NU Online News Service, March 17, 1:43 p.m. EDT

Five insurers made this year's most ethical company list, with The Hartford and Swiss Re among 110 other named companies, according to a think tank dedicated to promoting best practices in business ethics.

Ethisphere said the companies it has selected for its World's Most Ethical list, as a group, have outperformed the S&P 500 every year since the award was developed in 2007.

“The World's Most Ethical Companies, if indexed, would have significantly outperformed the S&P 500 by delivering a nearly 27 percent return to shareholders since 2007, compared to the S&P's negative 8.5 percent shareholder return during the same period, proving there is a strong correlation between a company's ethics program and its performance,” said Alex Brigham, executive director of the Ethisphere Institute.

“These companies deserve recognition for setting the tone from the top and making high standards a priority.  In addition to increased financial performance, ethical companies benefit from better brand reputation, consumer loyalty and higher employee retention rates.  These companies understand that good, smart business leads to higher profits and stronger organizations.”      

The five insurers to make the list were:

• The Hartford Financial Group.
• Swiss Re.
• Aflac Inc.
• Wisconsin Physicians Service Insurance Co. (WPS Insurance).
• Sompo Japan Insurance.

For its part, the Hartford said that it took great pride in receiving this recognition.

“The Hartford's reputation for integrity is a cornerstone of this company,” said Alan Kreczko, executive vice president and general counsel in a statement. “Every day, we build that reputation by doing the right thing when interaction with customers, partners, vendors and one another.”

Jim Riordan, president and chief executive officer at WPS Insurance, said, “Earning this distinction—not just once, but two years in a row—sets WPS apart from our competitors as a leader in the health insurance industry and as an employer of choice.”

Aflac noted that it has made the list for five straight years, the only insurer to achieve that distinction.

According to a Ethisphere spokesperson, Swiss Re has received the award in four of the past five years and Sompo Japan has received the distinction twice. 

This story was updated in the last paragraph with a clarification about the past winners.