Press release from Business Wire
Significant Progress Being Made On Transformation Strategy, The Hartford CEO Says At Shareholders' Meeting
<p> <i>P&C, Group Benefits and Mutual Funds performing well, Annuity Runoff business capital self-sufficient</i> </p> <p> <i>Shareholders approve board of directors, accounting firm and executive compensation</i> </p>
Thursday, May 16, 2013
Significant Progress Being Made On Transformation Strategy, The Hartford CEO Says At Shareholders' Meeting16:28 EDT Thursday, May 16, 2013
HARTFORD, Conn. (Business Wire) -- 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 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 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 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.
Shannon Lapierre, 860-547-5624
David Collins, 860-547-2251
Sabra Purtill, CFA, 860-547-8691
Sean Rourke, 860-547-5688