Summary
The Hartford Financial Services Group, Inc. (HIG) filed an 8-K on July 2, 2014, primarily to announce the completion of the sale of its Japanese subsidiary, Hartford Life Insurance KK, to ORIX Life Insurance Corporation. This transaction, previously announced, marks a significant divestiture for the company. In conjunction with this sale, The Hartford is providing selected quarterly pro forma financial information for periods ending March 31, 2014, and for the full years of 2013 and 2012. This pro forma data is presented as if the sale of the Japanese business had occurred on January 1, 2012, allowing investors to better understand the ongoing business performance excluding the divested entity. It's important to note that this pro forma information excludes any non-recurring charges or credits directly related to the transaction itself.
Key Highlights
- 1Completion of the sale of Hartford Life Insurance KK, a Japanese subsidiary, to ORIX Life Insurance Corporation.
- 2The transaction was previously announced and is now finalized.
- 3The Hartford is furnishing selected quarterly pro forma financial information for periods ending March 31, 2014, and for the years ended December 31, 2013, and 2012.
- 4Pro forma information is presented as if the sale occurred on January 1, 2012.
- 5The pro forma data excludes non-recurring charges or credits directly attributable to the transaction.
- 6The furnished information is not considered 'filed' under Section 18 of the Exchange Act, limiting its liability implications.
- 7Exhibit 99.1 contains the detailed Selected Quarterly Pro Forma Financial Information.