Managing for the Unexpected
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1 Managing for the Unexpected Ramani Ayer Chairman and Chief Executive Officer The Hartford Merrill Lynch Insurance Conference February 14, 2005
2 Safe Harbor Statement Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of These include statements about our future results of operations. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ, including those discussed in our earnings press release issued on January 26, 2005, our current report on Form 8-K filed on January 26, 2005, our quarterly report on Form 10-Q filed on November 4, 2004 and other filings we make with the Securities and Exchange Commission. We assume no obligation to update this presentation, which speaks as of today s date. The discussion in this presentation of The Hartford s financial performance includes financial measures that are not derived from generally accepted accounting principles, or GAAP. Information regarding these non-gaap financial measures is provided in the Investor Financial Supplement for the fourth quarter of 2004, which is available in the Investor Relations section of The Hartford s website at 2
3 The Hartford Assets and Net Income Assets Under Management ($ Billions) 12% CAGR $292 Net Income ($ Millions) 21% CAGR $2,115 $183 $199 $199 $250 $974 $507 $1,000 -$91 3
4 Shareholder Performance Diluted Operating EPS [1] Book Value Per Share (Excluding AOCI) 9% CAGR $43.55 $4.28 $4.47 8% CAGR $4.71 $5.42 $5.90 $31.35 $34.54 $37.77 $36.67 Please see Appendix for footnotes. 4
5 Recent Financial Highlights Quarter Ended ($ in millions; except per share amounts) Dec-03 Dec-04 % Change Net income $454 $620 37% Earnings per diluted share % Net income ROE (last 12 months) (0.8)% 16.3% 2004 Operating Income [1] $1.8 Billion Life 58% P&C 42% Asset Accumulation 46% Protection 54% Please see Appendix for footnotes. 5
6 Legislative Issues for 2005 Expect a dynamic environment Civil justice/tort reform Retirement savings Asbestos Terrorism insurance/tria 6
7 Asbestos: Present Litigation System Costs Claimants lose more than half of awards to litigation costs Claimants Transaction Costs Insurers + Contingency Manufacturers + Contingency Bankruptcy Trusts $250 $200 $195 $153 $124 $140 ($ in billions) $150 $100 $70 $ $ $ $0 Litigation Costs thru 12/31/02 [2] Tort System Projected at $200 Total Cost Please see Appendix for footnotes. Tort System Projected at $265 Total Cost
8 Comparison to Trust Fund Proposals Cost of the trust fund keeps growing, finality not assured Claimants Transaction Costs Insurers Manufacturers Bankruptcy Trusts $250 $200 $195 ($ in billions) $150 $100 $70 $ $ $108 4 $ $ $50 $ Litigation Costs thru 12/31/02 [2] 53 Tort System Projected at $200 total cost Please see Appendix for footnotes. 80 Tort System Projected at $265 Total Cost Original ASG Proposal S /21/03 [3] S /8/04 [4] Frist/Daschle 2004 Compromise
9 Asbestos Solutions Legislative solutions must improve the crisis, not make it worse Trust Fund Issues Overall Funding and Sources Medical Criteria Alternative Need for a National Solution Start-Up Provisions Sunset Provisions Finality/Exclusivity Requires Proof of Physical Impairment and Exposure Toll Statute of Limitations for Unimpaireds Level of Victim Compensation Eliminate Jackpot Jurisdictions Prohibit Claims Consolidation Reasonable Awards 9 Collateral Payments
10 An Uninsurable Risk Nuclear, biological, chemical and radiological terrorism Largest Historical Insured Losses Small Nuclear Event in Major City $ ($ in billions) ($ in billions) $ $20 $32 Hurricane Andrew Sept. 11th, Potential Insured Losses Industry PC Surplus 10 Sources: Potential insured losses: RMS; industry surplus: A.M. Best
11 Addressing the Risk of Terrorism The right solution: A Public/Private Partnership Long-term Federal role Nuclear, biological, chemical, and radiological coverage Limited protection for conventional If no new legislation soon, then extend TRIA 11
12 Managing Risk at The Hartford We are monitoring and managing exposures while advocating TRIA Triggered building collapse Enterprise-wide exposure management Property and casualty, life and investment impacts are modeled Advocate for TRIA 12
13 Execution, Discipline and Fundamentals How The Hartford plays to win every day Pricing and underwriting discipline Product innovation Powerful distribution Service excellence Innovative technology 13
14 Property & Casualty Operations Ongoing P&C Net Written Premium 2004 Specialty 18% Personal Lines 36% Business Insurance 46% Ongoing Operations Net Written Premium Operating Income [5] ($ in billions) $6.1 $6.7 13% CAGR $7.8 $8.8 $9.9 ($ in millions) 1, $531 11% CAGR $597 $509 $830 $ Please see Appendix for footnotes.
15 Business Insurance: Growth Drivers Investments in people, products, and technology drive growth $5 $4 Net Written Premium Small Commercial Middle Market 18% CAGR 2.3 Xpand launch and product enhancements Investments in agency technology ($ in billions) $3 $2 $1 $ Field offices more than doubled Sales force increased 10% in 2004 Written Premium Growth 20% 18% 16% 16% Written Price Increase 11% 16% 11% 2% 15
16 Personal Lines: Growth Drivers Investments in people, products, and technology drive growth ($ in billions) $4 $3 $2 $1 Agency AARP Net Written Premium 9% CAGR Dimensions auto and homeowners products Investments in agency technology Sales force grew 27% during 2004 AARP growth and penetration $0 Written Premium Growth 8% 7% 7% 9% Written Price Increase 3% 9% 9% 5% 16
17 P&C: Winning in 2005 Broad distribution and smart growth Agency Profitability Distribution of Economic Profit Grow and retain Improve Manage Apply The Hartford discipline and rigor to sales and distribution Economic Profit Segment agencies by profitability and potential Develop growth plans or action plans by agency Use data-driven, disciplined process for prospecting and appointing agencies Number of Agents 17
18 Life Operations 2004 Operating Income by Business 14% Individual 11% Life Institutional Products 20% Group Benefits 6% Corporate Other Assets Under Management 49% Retail Products Operating Income [6] ($ in billions) $250 $200 $150 $ % CAGR ($ in millions) $1,200 $1,000 $800 $600 $ % CAGR ,122 $50 $200 $0 $0 18 Please see Appendix for footnotes.
19 Retail Products: A Growth Engine Strong sales, excellent retention and premier asset management Retail Assets Under Management Operating Income [7] 401k $200 $150 Mutual Funds Individual Annuity 10% CAGR $124 $144 $600 $500 $400 $381 $405 9% CAGR $356 $406 $542 ($ in billions) $100 $100 $102 $93 $300 $200 $50 $100 $0 $0 19
20 Retail Products: Distribution Power Market-leading wholesaling strength expands beyond VAs Bank Channel 1. Hartford 31.7% 2. Pacific Life 13.3% 3. AXA/Equitable 8.5% 4. Nationwide 6.1% 5. AIG/Sun America 4.8% YTD 9/04 Variable Annuity Sales Regional Regional B/D B/D Channel Channel ($1,834 M) Source: VARDS 1. Hartford 20.0% 2. Lincoln National 19.0% 3. ING 8.3% 4. AXA/Equitable 5.6% 5. Nationwide 5.2% Industry Leading Wholesaling Support 288 PLANCO Wholesalers Vast, Multi-Channel Distribution Over 1,700 Broker-dealer Selling Agreements Wirehouse Channel 1. Hartford 15.0% 2. Equitable 12.5% 3. MetLife 10.8% 4. ING 9.4% 5. Manulife 8.3% Independent Regional B/D Channel Channel ($1,834 M) 1. Hartford 14.1% 2. Prudential 9.2% 3. Manulife 8.4% 4. Pacific Life 8.4% 5. ING 8.2% Over 200,000 Licensed and Appointed Representatives 46,300 Individual Annuity Producers 49,200 Mutual Funds Producers 20
21 Retail Products: 401(k) Sales Momentum PLANCO power, retirement expertise taps small-case market ($ in millions) $2,000 $1,500 $1,000 $500 $ (k) Sales 37% CAGR $1,005 $849 $1,365 $1, Retirement Plan Specialists (up from 49 in 2003) PLANCO and brokers prospect to reach small business owners Aviator launch in 2004 and service excellence will build momentum $0 21
22 Retail Products: Winning in 2005 Maintain #1 position in Variable Annuities Director becomes a multi-manager product Dedicated wholesaler teams for Leaders and Director New products Principal First Preferred and others Maintain cost and service leadership Expand Mutual Funds Sales Dedicated mutual fund wholesaling team at PLANCO Access to premier money managers New product introductions such as Asset Allocation Funds Drive growth in 401(k) Increase productivity of the new Retirement Plan Specialists Continue to develop proprietary product offerings 22
23 Individual Life: Building Momentum Executing with new products and a passion for sales excellence Sales Operating Income [8] Variable Fixed $300 ($ in millions) $250 $200 $150 $ ($ in millions) $200 $150 $ % CAGR $50 $50 $0 $0 Expanded product portfolio in 2004 with new UL and VUL products Broad distribution financial advisors, banks, life professionals 11,200 individual life producers 1,800 affiliated reps through Woodbury Financial 208 individual life account executives 7 DALBAR awards for outstanding service 23 Please see Appendix for footnotes.
24 Group Benefits: Proven Strategy, New Scale Acquisition adds talented people, loyal customers, expanded distribution Fully Insured Premiums Operating Income [9] ($ in billions) $4 $3 $ % CAGR ($ in millions) $250 $200 $150 $ % CAGR $1 $50 $0 $0 #2 position in group disability and #5 in group life in force After-tax margins grew from 4.6% in 2000 to 6.3% in Please see Appendix for footnotes.
25 Group Benefits: Winning in 2005 Maintain superior financial discipline Aggressively manage pricing in a competitive market Leverage best practices of HIG and CNA to deliver claim management model improvements Maintain expense management discipline Drive double digit growth in sales through stronger, integrated sales team Realigned territories, new broker relationships in 2004 Increase productivity through investments in training and technology made in 2004 Targeted producer development Expand consumer enrollment and marketing 25
26 Japan: Number 1 in Variable Annuities Exceptional growth story to market leadership Hartford VA Market Share by Assets Under Management 28.9% Mitsui Sumi Citi Life 16.3% ING 10.6% Sumitomo Life Mitsui Life Alico Manulife T&D Financial Life Nippon Life Dai-ichi Life Tokyo Fire & Marine 8.1% 6.8% 6.1% 5.0% 4.6% 4.1% 4.0% 3.4% $0 $2 $4 $6 $8 $10 $12 ($ Billion) Source: Hartford Estimate based on Hokken Mainichi, as of 9/30/04 26
27 Japan: A Distribution Model that Translates The Hartford s wholesaling expertise brings overseas success Distribution of Targeted Retail Assets by Firm $7 Trillion The Hartford s 51 distribution partners control 57% of the targeted retail assets Top 10 Regional Banks 9% Mega Banks 35% Large Securities Firms 10% Mega Bank Affiliated Securites Firms 4% Others 24% Trust Banks 18% Launched 10 new distributors in 2004 Products available in 5,752 branches across the country Wholesaling model well received Launched two fixed annuities in 2004 with 19 partners 27
28 Managing for the Unexpected Providing for The Hartford and the industry s future Enterprise risk management Corporate compliance Public/Private partnerships to backstop the unthinkable Strong advocates for effective public policy Capital management 28
29 Footnotes ($ in millions) [1] In order to provide a consistent basis of comparison, this excludes the impact of realized gains and losses, goodwill amortization of $25 and $52 for , tax benefits of $26, $130, $76, $30 and $216 for , September 11, 2001 terrorist attack of $440 and restructuring charge of $11 in 2001, Bancorp Services litigation charges of $11 and $40 in 2002 and 2003, and the asbestos reserve addition of $1,701 and severance charges of $27 in [2] Per Rand 11/03 report. [3] Excludes $22.5 billion of insurers contingency and $22.5 of manufacturers contingency. [4] Excludes $10 billion of manufacturers contingency. [5] In order to provide a consistent basis of comparison, P&C Operating Income excludes the impact of realized gains and losses, goodwill amortization of $4 and $3 for , tax benefits of $26 for 2004, September 11, 2001 terrorist attack of $420, restructuring charge of $10 in 2001, and the asbestos reserve addition of $1,701 and severance charges of $27 in [6] In order to provide a consistent basis of comparison, Life Operating Income excludes the impact of realized gains and losses, goodwill amortization of $4 and $16 for , tax benefits of $32, $130, $76, $30 and $190 for , September 11, 2001 terrorist attack of $20 and Bancorp Services litigation charges of $11 and $40 in 2002 and [7] In order to provide a consistent basis of comparison, Retail Products operating income excludes the impact of tax benefits in 2003 and the September 11, 2001 terrorist attack. [8] In order to provide a consistent basis of comparison, Individual Life operating income excludes the impact of tax benefits of $2 for 2002 and $3 for the September 11, 2001 terrorist attack. [9] In order to provide a consistent basis of comparison, Group Benefits operating income excludes the impact of $2 for the September 11, 2001 terrorist attack. 29
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