The Hartford Announces First Quarter 2021 Results And Financial Targets

Expects ‘Hartford Next’ savings to reach $540 million in 2022 and $625 million in 2023

Increases share repurchase authorization to $2.5 billion; $1.5 billion in 2021

Targets 13-14% ROE in 2022 and 2023

Board unanimously rejects two additional Chubb proposals as not in the best interests of shareholders
HARTFORD, Conn., April 22, 2021
The Hartford (NYSE: HIG) today announced financial results for the quarter ended Mar. 31, 2021. In the quarter, The Hartford earned $244 million in net income available to common stockholders, or $0.67 per diluted share, and core earnings* of $203 million, or $0.56 per diluted share. Reported results include the impact of the $650 million settlement with the Boy Scouts of America (BSA), $214 million in pre-tax net catastrophe (CAT) losses, mainly due to winter storms in Texas and other areas, and $185 million in COVID-19 related excess mortality losses in Group Benefits. Aside from these three items, underlying performance in the quarter remained very strong.
Commercial Lines combined ratio of 109.7% with an underlying Commercial Lines combined ratio of 91.2%*, a 3.7 point improvement from 94.9% in the prior year quarter
Small Commercial new business premiums were up 12% in the first quarter of 2021 driving record quarterly premium in this business
Group Benefits net income margin was 0.6% while the core earnings margin was (0.2)%*; both the net income margin and core earnings margin included approximately 10.0 points in excess mortality and COVID-19 short-term disability losses
Net investment income of $509 million grew 11% from the prior year quarter driven by strong annualized partnership returns of 21.1%
* 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

The following information was filed by Hartford Financial Services Group Incde (HIG) on Thursday, April 22, 2021 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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