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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15d of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 21, 1999
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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Item 5. Other Events:
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On October 21, 1999, The Hartford Financial Services Group, Inc. ("The
Hartford") announced that its Board of Directors authorized the repurchase of up
to an additional $1 billion of The Hartford's shares of outstanding common
stock. The Board also announced an increase in The Hartford's quarterly
dividend. 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 October 21, 1999.
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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: October 21, 1999 By: /s/ C. Michael O'Halloran
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Name: C. Michael O'Halloran
Title: Its Senior Vice President
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Exhibit 99.1
[LOGO OF THE HARTFORD APPEARS HERE] News Release
Hartford Plaza . Hartford, CT 06115
Date: October 21, 1999
For Release: Upon Receipt
Contact: Joyce Willis Marnie Goodman
Office: 860/547-4951 Office: 860/547-3898
Home: 860/286-0202 Home: 860/345-2350
THE HARTFORD ANNOUNCES SECOND SHARE REPURCHASE
Board Increases Quarterly Dividend 4%
HARTFORD, Conn. -- The Hartford Financial Services Group Inc. (NYSE: HIG)
announced that, at its regularly scheduled meeting today, the company's Board of
Directors authorized the repurchase of up to $1 billion of the company's common
stock and increased the company's quarterly dividend four percent.
The new repurchase authorization, which covers a three-year period, will be
initiated when a prior $1 billion repurchase authorization granted in December
1997 is complete. The purchases may be made in the open market or through
privately negotiated transactions.
As of Sept. 30, 1999, The Hartford has repurchased 16,488,131 shares at an
average price of $51.36 per share, and had approximately 224 million shares
outstanding.
"We continue to utilize share repurchase as a primary means of returning
capital to shareholders and building superior value over the long term," said
David Zwiener, The Hartford's executive vice president and chief financial
officer.
Also at today's meeting The Hartford's board of directors increased the
company's quarterly dividend four percent to 24 cents ($0.24) per share payable
Jan. 3, 2000, to shareholders of record as of Dec. 1, 1999.
The company previously paid a cash dividend at an annual rate of 92 cents
($0.92) per share. Today's increase raises the annual rate to 96 cents ($0.96)
per share.
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The Hartford's Share Repurchase/2
The Hartford (NYSE: HIG) is one of the nation's largest international
insurance and financial services operations, with 1998 revenues of $15 billion.
As of June 30, 1999, The Hartford had assets of $157.3 billion and shareholders'
equity of $6 billion. The company is a leading provider of automobile and
homeowners coverages; commercial property and casualty insurance; reinsurance;
and a variety of life insurance, investment products, employee benefits, group
retirement plans and institutional liability funding products.
The Hartford's Internet address is www.thehartford.com.
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Certain statements made in this release should be considered forward looking
information as defined in the Private Securities Litigation Reform Act of 1995.
The Hartford cautions investors that any such forward-looking statements are not
guarantees of future performance, and actual results may differ materially.
Investors are directed to consider the risks and uncertainties in our business
that may affect future performance and that are discussed in readily available
documents, including the company's annual report and other documents filed by
The Hartford with the Securities and Exchange Commission.
