A.M. Best Assigns Senior Debt Rating to Hartford.

Business Editors

OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 28, 2001

A.M. Best Co. has assigned an a+ senior debt rating to the $400 million 30 year senior notes and an "a-" rating to the $200 million of trust preferred securities issued by Hartford Life, Inc.

Proceeds from the issues will be used to partially finance the company's $1.12 billion acquisition of the individual life, annuity and mutual fund businesses of Fortis Financial Group. The acquisition, announced on January 25, 2000, is to be funded by the senior notes and preferred securities issued by Hartford Life and the issuance of Hartford Financial Services Group, Inc. common stock. Hartford Life will acquire 100% of the shares of both Fortis' retail broker/dealer and mutual fund companies; and assume through a portfolio reinsurance transaction the annuity and life business. Leverage levels at Hartford Life are within A.M. Best's tolerance for the rating while coverage ratios are just adequate. However, Hartford Financial Services Group and Hartford Life, a wholly owned subsidiary of Hartford Financial, have consistently generated earnings, cash flow and capital in their chosen businesses.

The acquisition will increase Hartford Life's scale in the individual life, individual annuities and mutual fund businesses. The transaction will extend Hartford Life's product, distribution and geographic reach. In particular, an important strategic asset is the addition of a retail distribution channel that provides nearly 3000 brokers. Moreover, the transaction will further The Hartford's reputation as a consolidator in this industry, by nearly doubling the number of individual life policies. This will strengthen Hartford Life's leading position as a provider of variable annuities and in variable life insurance. Hartford Life's mutual fund assets will increase by $4 billion resulting in total assets under management in this segment to approximately $15 billion.

The following debt ratings were assigned:

Hartford Life, Inc.

-- $400 million of 7.375% senior notes maturing 2031 at "a+"

Hartford Life Capital II

-- $200 million of preferred securities at "a-"

The following debt ratings remain unaffected:

Hartford Financial Services Group, Inc.

-- Prospective senior long term debt at "a+"

-- Prospective senior subordinated debt at "a"

-- Prospective preferred securities at "a-"

-- Senior debt at "a+"

-- Commercial Paper at "AMB-1"

Hartford Capital I & II

-- Preferred securities at "a-"

Hartford Life, Inc.

-- Prospective senior long term debt at "a+"

-- Prospective senior subordinated debt at "a"

-- Prospective preferred securities at "a-"

-- Senior debt at "a+"

Hartford Life Capital I

-- Preferred securities at "a-"

The following financial strength ratings are unaffected:

-- Hartford Insurance Pool at A+

-- First State Pool at B+

-- Omni Insurance Group at A-

-- Hartford Life and Accident Insurance Company at A+

-- Hartford Life Insurance Company at A+

-- Hartford Life and Annuity Insurance Company at A+

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.