UNITED STATES
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): January 9, 2008
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
(Exact name of registrant as specified in its charter)
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| Delaware
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001-13958
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13-3317783 |
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.) |
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The Hartford Financial Services Group, Inc. |
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One Hartford Plaza |
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Hartford, Connecticut |
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06155 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s
telephone number, including area code: (860) 547-5000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
TABLE OF CONTENTS
Item 2.02. Results of Operations and Financial Condition.
This Current Report on Form 8-K is filed on behalf of The Hartford Financial Services Group, Inc.
(“The Hartford” or the “Company”) to provide supplemental financial disclosure relating to the
fiscal years ended December 31, 2006 and 2005; and the nine
month period ended September 30, 2007. Such supplemental
financial disclosure is attached hereto as Exhibit 99.1 and is
incorporated by reference herein.
The Hartford intends to change its reporting segments effective for the quarter ended December 31,
2007. The segment change is in accordance with the provisions of the Financial Accounting Standards
Board Statement of Financial Accounting Standard No. 131, “Disclosures about Segments of an
Enterprise and Related Information”, and reflects the manner in which the Company is currently
organized for purposes of making operating decisions and assessing performance. Accordingly,
segment data for prior reporting periods have been adjusted to reflect the current segment
reporting.
The changes to the segments and their component products are as follows:
Property & Casualty
Property & Casualty is now organized into five reportable operating segments: the underwriting
segments of Personal Lines, Small Commercial, Middle Market, Specialty Commercial (collectively
“Ongoing Operations”) and the Other Operations segment. The Personal Lines and Other Operations
segments remain unchanged from September 30, 2007.
Small Commercial provides standard commercial insurance coverage to small commercial businesses
primarily throughout the United States. Small Commercial provides coverage to companies with up to
$15 million in annual revenues or total property values. This segment offers workers’
compensation, property, automobile, liability and umbrella coverages. These products were
previously reported in Business Insurance.
Middle Market provides standard commercial insurance coverage to middle market commercial
businesses primarily throughout the United States. Middle Market provides coverage to companies
with greater than $15 million in annual revenues or total property values. This segment offers
workers’ compensation, property, automobile, liability, umbrella and marine coverages. Commercial
risk management products and services are also provided. These products and services were
previously reported in Business Insurance and Specialty Commercial.
The Specialty Commercial segment products remain unchanged except that certain liability business
previously recorded in Business Insurance is now reported in Specialty Commercial and certain
commercial risk management business previously reported in Specialty Commercial is now reported in
Middle Market.
Additionally, effective for the quarter ended December 31, 2007, The Hartford changed its method
for calculating policies in-force for Personal Lines and Middle Market to be consistent with the
method for the rest of The Hartford’s property and casualty businesses. The policies in-force
count now represents the number of policies issued and in effect at the balance sheet date
regardless of the number of coverages or types of endorsements included in the policies.
Life
The Hartford has changed its policy on reporting net realized capital gains and losses, including
the related impact on amortization of deferred policy acquisition costs, for its Life reportable
operating segments effective for the quarter ended December 31, 2007. Life will now include net
realized capital gains and losses on sales, other-than-temporary impairments, the valuation of
embedded derivatives and the valuation of non-qualifying derivatives including those used in
hedging programs in the operating segments from which these items arise. Previously these items
were reported in Life-Other.
In
addition, as a result of this change, credit risk fees will no longer
be charged by Life-Other to
each Life segment. Realized gains and losses will no longer be transferred to Life-Other from each
Life segment and then subsequently amortized back to the respective
Life segment. Accordingly, prior reporting periods have been adjusted
to reflect these changes.
Corporate
Corporate remains unchanged from its definition as of September 30, 2007.
Item 9.01 Financial Statements and Exhibits
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| Exhibit No. |
99.1
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Supplemental Financial Disclosure of the Hartford Financial Services Group, Inc. relating to
the fiscal years ended December 31, 2006 and 2005, and the nine
month period ended September
30, 2007. |
As provided in General Instruction B.2 of Form 8-K, the information contained in this
Form 8-K under Item 2.02, including the Exhibit contained in Exhibit
99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as