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

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.

The Hartford has appointed Hank Dominioni as head of sales and underwriting for its Northeast Division, overseeing commercial operations across seven states from Maine to New York. Dominioni, with over 20 years at The Hartford, aims to drive profitable growth and strengthen partnerships with independent agents and brokers. His new role is expected to enhance the company's market position in the Northeast.

Gretchen Thompson, head of Field Operations, praised Dominioni for his proven track record in developing talent and fostering relationships with distribution partners, indicating that his leadership will contribute to continued success in the division.

The Hartford’s Board of Directors has declared a dividend of $375 on each of the Series G preferred stock, translating to $0.375 per depository share. This dividend will be payable on February 15, 2023, to shareholders of record as of the close of business on February 1, 2023. The Hartford, renowned for its property and casualty insurance, has over 200 years of expertise, emphasizing sustainability and trust in its operations.