The Hartford Announces Third Quarter 2020 Financial Results
•Third quarter 2020 net income available to common stockholders of $453 million ($1.26 per diluted share) decreased 14% from third quarter 2019, and core earnings* of $527 million (core earnings per diluted share* of $1.46) declined 4% from third quarter 2019
•Net income ROE for the trailing 12-month period ended Sept. 30, 2020, was 10.4% and core earnings ROE* for the same period was 12.3%
•Book value per diluted share was $48.47; book value per diluted share excluding accumulated other comprehensive income (AOCI) rose 5% to $46.09 since Dec. 31, 2019
•Incurred losses from COVID-19 were $72 million, before tax, comprised of Property and Casualty (P&C) losses of $37 million and Group Benefits losses of $35 million
•Catastrophe (CAT) losses in third quarter 2020 were $229 million, before tax, or a 7.6 point P&C combined ratio impact, compared to $106 million, before tax, or a 3.5 point combined ratio impact in third quarter 2019
•P&C combined ratio of 95.7 compared with 95.5 in third quarter 2019; underlying combined ratio* of 90.6 improved 3.0 points from third quarter 2019 and included a 1.2 point combined ratio impact from COVID-19 incurred losses
* 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
HARTFORD, Conn., Oct. 29, 2020 – The Hartford (NYSE: HIG) today announced financial results for the third quarter ended Sept. 30, 2020.
“Third quarter core earnings of $527 million or $1.46 per diluted share and a 12-month core earnings ROE of 12.3 percent reflect improving underlying margins across our businesses and solid investment returns. These results demonstrate the strength of our underlying business in the face of challenges posed by the global pandemic and unusually high industry catastrophes in the third quarter” said The Hartford’s Chairman and CEO Christopher Swift.
The following information was filed by Hartford Financial Services Group Incde (HIG) on Thursday, October 29, 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.