| News News Main Page  Email A Friend
April 19, 2024
Workers Compensation Bill 2024: One percent of employee’s salary to contribute to workers’ compensation fund in Kenya. April 15, 2024
Colorado Worker Shows Head Injury Happened as a Consequence of a Knock on the Head at Work April 4, 2024
Callfornia Division of Workers' Compensation Pharmacy and Therapeutics Committee Meeting Scheduled for April 17, 2024 April 3, 2024
California Division of Workers' Compensation Posts Adjustments to Official Medical Fee Schedule (DMEPOS)
| | The Hartford To Release Second Quarter Earnings July 30th. Sells Hartford Life Insurance KK To Orix Life.
By Lonce LaMon - July 1, 2014
The Hartford will release its second quarter 2014 financial results on Wednesday, July 30th following the close of the market. Hartford will host a webcast to discuss its second quarter financial results on Thursday, July 31st at 11:00 am Eastern Daylight Time. The webcast will be available on the investor relations section of the company's website: http://ir.thehartford.com.
Today Hartford announced it has completed the sale of its Japanese annuity subsidiary, Hartford Life Insurance K.K. (HLIKK), to ORIX Life Insurance Corporation, a subsidiary of ORIX Corporation for $963 million, comprised of a purchase price of $895 million and an estimated positive purchase price adjustment of $68 million.
"Completing the Japan transaction is another significant milestone in The Hartford's journey to focus on our P&C, Group Benefits and Mutual Funds businesses," said The Hartford's CEO Christopher J. Swift. "This is an excellent transaction for shareholders that permanently reduces the risk profile of the company while also generating a significant capital benefit for the company."
Including the purchase price adjustment and the impact of hedging, the company estimates that the transaction will result in a net statutory capital benefit of $1.4 billion, which will provide approximately $1 billion for potential incremental capital management actions. The Hartford is seeking approval for extraordinary dividends from the Connecticut Insurance Department. These dividends represent the reduction in capital required in the company's U.S. life insurance subsidiaries due to the termination of certain reinsurance agreements as part of the transaction. The Hartford estimates that it will record an after-tax GAAP loss on discontinued operations of approximately $625 million and a U.S. life statutory surplus loss of approximately $325 million in second quarter 2014 financial results.
"The Hartford's capital flexibility and risk profile are substantially improved as a result of this transaction," said The Hartford's Chief Financial Officer Beth A. Bombara. "We look forward to updating you on any additional capital management actions we may take as a result of this transaction, and expect any actions to be balanced consistent with our prior approach, including equity repurchase and debt repayment."
|
__May11th2017.gif)
.gif)