Hartford Financial (NYSE: HIG) reported Q2 EPS of $1.29, $0.07 better than the analyst estimate of $1.22.

• Second quarter 2020 net income available to common stockholders of $463 million ($1.29 per diluted share) increased 24% from second quarter 2019, and core earnings* of $438 million (core earnings per diluted share* of $1.22) declined 10% from second quarter 2019
• Net income ROE for the trailing 12-month period ended June 30, 2020, was 11.3% and core earnings ROE* for the same period was 12.7%
• In the second quarter, The Hartford incurred $248 million, before tax, in current accident year (CAY) catastrophes (CATs), including $110 million, before tax, related to the civil unrest
• Incurred losses from COVID-19 were $251 million, before tax, or $198 million, after tax
• Second quarter results included net favorable Property & Casualty (P&C) reserve development of $268 million, before tax, or $212 million, after tax, mostly due to $400 million, before tax, favorable prior year catastrophes, including the subrogation recoverable from PG&E Corporation
• Launched an operational transformation and expense savings initiative called Hartford Next, with $500 million annual expense savings, before tax, expected in 2022

"Although the second quarter was dominated by the challenges of the COVID-19 health crisis, the economic shutdown and the disruption of our everyday lives, the strength of our underlying business was evident and we delivered core earnings of $438 million or $1.22 per diluted share, and a 12-month core earnings ROE of 12.7 percent," said The Hartford\'s Chairman and CEO Christopher Swift.

The Hartford\'s President, Doug Elliot, said, "The second quarter has certainly presented some extraordinary challenges. COVID-19 has touched nearly all aspects of our business and has significantly impacted each of our stakeholders. I am proud of the actions we\'ve taken to soften the impact for our customers affected by the crisis while we continue to pay claims and remain disciplined in our underwriting. Pricing remained strong in the quarter. Non-workers\' compensation standard commercial rate increases were 7.8 percent and U.S. wholesale specialty commercial lines rate increases were 24 percent. Notwithstanding the economic uncertainty, our underlying foundation is solid and we will continue to advance our profitability and underwriting objectives."

Swift added, "At The Hartford, we are effectively navigating through these unprecedented challenges by remaining focused on supporting customers, responding to distribution partners and safeguarding the health of our employees. While uncertainty surrounds the nation\'s economic recovery over the coming quarters, our strong risk management, underwriting capabilities and financial resources position us to continue to achieve our strategic goals."

For earnings history and earnings-related data on Hartford Financial (HIG) click here.