Good afternoon, everyone.
Good afternoon.
I'd like to call the meeting to order. I'm Chris Swift, Chairman and Chief Executive Officer of The Hartford. Don Hunt, the company's Corporate Secretary, will act as Secretary of this meeting, and I will preside. Patricia Hoffman, a representative from Broadridge, will act as Inspector of the Election. She has already taken her inspector's oath and reported that we have a quorum. The annual meeting of the shareholders of The Hartford is now convened. Thank you for being here. This afternoon, you will consider and vote on three proposals listed in the proxy statement. After which, I'll provide a brief update on The Hartford, and then we'll open the floor to your questions. Each shareholder should have received a program that includes an agenda and rules of procedure for this meeting. We'll conduct the meeting according to the agenda and those rules.
Before I begin, I'd like to introduce members of the company's Board of Directors, each of whom is standing for election at this meeting. Will our nominees please stand when I call your name? Robert Allardyce III, Trevor Fetter, Michael Morris, Thomas Renyi, Julie Richardson, Charles Strauss, H. Patrick Swygert, and myself, Christopher Swift. Thank you. Three additional directors standing for election were unable to be here in person. We have Virginia Ruesterholz and Teresa Roseborough on the phone today. Unfortunately, Kathryn Mikells was unable to attend due to a scheduling conflict. I want to take this opportunity to share my gratitude for all that you've done for The Hartford. Your wisdom and your partnership have been invaluable, and I know that I speak for our entire employees when I say thank you.
I'd also like to acknowledge the members of The Hartford's executive leadership team who are here today, as well as representatives from Deloitte & Touche, the company's independent auditor. We will move to the formal part of the meeting and consider and vote on the proposals that were included in the proxy statement. After I read the proposals, individuals who wish to address the items presented should raise their hands, and a microphone will be brought to you. Before speaking, please identify yourself as a shareholder or shareholder representative, and please state your name. As set forth in the proxy statement, there are three items to be acted upon at the meeting. We have not received advance notice of any other director nominations or proposals for consideration at this meeting, as required by our bylaws. Therefore, director nominations are closed, and no other proposals can be presented today.
The first matter to vote on is each of the 11 director candidates introduced earlier. Background information on each director candidate was provided in the proxy statement. The second matter is the ratification of the appointment of Deloitte & Touche as the company's independent registered public accounting firm for 2015. The third matter is a management proposal to approve, on a non-binding advisory basis, the compensation of the named executive officers disclosed in the proxy statement. Are there any shareholder comments or questions regarding the matters to be voted on? I now declare the polls open for voting. Any shareholder who has already voted need not vote again unless you want to change your vote. If any shareholder wants to vote now and has not already received a ballot, please raise your hand and one will be brought to you. Good.
As all shareholders have been given the opportunity to vote, I now declare the polls closed and ask the Inspector of Elections to provide the Corporate Secretary the results of the shareholder voting.
The Inspector of Elections has tabulated the votes cast, and based on that report, I declare as follows. First, each director nominee received a majority of the votes cast, and therefore, all nominees are elected directors of the company. Second, the ratification of the appointment of Deloitte & Touche as the company's independent registered public accounting firm for 2015 received a majority of the votes cast. Third, shareholders approved the 2014 compensation of the company's named executive officers, as disclosed in the proxy statement.
Thank you, Don. This concludes the business portion of the meeting. I would now like to provide a brief update on The Hartford. Since I will be making some statements that should be considered forward-looking and discussing certain non-GAAP financial measures, please do note the information on this slide. 2014 was an outstanding year for The Hartford. Thanks to the commitment and hard work of more than 17,000 employees, we accelerated the transformation of our company and delivered strong results. Our core earnings grew 9% to $1.5 billion, and our core earnings ROE, or return on equity, increased one full percentage point to 8.4%. During the year, we achieved a significant milestone in the transformation of our company when we sold the Japan annuity business. We also returned over $2 billion of capital to shareholders through dividends and share repurchases and increased our quarterly dividend by 20%.
Any discussion of 2014 must include an expression of sincere gratitude to Liam McGee. The Hartford was deeply saddened by his loss in February of 2015, following a brave battle against cancer. Liam was a great leader. He restored the company's financial strength and set us on a path to achieve our vision, to be an exceptional company celebrated for financial performance, character, and customer value. We are thankful for his many contributions. As we move forward, we will focus on four major areas. First, expanding our product and underwriting capabilities to meet the needs of a broader set of policyholders. Second, continuing to extend our distribution. Third, improving the customer experience and our operating efficiency. Fourth, managing our capital effectively. Over the past several years, we have worked hard to transform our company into a more focused and financially stronger organization.
In recent weeks, Standard & Poor's, Moody's, and AM Best each upgraded many of our debt and financial strength ratings, further affirming our improved balance sheet, operating performance, and financial flexibility. Our progress should be credited to our talented employees, a dedicated leadership team, and a committed board. The depth of our talent enabled a seamless leadership transition during this past year. The current leadership team is passionate and collaborative with a common vision for The Hartford. We are committed to a high-performance culture and to being the employer of choice for the current and next generation of insurance talent. A key component of our vision is to be celebrated for our character. Character includes integrity and ethical conduct, a diverse and inclusive culture, caring for customers, partners, and one another, engaging with and serving our communities, and protecting the environment.
As a reflection of these beliefs, in 2014, we were again named one of the world's most ethical companies by the Ethisphere Institute, a best employer for healthy lifestyles by the Business Group on Health, and a best place to work for LGBT equality. We were also named to the Dow Jones Sustainability Index and to the Climate Disclosure Leadership Index. With the company's strategic and financial transformation essentially complete, we have a clear direction and a focused portfolio of businesses. We have a strong balance sheet, financial flexibility, and a substantially improved risk profile. We have an outstanding leadership team, we are highly competitive in each of our markets, and we are making targeted investments to supplement our existing strengths. I am confident that the company is well-positioned to serve our customers and create value for our shareholders on a consistent and sustained basis.
We appreciate our shareholders' support and the tremendous effort our employees give every day. Thank you. I now will open the floor to general questions. As a reminder, if you have a question, please raise your hand and we'll bring you a microphone. Please state your name and identify yourself as a shareholder or shareholder representative. It's my pleasure to take your questions. There are no questions. I simply want to emphasize that The Hartford is optimistic and excited about our future. We are determined to increase value for our shareholders and build confidence for our customers, partners, and colleagues. We appreciate your interest and support of The Hartford, and thank you all for coming here today. Have a nice day.