Hartford Financial (HIG) Tops Q2 EPS by 9c

Hartford Financial (NYSE: HIG) reported Q2 EPS of $1.13, $0.09 better than the analyst estimate of $1.04.

• Income from continuing operations, after tax, totaled $434 million compared with a second quarter 2017 loss from continuing operations, after tax, of $152 million ($0.42 per diluted share), which included a $488 million, after tax, pension settlement charge
• Core earnings* were $412 million, up 36% from $303 million ($0.81 per diluted share), in second quarter 2017 due to higher income before income taxes in the Commercial Lines, Group Benefits and Mutual Funds segments and the favorable impact of a lower U.S. corporate tax rate
• Property and casualty (P&C) combined ratio of 95.7 decreased 1.4 points from second quarter 2017 due to higher favorable prior accident year development (PYD) and a better underlying combined ratio*, partially offset by higher current accident year catastrophe losses; P&C underlying combined ratio of 90.3 improved 1.3 points from second quarter 2017, reflecting better results in Commercial Lines and Personal Lines
• Group Benefits net income of $96 million rose 39% from second quarter 2017 primarily due to the fourth quarter 2017 acquisition, an improved disability loss ratio, and the favorable impact of a lower U.S. corporate tax rate
• Book value per diluted share of $34.44 declined 7% from Dec. 31, 2017, due to lower net unrealized capital gains from higher interest rates and wider credit spreads and the sale of Talcott Resolution; book value per diluted share (excluding accumulated other comprehensive income (AOCI))* was $38.15, up 8%

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

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