Hartford Financial (HIG) Tops Q2 EPS by 10c, Beats on Revenues
Hartford Financial (NYSE: HIG) reported Q2 EPS of $1.04, $0.10 better than the analyst estimate of $0.94. Revenue for the quarter came in at $4.77 billion versus the consensus estimate of $4.42 billion.
- Net loss of $40 million, including a previously-announced $488 million, after tax, pension settlement charge, compared with net income of $216 million in second quarter 2016; net loss per diluted share of $0.11 compared with net income per diluted share of $0.54 in second quarter 2016
- Core earnings* of $389 million compared with $122 million in second quarter 2016, which included unfavorable prior accident year development (PYD) of $228 million, after tax; core earnings per diluted share* were $1.04 compared with $0.31 in second quarter 2016
- Current accident year catastrophe losses totaled $155 million, before tax, down 16% from $184 million, before tax, in second quarter 2016; favorable PYD was $10 million, before tax, compared with unfavorable PYD of $351 million, before tax, in second quarter 2016, which included $268 million from asbestos and environmental and $75 million from personal auto
- Commercial Lines combined ratio of 94.6 improved 0.4 point from second quarter 2016 primarily due to a 1.1 point decrease in current accident year catastrophe losses; underlying combined ratio* of 90.9 increased 1.1 points from second quarter 2016 primarily due to auto and property losses and higher underwriting expenses
- Personal Lines combined ratio of 101.4 improved 11.2 points from second quarter 2016 due to improved auto results and lower current accident year catastrophes; underlying combined ratio of 92.6 improved 1.6 points from second quarter 2016
- Group Benefits net income of $69 million and core earnings of $61 million rose 25% and 33%, respectively, over second quarter 2016 due to improved group life and group disability loss experience and premium growth
For earnings history and earnings-related data on Hartford Financial (HIG) click here.