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Christopher J. Swift, executive vice president and CFO, The Hartford, commented during the press call: “This decision to sell these businesses was very difficult. These are strong successful businesses, and we will pursue the best outcome for all stakeholders. We are at work with our investment bankers and it will take a number of months to make a definitive agreement.”The Hartford’s Retirement Plans business has $52.3 billion in assets under management. It offers 401(k), 403(b) and 457 products. And in 2011 it had $766 million in revenues. The Individual Life group has $12.4 billion of reserves separate account liabilities and had $1.4 billion in revenues in 2011. Woodbury Financial Services has 1,400 brokers and is the 12th largest independent broker dealer in the nation. It had $250 million in 2011 revenues.In 2012, the company expects 68% of earnings to come from the Property & Casualty Commercial market, 15% from Consumer Markets, 10% from Group Benefits and 7% from its Mutual Funds business.“The Hartford’s sharper focus will lead to an organization that, over time, will be positioned for higher returns on equity, reduced sensitivity to capital markets, a lower cost of capital and increased financial flexibility,” said McGee. “With this portfolio and the actions we are taking, we are on the right path to unlock value and deliver superior, long-term returns for shareholders.”
Christopher J. Swift, executive vice president and CFO, The Hartford, commented during the press call: “This decision to sell these businesses was very difficult. These are strong successful businesses, and we will pursue the best outcome for all stakeholders. We are at work with our investment bankers and it will take a number of months to make a definitive agreement.”
The Hartford’s Retirement Plans business has $52.3 billion in assets under management. It offers 401(k), 403(b) and 457 products. And in 2011 it had $766 million in revenues. The Individual Life group has $12.4 billion of reserves separate account liabilities and had $1.4 billion in revenues in 2011.
Woodbury Financial Services has 1,400 brokers and is the 12th largest independent broker dealer in the nation. It had $250 million in 2011 revenues.
In 2012, the company expects 68% of earnings to come from the Property & Casualty Commercial market, 15% from Consumer Markets, 10% from Group Benefits and 7% from its Mutual Funds business.
“The Hartford’s sharper focus will lead to an organization that, over time, will be positioned for higher returns on equity, reduced sensitivity to capital markets, a lower cost of capital and increased financial flexibility,” said McGee. “With this portfolio and the actions we are taking, we are on the right path to unlock value and deliver superior, long-term returns for shareholders.”
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