Hartford, CT – The Hartford (NYSE:HIG) recently reported a net loss of $40 million and core earnings of $389 million for second quarter 2017 compared with net income of $216 million and core earnings of $122 million in second quarter 2016. Second quarter 2017 net loss per diluted share was $0.11 compared with second quarter 2016 net income per diluted share of $0.54. Core earnings per diluted share in second quarter 2017 rose to $1.04 compared with $0.31 in second quarter 2016. Weighted average diluted common shares outstanding decreased 7% in second quarter 2017 from second quarter 2016 primarily due to the company’s repurchase of 27.9 million common shares for a total of $1.3 billion over the last four quarters.
“The Hartford’s second quarter core earnings improved significantly over 2016, with favorable contributions from all segments, including Personal Lines,” said The Hartford’s Chairman and CEO Christopher Swift. “Our capital generation and financial flexibility remain robust, supporting the return in the first half of 2017 of nearly $820 million to shareholders, including share repurchases and dividends, and the repayment of $416 million of debt. With strong results over the past year, our core earnings return on equity* rose to 9.3% and to 11.3% excluding Talcott Resolution.”
The Hartford’s President Doug Elliot said, “Our property and casualty and Group Benefits results demonstrate our consistent and disciplined execution. Commercial Lines margins remain very strong with an underlying combined ratio of 90.9 and Group Benefits had an excellent core earnings margin of 6.7%. The combined ratio for Personal Lines was materially better than second quarter 2016, which included the impact of unfavorable development, and the underlying combined ratio also improved over the prior year. Results across all our businesses this quarter benefited from our continued focus on underwriting and pricing rigor in markets which remain competitive.”
The complete results release is available here: The Hartford Second Quarter 2017 Results
Source: The Hartford