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Second quarter 2020 net income available to common stockholders of $463 million ($1.29 per diluted share) increased 24% from second quarter 2019, and core earnings* of $438 million (core earnings per diluted share* of $1.22) declined 10% from second quarter 2019
Net income ROE for the trailing 12-month period ended June 30, 2020, was 11.3% and core earnings ROE* for the same period was 12.7%
In the second quarter, The Hartford incurred $248 million, before tax, in current accident year (CAY) catastrophes (CATs), including $110 million, before tax, related to the civil unrest
Incurred losses from COVID-19 were $251 million, before tax, or $198 million, after tax
Second quarter results included net favorable Property & Casualty (P&C) reserve development of $268 million, before tax, or $212 million, after tax, mostly due to $400 million, before tax, favorable prior year catastrophes, including the subrogation recoverable from PG&E Corporation
Launched an operational transformation and expense savings initiative called Hartford Next, with $500 million annual expense savings, before tax, expected in 2022
The following information was filed by Hartford Financial Services Group Incde (HIG) on Thursday, July 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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