The Hartford Launches New Retirement Plans Group
SIMSBURY, CT, December 14, 2005 -- The Hartford Financial Services Group, Inc. (NYSE: HIG) today announced the creation of its new Retirement Plans Group embracing a huge segment of investors seeking to protect and grow their assets. The new group, part of The Hartford's Investment Products Division, combines the firm's rapidly growing 401k business with its 457 and 403(b) plan businesses. The intent is to nurture an even greater level of growth in these areas by focusing and enhancing resources for The Hartford's plan sponsor clientele. James (Jim) Davey, vice president for corporate retirement plans at The Hartford, will lead the new Retirement Plans Group.
Key Growth Engine for The Hartford
The Hartford's 401k business has been a major growth engine for the firm, particularly in recent years. Focusing primarily on small- to mid-sized corporate retirement plans, this segment recorded growth in overall sales of 37 percent and 36 percent in 2004 and 2003, respectively, and is on pace for strong growth in 2005. According to John Walters, Executive Vice President and director of The Hartford's Investment Products Division, combining The Hartford's capabilities for the group retirement market makes strategic sense. According to Walters, "our retirement plans business is an area which has shown great growth potential. Combining our customer service and product capabilities for 401k, 457 and 403(b) plans under Jim Davey's leadership will allow us to maintain distinct advantages for each of these markets while leveraging the resources of the whole to benefit our customers. We expect great things from The Hartford's Retirement Plans Group."
Greater Than the Sum of the Parts
The Hartford believes that realigning its retirement plan resources is an important move to help drive the firm's Investment Products Division to the next level. According to Jim Davey, "these changes will position us for expansion and growth. By housing support for these three markets under one roof, we will be able to create synergies for our sales efforts, better leverage current capabilities to support existing clients and pursue new business opportunities." One such new opportunity for the firm is the 403(b) area, which Peter Moore was recently hired to lead. Peter will work closely with Kevin Kirk and Steve Ellis, sales leaders for 401k and 457, respectively, to leverage best practices. And to tie together marketing and client service initiatives across the new Group, Marty Swanson has taken on the newly created role of chief marketing officer for the Retirement Plans Group. Swanson has been with The Hartford for seven years and was previously marketing leader for the firm's Institutional Solutions Group.
Part of The Hartford's Retirement Commitment
The formation of the Retirement Plans Group is another step in The Hartford's ongoing commitment to grow its products, services and organizational resources to support the investment needs of the Baby Boom generation in the coming decades. The firm is focused on the tremendous challenge as well as opportunity represented by 46 million Baby Boomers entering the 55-64 age bracket between now and 2020. The Hartford's retirement commitment spans the individual and group retirement markets and will focus on developing new capabilities to help people invest for retirement and plan to meet retirement income challenges.
The Hartford is one of the nation's largest financial services and insurance companies, with worldwide revenues of $22.7 billion in 2004. The company is a leading provider of investment products; life insurance and group benefits; automobile and homeowner's products; and business property-casualty insurance. International offices are located in Canada, Japan, Brazil and the United Kingdom. The Hartford's Internet address is www.thehartford.com.
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