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The Hartford CEO Reveals Progress On Transformation

Posted on 22 May 13 by Annie George

The Hartford is reaching a milestone 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."

According to a release, 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.