Hartford Financial Services Group Incde (HIG) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

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Hartford Financial Services Group Incde
Ticker: HIG CIK: 874766

NEWS RELEASE

The Hartford Amends Third Quarter 2012 Financial Results

No change to 2012 core earnings* of $1.4 billion, statutory surplus, or previously announced capital management plan

Changes result in a 2012 net loss of $38 million and shareholders' equity of $22.4 billion at December 31, 2012

HARTFORD, Conn., March 1, 2013 - The Hartford today reported that it has filed an amended Form 10-Q with the U.S. Securities and Exchange Commission (SEC) to restate its results for the third quarter ended September 30, 2012. The amended filing corrects for an error in the company's preliminary calculation of the gain or loss relating to the Individual Life business transaction under U.S. generally accepted accounting principles (GAAP). The company is now reporting a full year 2012 net loss of $38 million and shareholders' equity of $22.4 billion at December 31, 2012, as compared with the previously reported 2012 net income of $350 million and shareholders' equity of $22.8 billion. The company's 2012 core earnings of $1.4 billion are unchanged.

“We regret the error, but importantly the adjustments have no impact on our reported 2012 core earnings, statutory results or surplus, and announced capital management plan,” said The Hartford's Chairman, President and Chief Executive Officer Liam E. McGee. “The Individual Life, Retirement Plans and Woodbury Financial Services transactions were attractive for The Hartford and completed on favorable financial terms. They generated an aggregate statutory capital benefit of $2.2 billion and this remains unchanged.”

In September 2012, The Hartford estimated that the Individual Life transaction would not generate a material gain or loss under GAAP. Following the identification of the error, the company estimates that the transaction will result in a GAAP loss of $393 million, after tax. This estimate is subject to change pending the final determination of net assets sold, transaction costs and other adjustments. The error resulted from the omission of the impact of certain reinsurance recoverable balances on the gain/loss calculations for the transaction.

*Denotes financial measure not calculated based on generally accepted accounting principles (“non-GAAP”)

The following information was filed by Hartford Financial Services Group Incde (HIG) on Friday, March 1, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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