real-time news and commentary for investors
Monday, Oct 28
Hartford boosted by lower catastrophe payouts
- Core earnings of $505M or $1.03 per share vs. $433M and $0.90 per share a year ago.
- Among the items helping to boost core earnings were lower-than expected catastrophe losses adding $0.09 per share. The P&C combined ratio improved to 92.8 from 96.3 a year ago. P&C Commercial underwriting gain improved to $30M from $14M a year ago as price increases continued at 8%.
- Talcott Resolution core earnings of $204M gained 6% Y/Y thanks to improved U.S. and International annuity earnings.
- Investments gained an annualized 4.2%, the same as a year ago.
- Book value per share (excluding AOCI) of $38.91 vs. $38.44 last quarter and $40 at the year's start. 7.5M shares and 0.5M warrants repurchased for $241M, bringing YTD buybacks to $408M. $842M remaining in repurchase plan.
- Conference call at 9 ET.
- Q3 results, press release.
- HIG +2.3% AH.