Hartford Life Reorganizing

<p lang="en-US">May 29--The Hartford's life operations are reorganizing into four groups, each targeted at different kinds of customers, to promote growth of the businesses at home and abroad, the company plans to announce today.</p> <p>Simsbury-based Hartford Life, part of The Hartford Financial Services Group Inc., has been organized in two major product-focused groups -- U.S. Wealth Management, and International Wealth Management and Group Benefits. It will now be divided up to serve four markets: individuals, employers, institutions and international.</p> <p>The realignment will not result in job cuts, said John C. Walters, president and chief operating officer of Hartford Life. "That's not what this is about," he said in an interview Wednesday. "This is about positioning us for maximizing our growth opportunities for the future."</p> <p>Walters did say that, "We do expect over long periods of time to become more and more efficient as we run our businesses."</p> <p>Walters, 46, will oversee the four market groups and a newly centralized service and technology organization that supports them.</p> <p>Hartford Life's previous two-division setup is only a little more than two years old, but recent promotions of the division chiefs made it a good time for a realignment, Walters said.</p> <p>Walters was president of U.S. Wealth Management and co-chief operating officer of the overall life operations with Lizabeth H. Zlatkus. Zlatkus was also president of International Wealth Management and Group Benefits. She was promoted to executive vice president and chief financial officer of The Hartford Financial Services Group.</p> <p>U.S. Wealth Management had included such products as individual life insurance, annuities, mutual funds and 401(k) savings plans. International Wealth Management and Group Benefits included operations in Japan, Brazil and the United Kingdom, and the domestic group life and disability insurance business.</p> <p>The four new market groups and their leaders are:</p> <p>--Individual Markets, which includes individual life and variable annuities, mutual funds and "529" college savings plans. Led by Brian D. Murphy, who has been executive vice president of The Hartford's individual life insurance division.</p> <p>--Employer Markets, which combines employer retirement plans, including 401(k)s and group life and disability insurance. Led by James E. Davey.</p> <p>--Institutional Markets, which includes investment products for institutions, corporations and high net worth individuals. Led by Stephen T. Joyce.</p> <p>--International Markets, which will focus on expanding the company's business in Asia and Europe. Led by Peter Smyth.</p> <p>Also, the new global operations and technology team will be headed by Sharon A. Ritchey.</p> <p>The realignment into four groups, Walters said, should promote better coordination in sales, marketing and product development to better serve customers and drive more sales.</p> <p>Contact Diane Levick at [email protected].</p>