The Hartford Company Overview
The Company
The Hartford is one of the most experienced insurance companies to be found today. The Hartford Insurance has a rich history of nearly 200 years and is, at present, one of the largest insurance and investment companies based in the U.S. The Hartford, including the Hartford Insurance, has offices in Ireland, England, Brazil and Japan and its logo featuring a stag is a universally recognized image the world over.
The Hartford, at present, has 30, 000 employees. Its yearly income averages around $2 billion. In the 2005 fortune list of the top hundred companies in the world, The Hartford occupied the 88th rank.
Along with the Hartford Insurance being a leader in the insurance field, The Hartford is also a leading provider of investment products.
It provides mutual funds, college savings plans, annuities, group and employee benefits, automobile and homeowners’ insurance, life insurance and business insurance.
The Structure of The Hartford
The Hartford runs its business either through direct contact with their customers online, or through financial agencies, independent agents and brokers. The Hartford’s products are sold by about 11,000 independent agencies and about a hundred thousand agents and brokers.
Financial Strength
Financially speaking, The Hartford is one of the most secure corporations in the United States. The sheer numbers prove the point for the company. In 2004 The Hartford had received revenues of $22.7 billion. Net income was $2.1 billion. Its assets in the same year were roughly, $260 billion. Therefore, securities for the customers’ financial investments are quite secure with The Hartford.
The Hartford is a front running seller of retail variable annuities in the US. It is the prime seller of variable universal life insurances. The Hartford Insurance is a leader in group disability in-force premium, workers’ compensation insurances, and, based on statutory assets, it is the fourth largest insurance group in the country.
The Hartford is a recipient of 2 consecutive DALBAR awards for service to retirement plans, 9 consecutive for annuity customer service, 4 consecutive for life customer services and a consecutive 2 for mutual fund service.
Professional Ratings
The Hartford Insurance owns a number of subsidiary companies, all of them favorites with insurance ranking agencies. The Hartford Fire Insurance Company, Hartford Life Insurance Company, Hartford Life and Accident, Hartford Life Group Insurance Company, and Hartford Life and Annuity, all have a superior A+ ranking from A.M.Best and Company. (Information on the AM Best rating system and how it is determined) Moody’s Investor Services rate them at Aa3 each and Standard and Poors gives them an excellent AA rating.
Service
The Hartford Insurance maintains that their insurance agents and agencies are not just agents; they are more like the customers’ advocates. The independent agents, brokers and agencies are knowledgeable professionals with an array of insurance policy from The Hartford to choose from and serve the customer with. The Hartford has other benefits and efficient yet unexpected services for their customers. For example, they have a telephone hotline for roadside assistance to their customers’.
