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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):
JUNE 18, 1998
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 jurisdiction of (Commission File (IRS Employer
incorporation) Number) Identification No.)
HARTFORD PLAZA
HARTFORD, CONNECTICUT 06115-1900
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(Address of principal executive (Zip Code)
offices)
Registrant's telephone number: (860) 547-5000
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2
ITEM 5. OTHER EVENTS.
On June 18, 1998, The Hartford Financial Services Group, Inc ("The
Hartford") issued a press release regarding anticipated catastrophe losses for
the quarter ending June 30, 1998. Additional information is set forth in The
Hartford's press release which is filed as an exhibit hereto.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) The following is filed as an exhibit to this Current Report:
Exhibit
Number Description
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99.1 Press release dated June 18, 1998.
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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: June 18, 1998 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 June 18, 1998.
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EXHIBIT 99.1
THE
HARTFORD
NEWS RELEASE
Hartford Plaza, Hartford, CT 06115
Date: June 18, 1998
For Release: Upon Receipt
Contact: Joyce Willis Cynthia Michener
Office: 860/547-4951 Office: 860/547-5624
THE HARTFORD ANNOUNCES CATASTROPHE LOSS ESTIMATE
Moderate impact to second quarter core earnings
HARTFORD, CONN. -- The Hartford Financial Services Group, Inc. (NYSE:HIG) today
announced that based on claims estimated through June 18, worldwide pretax
catastrophe losses during the quarter ending June 30, 1998 are expected to total
between $95 million to $100 million.
Of this, $80 million to $85 million of the catastrophe losses are expected in
the company's North American property and casualty operation, reflecting an
unusual series of major weather events that occurred in the Midwest and
Southeast. The remaining $15 million in losses are attributable to The
Hartford's international operations, primarily due to an April flood in the
United Kingdom.
"The underlying operating performance of our businesses this quarter, and in
particular Hartford Life, has been very strong," said Ramani Ayer, The
Hartford's chairman and CEO. "However, as a result of these much higher
catastrophe losses, and barring any other adverse developments, we expect that
core earnings for the quarter ending June 30, 1998, will be only modestly higher
than the core earnings reported in the same period a year ago."
During the second quarter of 1997, catastrophe losses totaled $5 million pretax.
The Hartford will announce second quarter results on July 27, 1998.
"We have seen an unusually high frequency of these spring storms, with more than
a dozen events affecting both our commercial and personal lines in roughly 20
states," Ayer continued. "While these storms will affect our bottom-line
growth this quarter, our fundamental performance and strategies for generating
consistently superior results remain intact."
The Hartford is one of the nation's oldest and largest international insurance
and financial services operations, with 1997 revenues of $13.3 billion. As of
March 31, 1998, The Hartford had assets of $141.4 billion and shareholder equity
of $6.3 billion. The company 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.
