The following is a summary of the The Hartford Financial Services Group, Inc. (HIG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• The Hartford reported Q1 2024 core earnings of $709 million, or $2.34 per diluted share, with a trailing 12-month core earnings ROE of 16.6%.

• Commercial Lines had core earnings of $546 million and a combined ratio of 88.4%.

• Personal Lines' earnings for the quarter were $33 million with a combined ratio of 96.1%.

• Group Benefits had core earnings of $107 million and a 6.1% core earnings margin.

• The annualized portfolio yield was 4.3% before tax, driven by elevated yields and a diversified portfolio.

Business Progress:

• The Hartford has taken underwriting actions since 2019 relating to industry and litigation hotspots, boosting their profitability.

• There is continued growth in Small Commercial, Middle & Large Commercial, and Global Specialty.

• Personal Lines saw a written premium increase by 13% over the prior year, with a future focus on auto policy growth starting from 2025.

• The company invested in the development of the Prevail product and platform and plans to accelerate investments in areas of profitability.

• Future plans include increased marketing expenses in Q2 and strengthening their supplemental health offerings, underscoring a forward-looking strategy.

More details: Hartford Financial Services IR

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