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SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
DECEMBER 18, 1997
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-19277 13-3317783
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
HARTFORD PLAZA
HARTFORD, CONNECTICUT 06115-1900
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(Address of principal (Zip Code)
executive offices)
Registrant's telephone number: (860) 547-5000
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ITEM 5. OTHER EVENTS.
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On December 18, 1997, The Hartford Financial Services Group, Inc. ("The
Hartford") announced that its Board of Directors authorized the repurchase of
up to $1 billion of the Hartford's shares of outstanding common stock.
Additional information is set forth in The Hartford's press release which is
filed as an exhibit hereto.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
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(c) The following is filed as an exhibit to this Current Report:
EXHIBIT
NUMBER DESCRIPTION
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99.1 Press release dated December 18, 1997.
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3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE HARTFORD FINANCIAL SERVICES
GROUP, INC.
Date: December 19, 1997 By: /s/ James J. Westervelt
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Name: James J. Westervelt
Title: Senior Vice President
and Group Controller
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4
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
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99.1 Press release dated December 18, 1997.
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EXHIBIT 99.1
THE
HARTFORD
NEWS RELEASE
Hartford Plaza, Hartford, CT 06115
Date: December 18, 1997
For Release: Upon Receipt
Contact: Joyce Willis Sue Honeyman
Office: 860/547-4951 Office: 860/547-4976
Home: 860/286-0202 Home: 203/397-9233
HARTFORD BOARD AUTHORIZES $1 BILLION SHARE REPURCHASE
HARTFORD, CONN. -- At a regularly scheduled meeting today, the board of
directors of The Hartford Financial Services Group, Inc. authorized the
repurchase of up to $1 billion of the company's outstanding common stock.
The Hartford will be able to repurchase its common stock in the open
market or in privately negotiated transactions over a three-year period
beginning early next year. The Company currently has approximately 118
million common shares outstanding.
Hartford Chairman Ramani Ayer said, "This action is consistent with our
commitment to aggressively manage our shareholders' capital and to build
long-term superior value for our owners. As we have said on previous
occasions, our capital priorities are investing in growth, supporting the
balance sheet, and developing our distribution capabilities. We will continue
to manage each of these priorities in conjunction with the stock repurchase
program we have announced today."
The Hartford (NYSE: HIG) is one of the nation's oldest and largest
international insurance and financial services operations, with 1996 revenues
of $12.5 billion. As of September 30, 1997, The Hartford had assets of $126.8
billion and shareholder equity of $5.8 billion. It is a leading provider of
commercial property and casualty insurance, automobile and homeowners
coverages, and a variety of life insurance, annuities, employee benefits and
asset management plans.
The Hartford's Internet address is http://www.thehartford.com.
