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

The Hartford (NYSE: HIG) reported a net income of $333 million ($1.02 per diluted share) for Q3 2022, down 30% from $476 million in 2021. Core earnings rose by 7% to $471 million ($1.44 per diluted share). Written premiums in Property & Casualty increased by 9%, largely due to a 10% rise in Commercial Lines. Notably, the company faced $293 million in CAY catastrophe losses, predominantly from Hurricane Ian. The quarterly common dividend was increased by 10%, amounting to $0.425 per share, payable on January 4, 2023. ROE for net income was reported at 12.8% and 14.3% for core earnings.

The Hartford has been recognized as the top insurer for digital capabilities in Keynova Group's 2022 Small Commercial Insurance Scorecard for the fourth consecutive year. This comprehensive evaluation assesses small commercial insurance brands based on functionality, ease of use, privacy, security, and customer support. The Hartford outperformed its competitors significantly, particularly in areas like claims management, payment processes, and online quote accessibility. The company has over 211 years of experience and serves nearly 1.5 million small business customers.

The Hartford has extended its partnership with Yale School of Medicine to enhance training for medical providers who treat injured workers, aiming to tackle the opioid crisis. This initiative involves developing a curriculum focused on addiction, pain management, and reducing stigma. The training was well-received, with participants reporting an average post-training score of 88%. Future plans include curriculum updates and additional training sessions to reach more clinicians. The partnership follows a rise in overdose deaths in the U.S., reflecting The Hartford's commitment to improving treatment outcomes.

The Hartford has announced the retirement of Doug Elliot as president, effective December 31, after over 11 years with the company. Elliot's tenure saw significant expansions, including the successful integration of The Navigators Group, resulting in two distinct billion-dollar businesses. A leadership restructuring will take place on November 1, with A. Morris Tooker taking on expanded responsibilities. The Hartford remains well-positioned for future growth, supported by a strong leadership team and diverse product offerings.

Research by The Hartford reveals that 40% of U.S. workers plan to reduce their employee benefits choices during open enrollment due to inflation. Additionally, 48% report difficulty affording these benefits. Younger workers (51% of ages 18-34) are more likely to cut back compared to older colleagues. The Future of Benefits Pulse Survey indicates that 55% of workers feel under-informed about their benefits, with 37% finding descriptions unclear. To support employees, employers are encouraged to provide ongoing communication and accessible resources.

The Hartford announced the appointment of Edmund Reese to its board of directors, effective October 17, 2022. Reese brings extensive financial expertise, having served as CFO at Broadridge Financial Solutions and held senior roles at American Express and Merrill Lynch. His appointment to the board's Finance, Investment, Risk Management, and Audit Committees is expected to support the company's focus on profitable growth and maximizing stakeholder value. Reese holds a BS in Accounting from Clemson University and an MBA from The Wharton School.

The Hartford has announced enhancements to its Property Choice and General Liability Choice products, aimed at improving commercial risk coverage for businesses of various sizes. These updates provide increased flexibility in setting limits and terms, allowing for a customizable solution tailored to specific industry needs. The Property Choice now includes over 30 new coverage forms, while General Liability Choice features built-in enhancements such as incidental medical malpractice coverage. This expansion is part of The Hartford's commitment to efficiency and customer-centric service.

The Hartford announced strong financial results for Q2 2022, with net income of $437 million ($1.32 per diluted share), down 51% from 2021. Core earnings were $714 million ($2.15 per diluted share), a 15% decline. The company achieved a 14.0% core earnings return on equity (ROE) and a 10% increase in Property & Casualty (P&C) written premiums. The Board authorized a $3.0 billion share repurchase program through 2024. Despite challenges, including a 17.8% drop in book value per share to $42.21, The Hartford remains well-positioned for growth and has returned $1.1 billion to shareholders this year.

The Hartford's Board of Directors has declared a dividend of $0.385 per share of common stock, payable on October 4 to shareholders of record as of September 1. Additionally, a dividend of $375 on Series G preferred stock (equivalent to $0.375 per depository share) will be paid on November 15 to Series G shareholders of record as of November 1. The Hartford is a leading provider of property and casualty insurance, group benefits, and mutual funds, with over 200 years of experience.