Hartford Financial (HIG) Misses Q1 EPS by 2c

Hartford Financial (NYSE: HIG) reported Q1 EPS of $1.00, $0.02 worse than the analyst estimate of $1.02.

• Net income of $378 million increased 17% from first quarter 2016 primarily due to lower net realized capital losses, partially offset by higher catastrophe losses; net income per diluted share of $1.00 up 27% from first quarter 2016
• Core earnings* of $378 million decreased 2% from first quarter 2016 primarily due to higher property and casualty (P&C) current accident year losses including catastrophes, partially offset by higher net investment income; core earnings per diluted share* of $1.00 rose 5% from first quarter 2016
• Net investment income of $728 million rose 5% from first quarter 2016 principally due to higher income from limited partnerships and other alternative investments (LPs)
• Commercial Lines combined ratio of 96.0 increased 4.9 points from first quarter 2016 and included a 2.1 point unfavorable change in net prior accident year development (PYD) and a 1.5 point increase in catastrophe losses; underlying combined ratio* of 90.9 was up 1.3 points from first quarter 2016 primarily due to commercial auto and general liability
• Personal Lines combined ratio of 99.3 decreased 0.6 point from first quarter 2016; underlying combined ratio of 91.2 was 1.5 points higher than first quarter 2016 due to higher weather and fire losses in homeowners; first quarter 2016 auto loss costs developed adversely during 2016, and after adjusting for this development, Personal Lines auto underlying combined ratio improved 5.7 points from first quarter 2016
• Book value per diluted share of $45.25 rose 2% from Dec. 31, 2016; book value per diluted share excluding accumulated other comprehensive income (AOCI)* was $45.80, up 1%

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

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