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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