HARTFORD, Conn.--(BUSINESS WIRE)--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:
- All of The Hartford's directors were reelected to the Board;
- Shareholders ratified the selection of Deloitte & Touche LLP as the company's independent registered public accounting firm;
- Shareholders approved the compensation of the company's named executive officers through an advisory vote;
- Shareholders approved The Hartford’s 2014 Incentive Stock Plan; and
- 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.
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.
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