Profile: Hartford Financial Services Group Inc (HIG)
27 Aug 2015
The Hartford Financial Services Group, Inc. (The Hartford), incorporated on December 9, 1985, is an insurance and financial services holding company. The Hartford is a provider of property and casualty insurance and group life and disability products to individual and business customers in the United States of America. It is also a provider of mutual funds to investors and additionally, The Hartford manages life and annuity products. The Hartford conducts business principally in six segments, including Commercial Lines (formerly Property & Casualty Commercial), Personal Lines (formerly Consumer Markets), Property & Casualty Other Operations, Group Benefits, Mutual Funds and Talcott Resolution, as well as a Corporate category. The Hartford includes in its Corporate category the Company's debt financing and related interest expense, as well as other capital raising activities, and purchase accounting adjustments related to goodwill and other expenses not allocated to other segments.
In its reinsurance activities, The Hartford cedes insurance to affiliated and unaffiliated insurers for both its property and casualty and life insurance products. For property and casualty insurance products, reinsurance arrangements are intended to provide diversification of business and limit The Hartford's net loss arising from large risks or catastrophes. For life insurance products, The Hartford is involved in both the cession and assumption of insurance with other insurance and reinsurance companies.
The majority of the Company's investment portfolios are managed by Hartford Investment Management Company (HIMCO), a wholly owned subsidiary of the Company. In addition to managing the general account assets of the Company, HIMCO is also an investment adviser for a variable insurance trust and third party institutional clients, a sub-advisor for certain mutual funds and serves as the sponsor and collateral manager for capital markets transactions.
Commercial Lines provides businesses with workers' compensation, property, automobile, liability, umbrella, marine and livestock coverages under several different products, primarily throughout the United States, within its standard commercial lines, which consists of The Hartford's small commercial and middle market lines of business. Additionally, customized insurance products and risk management services including workers' compensation, automobile, general liability, professional liability, bond and specialty casualty coverages are offered through the segment's specialty lines.
Personal Lines provides automobile, homeowners and personal umbrella coverages to individuals across the United States. This line also includes a special program designed for members of AARP.
Property & Casualty Other Operations
Property & Casualty Other Operations include certain property and casualty operations. These operations are managed by the Company that has discontinued writing new business and including substantially all of the Company's asbestos and environmental exposures.
Group Benefits provides group life, accident and disability coverage, group retiree health and voluntary benefits to individual members of employer groups, associations, affinity groups and financial institutions. Group Benefits also offers disability underwriting, administration, claims processing and reinsurance to other insurers and self-funded employer plans. In addition, Group Benefits offers a single-company leave management solution, The Hartford Productivity Advantage, which integrates work absence data from the insurer's short-term and long-term group disability and workers' compensation insurance with its leave management administration services.
Mutual Funds provides investment management, administration, distribution and related services to investors through investment products in both domestic and international markets, and is separated into two distinct asset categories referred to as Mutual Fund funds and Talcott funds. Mutual Fund funds include equity, fixed income, alternative and asset allocation investment products that are sold primarily through retail, bank trust and registered investment advisor channels. Talcott funds represent those assets held in separate accounts supporting legacy runoff Hartford variable insurance products. Wellington Management Company, LLP serves as sole sub-advisor for Mutual Funds.
Talcott Resolution consists of the runoff of the Company's the United States annuity and institutional and private-placement life insurance businesses, and the retained Japan fixed payout annuity liabilities. Talcott Resolution manages approximately 930 thousand annuity contracts.
Hartford Financial Services Group Inc
One Hartford Plaza
HARTFORD CT 06155