Profile: Hartford Financial Services Group Inc (HIG.N)
21 Oct 2016
The Hartford Financial Services Group, Inc., incorporated on December 9, 1985, is a holding company for insurance and financial services subsidiaries. The Company, through its subsidiaries, provides property and casualty insurance, group life and disability products, and mutual funds to individual and business customers in the United States. The Company operates through six segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations, Group Benefits, Mutual Funds and Talcott Resolution. The Company manages life and annuity products.
The Company's Commercial Lines segment provides workers' compensation, property, automobile, liability, umbrella, marine and livestock coverages to businesses, throughout the United States. The Commercial Lines segment includes over three lines of business: small commercial, middle market and specialty. Small commercial provides workers' compensation, automobile, property and liability coverages for small businesses. Middle market provides medium-sized businesses with workers' compensation, property, automobile, liability, umbrella, marine and livestock coverages. Specialty provides a range of insurance products and services, including workers' compensation, automobile, general liability, professional liability, bond and specialty casualty coverages. The financial products business provides management and professional liability products, including directors and officers (D&O), and errors and omissions (E&O) insurance. The bond business provides businesses with contract surety bonds, commercial surety and fidelity coverage. The captive programs business provides programs to customers with common risk characteristics and those seeking a loss sensitive solution.
The Company's Personal Lines segment provides automobile, homeowners and personal umbrella coverages to individuals across the United States. This segment also includes a special program designed for members of AARP. The Personal Lines segment's auto product, Open Road, is available in approximately 40 states. In addition, the Personal Lines segment has rolled out its telematics program, TrueLane, which is available in approximately 40 states in both the direct and independent agent channels.
Property & Casualty Other Operations
The Company's Property & Casualty Other Operations segment includes certain property and casualty operations, which are managed by the Company. It includes substantially all of the Company's asbestos and environmental exposures.
The Company's Group Benefits segment provides group life, accident and disability coverage, group retiree health and voluntary benefits to members of employer groups, associations and affinity groups. In addition to employer paid coverages, the Group Benefits segment offers voluntary product coverages, including accident, life, disability and critical illness coverages through employee payroll deductions. The Group Benefits segment also offers disability underwriting, administration, claims processing and reinsurance to other insurers and self-funded employer plans. In addition, the Group Benefits segment 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.
The Company's Mutual Funds segment provides investment management, administration, distribution and related services to investors through investment products in both domestic and international markets, and is separated into approximately two asset categories, Mutual Fund assets under management and Talcott assets under management. Mutual Fund assets under management include equity, fixed income, alternative and asset allocation investment products that are sold through retail, bank trust and registered investment advisor channels. Talcott assets under management represent those assets held in separate accounts supporting legacy runoff Hartford variable insurance products.
The Company's Talcott Resolution segment 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 850 thousand annuity contracts and private placement life insurance.
Hartford Financial Services Group Inc
1 Hartford Plz
HARTFORD CT 06155-0001