The Hartford Financial Services Group, Inc. - HIG STOCK NEWS

The Hartford (NYSE: HIG) reported preliminary earnings for Q1 2023, revealing a net income of $530 million ($1.66 per diluted share) and core earnings of $536 million ($1.68 per diluted share). The company's results included $185 million in catastrophe (CAT) losses due to winter storms and severe weather. The Commercial Lines combined ratio was reported at 92.7 with an underlying combined ratio of 88.5, while Personal Lines combined ratio was 106.1, impacted by increased auto-related losses. The Hartford generated $515 million in consolidated net investment income before tax and repurchased 4.7 million shares for $350 million. Full Q1 financial results will be disclosed on April 27, 2023.

The Hartford has announced a $3.5 million donation over three years to Move United, aimed at enhancing access to adaptive sports for individuals with disabilities. This initiative is part of The Hartford's long-standing commitment to the adaptive sports community. The funds will support ongoing equipment donations, an Adaptive Sports Competition Series, and the title sponsorship of the Hartford Nationals, which includes five premier events across the U.S. The partnership aims to alleviate the financial burden of adaptive sports equipment and create opportunities for over 11,000 participants. Since 2018, The Hartford has donated more than 5,000 pieces of adaptive sports equipment, positively impacting communities nationwide.

The Hartford has renamed its accidental death and dismemberment insurance to accidental loss of life and severe injury benefits as part of a broader initiative to simplify benefit descriptions. This change aims to reduce confusion among U.S. workers, with 38% indicating confusion about their benefits. The updated product will be available starting January 1, 2024, and will include new coverage options for recovery and financial support. The company's research highlights a significant need for clearer benefits education, with 61% of employers agreeing that existing descriptions are complex.

The Hartford has released its 2023 Home Fire Index identifying the top 150 U.S. cities with the highest home fire risk. The report indicates significant decreases in risky fire-starting behaviors among residents, such as a 75% decrease in leaving lit candles unattended. Additionally, up to 46% more respondents now have smoke detectors in every bedroom. The Hartford is investing $1.5 million to educate 1.5 million children about fire safety through its Junior Fire Marshal program. This program aims to equip the next generation with essential fire safety knowledge. Notably, cities like Fresno and Nashville have seen significant ranking shifts since 2020.

The Hartford has appointed Shekar Pannala as the chief information officer for Property & Casualty, effective March 13. In this newly created role, Pannala will oversee technology for Personal Lines, Small Commercial, and Middle & Large Commercial businesses, reporting to the company’s CIO Deepa Soni. With over 30 years of experience, including roles at Chubb and S&P Global, Pannala's expertise is expected to drive digital transformation efforts. This strategic move aims to enhance The Hartford's technology capabilities as it pursues an aggressive tech agenda aimed at improving customer experience and operational efficiency.

The Hartford's Board of Directors has declared a dividend of $0.425 per share on common stock, payable on April 4 to shareholders of record by the close of business on March 6. Additionally, a dividend of $375 will be distributed per Series G preferred stock share, equivalent to $0.375 per depository share, payable on May 15 to Series G shareholders of record by the close of business on May 1. The Hartford, a leader in property and casualty insurance and mutual funds, underscores its commitment to shareholders and financial performance.

The Hartford reported a fourth quarter 2022 net income of $584 million ($1.81 per diluted share), down 19% from $724 million in Q4 2021. However, core earnings rose 7% to $746 million ($2.31 per diluted share). For the full year, net income totaled $1.8 billion ($5.44 per diluted share), and core earnings increased by 14% to $2.5 billion ($7.56 per diluted share). Property & Casualty written premiums grew 8% in Q4 and 9% annually, driven by commercial lines. Shareholders received $2.1 billion in returns through repurchases and dividends. The company's return on equity was 11.6%, and core earnings ROE was 14.4%. Strong investment income contributed positively, despite net realized losses impacting overall income.