Recognizing that technology can only supplement—not supplant—personal relation- ships, we created an organization of business technology solutions managers in our field offices. These specialists provide hands-on support to property-casualty agents who use The Hartford’s online tools. This successful high-tech, high-touch mix is one reason why we estimate our small- business insurance growth rate is five to six times the industry average. Another reason is that we strategically target these businesses’ unmet needs. Our new CyberFlex TM business insurance coverage, for example, is geared to traditional brick-and-mortar businesses that have some exposure for cyber-risk in their normal course of doing business—such as using e-mail or operating a Web site. Our focus on growth never distracts us from the bottom line. When markets or busi- nesses prove unprofitable, we’re nimble enough to take quick action. We exited the European property-casualty business in 2001, focusing instead on financial services in Asia. We also repositioned our reinsurance business to concentrate on the U.S. market, where we’re already strong.  In all our operations, we’ve built a well-deserved reputation as a premier partner because we offer an exceptional value proposition that will never change: innovative prod- ucts, world-class money management, value-added distribution, and outstanding service and technology.  I’m deeply grateful to our employees, our business partners, our board of directors and, of course, our customers for their support during some of the most trying times we’ve ever experienced. I especially want to thank you, our shareholders, for allowing us to contin- ue earning your support. My confidence in our company and our industry has never wavered, even in the darkest moments following Sept. 11. True, we’re still grappling with serious issues. The question of federal backstop legislation for terrorism is still unresolved, and the possibility of future terrorist attacks remains a serious concern. The world and its risks are much changed since I wrote my letter to you a year ago. But we’ll continue to manage risks pru- dently while always thinking ahead for our shareholders, customers and partners. That’s what we’re in business to do. We’ll continue to run our business the right way, and I believe we’ll continue to earn your trust. Ramani Ayer  Chairman, President and Chief Executive Officer 7 Sincerely, Tom Marra,  President and Chief Operating Officer, Life Operations