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HARTFORD, Conn.--(BUSINESS WIRE)--Oct 27, 2022--
The Hartford (NYSE: HIG) today announced financial results for the quarter ended Sept. 30, 2022.
“The Hartford continues to deliver strong financial performance with a 12-month core earnings ROE of 14.3%. In the quarter, top-line and core-earnings growth in Commercial Lines and Group Benefits, along with healthy investment returns, offset the impact of Hurricane Ian and a challenging macroeconomic environment,” said Chairman and CEO Christopher Swift.
Swift said, “Our focus remains on underwriting excellence that optimizes earnings and returns. In the first nine months of the year, we returned $1.6 billion of capital to shareholders and are pleased to announce a 10% increase in our common dividend. We are generating consistent sustainable industry leading returns, and delivering on our financial objectives.”
CONSOLIDATED RESULTS:
| Three Months Ended | ||
($ in millions except per share data) | Sep 30 | Sep 30 |
Change |
Net income available to common stockholders | $333 | $476 | (30)% |
Net income available to common stockholders per diluted share 1 | $1.02 | $1.36 | (25)% |
|
|
|
|
Core earnings 2 | $471 | $442 | 7% |
Core earnings per diluted share 2 | $1.44 | $1.26 | 14% |
|
|
|
|
Book value per diluted share | $38.99 | $50.53 | (23)% |
Book value per diluted share (ex. AOCI) 2 | $52.63 | $49.64 | 6% |
|
|
|
|
Net income available to common stockholders' return on equity (ROE) 3, last 12-months | 12.8% | 12.3% | 0.5 |
Core earnings ROE 2, 3, last 12-months | 14.3% | 12.5% | 1.8 |
[1] Includes dilutive potential common shares; for net income available to common stockholders per diluted share, the numerator is net income less preferred dividends
[2] Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures
[3] Return on equity (ROE) is calculated based on last 12-months net income available to common stockholders and core earnings, respectively; for net income ROE, the denominator is common stockholders’ equity including AOCI; for core earnings ROE, the denominator is common stockholders’ equity excluding AOCI
The Hartford defines increases or decreases greater than or equal to 200%, or changes from a net gain to a net loss position, or vice versa, as "NM" or not meaningful
Third quarter 2022 net income available to common stockholders was $333 million, or $1.02 per diluted share, compared with $476 million in third quarter 2021, primarily due to lower net investment income and a change from net realized gains to net realized losses, partially offset by a reduction in excess mortality in Group Benefits and higher P&C underwriting results.
Third quarter 2022 core earnings of $471 million, or $1.44 per diluted share, compared with $442 million of core earnings in third quarter 2021. Contributing to the results were:
Sept. 30, 2022, book value per diluted share of $38.99 decreased 24%, from $51.36 at Dec. 31, 2021, principally due to a change from net unrealized gains to net unrealized losses on investments within AOCI as a result of an increase in interest rates and wider credit spreads.
Book value per diluted share (excluding AOCI)* of $52.63 as of Sept. 30, 2022, increased from $50.86 at Dec. 31, 2021, as the impact from net income in excess of stockholder dividends through Sept. 30, 2022, was partially offset by the dilutive effect of share repurchases.
For the nine months ended Sept. 30, 2022, The Hartford returned approximately $1.6 billion to stockholders, consisting of $1.2 billion of stock repurchases and $383 million in common stockholder dividends paid.
Net income available to common stockholders' ROE (net income ROE) was 12.8% for the twelve-month period ending Sept. 30, 2022, an increase of 0.5 points from third quarter 2021.
Core earnings ROE for the twelve-month period ending Sept. 30, 2022, was 14.3%, an increase of 1.8 points from third quarter 2021 due to higher trailing 12-month core earnings, partially offset by higher average common stockholder's equity excluding AOCI.
BUSINESS RESULTS:
Commercial Lines
| Three Months Ended | ||
($ in millions, unless otherwise noted) | Sep 30 | Sep 30 |
Change |
Net income | $286 | $357 | (20%) |
Core earnings | $363 | $344 | 6% |
Written premiums | $2,780 | $2,532 | 10% |
Underwriting gain (loss) 1 | $153 | $(30) | NM |
Underlying underwriting gain 1 | $290 | $314 | (8%) |
Losses and loss adjustment expense ratio |
|
|
|
Current accident year before catastrophes | 57.5 | 55.2 | 2.3 |
Current accident year catastrophes | 6.6 | 9.1 | (2.5) |
Unfavorable (favorable) prior accident year development | (1.6) | 5.0 | (6.6) |
Expenses | 31.5 | 31.8 | (0.3) |
Policyholder dividends | 0.3 | 0.2 | 0.1 |
Combined ratio | 94.3 | 101.2 | (6.9) |
Impact of catastrophes and PYD on combined ratio | (5.0) | (14.1) | 9.1 |
Underlying combined ratio 1 | 89.3 | 87.2 | 2.1 |
[1] Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures
Third quarter 2022 net income of $286 million compared with net income of $357 million in third quarter 2021, principally due to a change from net realized gains to net realized losses and lower net investment income, partially offset by a change from an underwriting loss to an underwriting gain.
Commercial Lines core earnings of $363 million in third quarter 2022 compared with $344 million in third quarter 2021. Contributing to the results were:
Combined ratio was 94.3 in third quarter 2022, 6.9 points lower than 101.2 in third quarter 2021, primarily due to a 6.6 point change from unfavorable to favorable prior accident reserve development and 2.5 points of lower CAY CAT losses, partially offset by a 2.1 point increase in the underlying combined ratio. Underlying combined ratio was 89.3, a 2.1 point increase from third quarter 2021, primarily due to a 2.3 point increase in the underlying loss and loss adjustment expense ratio, partially offset by a 0.3 point decrease in the expense ratio. The increase in the underlying loss and loss adjustment expense ratio in Commercial Lines was primarily driven by an increase in non-catastrophe property losses.
The expense ratio of 31.5% was down 0.3 points from third quarter 2021 driven by the impact of higher earned premium and incremental savings from the Hartford Next program, mostly offset by higher technology and staffing costs and the impact of a decrease in the allowance for credit losses on premiums receivable recognized in third quarter 2021.
Third quarter 2022 written premiums of $2.8 billion were up 10% from third quarter 2021, reflecting higher new business in Small Commercial and Middle Market, higher policy count retention in Small Commercial, the effect of renewal written price increases across all lines and higher audit and endorsement premiums in workers' compensation from a larger exposure base, including higher payrolls, partially offset by a decrease in new business in Global Specialty.
Personal Lines
| Three Months Ended | ||
($ in millions, unless otherwise noted) | Sep 30 | Sep 30 |
Change |
Net income (loss) | ($36) | $51 | NM |
Core earnings (loss) | ($28) | $48 | NM |
Written premiums | $803 | $765 | 5% |
Underwriting gain (loss) | $(72) | $10 | NM |
Underlying underwriting gain | $31 | $61 | (49%) |
Losses and loss adjustment expense ratio |
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|
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Current accident year before catastrophes | 68.8 | 64.4 | 4.4 |
Current accident year catastrophes | 15.2 | 10.5 | 4.7 |
Favorable prior accident year development | (1.5) | (3.6) | 2.1 |
Expenses | 27.1 | 27.4 | (0.3) |
Combined ratio | 109.6 | 98.7 | 10.9 |
Impact of catastrophes and PYD on combined ratio | (13.7) | (6.9) | (6.8) |
Underlying combined ratio | 95.9 | 91.8 | 4.1 |
Net loss of $36 million in third quarter 2022 compared with net income $51 million in third quarter 2021 largely driven by a change from an underwriting gain to an underwriting loss, a decrease in net investment income and a change from net realized gains to net realized losses.
Personal Lines core loss of $28 million compared with $48 million of core earnings in third quarter 2021. Contributing to the results were:
Combined ratio of 109.6 in third quarter 2022, compared with 98.7 in third quarter 2021, primarily due to an increase in CAY losses before CATs, less favorable PYD, and a higher CAY CAT ratio. Underlying combined ratio of 95.9 compared with 91.8 in third quarter 2021, primarily due to an increase in CAY losses before CATs in auto and homeowners, partially offset by a 0.3 point decrease in the expense ratio.
The decrease in the expense ratio to 27.1 was driven by lower direct marketing costs and incremental savings from the Hartford Next program, partially offset by higher technology and operations staffing costs.
Written premiums in third quarter 2022 were $803 million compared with $765 million in third quarter 2021 with:
Group Benefits
| Three Months Ended | ||
($ in millions, unless otherwise noted) | Sep 30 | Sep 30 |
Change |
Net income | $86 | $28 | NM |
Core earnings | $117 | $19 | NM |
Fully insured ongoing premiums (ex. buyout premiums) | $1,453 | $1,372 | 6% |
Loss ratio | 72.8% | 84.7% | (11.9) |
Expense ratio | 25.4% | 25.2% | 0.2 |
Net income margin | 5.4% | 1.8% | 3.6 |
Core earnings margin | 7.2% | 1.2% | 6.0 |
Net income of $86 million in third quarter 2022 compared with $28 million in third quarter 2021, largely driven by lower excess mortality losses in group life, partially offset by a change from net realized gains to net realized losses and lower net investment income, largely driven by lower returns on LPs.
Core earnings were $117 million, increasing from $19 million in third quarter 2021, largely driven by a reduction in excess mortality losses and earnings generated by 6% growth in fully insured ongoing premiums, partially offset by a higher group life loss ratio excluding excess mortality*, higher insurance operating expenses and a decrease in net investment income.
Fully insured ongoing premiums were up 6% compared with third quarter 2021, driven by an increase in exposure on existing accounts as well as strong persistency and sales. Fully insured ongoing sales were $106 million in third quarter 2022, up 29%, with increases in both group disability and group life.
Loss ratio of 72.8% decreased 11.9 points from third quarter 2021, driven by a 27.8 point decrease in group life.
Hartford Funds
| Three Months Ended | ||
($ in millions, unless otherwise noted) | Sep 30 | Sep 30 | Change |
Net income | $41 | $56 | (27)% |
Core earnings | $47 | $58 | (19)% |
Daily average Hartford Funds AUM | $129,782 | $155,041 | (16)% |
Mutual Funds and exchange-traded funds (ETF) net flows | $(2,223) | $295 | NM |
Total Hartford Funds assets under management (AUM) | $117,827 | $152,086 | (23)% |
Net income of $41 million in third quarter 2022, compared with $56 million in third quarter 2021, was primarily due to lower fee income net of variable expenses as a result of a decrease in daily average assets under management in addition to net realized loss in the 2022 period related to investments in funds seeded by the Company.
Core earnings of $47 million compared with $58 million in third quarter 2021, as lower fee income due to a reduction in average AUM was partially offset by lower variable expenses.
Daily average AUM of $130 billion in third quarter 2022 declined 16% from third quarter 2021 driven by decreases in market values and, to a lesser extent, net outflows over the preceding twelve months.
Mutual fund and ETF net outflows totaled $2.2 billion in third quarter 2022, compared with net inflows of $0.3 billion in third quarter 2021.
Corporate
| Three Months Ended | ||
($ in millions, unless otherwise noted) | Sep 30 | Sep 30 |
Change |
Net loss | $(44) | $(32) | (38)% |
Net loss available to common stockholders | $(50) | $(38) | (32)% |
Core loss | $(38) | $(47) | 19% |
Net investment income, before tax | $7 | $2 | NM |
Interest expense and preferred dividends, before tax | $56 | $64 | (13)% |
Net loss available to common stockholders of $50 million in third quarter 2022 compared with a net loss available to common stockholders of $38 million in third quarter 2021, primarily driven by a change from net realized gains to net realized losses and a reduction in restructuring and other costs in the 2021 period.
Third quarter 2022 core loss of $38 million compared with a third quarter 2021 core loss of $47 million primarily due to lower interest expense and higher net investment income.
INVESTMENT INCOME AND PORTFOLIO DATA:
| Three Months Ended | ||
($ in millions, unless otherwise noted) | Sep 30 | Sep 30 | Change |
Net investment income, before tax | $487 | $650 | (25%) |
Annualized investment yield, before tax | 3.5% | 4.8% | (1.3) |
Annualized investment yield, before tax, excluding LPs* | 3.3% | 3.0% | 0.3 |
Annualized LP yield, before tax | 6.3% | 39.6% | (33.3) |
Annualized investment yield, after tax | 2.8% | 3.9% | (1.1) |
Third quarter 2022 consolidated net investment income of $487 million compared with $650 million in third quarter 2021. Third quarter 2022 benefited from $62 million, before tax, or a 6.3% annualized return, on LPs, while third quarter of 2021 benefited from $259 million of LP income, or a 39.6% annualized return. The decrease in LP income was partially offset by the impact of reinvesting at higher rates and a higher yield on variable rate securities.
The lower contribution from LPs in this year's third quarter was driven by lower returns on private equity funds and fewer sales of underlying real estate properties in the 2022 period. Income from LPs, including from private equity and other funds, is generally reported on a three-month lag.
Total invested assets of $50.7 billion decreased 12% from Dec. 31, 2021, primarily due to a decrease in valuations of fixed maturities driven by higher interest rates and wider credit spreads. The decrease in fair value of fixed maturities was partially offset by an increase in other asset classes, including mortgage loans and LPs.
CONFERENCE CALL
The Hartford will discuss its third quarter 2022 financial results on a webcast at 9:00 a.m. EDT on Friday, Oct. 28, 2022. The call can be accessed via a live listen-only webcast or as a replay through the Investor Relations section of The Hartford's website at https://ir.thehartford.com. The replay will be accessible approximately one hour after the conclusion of the call and be available along with a transcript of the event for at least one year.
More detailed financial information can be found in The Hartford's Investor Financial Supplement for Sept. 30, 2022, and the third quarter 2022 Financial Results Presentation, both of which are available at https://ir.thehartford.com.
About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com.
The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read https://www.thehartford.com/legal-notice.
HIG-F
From time to time, The Hartford may use its website and/or social media outlets, such as Twitter and Facebook, to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the “Email Alerts” section at https://ir.thehartford.com.
THE HARTFORD FINANCIAL SERVICES GROUP, INC. | ||||||||||||||||||||||
CONSOLIDATING INCOME STATEMENTS | ||||||||||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||
| Commercial | Personal | P&C | Group | Hartford | Corporate |
| Consolidated | ||||||||||||||
Earned premiums | $ | 2,703 |
| $ | 749 |
| $ | — |
| $ | 1,458 |
| $ | — |
| $ | — |
|
| $ | 4,910 |
|
Fee income |
| 10 |
|
| 8 |
|
| — |
|
| 46 |
|
| 253 |
|
| 11 |
|
|
| 328 |
|
Net investment income |
| 315 |
|
| 31 |
|
| 14 |
|
| 117 |
|
| 3 |
|
| 7 |
|
|
| 487 |
|
Other revenue |
| 1 |
|
| 20 |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| 21 |
|
Net realized losses |
| (95 | ) |
| (11 | ) |
| (4 | ) |
| (37 | ) |
| (9 | ) |
| (10 | ) |
|
| (166 | ) |
Total revenues |
| 2,934 |
|
| 797 |
|
| 10 |
|
| 1,584 |
|
| 247 |
|
| 8 |
|
|
| 5,580 |
|
Benefits, losses, and loss adjustment expenses |
| 1,692 |
|
| 618 |
|
| — |
|
| 1,096 |
|
| — |
|
| 2 |
|
|
| 3,408 |
|
Amortization of DAC |
| 399 |
|
| 57 |
|
| — |
|
| 8 |
|
| 3 |
|
| — |
|
|
| 467 |
|
Insurance operating costs and other expenses |
| 466 |
|
| 167 |
|
| 2 |
|
| 364 |
|
| 192 |
|
| 12 |
|
|
| 1,203 |
|
Restructuring and other costs |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 3 |
|
|
| 3 |
|
Interest expense |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 50 |
|
|
| 50 |
|
Amortization of other intangible assets |
| 7 |
|
| 1 |
|
| — |
|
| 10 |
|
| — |
|
| — |
|
|
| 18 |
|
Total benefits, losses and expenses |
| 2,564 |
|
| 843 |
|
| 2 |
|
| 1,478 |
|
| 195 |
|
| 67 |
|
|
| 5,149 |
|
Income (loss) before income taxes |
| 370 |
|
| (46 | ) |
| 8 |
|
| 106 |
|
| 52 |
|
| (59 | ) |
|
| 431 |
|
Income tax expense (benefit) |
| 84 |
|
| (10 | ) |
| 2 |
|
| 20 |
|
| 11 |
|
| (15 | ) |
|
| 92 |
|
Net income (loss) |
| 286 |
|
| (36 | ) |
| 6 |
|
| 86 |
|
| 41 |
|
| (44 | ) |
|
| 339 |
|
Preferred stock dividends |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 6 |
|
|
| 6 |
|
Net income (loss) available to common stockholders |
| 286 |
|
| (36 | ) |
| 6 |
|
| 86 |
|
| 41 |
|
| (50 | ) |
|
| 333 |
|
Adjustments to reconcile net income (loss) available to common stockholders to core earnings (loss) |
|
|
|
|
|
|
|
| ||||||||||||||
Net realized losses, excluded from core earnings, before tax |
| 95 |
|
| 10 |
|
| 4 |
|
| 38 |
|
| 9 |
|
| 10 |
|
|
| 166 |
|
Restructuring and other costs, before tax |
|
|
|
|
|
| 3 |
|
|
| 3 |
| ||||||||||
Integration and other non-recurring M&A costs, before tax |
| 3 |
|
| — |
|
| — |
|
| 2 |
|
| — |
|
| — |
|
|
| 5 |
|
Income tax expense (benefit) |
| (21 | ) |
| (2 | ) |
| — |
|
| (9 | ) |
| (3 | ) |
| (1 | ) |
|
| (36 | ) |
Core earnings (loss) | $ | 363 |
| $ | (28 | ) | $ | 10 |
| $ | 117 |
| $ | 47 |
| $ | (38 | ) |
| $ | 471 |
|
THE HARTFORD FINANCIAL SERVICES GROUP, INC. | ||||||||||||||||||||||
CONSOLIDATING INCOME STATEMENTS | ||||||||||||||||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||
| Commercial | Personal | P&C | Group | Hartford | Corporate |
| Consolidated | ||||||||||||||
Earned premiums | $ | 2,449 |
| $ | 744 |
| $ | — |
| $ | 1,372 |
| $ | — |
| $ | — |
|
| $ | 4,565 |
|
Fee income |
| 8 |
|
| 8 |
|
| — |
|
| 43 |
|
| 306 |
|
| 12 |
|
|
| 377 |
|
Net investment income |
| 421 |
|
| 44 |
|
| 22 |
|
| 159 |
|
| 2 |
|
| 2 |
|
|
| 650 |
|
Other revenue |
| 2 |
|
| 22 |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| 24 |
|
Net realized gains (losses) |
| 51 |
|
| 4 |
|
| 2 |
|
| 13 |
|
| (3 | ) |
| 3 |
|
|
| 70 |
|
Total revenues |
| 2,931 |
|
| 822 |
|
| 24 |
|
| 1,587 |
|
| 305 |
|
| 17 |
|
|
| 5,686 |
|
Benefits, losses, and loss adjustment expenses |
| 1,695 |
|
| 530 |
|
| (5 | ) |
| 1,199 |
|
| — |
|
| 1 |
|
|
| 3,420 |
|
Amortization of DAC |
| 348 |
|
| 57 |
|
| — |
|
| 11 |
|
| 3 |
|
| — |
|
|
| 419 |
|
Insurance operating costs and other expenses |
| 442 |
|
| 171 |
|
| 2 |
|
| 336 |
|
| 232 |
|
| 17 |
|
|
| 1,200 |
|
Restructuring and other costs |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (12 | ) |
|
| (12 | ) |
Interest expense |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 58 |
|
|
| 58 |
|
Amortization of other intangible assets |
| 7 |
|
| 1 |
|
| — |
|
| 10 |
|
| — |
|
| — |
|
|
| 18 |
|
Total benefits, losses and expenses |
| 2,492 |
|
| 759 |
|
| (3 | ) |
| 1,556 |
|
| 235 |
|
| 64 |
|
|
| 5,103 |
|
Income (loss) before income taxes |
| 439 |
|
| 63 |
|
| 27 |
|
| 31 |
|
| 70 |
|
| (47 | ) |
|
| 583 |
|
Income tax expense (benefit) |
| 82 |
|
| 12 |
|
| 5 |
|
| 3 |
|
| 14 |
|
| (15 | ) |
|
| 101 |
|
Net income (loss) |
| 357 |
|
| 51 |
|
| 22 |
|
| 28 |
|
| 56 |
|
| (32 | ) |
|
| 482 |
|
Preferred stock dividends |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 6 |
|
|
| 6 |
|
Net income (loss) available to common stockholders |
| 357 |
|
| 51 |
|
| 22 |
|
| 28 |
|
| 56 |
|
| (38 | ) |
|
| 476 |
|
Adjustments to reconcile net income (loss) available to common stockholders to core earnings (loss) |
|
|
|
|
|
|
|
| ||||||||||||||
Net realized (gains) losses, excluded from core earnings, before tax |
| (50 | ) |
| (4 | ) |
| (2 | ) |
| (13 | ) |
| 3 |
|
| (2 | ) |
|
| (68 | ) |
Restructuring and other costs |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (12 | ) |
|
| (12 | ) |
Change in deferred gain on retroactive reinsurance, before tax |
| 28 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| 28 |
|
Integration and other non-recurring M&A costs, before tax |
| 5 |
|
| — |
|
| — |
|
| 1 |
|
| — |
|
| 2 |
|
|
| 8 |
|
Income tax expense (benefit) |
| 4 |
|
| 1 |
|
| — |
|
| 3 |
|
| (1 | ) |
| 3 |
|
|
| 10 |
|
Core earnings (loss) | $ | 344 |
| $ | 48 |
| $ | 20 |
| $ | 19 |
| $ | 58 |
| $ | (47 | ) |
| $ | 442 |
|
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
The Hartford uses non-GAAP financial measures in this press release to assist investors in analyzing the company's operating performance for the periods presented herein. Because The Hartford's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing The Hartford's non-GAAP financial measures to those of other companies. Definitions and calculations of other financial measures used in this press release can be found below and in The Hartford's Investor Financial Supplement for third quarter 2022, which is available on The Hartford's website, https://ir.thehartford.com.
Annualized investment yield, excluding limited partnerships and other alternative investments - This non-GAAP measure is calculated as (a) the annualized net investment income, on a Consolidated, P&C or Group Benefits level, excluding limited partnerships and other alternative investments, divided by (b) the monthly average invested assets at amortized cost, excluding repurchase agreement and securities lending collateral, derivatives book value, and limited partnerships and other alternative investments. The Company believes that annualized investment yield, excluding limited partnerships and other alternative investments, provides investors with an important measure of the trend in investment earnings because it excludes the impact of the volatility in returns related to limited partnerships and other alternative investments. Annualized investment yield is the most directly comparable GAAP measure. A reconciliation of the annualized investment yield, before tax, to annualized investment yield excluding limited partnerships and other alternatives investments, before tax, for the quarterly periods ended September 30, 2022 and 2021 is provided in the table below.
Three Months Ended | ||||||||||||
| Sept 30 | Sept 30 | Sept 30 | Sept 30 | Sept 30 | Sept 30 | ||||||
| Consolidated | P&C | Group Benefits | |||||||||
Annualized investment yield, before tax | 3.5 | % | 4.8 | % | 3.4 | % | 4.8 | % | 4.0 | % | 5.4 | % |
Impact on annualized investment yield of limited partnerships and other alternative investments, before tax | (0.2 | )% | (1.8 | )% | (0.1 | )% | (1.8 | )% | (0.4 | )% | (1.9 | )% |
Annualized investment yield excluding limited partnerships and other alternative investments, before tax | 3.3 | % | 3.0 | % | 3.3 | % | 3.0 | % | 3.6 | % | 3.5 | % |
Book value per diluted share (excluding AOCI) - This is a non-GAAP per share measure that is calculated by dividing (a) common stockholders' equity, excluding AOCI, after tax, by (b) common shares outstanding and dilutive potential common shares. The Company provides this measure to enable investors to analyze the amount of the Company's net worth that is primarily attributable to the Company's business operations. The Company believes that excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per diluted share is the most directly comparable U.S. GAAP measure. A reconciliation of book value per diluted share to book value per diluted share (excluding AOCI) is provided in the table below.
| As of | ||
| Sept 30 | Dec 31 | Change |
Book value per diluted share | $38.99 | $51.36 | (24%) |
Per diluted share impact of AOCI | $13.64 | $(0.50) | NM |
Book value per diluted share (excluding AOCI) | $52.63 | $50.86 | 3% |
| As of | ||
| Sept 30 | Sep 30 | Change |
Book value per diluted share | $38.99 | $50.53 | (23%) |
Per diluted share impact of AOCI | $13.64 | $(0.89) | NM |
Book value per diluted share (excluding AOCI) | $52.63 | $49.64 | 6% |
Core earnings - The Hartford uses the non-GAAP measure core earnings as an important measure of the Company’s operating performance. The Hartford believes that core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance and financial services businesses that may be obscured by including the net effect of certain items. Therefore, the following items are excluded from core earnings:
In addition to the above components of net income available to common stockholders that are excluded from core earnings, preferred stock dividends declared, which are excluded from net income available to common stockholders, are included in the determination of core earnings. Preferred stock dividends are a cost of financing more akin to interest expense on debt and are expected to be a recurring expense as long as the preferred stock is outstanding.
Net income (loss) and net income (loss) available to common stockholders are the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) or net income (loss) available to common stockholders and does not reflect the overall profitability of the Company’s business. Therefore, The Hartford believes that it is useful for investors to evaluate net income (loss), net income (loss) available to common stockholders, and core earnings when reviewing the Company’s performance.
A reconciliation of net income (loss) to core earnings for the quarterly periods ended September 30, 2022 and 2021, is included in this press release. A reconciliation of net income (loss) to core earnings for individual reporting segments can be found in this press release under the heading "The Hartford Financial Services Group, Inc. Consolidating Income Statements" and in The Hartford's Investor Financial Supplement for the quarter ended September 30, 2022.
Core earnings margin - The Hartford uses the non-GAAP measure core earnings margin to evaluate, and believes it is an important measure of, the Group Benefits segment's operating performance. Core earnings margin is calculated by dividing core earnings by revenues, excluding buyouts and realized gains (losses). Net income margin, calculated by dividing net income by revenues, is the most directly comparable U.S. GAAP measure. The Company believes that core earnings margin provides investors with a valuable measure of the performance of Group Benefits because it reveals trends in the business that may be obscured by the effect of buyouts and realized gains (losses) as well as other items excluded in the calculation of core earnings. Core earnings margin should not be considered as a substitute for net income margin and does not reflect the overall profitability of Group Benefits. Therefore, the Company believes it is important for investors to evaluate both core earnings margin and net income margin when reviewing performance. A reconciliation of net income margin to core earnings margin for the quarterly periods ended September 30, 2022 and 2021, is set forth below.
| Three Months Ended | ||
Margin | Sept 30 | Sept 30 | Change |
Net income margin | 5.4% | 1.8% | 3.6 |
Adjustments to reconcile net income margin to core earnings margin: |
|
|
|
Net realized losses (gains) excluded from core earnings, before tax | 2.3% | (0.9)% | 3.2 |
Integration and other non-recurring M&A costs, before tax | 0.1% | 0.1% | — |
Income tax expense (benefit) | (0.6)% | 0.2% | (0.8) |
Core earnings margin | 7.2% | 1.2% | 6.0 |
Core earnings per diluted share - This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the GAAP measure net income. The Company believes that core earnings per diluted share provides investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core earnings. Net income (loss) available to common stockholders per diluted common share is the most directly comparable GAAP measure. Core earnings per diluted share should not be considered as a substitute for net income (loss) available to common stockholders per diluted common share and does not reflect the overall profitability of the Company's business. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per diluted common share and core earnings per diluted share when reviewing the Company's performance. A reconciliation of net income available to common stockholders per diluted common share to core earnings per diluted share for the quarterly periods ended September 30, 2022 and 2021 is provided in the table below.
| Three Months Ended | ||
| Sept 30 | Sept 30 | Change |
PER SHARE DATA |
|
|
|
Diluted earnings per common share: |
|
|
|
Net income available to common stockholdersper share 1 | $1.02 | $1.36 | (25)% |
Adjustments made to reconcile net income available to common stockholders per diluted share to core earnings per diluted share: |
|
|
|
Net realized losses (gains), excluded from core earnings, before tax | 0.51 | (0.19) | NM |
Restructuring and other costs, before tax | 0.01 | (0.03) | NM |
Integration and other non-recurring M&A costs, before tax | 0.02 | 0.02 | —% |
Change in deferred gain on retroactive reinsurance, before tax | — | 0.08 | (100)% |
Income tax expense (benefit) on items excluded from core earnings | (0.12) | 0.02 | NM |
Core earnings per diluted share | $1.44 | $1.26 | 14% |
[1] Net income available to common stockholders includes dilutive potential common shares
Core Earnings Return on Equity - The Company provides different measures of the return on stockholders' equity (ROE). Core earnings ROE is calculated based on non-GAAP financial measures. Core earnings ROE is calculated by dividing (a) the non-GAAP measure core earnings for the prior four fiscal quarters by (b) the non-GAAP measure average common stockholders' equity, excluding AOCI. Net income ROE is the most directly comparable U.S. GAAP measure. The Company excludes AOCI in the calculation of core earnings ROE to provide investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to the Company's business operations. The Company provides to investors return on equity measures based on its non-GAAP core earnings financial measure for the reasons set forth in the core earnings definition. A quantitative reconciliation of net income ROE to core earnings ROE is not calculable on a forward-looking basis because it is not possible to provide a reliable forecast of realized capital gains and losses, which typically vary substantially from period to period.
A reconciliation of consolidated net income (loss) ROE to Consolidated Core earnings ROE is set forth below.
| Last Twelve Months Ended | |
| Sept 30 2022 | Sept 30 2021 |
Net income (loss) available to common stockholders ROE | 12.8% | 12.3% |
Adjustments to reconcile net income (loss) available to common stockholders ROE to core earnings ROE: |
|
|
Net realized losses (gains) excluded from core earnings, before tax | 2.9% | (2.3)% |
Restructuring and other costs, before tax | 0.1% | 0.1% |
Loss on extinguishment of debt, before tax | 0.1% | —% |
Integration and other non-recurring M&A costs, before tax | 0.1% | 0.4% |
Change in deferred gain on retroactive reinsurance, before tax | 1.1% | 1.6% |
Income tax expense (benefit) on items not included in core earnings | (0.9)% | (0.1)% |
Impact of AOCI, excluded from core earnings ROE | (1.9)% | 0.5% |
Core earnings ROE | 14.3% | 12.5% |
Underlying combined ratio- This non-GAAP financial measure of underwriting results represents the combined ratio before catastrophes, prior accident year development and current accident year change in loss reserves upon acquisition of a business. Combined ratio is the most directly comparable GAAP measure. The underlying combined ratio represents the combined ratio for the current accident year, excluding the impact of current accident year catastrophes and current accident year change in loss reserves upon acquisition of a business. The Company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year loss and loss adjustment expense reserve development. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of the combined ratio to the underlying combined ratio for individual reporting segments can be found in this press release under the heading "Business Results" for Commercial Lines" and "Personal Lines". A reconciliation of the combined ratio to underlying combined ratio for lines of business within the Company's P&C reporting segments is set forth below.
SMALL COMMERCIAL | ||||||
| Three Months Ended | |||||
| Sept 30 | Sept 30 | Change | |||
Combined ratio | 89.3 |
| 84.5 |
| 4.8 |
|
Adjustment to reconcile combined ratio to underlying combined ratio: |
|
|
| |||
Current accident year catastrophes | (5.3 | ) | (5.0 | ) | (0.3 | ) |
Prior accident year development | 4.4 |
| 4.4 |
| — |
|
Underlying combined ratio | 88.5 |
| 83.9 |
| 4.6 |
|
MIDDLE & LARGE COMMERCIAL | ||||||
| Three Months Ended | |||||
| Sept 30 | Sept 30 | Change | |||
Combined ratio | 100.7 |
| 108.0 |
| (7.3 | ) |
Adjustment to reconcile combined ratio to underlying combined ratio: |
|
|
| |||
Current accident year catastrophes | (6.6 | ) | (16.3 | ) | 9.7 |
|
Prior accident year development | (0.4 | ) | (0.4 | ) | — |
|
Underlying combined ratio | 93.7 |
| 91.4 |
| 2.3 |
|
GLOBAL SPECIALTY | ||||||
| Three Months Ended | |||||
| Sept 30 | Sept 30 | Change | |||
Combined ratio | 94.2 |
| 97.1 |
| (2.9 | ) |
Adjustment to reconcile combined ratio to underlying combined ratio: |
|
|
| |||
Current accident year catastrophes | (9.0 | ) | (6.2 | ) | (2.8 | ) |
Prior accident year development | (0.6 | ) | (4.0 | ) | 3.4 |
|
Underlying combined ratio | 84.5 |
| 86.9 |
| (2.4 | ) |
PERSONAL LINES AUTO | ||||||
| Three Months Ended | |||||
| Sept 30 | Sept 30 | Change | |||
Combined ratio | 113.2 |
| 96.5 |
| 16.7 |
|
Adjustment to reconcile combined ratio to underlying combined ratio: |
|
|
| |||
Current accident year catastrophes | (11.9 | ) | (2.3 | ) | (9.6 | ) |
Prior accident year development | 1.4 |
| 5.5 |
| (4.1 | ) |
Underlying combined ratio | 102.6 |
| 99.7 |
| 2.9 |
|
PERSONAL LINES HOMEOWNERS | ||||||
| Three Months Ended | |||||
| Sept 30 | Sept 30 | Change | |||
Combined ratio | 102.6 |
| 103.4 |
| (0.8 | ) |
Adjustment to reconcile combined ratio to underlying combined ratio: |
|
|
| |||
Current accident year catastrophes | (22.6 | ) | (28.3 | ) | 5.7 |
|
Prior accident year development | 0.4 |
| (0.5 | ) | 0.9 |
|
Underlying combined ratio | 80.4 |
| 74.6 |
| 5.8 |
|
Underwriting gain (loss) - The Hartford's management evaluates profitability of the Commercial and Personal Lines segments primarily on the basis of underwriting gain or loss. Underwriting gain (loss) is a before tax non-GAAP measure that represents earned premiums less incurred losses, loss adjustment expenses and underwriting expenses. Net income (loss) is the most directly comparable GAAP measure. Underwriting gain (loss) is influenced significantly by earned premium growth and the adequacy of The Hartford's pricing. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. The Hartford believes that the measure underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from underwriting activities, which are managed separately from the Company's investing activities. A reconciliation of net income to underwriting results for the quarterly periods ended September 30, 2022 and 2021, is set forth below.
Underlying underwriting gain (loss) - This non-GAAP measure of underwriting profitability represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. The most directly comparable GAAP measure is net income (loss). The Company believes underlying underwriting gain (loss) is important to understand the Company’s periodic earnings because the volatile and unpredictable nature (i.e., the timing and amount) of catastrophes and prior accident year reserve development could obscure underwriting trends. The changes to loss reserves upon acquisition of a business are also excluded from underlying underwriting gain (loss) because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. A reconciliation of net income (loss) to underlying underwriting gain (loss) for individual reporting segments for the quarterly periods ended September 30, 2022 and 2021, is set forth below.
COMMERCIAL LINES | ||||
| Three Months | |||
| Sept 30 | Sept 30 | ||
Net income | $ 286 |
| $ 357 |
|
Adjustments to reconcile net income to underwriting gain |
|
| ||
Net servicing income | (2 | ) | (2 | ) |
Net investment income | (315 | ) | (421 | ) |
Net realized losses (gains) | 95 |
| (51 | ) |
Other expenses | 5 |
| 5 |
|
Income tax expense | 84 |
| 82 |
|
Underwriting gain (loss) | 153 |
| (30 | ) |
Adjustments to reconcile underwriting gain to underlying underwriting gain |
|
| ||
Current accident year catastrophes | 179 |
| 222 |
|
Prior accident year development | (42 | ) | 122 |
|
Underlying underwriting gain | $ 290 |
| $ 314 |
|
PERSONAL LINES | ||||
| Three Months | |||
| Sept 30 | Sept 30 | ||
Net income | $ (36 | ) | $ 51 |
|
Adjustments to reconcile net income to underwriting gain |
|
| ||
Net servicing income | (5 | ) | (6 | ) |
Net investment income | (31 | ) | (44 | ) |
Net realized losses (gains) | 11 |
| (4 | ) |
Other expenses | (1 | ) | 1 |
|
Income tax expense (benefit) | (10 | ) | 12 |
|
Underwriting gain (loss) | (72 | ) | 10 |
|
Adjustments to reconcile underwriting gain (loss) to underlying underwriting gain |
|
| ||
Current accident year catastrophes | 114 |
| 78 |
|
Prior accident year development | (11 | ) | (27 | ) |
Underlying underwriting gain | $ 31 |
| $ 61 |
|
PROPERTY & CASUALTY | ||||
| Three Months Ended | |||
| Sept 30 | Sept 30 | ||
Net income | $ 256 |
| $ 430 |
|
Adjustments to reconcile net income to underwriting gain (loss) |
|
| ||
Net investment income | (360 | ) | (487 | ) |
Net realized losses (gains) | 110 |
| (57 | ) |
Net servicing and other expense (income) | (3 | ) | (2 | ) |
Income tax expense | 76 |
| 99 |
|
Underwriting gain (loss) | 79 |
| (17 | ) |
Adjustments to reconcile underwriting gain (loss) to underlying underwriting gain |
|
| ||
Current accident year catastrophes | 293 |
| 300 |
|
Prior accident year development | (53 | ) | 90 |
|
Underlying underwriting gain | $ 319 |
| $ 373 |
|
Underlying loss and loss adjustment expense ratio - This non-GAAP financial measure of the loss and loss adjustment expense ratio for Commercial Lines and Personal Lines represents the loss and loss adjustment expense ratio before catastrophes and prior accident year development. The loss and loss adjustment expense ratio is the most directly comparable GAAP measure. The underlying loss and loss adjustment expense ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year reserve development. A reconciliation of the loss and loss adjustment expense ratio to the underlying loss and loss adjustment expense ratio for the quarterly periods ended September 30, 2022 and 2021, is set forth below.
Commercial Lines | ||||||
| Three Months Ended | |||||
| Sep 30 | Sep 30 | Change | |||
Loss and loss adjustment expense ratio |
|
|
| |||
Total losses and loss adjustment expenses | 62.6 |
| 69.2 |
| (6.6 | ) |
Current accident year catastrophes | (6.6 | ) | (9.1 | ) | 2.5 |
|
Prior accident year development | 1.6 |
| (5.0 | ) | 6.6 |
|
Underlying loss and loss adjustment expenses | 57.5 |
| 55.2 |
| 2.3 |
|
Personal Lines | ||||||
| Three Months Ended | |||||
| Sep 30 | Sep 30 | Change | |||
Loss and loss adjustment expense ratio |
|
|
| |||
Total losses and loss adjustment expenses | 82.5 |
| 71.2 |
| 11.3 |
|
Current accident year catastrophes | (15.2 | ) | (10.5 | ) | (4.7 | ) |
Prior accident year development | 1.5 |
| 3.6 |
| (2.1 | ) |
Underlying loss and loss adjustment expenses | 68.8 |
| 64.4 |
| 4.4 |
|
Group life loss ratio excluding excess mortality - This non-GAAP financial measure of the loss ratio for the Group Benefits segment represents the ratio of group life benefits, losses and loss adjustment expenses, excluding those related to buyout premiums and to excess mortality, divided by premiums and other considerations, excluding buyout premiums. Excess mortality includes both claims where COVID-19 is specifically listed as the cause of death and indirect impacts of the pandemic such as causes of death due to patients deferring regular treatments of chronic conditions. The Company believes that the group life loss ratio excluding excess mortality provides investors with an important measure of the trend in the group life business because it excludes the impact of volatile and unpredictable mortality arising from the COVID-19 pandemic. The most directly comparable U.S. GAAP measure is the group life loss ratio, calculated as the ratio of group life benefits, losses and loss adjustment expenses, excluding those related to buyout premiums, to premiums and other considerations, excluding buyout premiums. A reconciliation of the group life loss ratio to the group life loss ratio excluding excess mortality is set forth below.
Group Life | ||||||
Three Months Ended | ||||||
| Sep 30 | Sep 30 | Change | |||
Group life loss ratio | 83.1 | % | 110.9 | % | (27.8 | ) |
Excess mortality | (4.4 | )% | (35.9 | )% | 31.5 |
|
Group life loss ratio excluding excess mortality | 78.7 | % | 75.0 | % | 3.7 |
|
SAFE HARBOR STATEMENT
Certain of the statements contained herein are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “projects,” and similar references to future periods.
Forward-looking statements are based on management's current expectations and assumptions regarding future economic, competitive, legislative and other developments and their potential effect upon The Hartford Financial Services Group, Inc. and its subsidiaries (collectively, the "Company" or "The Hartford"). Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from expectations depending on the evolution of various factors, including the risks and uncertainties identified below, as well as factors described in such forward-looking statements; or in The Hartford’s 2021 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission.
Risks relating to the continued COVID-19 pandemic, including impacts to the Company's insurance and product-related, regulatory/legal, recessionary and other global economic, capital and liquidity and operational risks
Risks Relating to Economic, Political and Global Market Conditions: challenges related to the Company’s current operating environment, including global political, economic and market conditions, and the effect of financial market disruptions, economic downturns, changes in trade regulation including tariffs and other barriers or other potentially adverse macroeconomic developments on the demand for our products and returns in our investment portfolios; market risks associated with our business, including changes in credit spreads, equity prices, interest rates, inflation rate, foreign currency exchange rates and market volatility; the impact on our investment portfolio if our investment portfolio is concentrated in any particular segment of the economy; the impacts of changing climate and weather patterns on our businesses, operations and investment portfolio including on claims, demand and pricing of our products, the availability and cost of reinsurance, our modeling data used to evaluate and manage risks of catastrophes and severe weather events, the value of our investment portfolios and credit risk with reinsurers and other counterparties; the risks associated with the discontinuance of the London Inter-Bank Offered Rate ("LIBOR") on the securities we hold or may have issued, other financial instruments and any other assets and liabilities whose value is tied to LIBOR;
Financial Strength, Credit and Counterparty Risks: risks to our business, financial position, prospects and results associated with negative rating actions or downgrades in the Company’s financial strength and credit ratings or negative rating actions or downgrades relating to our investments; capital requirements which are subject to many factors, including many that are outside the Company’s control, such as National Association of Insurance Commissioners ("NAIC") risk based capital formulas, rating agency capital models, Funds at Lloyd's and Solvency Capital Requirement, which can in turn affect our credit and financial strength ratings, cost of capital, regulatory compliance and other aspects of our business and results; losses due to nonperformance or defaults by others, including credit risk with counterparties associated with investments, derivatives, premiums receivable, reinsurance recoverables and indemnifications provided by third parties in connection with previous dispositions; the potential for losses due to our reinsurers' unwillingness or inability to meet their obligations under reinsurance contracts and the availability, pricing and adequacy of reinsurance to protect the Company against losses; state and international regulatory limitations on the ability of the Company and certain of its subsidiaries to declare and pay dividends;
Risks Relating to Estimates, Assumptions and Valuations: risks associated with the use of analytical models in making decisions in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance and catastrophe risk management; the potential for differing interpretations of the methodologies, estimations and assumptions that underlie the Company’s fair value estimates for its investments and the evaluation of intent-to-sell impairments and allowance for credit losses on available-for-sale securities and mortgage loans; the potential for impairments of our goodwill;
Strategic and Operational Risks: the Company’s ability to maintain the availability of its systems and safeguard the security of its data in the event of a disaster, cyber or other information security incident or other unanticipated event; the potential for difficulties arising from outsourcing and similar third-party relationships; the risks, challenges and uncertainties associated with capital management plans, expense reduction initiatives and other actions; risks associated with acquisitions and divestitures, including the challenges of integrating acquired companies or businesses, which may result in our inability to achieve the anticipated benefits and synergies and may result in unintended consequences; difficulty in attracting and retaining talented and qualified personnel, including key employees, such as executives, managers and employees with strong technological, analytical and other specialized skills; the Company’s ability to protect its intellectual property and defend against claims of infringement;
Regulatory and Legal Risks: the cost and other potential effects of increased federal, state and international regulatory and legislative developments, including those that could adversely impact the demand for the Company’s products, operating costs and required capital levels; unfavorable judicial or legislative developments; the impact of changes in federal, state or foreign tax laws; regulatory requirements that could delay, deter or prevent a takeover attempt that stockholders might consider in their best interests; and the impact of potential changes in accounting principles and related financial reporting requirements.
Any forward-looking statement made by the Company in this document speaks only as of the date of this release. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
View source version on businesswire.com:https://www.businesswire.com/news/home/20221027005836/en/
CONTACT: Media Contacts:
Michelle Loxton
860-547-7413
michelle.loxton@thehartford.com
Matthew Sturdevant
860-547-8664
matthew.sturdevant@thehartford.com
Investor Contact:
Susan Spivak Bernstein
860-547-6233
susan.spivak@thehartford.com
KEYWORD: UNITED STATES NORTH AMERICA CONNECTICUT
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: The Hartford
Copyright Business Wire 2022.
PUB: 10/27/2022 04:15 PM/DISC: 10/27/2022 04:16 PM
http://www.businesswire.com/news/home/20221027005836/en