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HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
ICMG REGISTERED VARIABLE LIFE SEPARATE ACCOUNT ONE
SUPPLEMENT DATED MARCH 31, 1999 TO THE PROSPECTUS
DATED MAY 1, 1998
Effective March 31, 1999, the following changes are made to the Pegasus Provider
variable life insurance policy:
The name of the variable life insurance policy has been changed to the One
Provider.
The following One Group -Registered Trademark- Investment Trust Portfolios are
available:
(1) One Group Investment Trust's Bond Portfolio,
(2) One Group Investment Trust's Diversified Equity Portfolio,
(3) One Group Investment Trust's Diversified Mid-Cap Portfolio,
(4) One Group Investment Trust's Large Cap Growth Portfolio, and,
(5) One Group Investment Trust's Mid-Cap Value Portfolio.
The following Pegasus Variable Fund's are no longer available:
(1) Pegasus Variable Fund's ("Pegasus Trust") Bond Fund,
(2) Pegasus Trust's Growth and Value Fund,
(3) Pegasus Trust's Mid-Cap Opportunity Fund,
(4) Pegasus Trust's Growth Fund, and,
(5) Pegasus Trust's Intrinsic Value Fund.
The annual fund operating expenses table is amended by deleting the Pegasus
Funds and adding the following:
ANNUAL FUND OPERATING EXPENSES
(As a percentage of net assets)
<TABLE>
<CAPTION>
MANAGEMENT OTHER TOTAL FUND
FEES AFTER EXPENSES OPERATING
WAIVERS EXPENSES AFTER
WAIVERS
<S> <C> <C> <C>
One Group Investment Trust Bond Portfolio(1) 0.46% 0.29% 0.75%
One Group Investment Trust Diversified Equity Portfolio(1) 0.69% 0.26% 0.95%
One Group Investment Trust Diversified Mid-Cap Portfolio(1) 0.72% 0.23% 0.95%
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One Group Investment Trust Large Cap Growth Portfolio 0.65% 0.26% 0.91%
One Group Investment Trust Mid-Cap Value Portfolio(1) 0.70% 0.25% 0.95%
</TABLE>
(1) The fees and expenses described above include certain management fee waivers
made by Banc One Investment Advisors Corporation, without those waivers, the
following would be applicable:
<TABLE>
<CAPTION>
MANAGEMENT OTHER TOTAL FUND
FEES BEFORE EXPENSES OPERATING
WAIVERS EXPENSES BEFORE
WAIVERS
<S> <C> <C> <C>
One Group Investment Trust Bond Portfolio 0.60% 0.29% 0.89%
One Group Investment Trust Diversified Equity Portfolio 0.74% 0.26% 1.00%
One Group Investment Trust Diversified Mid-Cap Portfolio 0.74% 0.23% 0.97%
One Group Investment Trust Mid-Cap Value Portfolio 0.74% 0.25% 0.99%
</TABLE>
The Example table is amended by deleting the references to Pegasus Variable
Funds and adding the following:
EXAMPLE
<TABLE>
<CAPTION>
If you Surrender your Contract at the If you annuitize your Contract at If you do not Surrender your
end of the applicable time period you the end of the applicable time Contract, you would pay the
would pay the following expenses period you would pay the following following expenses on a $1,000
on a $1,000 investment, assuming a expenses on a $1,000 investment, investment, assuming a 5% annual
5% annual return on assets: assuming a 5% annual return on return on assets:
assets:
SUB-ACCOUNT 1 YEAR 3 YEARS 5 YEARS 10 YEARS 1 YEAR 3 YEARS 5 YEARS 10 YEARS 1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ONE GROUP $76 115 $155 $248 $21 $65 $111 $240 $22 $67 $115 $248
INVESTMENT TRUST
BOND
ONE GROUP 78 122 166 269 23 71 122 261 24 74 126 269
INVESTMENT TRUST
DIVERSIFIED EQUITY
ONE GROUP 78 122 166 269 23 71 122 261 24 74 126 269
INVESTMENT TRUST
DIVERSIFIED MID-CAP
ONE GROUP 78 122 166 269 23 71 122 261 24 74 126 269
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INVESTMENT TRUST
LARGE CAP GROWTH
ONE GROUP 78 122 166 269 23 71 122 261 24 74 126 269
INVESTMENT
TRUST MID-CAP
VALUE
</TABLE>
The investment goals and some of the investment strategies of the One Group
Investment Trust Portfolios are summarized below:
Please read the One Group Investment Trust prospectus accompanying this
supplement for information about the One Group Investment Trust Portfolios.
One Group Investment Trust Bond Portfolio seeks to maximize total return by
investing primarily in a diversified portfolio of intermediate and long term
debt securities. At least 65% of the Portfolio's total assets is invested in
bonds and at least 65% in debt securities of all types with intermediate to long
maturities. The Portfolio mainly invests in investment grade bonds and debt
securities. These include mortgage-backed securities and other types of
asset-backed securities, which generally are derivatives. Banc One Investment
Advisors selects securities for the Portfolio by analyzing both individual
securities and different market sectors. The Portfolio also may invest in
convertible securities, preferred stock and loan participations. The Portfolio
normally maintains a weighted average maturity of between four to twelve years,
although it may shorten this maturity for temporary defensive purposes.
One Group Investment Trust Diversified Equity Portfolio seeks long term capital
growth and growth of income with a secondary objective of providing a moderate
level of current income. The Portfolio seeks to achieve its objectives by
investing mainly in common stocks of overlooked or undervalued companies that
have the potential for earnings growth overtime. The Portfolio follows a
multi-style strategy, meaning that it may invest across different capitalization
levels targeting both value and growth oriented companies.
One Group Investment Trust Diversified Mid-Cap Portfolio seeks long term
capital growth by investing primarily in equity securities of companies with
intermediate capitalizations. It invests mainly in equity securities of
companies with market capitalizations of $500 million to $5 billion. The
Portfolio intends to invest in companies of this size with strong growth
potential, stable market share, and an ability to quickly respond to new
business opportunities. The Portfolio uses a multi-style approach, meaning that
it invests in mid-cap and other companies across different capitalization
levels targeting both value and growth oriented companies. The Portfolio invests
at least 65% of its total assets in common stock and preferred stock, rights,
warrants, securities convertible into common stock, and other equity securities.
The Portfolio may invest up to 25%
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of its total assets in foreign securities and up to 20% of its total assets in
investment grade debt securities, U.S. government securities, cash and cash
equivalents.
One Group Investment Trust Large Cap Growth Portfolio seeks long-term capital
appreciation and growth of income by investing primarily in equity securities.
It mainly invests in equity securities of large well-established companies. The
weighted average capitalization of such companies normally exceeds the median
market capitalization of the Standard & Poor's 500 Composite Stock Price Index.
The Fund normally invests at least 65% of its total assets in such equity
securities.
One Group Investment Trust Mid-Cap Value Portfolio seeks capital appreciation
with the secondary goal of achieving current income by investing primarily in
equity securities. At least 80% of the Portfolio's total assets are invested in
equity securities, including common stock, debt securities and preferred stock
convertible into common stock. It invests mainly in securities of companies with
below-average price/earnings and price/book value ratios and having market
capitalizations of $500 million to $5 billion. The Portfolio also considers a
company's financial soundness and earnings prospects. If Banc One Advisors
thinks that a company's fundamentals are declining or that a company's
investment ability to pay dividends is impaired, it may eliminate the
Portfolio's holding of the company's securities.
