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

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.

The Hartford has appointed Tracey Ant as head of Middle & Large Commercial Business Units, effective January 1. Ant will oversee the underwriting across various industries, reporting to Mo Tooker. With over 25 years of experience, Ant has held significant roles in the insurance sector. Additionally, Gretchen Thompson will assume Ant’s previous responsibilities, and Stephen Screen becomes the new head of Enterprise Sales & Distribution. These leadership changes aim to enhance the company’s strategies for growth and agent relationships.

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.