The Hartford Issues Statement in Response to Recent Share Price Volatility
HARTFORD, Conn., February 20, 2009 - The Hartford Financial Services Group, Inc. (NYSE: HIG), today issued the following statement. It is not the company's policy to generally comment on fluctuations in its share price.
"We are operating in a time of unprecedented market volatility and our share price is not immune to these significant market fluctuations," said Ramani Ayer, chairman and chief executive officer. "We are very disappointed in The Hartford's recent stock performance, but that does not change the fundamental facts that reflect the company's financial strength. We entered 2009 well capitalized and with ample liquidity."
The property and casualty subsidiaries are capitalized at levels above those historically associated with AA level property and casualty insurers. The company's outlook for its risk-based capital ratio for the life company is about 460 percent at year-end 2008, including the recent capital relief of $987 million from the Connecticut Department of Insurance. The company also has $13 billion in cash and short-term investments.
"Most importantly, The Hartford remains well prepared to meet our commitments to our customers as we have for the past 200 years. We are confident that we are taking the most important steps to effectively position The Hartford during this difficult period," added Ayer.
About The Hartford
The Hartford is one of the nation's largest financial services companies and a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property and casualty insurance. International operations are located in Japan, the United Kingdom, Canada, Brazil and Ireland. The Hartford's Internet address is www.thehartford.com.
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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 2008 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.
Media Contact(s):
Shannon Lapierre
860-547-5624
Shannon.Lapierre@thehartford.com
Jason Stewart
860-547-7361
jason.stewart@thehartford.com