartford Prices Common and Depositary Share Offerings
18.03.2010 00:41
http://www.finanznachrichten.de/nachrichten-2010-03/16405928-the-hartford-prices-common-and-depositary-share-offerings-004.htm
The Hartford Financial Services Group, Inc. (NYSE: HIG) today announced that it has priced an offering of 52.253 million shares of its common stock at a price of $27.75 per share. In addition, The Hartford announced it has priced a concurrent offering of 20 million depositary shares, each representing a 1/40th interest in The Hartford's 7.25% Mandatory Convertible Preferred Stock, Series F at a price of $25 per depositary share.
The underwriters for the respective offerings will have a 30-day option to purchase up to an additional 15 percent of the original issuance amount, or approximately 8 million shares, of common stock and up to an additional 3 million depositary shares, in each case at the public offering price less the underwriting discount. The closing is expected to occur on or about March 22, 2010.
The Hartford plans to use the net proceeds of the offerings, together with proceeds from a planned debt offering and available funds to repurchase in full the $3.4 billion of The Hartford's preferred shares issued to the U.S. Treasury Department under Treasury's Capital Purchase Program once it has received approval to do so. Following the repurchase, the U.S. Treasury Department will continue to hold a warrant to purchase approximately 52 million shares of The Hartford's common stock at an exercise price of $9.79 per share, subject to adjustment. The Hartford does not intend to repurchase the warrant.
About The Offering
Goldman, Sachs&Co. and J.P. Morgan Securities Inc. are acting as joint bookrunning managers for the offerings of common stock and depositary shares, each representing a 1/40th interest in a share of 7.25% Mandatory Convertible Preferred Stock, Series F.
The proposed offerings will be made only by means of a prospectus and related prospectus supplement, which may be obtained by visiting the SEC's website at www.sec.gov or by contacting Goldman, Sachs&Co., Attention: Prospectus Department, 85 Broad Street, New York, NY 10004, telephone: 866-471-2526, fax: 212-902-9316, email: Prospectus-ny@ny.email.gs.com or by contacting J.P. Morgan Securities Inc. via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,1-866-803-9204.
About The Hartford
Celebrating nearly 200 years, The Hartford (NYSE: HIG) is an insurance-based financial services company that serves households, businesses and employees by helping to protect their assets and income from risks, and by managing wealth and retirement needs. A Fortune 500 company, The Hartford is recognized widely for its service expertise and as one of the world's most ethical companies.
HIG-F
This news release shall not constitute an offer to sell or a solicitation to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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 Annual Report for fiscal year 2009 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.
Contacts:
The Hartford Financial Services Group, Inc.
Media Contact:
Shannon Lapierre, 860-547-5624
Shannon.Lapierre@thehartford.com
or
Investor Contact:
Rick Costello, 860-547-8480
Richard.Costello@thehartford.com
or
JR Reilly, 860-547-9140
JR.Reilly@thehartford.com
© 2010 Business Wire
MWM
15 years ago
The Hartford Announces Plan to Return U.S. Treasury Investment
Mar 16, 2010 4:33:00 PM
Copyright Business Wire 2010
HARTFORD, Conn.--(BUSINESS WIRE)-- The Hartford Financial Services Group, Inc. (NYSE: HIG) today announced that, after consultation with the Office of Thrift Supervision, it is conducting a public offering of equity and debt securities as part of a plan to fully repurchase the $3.4 billion of The Hartford's preferred shares issued to the U.S. Treasury under Treasury's Capital Purchase Program (CPP).
The offerings announced today will consist of $1.45 billion of common stock and $500 million of mandatory convertible preferred stock, represented by depositary shares. The debt offering related to the repurchase of the government's preferred stock will consist of $425 million of senior notes. In addition, the company will pre-fund the repurchase of its senior debt maturing in 2010 and 2011 through the issuance of an additional $675 million of senior notes.
"We appreciate the critical role the government and the American taxpayers have played in stabilizing the financial markets and we are pleased to announce a plan to repurchase Treasury's investment in fewer than 10 months," said Liam E. McGee, The Hartford's Chairman, President and Chief Executive Officer. "The Hartford always viewed this investment as temporary capital and intended to return it as soon as it was prudent. As we have said, we ended the year in a strong capital position, and our fourth quarter results reflected The Hartford's third sequential quarter of improving core earnings."
The company plans to use the proceeds of the offering to repurchase the Treasury's preferred shares once it has received approval to do so. Following the repayment, the U.S. Treasury Department will continue to hold warrants to purchase approximately 52 million shares of The Hartford's common stock at an initial exercise price of $9.79 per share. The company does not intend to repurchase the warrants.
About The Offering
Goldman, Sachs & Co., and J.P. Morgan Securities, Inc. will act as joint bookrunning managers for the offering of common stock and mandatory convertible preferred stock, represented by depositary shares. Goldman, Sachs & Co., J.P. Morgan Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC will act as joint bookrunning managers for the offering of senior notes.
The Hartford has an existing shelf registration statement (including a base prospectus) on file with the Securities and Exchange Commission, and has filed a prospectus supplement related to each of the issuances of equity and will shortly do so with respect to each issuance of senior notes described above. Before investing, prospective investors should read the registration statement (including the base prospectus), the prospectus supplements, The Hartford's Annual Report for fiscal year 2009 on Form 10-K and other documents incorporated by reference into the registration statement that The Hartford has filed or, with respect to the debt offering, will file, with the SEC for more complete information about The Hartford and the offerings. Investors may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. The file number for The Hartford's registration statement is No. 333-142044. Alternatively, the sales agent will arrange to send investors the base prospectus and prospectus supplement for the equity offerings if requested by contacting Goldman, Sachs & Co., Attention: Prospectus Department, 85 Broad Street, New York, NY 10004, telephone: 866-471-2526, fax: 212-902-9316, email: Prospectus-ny@ny.email.gs.com or by contacting J.P. Morgan Securities, Inc. via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, 1-866-803-9204.
About The Hartford
Celebrating nearly 200 years, The Hartford (NYSE: HIG) is an insurance-based financial services company that serves households, businesses and employees by helping to protect their assets and income from risks, and by managing wealth and retirement needs. A Fortune 500 company, The Hartford is recognized widely for its service expertise and as one of the world's most ethical companies.
califax
15 years ago
The Hartford Launches National Campaign To Cheer Team USA To Victory At Vancouver Paralympic Winter Games
Date : 03/04/2010 @ 10:45AM
Source : Business Wire
Stock : The Hartford Financial Services Group, Inc. (HIG)
http://ih.advfn.com/p.php?pid=nmona&cb=1267813436&article=41832369&symbol=NY^HIG
The Hartford Financial Services Group, Inc. (NYSE: HIG), the founding sponsor of U.S. Paralympics, today launched a national campaign to showcase the abilities of the U.S. Paralympic Team competing at the 2010 Paralympic Winter Games from March 12-21 and recruit more fans of elite athletes with physical disabilities.
The Hartford’s campaign kicks off with a new Website, (www.TheUSRocks.com) where Americans can send encouraging messages to U.S. Paralympic athletes.
“We congratulate the athletes who have been chosen to represent our country at the 2010 Paralympic Winter Games in Vancouver, and we are honored to have helped them reach their dreams,” said Robert Reiff, senior vice president of distribution, field service, association and product for The Hartford’s Group Benefits Division. “The abilities of U.S. Paralympic athletes are amazing, and their achievements are inspiring. We hope all Americans will join us in wishing the entire team the best of luck in Vancouver.”
The US Rocks website also features a clock counting down to the start of the 2010 Paralympic Winter Games, a Paralympic crossword challenge, and biographies and fun facts about U.S. Paralympic athletes competing in Vancouver, as well as details about their sports.
“We want everyone to experience the 2010 Paralympic Winter Games,” Reiff said. “We hope Americans check our website daily after March 12 to get up to speed on the medal tally.”
Athlete Adoptions
As part its campaign, more than 60 teams of The Hartford employees have “adopted” Paralympic athletes who are competing at the 2010 Paralympic Winter Games. Employees have expressed their heart-felt support for their “adopted” athlete through a good luck video and “care packages.” The Hartford recently held send-off parties for one of its “adopted” athletes – U.S. Paralympian Augusto “Goose” Perez – at its offices in Simsbury, Conn., and Syracuse, N.Y.
On Friday, March 12, The Hartford will hold an opening day celebration at its Simsbury office. The event will kick off at 11 a.m. with a flag-raising ceremony followed by a torch relay by employees on each floor of the four-floor building. The torch will handed off virtually to employees in offices throughout the country.
In addition, The Hartford is sending a group of employees to Vancouver to personally cheer on the U.S. team. “We can’t wait to see first-hand our athletes competing against the best of the best from around the globe,” said Reiff, who will be among the spectators at the Paralympic Winter Games. “You can also follow The Hartford on Twitter and Facebook for updates from Vancouver on Team USA.”
Gold medalist Stephani Victor, who will be competing in alpine skiing in Vancouver, her third Paralympic Games, said The Hartford’s support has been essential.
“The Hartford has been a vital part of my development as a Paralympian, and I am most grateful for all of the support,” said Victor, who was named the USOC's 2009 Paralympic SportsWoman of the Year. “The Hartford's involvement has positively moved Paralympic sport forward in the U.S.”
Role Models
The Hartford has engaged its business partners in its campaign. The Hartford created a 2010 calendar, posters, note cards and postage stamps featuring stylized photos of U.S. Paralympic athletes. The calendar, posters and stationery are being given to The Hartford’s employer clients and benefits professionals.
Also, callers who dial into The Hartford about their group disability insurance benefits and are placed on hold will hear a message inviting them to tune into the 2010 Paralympic Winter Games.
“The elite athletes of U.S. Paralympics are powerful, positive role models for our disability claimants. They are the true embodiment of our Ability Philosophy – that success is possible when you focus on abilities, not limitations,” said Reiff. “We believe it’s important for all Americans to support these incredible athletes as they represent our country on a world stage.”
Last year, The Hartford received the Paralympic Amazing Investor Award from U.S. Paralympics, in recognition of its long-time support of disabled sports organizations and athletes.
“Our sponsorship of U.S. Paralympics would not be possible if not for employees’ enthusiastic support,” Reiff said. “We appreciate the time and effort that they’ve volunteered for our Paralympic events through the years.”
About U.S. Paralympics
U.S. Paralympics, a Division of the U.S. Olympic Committee, is dedicated to becoming the world leader in the Paralympic movement and is dedicated to promoting excellence in the lives of people with physical disabilities. Visit the U.S. Paralympics Web site at usparalympics.org.
About The Hartford
Celebrating nearly 200 years, The Hartford (NYSE: HIG) is an insurance-based financial services company that serves households, businesses and employees by helping to protect their assets and income from risks, and by managing wealth and retirement needs. A Fortune 500 company, The Hartford is recognized widely for its service expertise and as one of the world’s most ethical companies. More information on the company and its financial performance is available at www.thehartford.com.
HIG-L
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 2009 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.
califax
15 years ago
Hartford CEO: Seeing Signs Of 'Gradual Economic Recovery'
Date : 02/09/2010 @ 10:07AM
Source : Dow Jones News
Stock : Hartford Financial Services Group Inc. (HIG)
http://ih.advfn.com/p.php?pid=nmona&cb=1265731761&article=41456876&symbol=NY^HIG
Hartford Financial Services Group Inc. (HIG) is seeing signs of a gradual economic recovery, as midterm policy cancellations have stabilized and, if the trends hold, could see a "modest top-line benefit in 2010," said Liam McGee, Hartford's chief executive, during the company's earnings conference call Tuesday.
He said in April, at its investors meeting, the company will outline its capital plan for repaying the $3.4 billion in government assistance it received through the Capital Purchase Program.
"We recognize that the government's preferred stock is not permanent capital, and we will repay it," McGee said. "But as I have said previously, we will be prudent" in repaying it.
He said the company would balance the company's capital resources, shareholder dilution, the future impact on its business and the views of regulators.
Hartford posted a fourth-quarter profit of $557 million, or $1.19 a share, compared with a year-earlier loss of $806 million, or $2.71 a share.
Core earnings, excluding net realized and unrealized investment gains and losses, were $1.51 a share, compared with a year-earlier loss of 72 cents. Last month, Hartford said it expected $1.45 to $1.60, up from its November view.
The company said its guidance doesn't include potential changes in reserves from previous years, or changes in charges related to acquisition costs.
califax
15 years ago
As U.S. Emerges From Recession, Hartford Mutual Funds Spotlights Why Value Investing May Be Valuable Right Now
Date : 01/19/2010 @ 2:00PM
Source : Business Wire
Stock : The Hartford Financial Services Group, Inc. (HIG)
http://ih.advfn.com/p.php?pid=nmona&article=41170704&symbol=HIG
As U.S. Emerges From Recession, Hartford Mutual Funds Spotlights Why Value Investing May Be Valuable Right Now
While value stocks have performed better than growth stocks sixty percent of the time over the past 20 years (1989-2008) 1, they have stood out particularly after periods of recession. Value companies often become leaner during economic downturns, generate more operating leverage by cutting fixed costs and assets to weather a slower revenue environment, and set the stage for a greater acceleration in earnings as market conditions improve. History shows that value investments have outperformed growth investments for the one-, three-, and five-year time periods following the past four recessions (1/1980-7/1980, 7/1981-11/1982, 7/1990-3/1991, and 3/2001-11/2001)1
INDEX PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Index Performance does not represent the performance of The Hartford Mutual Funds or any particular investment. Indices measured are Russell 1000 Value and Russell 1000 Growth, which are unmanaged; you cannot invest directly in these indices. Assumes reinvestment of income and no transaction cost. “Why is it that some investment trends always seem to be in style, like value investing?” asks Dr. Bob Froehlich, senior managing director at The Hartford. “It’s the basic premise of investing – you buy low and sell high. What that really means is buying value stocks.” The current opportunity in value investing is the theme of The Hartford Mutual Funds’ latest marketing campaign, which focuses on The Hartford’s value suite of mutual funds:
* The Hartford Balanced Income Fund2, 3: Invests in a mix of approximately 55 percent bonds and 45 percent stocks, with an investment objective to provide income with growth of capital
* The Hartford Equity Income Fund2: Seeks established companies that are currently being overlooked by the market and are trading at a significant discount, and dividend paying companies
* The Hartford Dividend and Growth Fund2: Blends a value-oriented approach with a focus on companies that pay or intend to pay dividends
* The Hartford Value Fund2: Uses a “flexible value” approach to invest across the large-cap value spectrum in companies that have a negatively impacted valuation
* The Hartford Value Opportunities Fund2, 4: Invests primarily in stocks believed to be undervalued and with growth potential across the market-cap spectrum
* The Hartford MidCap Value Fund2, 4: Focuses on midcap companies with below average price/earnings ratio and bottom-up security selection
The Hartford® SMART529®, Offered by the West Virginia College Prepaid Tuition and Savings Board of Directors, also provides investors with the opportunity for value investing as part of the college savings plan’s individual fund options. In that plan, families saving for college may choose among four value options*, which invest in The Hartford mutual fund value investment options5
*The Hartford Equity Income 529 Fund, The Hartford Dividend and Growth 529 Fund, The Hartford Value 529 Fund and The Hartford MidCap Value 529 Fund
A June 2009 Hartford survey of 530 investors over the age of 30 who work with financial advisors found that 81 percent of investors who work with advisors would like to have a dividend-paying stock in their portfolio, yet over half said their advisor has not talked to them about adding this type of option to their portfolio. Seventy-five percent of investors who don’t already hold dividend-paying investments would be open to including them in the future
“We strongly believe in the power of value investing for growth and income,” says Keith Sloane, senior vice president of Hartford Mutual Funds. “We also think there is an opportunity for advisors to talk to their clients about solutions that can provide current income and capital growth.” “Investments seem to be the only thing that retail investors do not want to buy on sale,” says Froehlich. “They shop for cars and clothes at discount prices but when it comes to stocks and investments, ‘on sale’ suddenly makes investors feel uneasy because they think the price is low. One way to heed Warren Buffet’s advice to ‘be fearful when others are greedy and greedy when others are fearful’ is to overweight the value style of investing.” Wellington Management Company, LLP, is an independent and unaffiliated investment sub-adviser to The Hartford’s value-oriented mutual funds. The firm’s experience in value-oriented investing dates back more than eight decades to 1928, when its founder launched America’s first balanced fund
Client brochures and other FINRA-reviewed brochures, articles, letters and emails are available to the public at www.hartfordmutualfunds.com. Financial professionals registered at Hartford Mutual Funds’ broker-only Web site (password protected) can access portfolio manager podcasts and an interactive flashbook which allows advisors to flip though the virtual pages of the brochure while listening to audio commentary from Hartford personal finance experts
The Hartford Value Suite: Performance Summary Class A-Share Average Annual Total Returns Including Maximum 5.5% Sales Charge (as of 12/31/09) Fund Name (Fund Inception Date) 1 Year 5 Years 10 Years Since Inception Gross Operating Expenses6 The Hartford Dividend and Growth Fund (7/22/96) 16.89% 1.56% 3.20% 6.98% 1.09% The Hartford Value Fund (4/30/01) 16.84% 1.59% N/A 1.64% 1.32% The Hartford Equity Income Fund (8/28/03) 11.85% 1.44% N/A 4.48% 1.19% The Hartford Balanced Income Fund (7/31/06) 15.69% N/A N/A 1.60% 1.25% The Hartford MidCap Value Fund (4/30/01) 35.74% 1.08% N/A 4.72% 1.39% The Hartford Value Opportunities Fund (1/2/96) 36.77% -1.31% 2.81% 6.22% 1.42% Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more current performance information to the most recent month ended, please see www.hartfordmutualfunds.com. Performance results are historical and include reinvestment of all distributions at net asset value. Performance information may reflect historical or current expense waivers/reimbursements from an affiliate of the investment advisor, without which performance would have been lower. For more information on waivers/reimbursements, please see prospectus. Performance data quoted does not represent performance of SMART529
About The Hartford Mutual Funds The Hartford Mutual Funds, established in 1996, offers a wide array of both broad-mandate and style-focused equity and fixed-income investment options. The Hartford Mutual Funds draw on the investment strength, experience and expertise of Wellington Management and Hartford Investment Management Co. These two organizations bring their decades of market experience, in-house investment capabilities, rigorous research and time-tested investment process to bear in managing the funds to help The Hartford Mutual Fund investors meet their long-term financial goals. Total retail mutual fund assets under management were $40.1 billion as of September 30, 2009. For more information on The Hartford Mutual Funds, including current holdings, visit www.hartfordmutualfunds.com
About The Hartford Celebrating nearly 200 years, The Hartford (NYSE: HIG) is an insurance-based financial services company that serves households, businesses and employees by helping to protect their assets and income from risks, and by managing wealth and retirement needs. A Fortune 500 company, The Hartford is recognized widely for its service expertise and as one of the world’s most ethical companies. More information on the company and its financial performance is available at www.thehartford.com
HIG-L 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 2008 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
You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund's prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money. 1 INDEX PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Index Performance does not represent the performance of The Hartford Mutual Funds or any particular investment. The Russell 1000 Value and Growth Indices are unmanaged; you cannot invest directly in these indices. Assumes reinvestment of income and no transaction cost. Recession dates were 1/1980-7/1980, 7/1981-11/1982, 7/1990-3/1991, and 3/2001-11/2001
Indices measured are Russell 1000 Value and Russell 1000 Growth
Russell 1000 Value Index measures the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values
Russell 1000 Growth Index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values
Data Source: Morningstar Direct, 10/2009 2 The Fund may invest in foreign securities, which can be riskier than investments in U.S. securities (risks may include currency risk, illiquidity risks, and risks from substantially lower trading volume on foreign markets)
The sub-adviser's investment strategy will influence performance significantly and the Fund could underperform its peers or lose money if that strategy does not perform as expected
3 The Fund is subject to credit risk (the risk that the issuing company may not be able to pay interest and principal when due), interest rate risk (the risk that your investment may go down in value when interest rates rise), and risk of loss (the risk that you could lose money on your investment)
A portion of this Fund’s assets may be below investment grade securities ("high-yield securities" or "junk bonds"), which are rated lower because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities
The Fund may invest in securities of companies that conduct their principal business activities (or that trade principally on exchanges) in emerging markets (including Asia, Latin America, Eastern Europe, and Africa), which is riskier than investing in securities of more developed countries (including risks of illiquidity and increased price volatility)
4 The Fund invests in securities of small-cap and/or mid-cap companies, which is riskier than stocks of larger companies, because smaller companies generally are young, have limited business history, and frequently rely on narrow product lines and niche markets
5 These are not mutual funds. Fees, charges and expenses are different. Refer to the Offering Statement for additional information
6 Gross operating expenses shown are before management fee waivers or expense caps. Performance information may reflect historical or current expense waivers or reimbursements, without which, performance would have been lower. For more information on fee waivers and/or expense reimbursements, please see the expense table in the prospectus. Wellington Management Company, LLP is an independent and unaffiliated sub-adviser to The Hartford
The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC
"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries
SMART529 is offered by the West Virginia College Prepaid Tuition and Savings Program Board of Trustees and is administered by Hartford Life Insurance Company
“The Hartford” is a registered trademark of "Hartford" Fire Insurance Company
“SMART529” is a registered trademark of the West Virginia College Prepaid Tuition and Savings Program Board of Trustees
If you reside in or have taxable income in a state other than West Virginia, you should consider whether your state has a qualified tuition program that offers favorable state income tax or other benefits exclusive to your state’s program that are not available under the SMART529 program. Investments in SMART529 are not guaranteed or insured by the State of West Virginia, the Board of Trustees of the West Virginia College Prepaid Tuition and Savings Program, the West Virginia State Treasurer’s Office, Hartford Life Insurance Company, The Hartford Financial Services Group, Inc., the investment sub-advisors for the Underlying Funds or any depository institution and are subject to investment risks, including the loss of the principal amount invested, and may not be appropriate for all investors. This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice
You should carefully consider the investment objectives, risks, charges and expenses of SMART529 and its Underlying Funds before investing. This and other information can be found in the Offering Statement for SMART529 and the prospectuses or other disclosure documents for the Underlying Funds, which can be obtained on SMART529.com or by calling 866-574-3542. Please read them carefully before you invest or send money. SMART529 is distributed by Hartford Securities Distribution Company, Inc. Member SIPC.
califax
15 years ago
The Hartford Announces Estimated Fourth Quarter 2009 Core Earnings of Between $1.45 and $1.60 Per Diluted Share
Date : 01/12/2010 @ 8:34AM
Source : Business Wire
Stock : The Hartford Financial Services Group, Inc. (HIG)
http://ih.advfn.com/p.php?pid=nmona&cb=1263310817&article=41069405&symbol=NY^HIG
The Hartford Financial Services Group, Inc. (NYSE: HIG) today announced estimated fourth quarter 2009 core earnings per diluted share of between $1.45 and $1.60, as compared to the company’s previous guidance of $0.65 to $0.80. The company’s estimated fourth quarter 2009 financial results are preliminary and subject to change
“The core businesses of The Hartford performed well in the fourth quarter,” said Liam E. McGee, The Hartford’s Chairman, President and Chief Executive Officer. “This is our third consecutive quarter of improving core earnings results, demonstrating the underlying strength of The Hartford’s franchise.” During the fourth quarter, the company’s property and casualty operations continued to see strong current accident year underwriting profitability, driven by disciplined risk selection and light catastrophe losses. In addition, the preliminary results reflect favorable net prior year reserve development of approximately $85 million, after-tax, or $0.20 per diluted share, as reserves developed positively across multiple lines
The company’s life results benefited from improving margins in its more equity-sensitive businesses, driven by rising account values and reduced expense levels. The fourth quarter preliminary estimate of core earnings also includes an after-tax DAC unlock benefit of $110 million, or $0.26 per diluted share, driven primarily by strong equity market returns. This is a preliminary estimate and is subject to change
The company’s preliminary estimate of fourth quarter losses on limited partnerships and other alternative investments is approximately $5 million, after-tax, or $0.01 per diluted share. The better than expected performance was due to strong hedge fund and private equity results and smaller losses on real estate-oriented funds
The Hartford intends to release its fourth quarter and full year 2009 financial results on Monday, February 8, 2010, following the close of the market. The company’s conference call to discuss its fourth quarter and full year 2009 financial results will take place on Tuesday, February 9, 2010, at 9 a.m. EST and will be simultaneously webcast at http://ir.thehartford.com
About The Hartford Celebrating nearly 200 years, The Hartford (NYSE: HIG) is an insurance-based financial services company that serves households, businesses and employees by helping to protect their assets and income from risks, and by managing wealth and retirement needs. A Fortune 500 company, The Hartford is recognized widely for its service expertise and as one of the world’s most ethical companies. More information on the company and its financial performance is available at www.thehartford.com
DISCUSSION OF NON-GAAP AND OTHER FINANCIAL MEASURES The Hartford uses non-GAAP and other financial measures in this press release to assist investors in analyzing the company’s operating performance for the periods presented herein. Because The Hartford’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing The Hartford’s non-GAAP and other financial measures to those of other companies
The Hartford uses the non-GAAP financial measure core earnings (loss) as an important measure of the company's operating performance. The Hartford believes that the measure core earnings provides investors with a valuable measure of the performance of the company's ongoing businesses because it reveals trends in the company’s insurance and financial services businesses that may be obscured by the net effect of certain realized capital gains and losses. Some realized capital gains and losses are primarily driven by investment decisions and external economic developments, the nature and timing of which are unrelated to the insurance and underwriting aspects of the company’s business
Accordingly, core earnings (loss) excludes the effect of all realized gains and losses (net of tax and the effects of deferred policy acquisition costs) that tend to be highly variable from period to period based on capital market conditions. The Hartford believes, however, that some realized capital gains and losses are integrally related to the company’s insurance operations, so core earnings (loss) includes net realized gains and losses such as net periodic settlements on credit derivatives and net periodic settlements on the Japan fixed annuity cross-currency swap. These net realized gains and losses are directly related to an offsetting item included in the statement of operations such as net investment income (loss). Core earnings (loss) is also used by management to assess the company’s operating performance and is one of the measures considered in determining incentive compensation for the company’s managers. Net income (loss) is the most directly comparable GAAP measure. Core earnings (loss) should not be considered as a substitute for net income (loss) and does not reflect the overall profitability of the company’s business. Therefore, The Hartford believes that it is useful for investors to evaluate both net income (loss) and core earnings (loss) when reviewing the company’s performance. The fourth quarter 2009 earnings estimate presented in this release is calculated based on core earnings (loss). A quantitative reconciliation of The Hartford’s net income (loss) to core earnings (loss) for the fourth quarter of 2009 is not calculable because it is not yet possible to provide a reliable estimate of the effect of realized capital gains and losses on net income
Core earnings (loss) per share is calculated based on the non-GAAP financial measure core earnings (loss). The Hartford believes that the measure core earnings (loss) per share provides investors with a valuable measure of the company’s operating performance for many of the same reasons applicable to its underlying measure, core earnings (loss). Net income (loss) per share is the most directly comparable GAAP measure. Core earnings (loss) per share should not be considered as a substitute for net income (loss) per share and does not reflect the overall profitability of the company’s business. Therefore, The Hartford believes that it is useful for investors to evaluate both net income (loss) per share and core earnings (loss) per share when reviewing the company’s performance
Some of the statements in this release should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about The Hartford’s future results of operations and The Hartford’s estimated fourth quarter 2009 financial results. The Hartford cautions 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, without limitation, uncertainties related to the current recession and financial market conditions, which have pressured the Company’s capital position and have adversely affected the Company’s business and results, the extent of the impact on the Company’s results and prospects of downgrades in 2009 to the Company’s financial strength and credit ratings; the success of management’s initiatives to mitigate and reduce risks associated with various business lines; the oversight, costs and other potential consequences of the Company’s participation in the Capital Purchase Program under the Emergency Economic Stabilization Act of 2008; changes in financial and capital markets, including changes in interest rates, credit spreads, equity prices and foreign exchange rates; the inability to effectively mitigate the impact of equity market volatility on the company’s financial position and results of operations arising from obligations under annuity product guarantees; the amount of statutory capital that the company has, changes to the statutory reserves and/or risk based capital requirements, and the company’s ability to hold and protect sufficient statutory capital to maintain financial strength and credit ratings; the possibility of general economic and business conditions that are less favorable than anticipated; the potential for differing interpretations of the methodologies, estimations and assumptions that underlie the valuation of the company’s financial instruments that could result in changes to investment valuations; the subjective determinations that underlie the company’s evaluation of other-than-temporary impairments on available-for-sale securities; losses due to defaults by others; the potential for further acceleration of DAC amortization; the potential for further impairments of our goodwill; the difficulty in predicting the company’s potential exposure for asbestos and environmental claims; the possible occurrence of terrorist attacks; the response of reinsurance companies under reinsurance contracts and the availability, pricing and adequacy of reinsurance to protect the company against losses; the possibility of unfavorable loss development; the incidence and severity of catastrophes, both natural and man-made; stronger than anticipated competitive activity; unfavorable judicial or legislative developments; the potential effect of domestic and foreign regulatory developments, including those which could increase the company’s business costs and required capital levels; the company’s ability to distribute its products through distribution channels, both current and future; the uncertain effects of emerging claim and coverage issues; the ability of the company’s subsidiaries to pay dividends to the company; the company’s ability to adequately price its property and casualty policies; the ability to recover the company’s systems and information in the event of a disaster or other unanticipated event; potential for difficulties arising from outsourcing relationships; potential changes in federal or state tax laws, including changes impacting the availability of the separate account dividend received deduction; the company’s ability to protect its intellectual property and defend against claims of infringement; and other risks and uncertainties discussed in The Hartford’s Quarterly Reports on Form 10-Q, the 2008 Annual Report on Form 10-K and other filings The Hartford makes with the Securities and Exchange Commission. The Hartford assumes no obligation to update this release, which speaks as of the date issued
Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
Ask ADVFN Intelligence (AI)
conix
4 years ago
whytestocks
6 years ago
stocktrademan
7 years ago
keyotee
10 years ago
Penny Roger$
13 years ago
Hot Features
Premium
