HARTFORD, Conn.–(BUSINESS WIRE)–
The Hartford has entered into a absolute acceding to access Aetna’s U.S. accumulation activity and affliction business for banknote application of $1.45 billion. This accretion deepens and enhances The Hartford’s Accumulation Allowances administration capabilities and accelerates the company’s technology strategy. Aetna has several options for use of the gain of the transaction, including but not bound to centralized investments to enhance the company’s chump experience, allotment repurchases and claim of debt. The accretion is accepted to aing in aboriginal November 2017, accountable to accompaniment authoritative approvals and added accepted closing conditions.
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“The transaction provides a different and accretive befalling for The Hartford to become the added bigger accumulation activity and affliction insurer, an important business for The Hartford with a abiding accident profile, adorable allotment and able abiding advance prospects,” said The Hartford’s Chairman and CEO Christopher Swift. “The aggregate of these two businesses strengthens our position as a baton in the ample employer bazaar and increases our attendance amid midsize employer clients. It additionally creates new opportunities to administer added articles to a chump abject of added than 20 actor bodies who will be insured by the accumulated business.”
“Our transaction with The Hartford will account both our shareholders and customers, acceptance us to accept a stronger focus on our action of creating a alone access to convalescent affiliate health,” said Aetna President Karen S. Lynch.
Aetna and The Hartford will assignment calm to abutment their alternate customers. In addition, the majority of the Aetna Accumulation Allowance advisers beyond the country who abutment the acquired business will alteration to The Hartford.
The Hartford’s President Doug Elliot said, “The transaction combines two franchises that are both committed to high-quality products, best-in-class chump and claims service, and able administration partnerships. We additionally acceptable about 1,800 Aetna Accumulation Allowance advisers civic and abode abundant amount on the aptitude they will accompany to our company.”
Through the acquisition, The Hartford additionally obtains industry-leading agenda assets and an chip absence administration platform, which will enhance the acquaintance the aggregation delivers to its customers. Elliot added, “Our claims alignment continues to use abstracts and avant-garde ytics beyond workers’ advantage and affliction to drive bigger outcomes for customers in both business lines. As the nation’s added bigger workers’ advantage insurer, and now, the added bigger accumulation affliction insurer, this transaction increases our aggressive adverse and abeyant for approaching artefact offerings for absence management.”
In addition, the accord enhances The Hartford’s administration cast and includes an exclusive, multi-year accord in which Aetna will be alms The Hartford’s accumulation activity and affliction articles through Aetna’s medical sales team.
Additional Transaction DetailsThe Hartford will pay Aetna banknote application of $1.45 billion, primarily comprised of a ceding commission, to be paid by Hartford Activity & Accident Allowance Company, the primary Accumulation Allowances allowance operating accessory of The Hartford. Hartford Activity & Accident will reinsure on an apology base Aetna’s book of accumulation activity and affliction insurance, which had premiums of about $2 billion in 2016.
Aetna projects the appulse of the transaction to 2017 balance per allotment to be immaterial accustomed the timing of the transaction and hardly dilutive to 2018 balance per share.
The accretion will be accretive to The Hartford’s balance in 2018 and will be adjourned by assets from its allowance subsidiaries and captivation aggregation resources, including the $273 actor absolute beneath the company’s 2017 disinterestedness repurchase plan. The Hartford does not intend to affair debt or disinterestedness in adjustment to armamentarium the banknote application for the accretion and, as a aftereffect of the acquisition, does not currently apprehend to accredit an disinterestedness repurchase plan for 2018.
The Hartford will host a appointment alarm at 9:00 a.m. EDT on Oct. 23, 2017. The alarm can be accessed via a alive listen-only webcast or as a epitomize through the Investor Relations area of The Hartford’s website at https://ir.thehartford.com. A epitomize of the alarm forth with a archetype of the accident will be attainable for at atomic 90 days.
Additional advice apropos the transaction can be begin on The Hartford’s website at https://www.thehartford.com, including a presentation accouter that summarizes key banking agreement and operating allowances of the acquisition, and in Current Reports on Form 8-K filed today with the Securities and Exchange Agency by The Hartford and Aetna.
About AetnaAetna (NYSE: AET) is one of the nation’s arch adapted bloom affliction allowances companies, confined an estimated 44.7 actor bodies with advice and assets to advice them accomplish bigger a decisions about their bloom care. Aetna offers a ample ambit of traditional, autonomous and consumer-directed bloom allowance articles and accompanying services, including medical, pharmacy, dental, behavioral health, accumulation activity and affliction plans, and medical administration capabilities, Medicaid bloom affliction administration services, workers’ advantage authoritative casework and bloom advice technology articles and services. Aetna’s barter accommodate employer groups, individuals, academy students, part-time and alternate workers, bloom plans, bloom affliction providers, authoritative units, government-sponsored plans, activity groups and expatriates. For added information, see www.aetna.com and apprentice about how Aetna is allowance to body a convalescent world. @AetnaNews
About The HartfordThe Hartford is a baton in acreage and blow insurance, accumulation allowances and alternate funds. With added than 200 years of expertise, The Hartford is broadly accustomed for its account excellence, sustainability practices, assurance and integrity. Added advice on the aggregation and its banking achievement is attainable at https://www.thehartford.com. Follow us on Cheep at www.twitter.com/TheHartford_PR.
The Hartford Banking Casework Group, Inc., (HIG) operates through its subsidiaries beneath the cast name, The Hartford, and is headquartered in Hartford, Conn. For added details, amuse apprehend The Hartford’s acknowledged notice.
Some of the statements in this absolution may be advised advanced statements as authentic in the Private Securities Litigation Reform Act of 1995. These advanced statements accommodate statements apropos to the appulse of the accretion of Aetna’s Accumulation Activity and Affliction business, including, after limitation, the appulse on The Hartford’s and Aetna’s approaching earnings, becoming exceptional and disinterestedness repurchase plans, the projected closing date for the transaction and the projected appulse of the transaction on the parties. We attention investors that these advanced statements are not guarantees of approaching performance, and absolute after-effects may alter materially. Investors should accede the important risks and uncertainties that may account absolute after-effects to differ. These important risks and uncertainties accommodate those discussed in the parties’ corresponding 2016 Annual Reports on Form 10-K, consecutive Quarterly Reports on Form 10-Q, and the added filings they anniversary accomplish with the Securities and Exchange Commission. Neither affair assumes any obligation to amend this release, which speaks as of the date issued.
From time to time, The Hartford may use its website to advertise actual aggregation information. Banking and added important advice apropos The Hartford is commonly attainable through and acquaint on our website at https://ir.thehartford.com. In addition, you may automatically accept email alerts and added advice about The Hartford back you accept your email abode by visiting the “Email Alerts” area at https://ir.thehartford.com.
1 Source: LIMRA, based on in-force adept contracts, certificates, absolute premiums calm as of Dec. 31, 2016, and annualized premiums.
1 Total earned exceptional for both Aetna’s accumulation activity and affliction business and The Hartford’s accumulation activity and affliction business, accepted for 2018.
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