Hartford Financial beats by $0.03, reports revs in-line
- Reports Q3 (Sep) earnings of $0.60 per share, $0.03 better thanthe Capital IQ Consensus of $0.57; revenues fell 0.7% year/year to $4.68 bln vs the $4.68 bln two analyst estimate.
- Current accident year catastrophe losses totaled $352 million, before tax ($0.62, after tax, per diluted share), compared with third quarter 2016 catastrophe losses of $80 million, before tax ($0.13, after tax, per diluted share); the increase in catastrophe losses was the primary driver of the increase in Commercial Lines and Personal Lines combined ratios to 108.6 and 104.0, respectively, from 93.9 and 100.2 in thirdquarter 2016
- Commercial Lines underlying combined ratio* of 93.2 increased 3.2 points from 90.0 in third quarter 2016 due to a higher expense ratio and increased workers' compensation and general liability loss ratios
- Agrees to acquire Aetna's U.S. Group life and disability business for $1.45 billion
- See 6:49 ET post for further details.
- "The Hartford's third quarter results included a significant amount of property and casualty catastrophe losses, which totaled $229 million, after tax, primarily from hurricanes. Aside from catastrophes, our results remained strong at each segment, meeting or beating our expectations," said The Hartford's Chairman and CEO Christopher Swift. "Investment results also contributed, with excellent returns on limited partnerships, stable portfolio yields and low levels of impairments or credit losses. Reflecting our strong underlying results, for the fifth consecutive year we raised our quarterly common dividend, which will increase by 9% effective with the January 2, 2018 payment."
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