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Stock Market & Financial Investment News

News Breaks
April 28, 2014
05:46 EDTHIGHartford Financial to sell Japan annuity company for $895M
The Hartford announced it has entered into a definitive agreement with ORIX Life Insurance Corporation, a subsidiary of ORIX Corporation, to sell 100% of the outstanding shares of Hartford Life Insurance K.K., or HLIKK, The Hartford’s wholly-owned Japanese annuity subsidiary. Concurrent with closing, all reinsurance agreements between HLIKK and The Hartford’s U.S. life insurance subsidiaries will terminate, with the exception of an agreement covering about $1.1B of fixed payout annuity reserves. The transaction is expected to be approved by the Japanese Financial Services Agency and, subject to other customary closing conditions, to close in July. The Hartford estimates that the March 31, pro forma effect of the transaction is a U.S. GAAP loss of approximately $675M and a U.S. life statutory surplus loss of approximately $275M. The company estimates a March 31, pro forma capital benefit from this transaction of approximately $1.4B. The estimated capital benefit includes the net sales proceeds of approximately $860M, after-tax, and an estimated reduction in capital required in the company’s U.S. life insurance subsidiaries of approximately $540M due to the termination of certain reinsurance agreements.
News For HIG From The Last 14 Days
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February 9, 2016
07:11 EDTHIGBofa/Merrill to hold a conference
2016 Insurance Conference is being held in New York on February 9-11.
February 5, 2016
07:29 EDTHIGOptions expected to be active
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06:23 EDTHIG20 companies make alliance to keep down healthcare costs, WSJ says
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February 4, 2016
19:30 EDTHIGOn The Fly: After Hours Movers
UP AFTER EARNINGS: Ubiquiti Networks (UBNT), up 18.3%... Symantec (SYMC), up 9.3%... Hartford Financial (HIG), up 7.4%... Post Holdings (POST), up 6.3%... Lumentum (LITE), up 4.7%... TTM Technologies (TTMI), up 1.1%. ALSO HIGHER: Multi-Fineline (MFLX), up 40% after agreeing to be acquired for $23.95 per share. DOWN AFTER EARNINGS: Tableau Software (DATA), down 35.2%... LinkedIn (LNKD), down 29%... Giga-tronics (GIGA), down 28.6%... Hanesbrands (HBI), down 11.4%... YRC Worldwide (YRCW), down 18.8%... Outerwall (OUTR), down 14.2%... Deckers Outdoor (DECK), down 9.9%... Qorvo (QRVO), down 1.3%... athenahealth (ATHN), down 3.7%. ALSO LOWER: Hess (HES), down 6.7% after filing to sell 25M common shares and 10M depositary shares... Splunk (SPLK) is down 10.4%, Qlik Technologies (QLIK) is down 11.4%, Workday (WDAY) is down 6.2%, and Palo Alto Networks (PANW) is down 3% after Tableau Software reported quarterly results... Groupon (GRPN) is down 1.9%, Netflix (NFLX) is down 1.7%, Twitter (TWTR) is down 1.7%, and Facebook (FB) is down 1% are down after LinkedIn reported quarterly results.
16:32 EDTHIGHartford Financial reports Q4 core EPS $1.07, consensus 98c
Reports Q4 revenue $4.51B, consensus $4.67B. Commercial Lines Q4 combined ratio before catastrophes and prior accident year development was 88.2, a 3.0 point improvement over fourth quarter 2014. Personal Lines Q4 combined ratio before catastrophes and PYD was 93.5, a 1.7 point deterioration over fourth quarter 2014. Book value per diluted share, excluding accumulated other comprehensive income, was $43.76, a 7% increase from Dec. 31, 2014.
15:29 EDTHIGHartford Financial volatility elevated into Q4 and outlook
Hartford Financial February weekly call option implied volatility is at 90, February is at 34 March is at 30; compared to its 52-week range of 14 to 45, suggesting large near term price movement into the expected release of Q1 results on February 5.

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