Hartford launches $2B buyback

|About: Hartford Financial Servi... (HIG)|By:, SA News Editor

Core earnings of $456M or $0.94 per share compares to $314M or $0.65 a year ago.

Q4 catastrophe losses of $18M are way less than the guidance of $42M, adding $0.05 to earnings. Q4 2012 catastrophe losses were $174M. P&C combined ratio improves to 93.2 from 95.4.

FY2014 earnings guidance of $1.65B-$1.75B compares to $1.742B earned in 2013, but EPS should be boosted as the company announces a capital management plan of $2B in share repurchases and $656M in repayment of debt.

CC at 9 ET

HIG +2.6% AH