- First quarter 2024 net income available to common stockholders
of $748 million ($2.47 per diluted share) increased 41% from $530
million ($1.66 per diluted share) over the same period in 2023.
Core earnings* of $709 million ($2.34 core earnings per diluted
share*) increased 32% from $536 million ($1.68 core earnings per
diluted share) over the same period in 2023.
- Net income ROE of 18.5% and core earnings ROE* of 16.6%.
- Property & Casualty (P&C) written premiums rose 9% in
first quarter 2024, driven by Commercial Lines and Personal Lines
premium growth of 8% and 13%, respectively. Group Benefits fully
insured ongoing premium growth of 2% in first quarter 2024.
- Commercial Lines first quarter combined ratio of 90.1 and
underlying combined ratio* of 88.4.
- Group Benefits first quarter net income margin of 6.2% and core
earnings margin* of 6.1%.
- Returned $491 million to stockholders in the first quarter,
including $350 million of shares repurchased and $141 million in
common stockholder dividends paid.
* 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. ** All amounts and
percentages set forth in this news release are approximate unless
otherwise noted.
The Hartford (NYSE: HIG) today announced financial results for
the first quarter ended March 31, 2024.
"The Hartford’s first quarter 2024 financial results were
excellent with a trailing 12-month core earnings ROE of 16.6
percent,” said The Hartford’s Chairman and CEO Christopher Swift.
“Commercial Lines continues to generate strong top-line growth at
highly profitable margins. Personal Lines results demonstrate
progress towards restoring target profitability in auto and Group
Benefits margins remained solid.”
The Hartford's Chief Financial Officer Beth Costello said,
“Commercial Lines had an exceptional quarter with an underlying
combined ratio of 88.4. Pricing, excluding workers’ compensation,
accelerated to 9 percent in the quarter and remains above loss cost
trends. Personal Lines achieved written price increases in auto of
nearly 26 percent. Group Benefits continues to deliver solid
results with a core earnings margin of 6.1 percent. We are actively
managing our capital and returned $491 million through repurchases
and dividends."
Swift continued, “We are off to a strong start in 2024. First
quarter results reflect the consistency of our performance and
stability of our margins, which give me great confidence in our
ability to grow our franchise and deliver enhanced value for
shareholders with an industry-leading ROE."
CONSOLIDATED RESULTS:
Three Months Ended
($ in millions except per share data)
Mar 31 2024
Mar 31 2023
Change
Net income available to common
stockholders
$748
$530
41%
Net income available to common
stockholders per diluted share1
$2.47
$1.66
49%
Core earnings
$709
$536
32%
Core earnings per diluted share
$2.34
$1.68
39%
Book value per diluted share
$50.23
$44.27
13%
Book value per diluted share (ex.
accumulated other comprehensive income (AOCI))2
$60.18
$54.55
10%
Net income available to common
stockholders' return on equity (ROE)3, last 12-months
18.5%
12.8%
5.7
Core earnings ROE3, last 12-months
16.6%
14.3%
2.3
[1] Includes dilutive potential common
shares; for net income available to common stockholders per diluted
share, the numerator is net income less preferred dividends [2]
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 [3] Return on equity
(ROE) is calculated based on last 12-months net income available to
common stockholders and core earnings, respectively; for net income
ROE, the denominator is common stockholders’ equity including AOCI;
for core earnings ROE, the denominator is common stockholders’
equity excluding AOCI
First quarter 2024 net income available to common stockholders
of $748 million, or $2.47 per diluted share, improved from $530
million in first quarter 2023, primarily due to a higher P&C
underwriting gain, driven by strong premium growth, higher net
investment income, a change to net realized gains in 2024 from net
realized losses in 2023, and an improvement in the Group Benefits
loss ratio, driven by group life results. Included in the first
quarter 2024 net income was a benefit of $24 million, before tax,
from amortization of a deferred gain on retroactive reinsurance
related to an adverse development cover for Navigators pertaining
to 2018 and prior accident years (Navigator’s ADC).
First quarter 2024 core earnings of $709 million, or $2.34 per
diluted share, compared with $536 million of core earnings in first
quarter 2023. Contributing to the results were:
- Net investment income of $593 million, before tax, compared
with $515 million in first quarter 2023 driven by higher yields on
our fixed income portfolio and a higher level of invested
assets.
- An increase in earnings generated by 10% growth in P&C
earned premium.
- Net favorable prior accident year development (PYD) in core
earnings of $32 million, before tax, in 2024 compared with net PYD
of $0 million in core earnings in 2023. Net favorable PYD in first
quarter 2024 primarily included reserve reductions in workers’
compensation and personal auto physical damage, partially offset by
reserve increases in general liability, assumed reinsurance, and
marine.
- Group Benefits loss ratio of 73.5 improved 1.7 points compared
with 75.2 due to improved mortality experience in group life and
favorable long-term disability claim recoveries, partially offset
by higher incidence in Paid Family Leave and short-term disability
products.
- P&C current accident year (CAY) catastrophe (CAT) losses of
$161 million, before tax, in first quarter 2024, down from CAY CAT
losses of $185 million in first quarter 2023.
March 31, 2024, book value per diluted share of $50.23 increased
1.6%, from $49.43 at Dec. 31, 2023, principally due to net income
in excess of stockholder dividends through March 31, 2024,
partially offset by greater net unrealized losses on investments
within AOCI driven by higher interest rates, net of credit spread
tightening, and the dilutive effect of share repurchases.
Book value per diluted share (excluding AOCI) of $60.18 as of
March 31, 2024, increased 2.3%, from $58.83 at Dec. 31, 2023, as
the impact from net income in excess of stockholder dividends
through March 31, 2024 was partially offset by the dilutive effect
of share repurchases.
Net income available to common stockholders' ROE (net income
ROE) for the 12-month period ending March 31, 2024, was 18.5%, an
increase of 5.7 points from first quarter 2023, primarily due to an
increase in 12-month trailing net income available to common
stockholders, and an increase in average net unrealized losses on
investments in AOCI.
Core earnings ROE for the 12-month period ending March 31, 2024,
was 16.6%, an increase of 2.3 points from first quarter 2023 due to
higher trailing 12-month core earnings.
BUSINESS RESULTS:
Commercial Lines
Three Months Ended
($ in millions, unless otherwise
noted)
Mar 31 2024
Mar 31 2023
Change
Net income
$573
$421
36%
Core earnings
$546
$436
25%
Written premiums
$3,362
$3,109
8%
Underwriting gain1
$301
$202
49%
Underlying underwriting gain1
$354
$317
12%
Losses and loss adjustment expense
ratio
Current accident year before
catastrophes
56.6
56.5
0.1
Current accident year catastrophes
3.6
5.0
(1.4)
Favorable prior accident year
development
(1.8)
(0.8)
(1.0)
Expenses
31.5
31.7
(0.2)
Policyholder dividends
0.3
0.3
—
Combined ratio
90.1
92.7
(2.6)
Impact of catastrophes and PYD on combined
ratio
(1.8)
(4.2)
2.4
Underlying combined ratio
88.4
88.5
(0.1)
[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
First quarter 2024 net income of $573 million compared with net
income of $421 million in first quarter 2023, principally due to
higher net investment income, the impact of earned premium growth,
more favorable PYD, a change to net realized gains in 2024 from net
realized losses in 2023, and lower CAY CAT losses. PYD includes a
$24 million, before-tax, benefit due to the amortization of the
deferred gain related to the Navigators ADC.
Commercial Lines core earnings of $546 million in first quarter
2024 compared with $436 million in first quarter 2023. Contributing
to the results were:
- 10% growth in earned premium.
- Net investment income of $391 million, before tax, compared
with $338 million in first quarter 2023.
- CAY CAT losses of $109 million, before tax, in first quarter
2024, primarily from winter storms, mainly in the Northeast,
Pacific and South regions, as well as tornado, wind and hail events
in the Midwest, South and mid-Atlantic regions, down from CAY CAT
losses of $138 million in first quarter 2023.
- Net favorable PYD within core earnings of $32 million, before
tax, in first quarter 2024, compared with $23 million of net
favorable PYD within core earnings in first quarter 2023. The net
favorable PYD in first quarter 2024 primarily includes reserve
reductions in workers’ compensation and uncollectible reinsurance,
partially offset by reserve increases in general liability, assumed
reinsurance, and marine.
Combined ratio of 90.1 in first quarter 2024, improved from 92.7
in first quarter 2023, primarily due to a 2.4 point improvement in
the loss and loss adjustment expense ratio, including 1.4 points of
lower CAY CAT losses and 1.0 points of more favorable PYD
(including 0.8 points of favorable development related to the
amortization of the deferred gain). Underlying combined ratio of
88.4 improved from 88.5 in first quarter 2023.
- Small Commercial combined ratio of 89.0 improved from 90.8 in
first quarter 2023, driven by 2.4 points of lower CAY CATs,
partially offset by 0.6 points of less favorable PYD. Underlying
combined ratio of 89.6 compared with 89.5 in first quarter
2023.
- Middle & Large Commercial combined ratio of 94.0 improved
from 97.6 in first quarter 2023, including 1.4 points of lower CAY
CATs, and 1.5 points of less unfavorable PYD. Underlying combined
ratio of 89.2 improved from 89.9 in first quarter 2023, primarily
due to a lower expense ratio.
- Global Specialty combined ratio of 87.8 improved from 88.7 in
first quarter 2023, primarily due to a change from unfavorable PYD
in 2023 to favorable PYD in 2024. The combined ratio included 2.8
points of favorable development due to the amortization of the
deferred gain related to the Navigators ADC. Underlying combined
ratio of 85.3 compared with 85.2 in first quarter 2023.
First quarter 2024 written premiums of $3.4 billion were up 8%
from first quarter 2023, with increases across the segment, strong
double-digit growth in new business, and the effect of renewal
written price increases.
Personal Lines
Three Months Ended
($ in millions, unless otherwise
noted)
Mar 31 2024
Mar 31 2023
Change
Net income (loss)
$34
$(1)
NM
Core earnings
$33
$0
NM
Written premiums
$844
$747
13%
Underwriting loss
$(13)
$(45)
71%
Underlying underwriting gain
$32
$22
45%
Losses and loss adjustment expense
ratio
Current accident year before
catastrophes
70.7
70.5
0.2
Current accident year catastrophes
6.4
6.4
—
Unfavorable (favorable) prior accident
year development
(0.9)
2.7
(3.6)
Expenses
25.3
26.5
(1.2)
Combined ratio
101.6
106.1
(4.5)
Impact of catastrophes and PYD on combined
ratio
(5.5)
(9.1)
3.6
Underlying combined ratio
96.1
97.0
(0.9)
Net income of $34 million in first quarter 2024 compared with a
net loss of $1 million in first quarter 2023, driven by improved
underwriting results and an increase in net investment income.
Contributing to the improved underwriting results was the impact of
higher earned premium and a lower loss and loss adjustment expense
ratio of 76.3 compared with 79.6 in first quarter 2023.
Personal Lines core earnings of $33 million compared with $0
million in first quarter 2023. Contributing to the results
were:
- 10% growth in earned premium.
- $7 million, before tax, of favorable PYD in first quarter of
2024, compared with $20 million unfavorable PYD in first quarter
2023. The net favorable PYD in first quarter 2024 is driven by a
reserve reduction in auto physical damage.
- Net investment income of $50 million, before tax, in first
quarter 2024 compared with $38 million in first quarter 2023.
- An underlying loss and loss adjustment expense ratio of 70.7 in
first quarter 2024 compared with 70.5 in first quarter 2023, with
the modest increase primarily driven by elevated but moderating
loss trends in auto and homeowners, partially offset by
double-digit earned pricing increases.
- CAY CAT losses of $52 million, before tax, in first quarter
2024, including tornado, wind and hail events, mainly in the
Midwest and South regions, as well as winter storms in the Pacific
and South regions, compared with $47 million of CAY CAT losses in
first quarter 2023.
Combined ratio of 101.6 in first quarter 2024, improved from
106.1 in first quarter 2023, primarily due to a 3.3 point
improvement in the loss and loss adjustment expense ratio,
including a change from unfavorable PYD of 2.7 points in 2023 to
favorable PYD of 0.9 points in 2024, and a 0.9 point improvement in
the underlying combined ratio. Underlying combined ratio of 96.1
improved from 97.0 in first quarter 2023, primarily due to a 1.2
point improvement in the expense ratio, and a lower non-CAT CAY
homeowners loss ratio, partially offset by an increase in the
underlying loss and loss adjustment expense ratio in auto.
- Auto combined ratio of 103.9 improved from 110.2 in first
quarter 2023. The underlying combined ratio of 104.4 improved from
105.1 in first quarter 2023, primarily due to the impact of
double-digit earned pricing increases, partially offset by higher
marketing expenses and elevated but moderating severity in
auto.
- Homeowners combined ratio of 96.2 improved from 96.8 in first
quarter 2023. The underlying combined ratio of 77.0 improved from
78.9 in first quarter 2023, primarily due to the impact of
double-digit earned pricing and favorable weather and non-weather
frequency, partially offset by higher marketing expenses and
elevated weather and non-weather severity.
The expense ratio of 25.3 improved 1.2 points from first quarter
2023 as the impact of higher earned premium was partially offset by
higher direct marketing costs.
Written premiums in first quarter 2024 were $844 million
compared with $747 million in first quarter 2023 with:
- Renewal written price increases in auto and homeowners of 25.7%
and 15.2%, respectively, in response to increased loss cost
trends.
- An increase in new business in both auto and homeowners from
first quarter 2023 of $26 million, or 57%, and $13 million, or 62%,
respectively.
- Lower effective policy count retention, driven by auto, due to
renewal written price increases.
Group Benefits
Three Months Ended
($ in millions, unless otherwise
noted)
Mar 31 2024
Mar 31 2023
Change
Net income
$108
$92
17%
Core earnings
$107
$90
19%
Fully insured ongoing premiums
$1,585
$1,557
2%
Loss ratio
73.5%
75.2%
(1.7)
Expense ratio
25.4%
24.7%
0.7
Net income margin
6.2%
5.3%
0.9
Core earnings margin
6.1%
5.2%
0.9
Net income of $108 million in first quarter 2024 increased from
$92 million in first quarter 2023, largely driven by improvement in
the group life loss ratio, earnings generated from growth in fully
insured ongoing premium, and higher net investment income,
partially offset by an increase in the expense ratio and lower net
realized gains. Core earnings were $107 million, up from $90
million in first quarter 2023, consistent with the growth in net
income.
Fully insured ongoing premiums were up 2% compared with first
quarter 2023, including an increase in exposure on existing
accounts, new business sales and strong but lower persistency
compared to a year ago. Fully insured ongoing sales were $444
million in first quarter 2024, compared with $474 million in first
quarter 2023, due to lower group life sales, partially offset by an
increase in group disability sales.
Loss ratio of 73.5 improved from 75.2 in first quarter 2023.
- Group life loss ratio of 82.6 improved 4.1 points largely
driven by improved mortality trends.
- Group disability loss ratio of 70.1 improved 0.3 points
primarily due to continued strong long-term disability claim
recoveries, largely offset by higher incidence in Paid Family Leave
and short-term disability products.
Expense ratio of 25.4 compared with 24.7 in first quarter 2023,
primarily due to higher staffing costs, increased investments in
technology, and higher commission expense, partially offset by the
effect of higher earned premiums.
Net investment income of $114 million, before tax, compared with
$110 million in first quarter 2023, primarily driven by higher
yields on the fixed income portfolio, partially offset by lower
income from limited partnerships and other alternative investments
(LPs).
Hartford Funds
Three Months Ended
($ in millions, unless otherwise
noted)
Mar 31 2024
Mar 31 2023
Change
Net income
$45
$41
10%
Core earnings
$41
$37
11%
Daily average Hartford Funds
AUM
$131,648
$127,084
4%
Mutual Funds and exchange-traded funds
(ETF) net flows
$(2,511)
$(1,179)
(113)%
Total Hartford Funds AUM
$135,642
$127,180
7%
First quarter 2024 net income of $45 million, compared with $41
million in first quarter 2023, primarily resulting from an increase
in fee income net of variable expenses driven by higher daily
average Hartford Funds AUM.
Core earnings of $41 million compared with $37 million in first
quarter 2023.
Daily average AUM of $132 billion in first quarter 2024
increased 4% from first quarter 2023.
Mutual fund and ETF net outflows totaled $2.5 billion in first
quarter 2024, compared with net outflows of $1.2 billion in first
quarter 2023.
Corporate
Three Months Ended
($ in millions, unless otherwise
noted)
Mar 31 2024
Mar 31 2023
Change
Net loss
$(15)
$(24)
38%
Net loss available to common
stockholders
$(20)
$(29)
31%
Core loss
$(25)
$(35)
29%
Net investment income, before
tax
$16
$10
60%
Interest expense and preferred
dividends, before tax
$55
$55
—%
Net loss available to common stockholders of $20 million in
first quarter 2024 compared with $29 million in first quarter 2023,
primarily due to higher net investment income, higher net realized
gains, and a higher tax benefit related to the vesting of
stock-based compensation awards during the quarter.
First quarter 2024 core loss of $25 million compared with a
first quarter 2023 core loss of $35 million, primarily due to an
increase in net investment income and a higher tax benefit related
to the vesting of stock-based compensation awards during the
quarter.
INVESTMENT INCOME AND PORTFOLIO DATA:
Three Months Ended
($ in millions, unless otherwise
noted)
Mar 31 2024
Mar 31 2023
Change
Net investment income, before
tax
$593
$515
15%
Annualized investment yield, before
tax
4.1%
3.7%
0.4
Annualized investment yield, before
tax, excluding LPs1
4.3%
3.8%
0.5
Annualized LP yield, before tax
1.3%
2.5%
(1.2)
Annualized investment yield, after
tax
3.3%
3.0%
0.3
[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
First quarter 2024 consolidated net investment income of $593
million compared with $515 million in first quarter 2023, primarily
due to the impact of reinvesting at higher rates, a higher level of
invested assets, and a higher yield on variable-rate securities,
partially offset by lower income from LPs.
First quarter 2024 included $16 million, before tax, of LP
income as compared with $26 million in first quarter 2023.
Annualized LP yield, before tax, of 1.3% compared to 2.5% in first
quarter 2023. Lower LP income was primarily driven by lower returns
on real estate joint ventures and funds.
Net realized gains of $28 million, before tax, in first quarter
2024 compared to net realized losses of $7 million, before tax, in
first quarter 2023, included lower net losses on sales of fixed
income securities.
Total invested assets of $56.1 billion increased $0.2 billion
from Dec. 31, 2023, primarily due to a net increase in book value,
partially offset by lower valuations on fixed maturities driven by
an increase in interest rates net of credit spread tightening.
CONFERENCE CALL
The Hartford will discuss its first quarter and full year 2024
financial results on a webcast at 9:00 a.m. EDT on Friday, April
26, 2024. The call can be accessed via a live listen-only webcast
or as a replay through the Investor Relations section of The
Hartford's website at https://ir.thehartford.com. The replay will
be accessible approximately one hour after the conclusion of the
call and be available along with a transcript of the event for at
least one year.
More detailed financial information can be found in The
Hartford's Investor Financial Supplement for March 31, 2024, and
the first quarter 2024 Financial Results Presentation, both of
which are available at https://ir.thehartford.com.
About The Hartford
The Hartford is a leader in property and casualty insurance,
group benefits and mutual funds. With more than 200 years of
expertise, The Hartford is widely recognized for its service
excellence, sustainability practices, trust and integrity. More
information on the company and its financial performance is
available at https://www.thehartford.com.
The Hartford Financial Services Group, Inc., (NYSE: HIG)
operates through its subsidiaries under the brand name, The
Hartford, and is headquartered in Hartford, Connecticut. For
additional details, please read
https://www.thehartford.com/legal-notice.
HIG-F
From time to time, The Hartford may use its website and/or
social media channels to disseminate material company information.
Financial and other important information regarding The Hartford is
routinely accessible through and posted on our website at
https://ir.thehartford.com. In addition, you may automatically
receive email alerts and other information about The Hartford when
you enroll your email address by visiting the “Email Alerts”
section at https://ir.thehartford.com.
THE HARTFORD FINANCIAL
SERVICES GROUP, INC.
CONSOLIDATING INCOME
STATEMENTS
Three Months Ended March 31,
2024
($ in millions)
Commercial Lines
Personal Lines
P&C
Other Ops
Group Benefits
Hartford Funds
Corporate
Consolidated
Earned premiums
$
3,048
$
813
$
—
$
1,585
$
—
$
—
$
5,446
Fee income
11
8
—
54
250
10
333
Net investment income
391
50
18
114
4
16
593
Net realized gains
12
1
—
1
5
9
28
Other revenue
—
19
—
—
—
—
19
Total revenues
3,462
891
18
1,754
259
35
6,419
Benefits, losses, and loss adjustment
expenses
1,778
620
7
1,204
—
2
3,611
Amortization of DAC
476
60
—
9
—
—
545
Insurance operating costs and other
expenses
499
168
2
397
203
14
1,283
Restructuring and other costs
—
—
—
—
—
1
1
Interest expense
—
—
—
—
—
50
50
Amortization of other intangible
assets
7
1
—
10
—
—
18
Total benefits, losses and
expenses
2,760
849
9
1,620
203
67
5,508
Income (loss) before income
taxes
702
42
9
134
56
(32
)
911
Income tax expense (benefit)
129
8
1
26
11
(17
)
158
Net income (loss)
573
34
8
108
45
(15
)
753
Preferred stock dividends
—
—
—
—
—
5
5
Net income (loss) available to common
stockholders
573
34
8
108
45
(20
)
748
Adjustments to reconcile net income
(loss) available to common stockholders to core earnings
(loss)
Net realized losses (gains), excluded from
core earnings, before tax
(13
)
(2
)
—
(1
)
(5
)
(9
)
(30
)
Restructuring and other costs, before
tax
1
1
Integration and other non-recurring
M&A costs, before tax
2
—
—
—
—
—
2
Change in deferred gain on retroactive
reinsurance, before tax
(24
)
—
—
—
—
—
(24
)
Income tax expense (benefit)
8
1
(1
)
—
1
3
12
Core earnings (loss)
$
546
$
33
$
7
$
107
$
41
$
(25
)
$
709
THE HARTFORD FINANCIAL
SERVICES GROUP, INC.
CONSOLIDATING INCOME
STATEMENTS
Three Months Ended March 31,
2023
($ in millions)
Commercial Lines
Personal Lines
P&C
Other Ops
Group Benefits
Hartford Funds
Corporate
Consolidated
Earned premiums
$
2,766
$
739
$
—
$
1,558
$
—
$
—
$
5,063
Fee income
10
8
—
51
241
9
319
Net investment income
338
38
16
110
3
10
515
Net realized gains (losses)
(19
)
(1
)
(3
)
5
5
6
(7
)
Other revenue
—
19
—
—
—
1
20
Total revenues
3,095
803
13
1,724
249
26
5,910
Benefits, losses, and loss adjustment
expenses
1,679
588
3
1,210
—
2
3,482
Amortization of DAC
424
58
—
9
—
—
491
Insurance operating costs and other
expenses
464
158
3
380
198
13
1,216
Restructuring and other costs
—
—
—
—
—
—
—
Interest expense
—
—
—
—
—
50
50
Amortization of other intangible
assets
7
1
—
10
—
—
18
Total benefits, losses and
expenses
2,574
805
6
1,609
198
65
5,257
Income (loss) before income
taxes
521
(2
)
7
115
51
(39
)
653
Income tax expense (benefit)
100
(1
)
1
23
10
(15
)
118
Net income (loss)
421
(1
)
6
92
41
(24
)
535
Preferred stock dividends
—
—
—
—
—
5
5
Net income (loss) available to common
stockholders
421
(1
)
6
92
41
(29
)
530
Adjustments to reconcile net income
(loss) available to common stockholders to core earnings
(loss)
Net realized losses (gains), excluded from
core earnings, before tax
19
1
3
(5
)
(5
)
(6
)
7
Restructuring and other costs
—
—
—
—
—
—
—
Integration and other non-recurring
M&A costs, before tax
—
—
—
2
—
—
2
Change in deferred gain on retroactive
reinsurance, before tax
—
—
—
—
—
—
—
Income tax expense (benefit)
(4
)
—
(1
)
1
1
—
(3
)
Core earnings (loss)
$
436
$
—
$
8
$
90
$
37
$
(35
)
$
536
The Hartford defines increases or decreases greater than or
equal to 200%, or changes from a net gain to a net loss position,
or vice versa, as "NM" or not meaningful.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
The Hartford uses non-GAAP financial measures in this news
release to assist investors in analyzing the company's operating
performance for the periods presented herein. Because The
Hartford's calculation of these measures may differ from similar
measures used by other companies, investors should be careful when
comparing The Hartford's non-GAAP financial measures to those of
other companies. Definitions and calculations of other financial
measures used in this news release can be found below and in The
Hartford's Investor Financial Supplement for first quarter 2024,
which is available on The Hartford's website,
https://ir.thehartford.com.
Annualized investment yield, excluding
limited partnerships and other alternative investments -
This non-GAAP measure is calculated as (a) the annualized net
investment income, on a Consolidated, P&C or Group Benefits
level, excluding limited partnerships and other alternative
investments, divided by (b) the monthly average invested assets at
amortized cost, as applicable, excluding derivatives book value and
limited partnerships and other alternative investments. The Company
believes that annualized investment yield, excluding limited
partnerships and other alternative investments, provides investors
with an important measure of the trend in investment earnings
because it excludes the impact of the volatility in returns related
to limited partnerships and other alternative investments.
Annualized investment yield is the most directly comparable GAAP
measure. A reconciliation of the annualized investment yield to
annualized investment yield excluding limited partnerships and
other alternatives investments for the quarterly periods ended
March 31, 2024 and 2023 is provided in the table below.
Three Months Ended
Mar 31 2024
Mar 31 2023
Consolidated
Annualized investment yield
4.1
%
3.7
%
Adjustment for income from limited
partnerships and other alternative investments
0.2
%
0.1
%
Annualized investment yield excluding
limited partnerships and other alternative investments
4.3
%
3.8
%
Book value per diluted share (excluding
AOCI) - This is a non-GAAP per share measure that is
calculated by dividing (a) common stockholders' equity, excluding
AOCI, after tax, by (b) common shares outstanding and dilutive
potential common shares. The Company provides this measure to
enable investors to analyze the amount of the Company's net worth
that is primarily attributable to the Company's business
operations. The Company believes that excluding AOCI from the
numerator is useful to investors because it eliminates the effect
of items that can fluctuate significantly from period to period,
primarily based on changes in interest rates. Book value per
diluted share is the most directly comparable U.S. GAAP measure. A
reconciliation of book value per diluted share to book value per
diluted share (excluding AOCI) is provided in the table below.
As of
Mar 31 2024
Dec 31 2023
Change
Book value per diluted share
$50.23
$49.43
1.6%
Per diluted share impact of AOCI
$9.95
$9.40
5.9%
Book value per diluted share (excluding
AOCI)
$60.18
$58.83
2.3%
As of
Mar 31 2024
Mar 31 2023
Change
Book value per diluted share
$50.23
$44.27
13.5%
Per diluted share impact of AOCI
$9.95
$10.28
(3.2%)
Book value per diluted share (excluding
AOCI)
$60.18
$54.55
10.3%
Core earnings - The Hartford
uses the non-GAAP measure core earnings as an important measure of
the Company’s operating performance. The Hartford believes that
core earnings provides investors with a valuable measure of the
performance of the Company’s ongoing businesses because it reveals
trends in our insurance and financial services businesses that may
be obscured by including the net effect of certain items.
Therefore, the following items are excluded from core earnings:
- Certain realized gains and losses - Generally realized gains
and losses are primarily driven by investment decisions and
external economic developments, the nature and timing of which are
unrelated to the insurance and underwriting aspects of our
business. Accordingly, core earnings excludes the effect of all
realized gains and losses that tend to be highly variable from
period to period based on capital market conditions. The Hartford
believes, however, that some realized gains and losses are
integrally related to our insurance operations, so core earnings
includes net realized gains and losses such as net periodic
settlements on credit derivatives. These net realized gains and
losses are directly related to an offsetting item included in the
income statement such as net investment income.
- Restructuring and other costs - Costs incurred as part of a
restructuring plan are not a recurring operating expense of the
business.
- Loss on extinguishment of debt - Largely consisting of
make-whole payments or tender premiums upon paying debt off before
maturity, these losses are not a recurring operating expense of the
business.
- Gains and losses on reinsurance transactions - Gains or losses
on reinsurance, such as those entered into upon sale of a business
or to reinsure loss reserves, are not a recurring operating expense
of the business.
- Integration and other non-recurring M&A costs - These
costs, including transaction costs incurred in connection with an
acquired business, are incurred over a short period of time and do
not represent an ongoing operating expense of the business.
- Change in loss reserves upon acquisition of a business - These
changes in loss reserves are excluded from core earnings because
such changes could obscure the ability to compare results in
periods after the acquisition to results of periods prior to the
acquisition.
- Deferred gain resulting from retroactive reinsurance and
subsequent changes in the deferred gain - Retroactive reinsurance
agreements economically transfer risk to the reinsurers and
excluding the deferred gain on retroactive reinsurance and related
amortization of the deferred gain from core earnings provides
greater insight into the economics of the business.
- Change in valuation allowance on deferred taxes related to
non-core components of before tax income - These changes in
valuation allowances are excluded from core earnings because they
relate to non-core components of before tax income, such as tax
attributes like capital loss carryforwards.
- Results of discontinued operations - These results are excluded
from core earnings for businesses sold or held for sale because
such results could obscure the ability to compare period over
period results for our ongoing businesses.
In addition to the above components of net income available to
common stockholders that are excluded from core earnings, preferred
stock dividends declared, which are excluded from net income, are
included in the determination of core earnings. Preferred stock
dividends are a cost of financing more akin to interest expense on
debt and are expected to be a recurring expense as long as the
preferred stock is outstanding.
Net income (loss) and net income (loss) available to common
stockholders are the most directly comparable U.S. GAAP measures to
core earnings. Core earnings should not be considered as a
substitute for net income (loss) or net income (loss) available to
common stockholders and does not reflect the overall profitability
of the Company’s business. Therefore, The Hartford believes that it
is useful for investors to evaluate net income (loss), net income
(loss) available to common stockholders, and core earnings when
reviewing the Company’s performance.
A reconciliation of net income (loss) to core earnings for the
quarterly periods ended March 31, 2024 and 2023, is included in
this news release. A reconciliation of net income (loss) to core
earnings for individual reporting segments can be found in this
news release under the heading "The Hartford Financial Services
Group, Inc. Consolidating Income Statements" and in The Hartford's
Investor Financial Supplement for the quarter ended March 31,
2024.
Core earnings margin - The
Hartford uses the non-GAAP measure core earnings margin to
evaluate, and believes it is an important measure of, the Group
Benefits segment's operating performance. Core earnings margin is
calculated by dividing core earnings by revenues, excluding buyouts
and realized gains (losses). Net income margin, calculated by
dividing net income by revenues, is the most directly comparable
U.S. GAAP measure. The Company believes that core earnings margin
provides investors with a valuable measure of the performance of
Group Benefits because it reveals trends in the business that may
be obscured by the effect of buyouts and realized gains (losses) as
well as other items excluded in the calculation of core earnings.
Core earnings margin should not be considered as a substitute for
net income margin and does not reflect the overall profitability of
Group Benefits. Therefore, the Company believes it is important for
investors to evaluate both core earnings margin and net income
margin when reviewing performance. A reconciliation of net income
margin to core earnings margin for the quarterly periods ended
March 31, 2024 and 2023, is set forth below.
Three Months Ended
Margin
Mar 31 2024
Mar 31 2023
Change
Net income margin
6.2
%
5.3
%
0.9
Adjustments to reconcile net income
margin to core earnings margin:
Net realized gains, before tax
(0.1
)%
(0.3
)%
0.2
Integration and other non-recurring
M&A costs, before tax
—
%
0.1
%
(0.1
)
Income tax expense (benefit) on items
excluded from core earnings
—
%
0.1
%
(0.1
)
Core earnings margin
6.1
%
5.2
%
0.9
Core earnings per diluted
share - This non-GAAP per share measure is calculated
using the non-GAAP financial measure core earnings rather than the
GAAP measure net income. The Company believes that core earnings
per diluted share provides investors with a valuable measure of the
Company's operating performance for the same reasons applicable to
its underlying measure, core earnings. Net income (loss) available
to common stockholders per diluted common share is the most
directly comparable GAAP measure. Core earnings per diluted share
should not be considered as a substitute for net income (loss)
available to common stockholders per diluted common share and does
not reflect the overall profitability of the Company's business.
Therefore, the Company believes that it is useful for investors to
evaluate net income (loss) available to common stockholders per
diluted common share and core earnings per diluted share when
reviewing the Company's performance. A reconciliation of net income
available to common stockholders per diluted common share to core
earnings per diluted share for the quarterly periods ended March
31, 2024 and 2023 is provided in the table below.
Three Months Ended
Mar 31 2024
Mar 31 2023
Change
PER SHARE DATA
Diluted earnings per common share:
Net income available to common
stockholders per share1
$
2.47
$
1.66
49
%
Adjustments made to reconcile net
income available to common stockholders per diluted share to core
earnings per diluted share:
Net realized losses (gains), excluded from
core earnings, before tax
(0.10
)
0.02
NM
Integration and other non-recurring
M&A costs, before tax
0.01
0.01
—
%
Change in deferred gain on retroactive
reinsurance, before tax
(0.08
)
—
NM
Income tax expense (benefit) on items
excluded from core earnings
0.04
(0.01
)
NM
Core earnings per diluted share
$
2.34
$
1.68
39
%
[1] Net income available to common
stockholders includes dilutive potential common shares
Core Earnings Return on
Equity - The Company provides different measures of the
return on stockholders' equity (ROE). Core earnings ROE is
calculated based on non-GAAP financial measures. Core earnings ROE
is calculated by dividing (a) the non-GAAP measure core earnings
for the prior four fiscal quarters by (b) the non-GAAP measure
average common stockholders' equity, excluding AOCI. Net income ROE
is the most directly comparable U.S. GAAP measure. The Company
excludes AOCI in the calculation of core earnings ROE to provide
investors with a measure of how effectively the Company is
investing the portion of the Company's net worth that is primarily
attributable to the Company's business operations. The Company
provides to investors return on equity measures based on its
non-GAAP core earnings financial measure for the reasons set forth
in the core earnings definition. A quantitative reconciliation of
net income available to common stockholders ROE to core earnings
ROE is not calculable on a forward-looking basis because it is not
possible to provide a reliable forecast of realized gains and
losses, which typically vary substantially from period to
period.
A reconciliation of consolidated net income available to common
stockholders ROE to consolidated core earnings ROE is set forth
below.
Last Twelve Months
Ended
Mar 31 2024
Mar 31 2023
Net income available to common
stockholders ROE
18.5%
12.8%
Adjustments to reconcile net income
available to common stockholders ROE to core earnings ROE:
Net realized losses excluded from core
earnings, before tax
0.8%
3.3%
Restructuring and other costs, before
tax
—%
0.1%
Loss on extinguishment of debt, before
tax
—%
0.1%
Integration and other non-recurring
M&A costs, before tax
0.1%
0.1%
Change in deferred gain on retroactive
reinsurance, before tax
1.2%
1.5%
Income tax benefit on items not included
in core earnings
(0.4)%
(1.1)%
Impact of AOCI, excluded from denominator
of core earnings ROE
(3.6)%
(2.5)%
Core earnings ROE
16.6%
14.3%
Underlying combined ratio-
This non-GAAP financial measure of underwriting results represents
the combined ratio before catastrophes, prior accident year
development and current accident year change in loss reserves upon
acquisition of a business. Combined ratio is the most directly
comparable GAAP measure. The Company believes this ratio is an
important measure of the trend in profitability since it removes
the impact of volatile and unpredictable catastrophe losses and
prior accident year loss and loss adjustment expense reserve
development. The changes to loss reserves upon acquisition of a
business are excluded from underlying combined ratio because such
changes could obscure the ability to compare results in periods
after the acquisition to results of periods prior to the
acquisition as such trends are valuable to our investors' ability
to assess the Company's financial performance. A reconciliation of
the combined ratio to the underlying combined ratio for individual
reporting segments can be found in this news release under the
heading "Business Results" for Commercial Lines" and "Personal
Lines". A reconciliation of the combined ratio to underlying
combined ratio for lines of business within the Company's P&C
reporting segments is set forth below.
SMALL COMMERCIAL
Three Months Ended
Mar 31 2024
Mar 31 2023
Change
Combined ratio
89.0
90.8
(1.8
)
Adjustment to reconcile combined ratio
to underlying combined ratio:
Current accident year catastrophes
(3.8
)
(6.2
)
2.4
Prior accident year development
4.3
4.9
(0.6
)
Underlying combined ratio
89.6
89.5
0.1
MIDDLE & LARGE COMMERCIAL
Three Months Ended
Mar 31 2024
Mar 31 2023
Change
Combined ratio
94.0
97.6
(3.6
)
Adjustment to reconcile combined ratio
to underlying combined ratio:
Current accident year catastrophes
(3.6
)
(5.0
)
1.4
Prior accident year development
(1.2
)
(2.7
)
1.5
Underlying combined ratio
89.2
89.9
(0.7
)
GLOBAL SPECIALTY
Three Months Ended
Mar 31 2024
Mar 31 2023
Change
Combined ratio
87.8
88.7
(0.9
)
Adjustment to reconcile combined ratio
to underlying combined ratio:
Current accident year catastrophes
(3.3
)
(3.1
)
(0.2
)
Prior accident year development
0.7
(0.4
)
1.1
Underlying combined ratio
85.3
85.2
0.1
PERSONAL LINES AUTO
Three Months Ended
Mar 31 2024
Mar 31 2023
Change
Combined ratio
103.9
110.2
(6.3
)
Adjustment to reconcile combined ratio
to underlying combined ratio:
Current accident year catastrophes
(1.0
)
(1.1
)
0.1
Prior accident year development
1.6
(4.0
)
5.6
Underlying combined ratio
104.4
105.1
(0.7
)
PERSONAL LINES HOMEOWNERS
Three Months Ended
Mar 31 2024
Mar 31 2023
Change
Combined ratio
96.2
96.8
(0.6
)
Adjustment to reconcile combined ratio
to underlying combined ratio:
Current accident year catastrophes
(18.7
)
(17.8
)
(0.9
)
Prior accident year development
(0.5
)
(0.1
)
(0.4
)
Underlying combined ratio
77.0
78.9
(1.9
)
Underwriting gain (loss) -
The Hartford's management evaluates profitability of the Commercial
and Personal Lines segments primarily on the basis of underwriting
gain or loss. Underwriting gain (loss) is a before tax non-GAAP
measure that represents earned premiums less incurred losses, loss
adjustment expenses and underwriting expenses. Net income (loss) is
the most directly comparable GAAP measure. Underwriting gain (loss)
is influenced significantly by earned premium growth and the
adequacy of The Hartford's pricing. Underwriting profitability over
time is also greatly influenced by The Hartford's underwriting
discipline, as management strives to manage exposure to loss
through favorable risk selection and diversification, effective
management of claims, use of reinsurance and its ability to manage
its expenses. The Hartford believes that underwriting gain (loss)
provides investors with a valuable measure of profitability, before
tax, derived from underwriting activities, which are managed
separately from the Company's investing activities. A
reconciliation of net income to underwriting gain (loss) for the
quarterly periods ended March 31, 2024 and 2023, is set forth
below.
Underlying underwriting gain
(loss) - This non-GAAP measure of underwriting
profitability represents underwriting gain (loss) before current
accident year catastrophes, PYD and current accident year change in
loss reserves upon acquisition of a business. The most directly
comparable GAAP measure is net income (loss). The Company believes
underlying underwriting gain (loss) is important to understand the
Company’s periodic earnings because the volatile and unpredictable
nature (i.e., the timing and amount) of catastrophes and prior
accident year reserve development could obscure underwriting
trends. The changes to loss reserves upon acquisition of a business
are also excluded from underlying underwriting gain (loss) because
such changes could obscure the ability to compare results in
periods after the acquisition to results of periods prior to the
acquisition as such trends are valuable to our investors' ability
to assess the Company's financial performance. A reconciliation of
net income (loss) to underlying underwriting gain (loss) for
individual reporting segments for the quarterly periods ended March
31, 2024 and 2023, is set forth below.
COMMERCIAL LINES
Three Months Ended
Mar 31 2024
Mar 31 2023
Net income
$
573
$
421
Adjustments to reconcile net income to
underwriting gain:
Net investment income
(391
)
(338
)
Net realized losses (gains)
(12
)
19
Other expense
2
—
Income tax expense
129
100
Underwriting gain
301
202
Adjustments to reconcile underwriting
gain to underlying underwriting gain:
Current accident year catastrophes
109
138
Prior accident year development
(56
)
(23
)
Underlying underwriting gain
$
354
$
317
PERSONAL LINES
Three Months Ended
Mar 31 2024
Mar 31 2023
Net income (loss)
$
34
$
(1
)
Adjustments to reconcile net income
(loss) to underwriting loss:
Net investment income
(50
)
(38
)
Net realized losses (gains)
(1
)
1
Net servicing and other income
(4
)
(6
)
Income tax expense (benefit)
8
(1
)
Underwriting loss
(13
)
(45
)
Adjustments to reconcile underwriting
loss to underlying underwriting gain:
Current accident year catastrophes
52
47
Prior accident year development
(7
)
20
Underlying underwriting gain
$
32
$
22
Underlying loss and loss adjustment
expense ratio - This non-GAAP financial measure of the
loss and loss adjustment expense ratio for Commercial Lines and
Personal Lines represents the loss and loss adjustment expense
ratio before catastrophes and prior accident year development. The
loss and loss adjustment expense ratio is the most directly
comparable GAAP measure. The underlying loss and loss adjustment
expense ratio is an important measure of the trend in profitability
since it removes the impact of volatile and unpredictable
catastrophe losses and prior accident year reserve development. A
reconciliation of the loss and loss adjustment expense ratio to the
underlying loss and loss adjustment expense ratio for the quarterly
periods ended March 31, 2024 and 2023, is set forth below.
COMMERCIAL LINES
Three Months Ended
Mar 31 2024
Mar 31 2023
Change
Loss and loss adjustment expense
ratio
Total losses and loss adjustment
expenses
58.3
60.7
(2.4
)
Current accident year catastrophes
(3.6
)
(5.0
)
1.4
Prior accident year development
1.8
0.8
1.0
Underlying loss and loss adjustment
expense ratio
56.6
56.5
0.1
PERSONAL LINES
Three Months Ended
Mar 31 2024
Mar 31 2023
Change
Loss and loss adjustment expense
ratio
Total losses and loss adjustment
expenses
76.3
79.6
(3.3
)
Current accident year catastrophes
(6.4
)
(6.4
)
—
Prior accident year development
0.9
(2.7
)
3.6
Underlying loss and loss adjustment
expense ratio
70.7
70.5
0.2
SAFE HARBOR STATEMENT
Certain of the statements contained herein are forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as “anticipates,”
“intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,”
“projects,” and similar references to future periods.
Forward-looking statements are based on management's current
expectations and assumptions regarding future economic,
competitive, legislative and other developments and their potential
effect upon The Hartford Financial Services Group, Inc. and its
subsidiaries (collectively, the "Company" or "The Hartford").
Because forward-looking statements relate to the future, they are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. Actual results could
differ materially from expectations depending on the evolution of
various factors, including the risks and uncertainties identified
below, as well as factors described in such forward-looking
statements; or in The Hartford’s 2023 Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and our other filings with the
Securities and Exchange Commission.
- Risks Relating to Economic, Political and
Global Market Conditions: challenges related to the
Company’s current operating environment, including global
political, economic and market conditions, and the effect of
financial market disruptions, economic downturns, changes in trade
regulation including tariffs and other barriers or other
potentially adverse macroeconomic developments on the demand for
our products and returns in our investment portfolios; market risks
associated with our business, including changes in credit spreads,
equity prices, interest rates, inflation rate, foreign currency
exchange rates and market volatility; the impact on our investment
portfolio if our investment portfolio is concentrated in any
particular segment of the economy; the impacts of changing climate
and weather patterns on our businesses, operations and investment
portfolio including on claims, demand and pricing of our products,
the availability and cost of reinsurance, our modeling data used to
evaluate and manage risks of catastrophes and severe weather
events, the value of our investment portfolios and credit risk with
reinsurers and other counterparties;
- Insurance Industry and Product-Related
Risks: the possibility of unfavorable loss development,
including with respect to long-tailed exposures; the significant
uncertainties that limit our ability to estimate the ultimate
reserves necessary for asbestos and environmental claims; the
possibility of another pandemic, civil unrest, earthquake, or other
natural or man-made disaster that may adversely affect our
businesses; weather and other natural physical events, including
the intensity and frequency of thunderstorms, tornadoes, hail,
wildfires, flooding, winter storms, hurricanes and tropical storms,
as well as climate change and its potential impact on weather
patterns; the possible occurrence of terrorist attacks and the
Company’s inability to contain its exposure as a result of, among
other factors, the inability to exclude coverage for terrorist
attacks from workers' compensation policies and limitations on
reinsurance coverage from the federal government under applicable
laws; the Company’s ability to effectively price its products and
policies, including its ability to obtain regulatory consents to
pricing actions or to non-renewal or withdrawal of certain product
lines; actions by competitors that may be larger or have greater
financial resources than we do; technological changes, including
usage-based methods of determining premiums, advancements in
certain emerging technologies, including machine learning,
predictive analytics, “big data” analysis or other artificial
intelligence functions, advancements in automotive safety features,
the development of autonomous vehicles, and platforms that
facilitate ride sharing; the Company's ability to market,
distribute and provide insurance products and investment advisory
services through current and future distribution channels and
advisory firms; the uncertain effects of emerging claim and
coverage issues; political instability, politically motivated
violence or civil unrest, which may increase the frequency and
severity of insured losses; the ongoing effects of COVID-19,
including exposure to COVID-19 business interruption property
claims and the possibility of a resurgence of COVID-19 related
losses in Group Benefits;
Financial Strength, Credit and
Counterparty Risks: risks to our business, financial
position, prospects and results associated with negative rating
actions or downgrades in the Company’s financial strength and
credit ratings or negative rating actions or downgrades relating to
our investments; capital requirements which are subject to many
factors, including many that are outside the Company’s control,
such as National Association of Insurance Commissioners ("NAIC")
risk based capital formulas, rating agency capital models, Funds at
Lloyd's and Solvency Capital Requirement, which can in turn affect
our credit and financial strength ratings, cost of capital,
regulatory compliance and other aspects of our business and
results; losses due to nonperformance or defaults by others,
including credit risk with counterparties associated with
investments, derivatives, premiums receivable, reinsurance
recoverables and indemnifications provided by third parties in
connection with previous dispositions; the potential for losses due
to our reinsurers' unwillingness or inability to meet their
obligations under reinsurance contracts and the availability,
pricing and adequacy of reinsurance to protect the Company against
losses; state and international regulatory limitations on the
ability of the Company and certain of its subsidiaries to declare
and pay dividends;
Risks Relating to Estimates, Assumptions
and Valuations: risks associated with the use of analytical
models in making decisions in key areas such as underwriting,
pricing, capital management, reserving, investments, reinsurance
and catastrophe risk management; the potential for differing
interpretations of the methodologies, estimations and assumptions
that underlie the Company’s fair value estimates for its
investments and the evaluation of intent-to-sell impairments and
allowance for credit losses on available-for-sale securities and
mortgage loans; the potential for impairments of our goodwill;
Strategic and Operational Risks:
the Company’s ability to maintain the availability of its systems
and safeguard the security of its data in the event of a disaster,
cyber or other information security incident or other unanticipated
event; the potential for difficulties arising from outsourcing and
similar third-party relationships; the risks, challenges and
uncertainties associated with capital management plans, expense
reduction initiatives and other actions; risks associated with
acquisitions and divestitures, including the challenges of
integrating acquired companies or businesses, which may result in
our inability to achieve the anticipated benefits and synergies and
may result in unintended consequences; difficulty in attracting and
retaining talented and qualified personnel, including key
employees, such as executives, managers and employees with strong
technological, analytical and other specialized skills; the
Company’s ability to protect its intellectual property and defend
against claims of infringement;
Regulatory and Legal Risks: the
cost and other potential effects of increased federal, state and
international regulatory and legislative developments, including
those that could adversely impact the demand for the Company’s
products, operating costs and required capital levels; unfavorable
judicial or legislative developments; the impact of changes in
federal, state or foreign tax laws; regulatory requirements that
could delay, deter or prevent a takeover attempt that stockholders
might consider in their best interests; and the impact of potential
changes in accounting principles and related financial reporting
requirements.
Any forward-looking statement made by the Company in this
document speaks only as of the date of this release. Factors or
events that could cause the Company’s actual results to differ may
emerge from time to time, and it is not possible for the Company to
predict all of them. The Company undertakes no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future developments or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240425603020/en/
Media Contacts: Michelle Loxton 860-547-7413
michelle.loxton@thehartford.com
Matthew Sturdevant 860-547-8664
matthew.sturdevant@thehartford.com
Investor Contact: Susan Spivak Bernstein 860-547-6233
susan.spivak@thehartford.com
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