Hartford Financial Core Profit Falls 24%
October 26 2015 - 7:00PM
Dow Jones News
Hartford Financial Services Group Inc. said its third-quarter
core earnings fell 24% amid a decline in investment income and an
increase in catastrophe and loss costs.
The insurer's shares fell 4.7% to $46.50 in recent after-hours
trading as per-share core earnings and net premiums written missed
expectations.
Hartford has narrowed its focus to property-casualty insurance
and a group-benefits operation that sells products to employers and
mutual funds. Its variable-annuity business is in "run off,"
meaning claims are being paid but no new sales are made.
Chief Executive Christopher Swift said the latest results
reflect lower net investment income, adverse prior-year
developments in its commercial lines and higher catastrophe and
losses costs in its personal lines.
Hartford Financial reported core earnings of $364 million, or 86
cents a share, down from $477 million, or $1.06 a share, a year
earlier.
Revenue decreased 4.3% to $4.56 billion, including a decline of
9.9% in net investment income to $730 million.
Analysts polled by Thomson Reuters expected per-share core
earnings of 99 cents and revenue of $4.75 billion.
Overall, Hartford Financial reported a profit of $381 million,
down from $388 million a year earlier. Per-share earnings, which
reflect preferred dividend impacts and a decrease in shares
outstanding, rose to 90 cents from 86 cents.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 26, 2015 18:45 ET (22:45 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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