UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 23, 2003
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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 (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
The Hartford Financial Services Group, Inc.
Hartford Plaza
Hartford, Connecticut 06115-1900
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (860) 547-5000
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Item 9. Regulation FD Disclosure.
Simultaneously with the filing of this Current Report on Form 8-K, Hans H.
Miller, Senior Vice President, Development, Planning and Investor Relations, of
The Hartford Financial Services Group, Inc., sent the following notice to
members of the investment community:
To Members of the Financial Community:
We would like to bring to your attention certain changes to our Investor
Financial Supplement that will be shown in our fourth quarter and year-end
earnings release scheduled for Monday, January 27, after the close of the
markets. (The Company will review fourth quarter and year-end results in an
analyst conference call scheduled for Tuesday, January 28, at 10:00 EST.)
In light of the Securities and Exchange Commission's recent proposals regarding
disclosure of non-GAAP financial measures, certain non-GAAP data that
historically has been disclosed in the Company's Investor Financial Supplement
("IFS") will now be calculated and presented in accordance with GAAP, using the
most directly comparable financial measures. Specific examples of non-GAAP
financial performance measures include operating income per share and adjusted
operating income.
The Company has also revised its financial ratio calculations for book value per
share, debt to equity and debt to capitalization to use equity excluding
Accumulated Other Comprehensive Income (AOCI) rather than equity excluding
unrealized gain/(loss). Note that these ratios will also be calculated and
presented in accordance with GAAP in the IFS.
We have provided three years of quarterly historical information calculated in
accordance with GAAP on the attached spreadsheets and posted these changes on
our website so that you can update your models accordingly.
Best.
/s/ Hans H. Miller
Investor Supplement
Revised Ratio Calculations
12/31/2002
(all $ amounts in millions except per share data)
3Q2002 2Q2002 1Q2002 4Q2001
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EQUITY
Total Equity as Reported 10,943 9,656 9,039 9,013
Less Accumulated Other Comprehensive Income, net of tax (AOCI) (1,510) (728) (278) (534)
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Equity excluding AOCI 9,433 8,928 8,761 8,479
Common Shares Outstanding 255 247.6 246.7 245.5
DEBT
Total Debt excluding Trust Preferred Securities 3,210 2,580 2,580 2,564
Trust Preferred Securities 1,461 1,429 1,425 1,412
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Debt Including Trust Preferred Securities 4,671 4,009 4,005 3,976
RATIOS
Book Value per Share (including AOCI) $ 42.91 $39.00 $36.64 $36.71
Book Value per Share (excluding AOCI) $ 36.99 $36.06 $35.51 $34.54
Debt (including Trust Preferred Securities) to equity including AOCI 42.68% 41.52% 44.31% 44.11%
Debt (excluding Trust Preferred Securities) to equity excluding AOCI 34.03% 28.90% 29.45% 30.24%
Debt (including Trust Preferred Securities) to capitalization including AOCI 29.92% 29.34% 30.70% 30.61%
Debt (excluding Trust Preferred Securities) to capitalization excluding AOCI 22.76% 19.94% 20.21% 20.59%
Investor Supplement
Revised Ratio Calculations
12/31/2002
(all $ amounts in millions except per share data)
3Q2001 2Q2001 1Q2001 4Q2000
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EQUITY
Total Equity as Reported 8,766 8,479 8,446 7,464
Less Accumulated Other Comprehensive Income, net of tax (AOCI) (784) (341) (522) (369)
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Equity excluding AOCI 7,982 8,138 7,924 7,095
Common Shares Outstanding 238.1 238 236.9 226.3
DEBT
Total Debt excluding Trust Preferred Securities 2,499 2,497 2,497 2,097
Trust Preferred Securities 1,444 1,444 1,444 1,243
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Debt Including Trust Preferred Securities 3,943 3,941 3,941 3,340
RATIOS
Book Value per Share (including AOCI) $36.82 $35.63 $35.65 $32.98
Book Value per Share (excluding AOCI) $33.52 $34.19 $33.45 $31.35
Debt (including Trust Preferred Securities) to equity including AOCI 44.98% 46.48% 46.66% 44.75%
Debt (excluding Trust Preferred Securities) to equity excluding AOCI 31.31% 30.68% 31.51% 29.56%
Debt (including Trust Preferred Securities) to capitalization including AOCI 31.03% 31.73% 31.82% 30.91%
Debt (excluding Trust Preferred Securities) to capitalization excluding AOCI 20.96% 20.67% 21.05% 20.10%
Investor Supplement
Revised Ratio Calculations
12/31/2002
(all $ amounts in millions except per share data)
3Q2000 2Q2000 1Q2000 4Q1999
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EQUITY
Total Equity as Reported 6,744 6,288 5,675 5,466
Less Accumulated Other Comprehensive Income, net of tax (AOCI) 76 248 172 272
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Equity excluding AOCI 6,820 6,536 5,847 5,738
Common Shares Outstanding 225.2 223.2 214.8 217.2
DEBT
Total Debt excluding Trust Preferred Securities 2,492 2,492 1,579 1,579
Trust Preferred Securities 1,243 1,243 1,250 1,250
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Debt Including Trust Preferred Securities 3,735 3,735 2,829 2,829
RATIOS
Book Value per Share (including AOCI) $ 29.95 $28.17 $26.42 $25.17
Book Value per Share (excluding AOCI) $ 30.28 $29.28 $27.22 $26.42
Debt (including Trust Preferred Securities) to equity including AOCI 55.38% 59.40% 49.85% 51.76%
Debt (excluding Trust Preferred Securities) to equity excluding AOCI 36.54% 38.13% 27.01% 27.52%
Debt (including Trust Preferred Securities) to capitalization including AOCI 35.64% 37.26% 33.27% 34.10%
Debt (excluding Trust Preferred Securities) to capitalization excluding AOCI 23.61% 24.26% 18.20% 18.43%
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: Jan. 23, 2003 By: /s/ NEAL S. WOLIN
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Name: Neal S. Wolin
Title: Executive Vice President and
General Counsel