7 Ramani Ayer Chairman, President and  Chief Executive Officer Sincerely, Future growth will be driven by a large segment of the  population–aging baby boomers seeking retirement income solutions. In 2000, there were 35 million Americans age 65  or older. By 2010, that number is expected to grow to be  more than 40 million. By 2030 that number is expected to  be 70 million. Some will spend as many years in retirement  as they did working. Tr a d i t i o n a l e m p l oy e r - p r ov i d e d p e n s i o n p l a n s a n d So c i a l Security–however it is designed and implemented in the future– may not be enough to support a retirement that may last thirty years or more. The Hartford has the right product mix to meet the needs of this growing population segment today and beyond. My confidence in the future of this company is strong, as our strategies support growth in both our core and emerging product lines. We are eager to build on the success of 2004 and take advan- tage of tomorrow’s opportunities. We are poised for success in 2005, and beyond. In closing, I want to thank Gordon Ulmer for 10 years  of service as he retires from our Board of Directors. His leader- ship in support of corporate governance and day-to-day busi- ness operations at The Hartford was invaluable. Also, I want  to thank you all–employees, business partners, shareholders,  Board of Directors, and loyal customers of The Hartford–for your efforts and your continued trust in me and the company’s leadership team. * See footnote on page 29. Diluted Operating  Earnings Per Share * 00 3.00 01 02 03 04 3.75 4.50 5.25 $6.00 Total assets under management  $29 1 .7 billion