A.M. Best Assigns Rating to Hartford Life's Funding Agreement-Backed Securities Program; Affirms Debt and Financial Strength Ratings.

OLDWICK, N.J. -- A.M. Best Co. has assigned a rating of "aa-" to the funding agreement-backed securities (FABS) program established by Hartford Life Insurance Company (Hartford Life) (Hartford, CT). A.M. Best has also assigned a debt rating of "aa-" to the outstanding notes issued under Hartford Life's publicly registered retail medium-term notes program. Additionally, A.M. Best has assigned an issuer credit rating (ICR) of "aa-" to Hartford Life. Hartford Life and its affiliates constitute the life operations of The Hartford Financial Services Group, Inc. (The Hartford) (NYSE: HIG).

Concurrently, A.M. Best has affirmed the financial strength rating of A+ (Superior) of the key life/health insurance subsidiaries of Hartford Life, Inc. (HLI). Additionally, A.M. Best has affirmed the financial strength rating of A (Excellent) of Hartford International Life Reassurance Corporation (Hartford, CT), a strategic subsidiary of HLI and the ratings on HLI's existing debt securities. All ratings have a stable outlook.

HLI's ratings reflect its strong market positions in several U.S. life insurance and retirement savings businesses--most notably variable annuities--diversified sources of revenues and earnings, broad multi-channel distribution, excellent management, strong operating performance and solid capitalization. Partly offsetting these positive factors is HLI's ongoing challenge of continuing to accumulate capital to support both its corporate debt reduction initiatives and substantial sales growth across its various product lines and geographic locations, as well as managing risk with respect to secondary guarantees through product design and effective hedging. Moreover, HLI's operating results and capitalization are exposed to a potential downturn in the equity markets as nearly half of its operating earnings are derived from retail separate account products. Recent operating results reflect improvements in the equity and credit markets. A.M. Best expects the life operations to continue to build and maintain solid risk-adjusted capitalization in the near to medium term primarily from improved statutory results, and if needed, financial support from The Hartford.

Although The Hartford's financial leverage has historically been at the high end of A.M. Best's tolerance for its debt ratings, the company has made progress in reducing financial leverage over the past year, with commitments from management to continue the trend throughout 2005. These abating leverage concerns are further offset by The Hartford's capital markets presence, sustainable earnings power and diversified business platform.

Hartford Life's publicly registered FABS program, established in September 2004, provides for the issuance of up to $2 billion of secured medium-term notes to both retail and institutional investors. Each issuance of notes is accomplished by separate and distinct Delaware statutory trusts, collectively known as the Hartford Life Global Funding Trusts. The notes of each trust are secured by a funding agreement issued by Harford Life, which is domiciled in and subject to the laws of the State of Connecticut.

Based on A.M. Best's analysis of the FABS structures utilized by HLI, its programs and notes will carry the ICR of "aa-" of Hartford Life. This reflects that each trust's notes are secured by a security interest in the underlying funding agreements, which are unsecured obligations of Hartford Life's general account. In addition, in the event of a liquidation or rehabilitation of a Connecticut domestic insurance company, the note holders will be accorded a claim status, which ranks equally (i.e. pari passu) with the claims of policyholders, beneficiaries and insureds of the insurer. Therefore, in assigning the above rating, A.M. Best believes that all investors in HLI's FABS are exposed to the inherent credit, liquidity and business risks of the sponsoring insurance company, Hartford Life.

For a complete list of Hartford Life Insurance Company and Hartford Life, Inc.'s financial strength, issuer credit and debt ratings, as well as a list of issuances under its FABS programs, please visit http://www.ambest.com/press/031002hartford.pdf.

For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings.

For additional insight, please refer to A.M. Best's methodology, Rating Funding Agreement-Backed Securities at http://www.ambest.com/ratings/methodology.html

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.