- Net income of $438 million and core
earnings* of $413 million increased 15% and 13%, respectively, from
third quarter 2015
- Commercial Lines combined ratio of
93.9, a 0.6 point improvement from third quarter 2015; combined
ratio before catastrophes and prior accident year loss reserve
development (PYD)* was 90.0, a 1.0 point improvement over third
quarter 2015
- Personal Lines combined ratio of 100.2,
a 0.9 point improvement from third quarter 2015; combined ratio
before catastrophes and PYD was 96.1, a 0.5 point deterioration
from third quarter 2015
- Book value per diluted share of $48.30,
up 12% from Dec. 31, 2015; book value per diluted share excluding
accumulated other comprehensive income (AOCI)* was $45.74, up
5%
- Board of directors authorized new
equity repurchase plan expiring Dec. 31, 2017 for $1.3 billion and
declared a quarterly common dividend increase of 10% to $0.23 per
share
- During third quarter 2016, the company
repurchased 8.4 million common shares for a total of $350 million
under the $4.375 billion authorization expiring Dec. 31, 2016
The Hartford (NYSE:HIG) reported net income of $438 million in
third quarter 2016, an increase of 15% from third quarter 2015.
Core earnings was $413 million in third quarter 2016, an increase
of 13% from third quarter 2015.
Third quarter 2016 net income per diluted share was $1.12 and
core earnings per diluted share was $1.06, increases of 24% and
23%, respectively, compared with $0.90 and $0.86 in third quarter
2015. The increases resulted from higher net income and core
earnings compared with third quarter 2015, combined with an 8%
decrease in weighted average diluted common shares outstanding.
During the past four quarters, the company repurchased 34.5 million
common shares for a total of $1.5 billion.
*Denotes financial measure not calculated in accordance with
generally accepted accounting principles (non-GAAP).
The Hartford announced today that its board of directors
authorized a new $1.3 billion equity repurchase plan for common
shares. The new program, which is effective Oct. 31, 2016 and
expires Dec. 31, 2017, is in addition to the company’s current
$4.375 billion equity repurchase plan, which expires on Dec. 31,
2016 and has approximately $195 million remaining as of Oct. 26,
2016.
The board also declared a quarterly dividend of $0.23 per share
of common stock, payable on Jan. 3, 2017, to shareholders of record
at the close of business on Dec. 1, 2016. This represents an
increase of $0.02 per share, or 10%, over the prior quarterly
dividend.
"The Hartford delivered solid overall third quarter results,
achieving strong margins and investment results, including higher
limited partnership returns," said The Hartford's Chairman and CEO
Christopher Swift. "We were also pleased to announce a new $1.3
billion equity repurchase plan as well as a 10 percent increase in
our quarterly dividend, reflecting our strong balance sheet,
capital generation and financial flexibility. I am particularly
pleased with results in Commercial Lines, where pricing and
retention trends are sound, contributing to a 1 point improvement
in the combined ratio before catastrophes and prior year
development. In Personal Lines, we continue to execute automobile
profitability improvement initiatives including aggressive pricing
and underwriting actions. While personal automobile results remain
challenged, I am confident that our initiatives will improve
results over the coming quarters."
The Hartford's President Doug Elliot added, "Commercial Lines
and Group Benefits each generated strong results this quarter.
Small Commercial results were superb, with stable renewal written
pricing, strong retention and disciplined new business growth.
Middle Market margins improved as we continued to focus on
profitability over growth due to the sustained competitive
environment. Group Benefits disability trends continue to be
favorable, resulting in a very solid core earnings margin* of 5.6
percent, despite continued pressure on group life severity."
CONSOLIDATED FINANCIAL RESULTS SUMMARY
As summarized in the table below, the $57 million increase in
third quarter 2016 net income compared with third quarter 2015 was
primarily due to a change to net realized capital gains, after-tax
and deferred policy acquisition costs (DAC), higher net investment
income and a lower unlock charge in third quarter 2016, partially
offset by a $60 million income tax benefit in third quarter 2015.
The income tax benefit in third quarter 2015 was related to a
reduction of the deferred tax valuation allowance on capital loss
carryovers; there was no similar income tax benefit in third
quarter 2016. Third quarter 2016 net realized capital gains,
after-tax and DAC, were $36 million compared with a net realized
capital loss, after-tax and DAC, of $27 million in third quarter
2015. Net investment income increased $30 million, after-tax,
compared with third quarter 2015 primarily due to a $48 million,
after-tax, increase in investment income from limited partnerships
and other alternative investments (LPs). The unlock charge,
after-tax, in third quarter 2016 declined to $9 million, after-tax,
from $33 million, after-tax, in third quarter 2015.
The $49 million increase in core earnings was primarily due to
higher net investment income and property and casualty (P&C)
underwriting results. P&C underwriting gain* increased $15
million, after-tax, from third quarter 2015 primarily due to
improved underwriting results in Commercial Lines.
($ in millions except per share data)
Three
Months Ended
Sep 302016
Sep 302015
Change¹ Net income
$438 $381
15% Less: Unlock charge, before tax (13)
(49) 73% Less: Net realized capital
losses after DAC, excluded from core earnings, before tax (13) (49)
73% Less: Restructuring and other costs, before tax — (4) 100%
Less: Net reinsurance gain on dispositions, before tax — 20 (100)%
Less: Income tax benefit, including amounts related to before tax
items excluded from core earnings 51 90 (43)% Less: Income from
discontinued operations, after-tax —
9 (100)%
Core earnings
$413 $364
13% Weighted average diluted common shares
outstanding 390.5 423.0 (8)% Net income per diluted share² $1.12
$0.90 24% Core earnings per diluted share²
$1.06 $0.86 23%
Select
operating data: Net investment income $772 $730 6% Annualized
investment yield, before tax, excluding LPs
4.1% 4.2% (0.1) Combined
ratio by segment: Commercial Lines 93.9 94.5 0.6 Personal Lines
100.2 101.1 0.9 P&C combined ratio 96.5 97.3 0.8 Impact of
catastrophes and PYD on combined ratio 3.9 4.3 0.4 P&C combined
ratio before catastrophes and PYD 92.5
93.0 0.5 Group Benefits net
income margin 6.7% 4.9% 1.8 Group Benefits core earnings margin
5.6% 5.5%
0.1 Book value per diluted share $48.30 $43.32 11% Book
value per diluted share (ex. AOCI) $45.74
$42.99 6% ROE - Net
income3 7.6% 8.9% (1.3) ROE - Net income, excluding Talcott
Resolution3 10.8% 10.3%
0.5 ROE - Core earnings*3 7.6% 9.1% (1.5) ROE
- Core earnings, excluding Talcott Resolution*3
9.1% 10.5% (1.4)
[1] The Hartford defines increases or decreases greater than or
equal to 200%, or changes from a net gain to a net loss position,
or vice versa, as "NM" or not meaningful[2] Includes dilutive
potential common shares[3] Calculated based on last 12-months net
income and core earnings
The table below summarizes other items that increased
(decreased) third quarter 2016 net income and core earnings
compared with third quarter 2015.
Three Months Ended ($ in millions
except per share data)
Sep 30 2016
Sep 30 2015 Change
Netincome
Coreearnings
Netincome
Coreearnings
Netincome
Coreearnings
PYD, after-tax $(16) $(16)
$(24) $(24) $8 $8
Unlock benefit (charge), after-tax (9)
— (33) — 24
— Net investment income on LPs, after-tax 60
60 12 12 48
48 Reduction in deferred tax valuation allowance
— — 60 —
(60) — Estimated net gain on sale of Hartford
Financial Products International Limited (HFPI), after-tax
6 — — —
6 — Net realized capital gains (losses),
after-tax and DAC, excluded from core earnings and excluding
estimated after-tax net gain on HFPI sale 27
— (30) — 57
—
Net increase (decrease) $68
$44 $(15)
$(12) $83 $56
Per diluted share $0.17
$0.11 $(0.04)
$(0.03) $0.21
$0.14 Current accident year catastrophe losses, after-tax
$52 $52 $49
$49 $(3) $(3)
SEGMENT RESULTS
Three Months Ended ($ in millions)
Sep 30 2016 Sep 30 2015
Change
Netincome
Coreearnings
Netincome
Coreearnings
Netincome
Coreearnings
P&C segments: Commercial Lines $272 $247 $211 $216 $61 $31
Personal Lines 29 25 19 17 10 8 P&C Other Operations
31 19 16 18
15 1 Property & Casualty 332
291 246 251
86 40 Group Benefits 62
51 42 47 20
4 Mutual Funds 21 21 22
22 (1) (1)
Sub-total 415 363
310 320
105 43 Talcott Resolution
78 104 74 107
4 (3) Corporate (55)
(54) (3) (63) (52)
9
Total $438
$413 $381
$364 $57 $49
COMMERCIAL LINES
($ in millions)
Three Months
Ended
Sep 302016
Sep 302015
Change Net income
$272 $211 29% Core
earnings $247 $216
14% Underwriting gain $103
$90 14% Net investment
income $239 $208
15% Combined ratio 93.9
94.5 0.6 Small Commercial
89.0 88.0
(1.0) Middle Market 99.4
102.5 3.1 Specialty Commercial
94.0 81.5 (12.5)
Impact of catastrophes and PYD on combined ratio
3.9 3.5 (0.4)
Combined ratio before catastrophes and PYD
90.0 91.0 1.0 Small
Commercial 86.8 86.8
— Middle Market 93.1
93.8 0.7 Specialty
Commercial 93.7 99.1
5.4 Written premiums
$1,673 $1,639 2% Standard
Commercial renewal written pricing increases
2% 2% —
Commercial Lines net income in third quarter 2016 increased to
$272 million from $211 million in third quarter 2015 and core
earnings rose to $247 million from $216 million. The increase in
net income was due to third quarter 2016 net realized capital
gains, after-tax, of $25 million compared with net realized capital
losses, after-tax, of $12 million in third quarter 2015, as well as
higher net investment income and better underwriting results. The
growth in core earnings resulted primarily from a $22 million,
after-tax, increase in net investment income and an $8 million,
after-tax, increase in underwriting gain. The increase in net
investment income was largely the result of higher investment
income on LPs.
Commercial Lines underwriting gain was $103 million, before tax,
in third quarter 2016 for a combined ratio of 93.9 compared with
third quarter 2015 underwriting gain of $90 million, before tax,
for a combined ratio of 94.5. The $13 million, before tax,
improvement in underwriting gain and the 0.6 point improvement in
the combined ratio reflects lower unfavorable PYD, higher earned
premiums and lower expenses, partially offset by higher catastrophe
losses. Third quarter 2016 net unfavorable PYD was $22 million,
before tax, or 1.3 points on the combined ratio, compared with
third quarter 2015 unfavorable PYD of $50 million, before tax, or
3.0 points on the combined ratio. The net unfavorable PYD in third
quarter 2016 resulted primarily from the commercial automobile
liability line of business, which had unfavorable PYD of $18
million, before tax. Catastrophe losses were $43 million, before
tax, or 2.6 points on the combined ratio, in third quarter 2016 and
were primarily comprised of wind and hail events compared with $8
million, before tax, or 0.5 point on the combined ratio, in third
quarter 2015.
Excluding catastrophes and PYD, third quarter 2016 underwriting
gain improved compared with third quarter 2015 due to better
results in workers' compensation and lower expenses, partially
offset by higher commercial automobile losses. The combined ratio
before catastrophes and PYD was 90.0 in third quarter 2016, an
improvement of 1.0 point from 91.0 in third quarter 2015.
Small Commercial combined ratio for third quarter 2016 was 89.0,
a deterioration of 1.0 point from 88.0 in third quarter 2015,
principally due to higher losses on catastrophes, commercial
automobile liability and package business, partially offset by
improvement in workers' compensation and lower underwriting
expenses. The combined ratio before catastrophes and PYD for Small
Commercial was 86.8 in third quarter 2016, flat with third quarter
2015.
Middle Market combined ratio for third quarter 2016 was 99.4, an
improvement of 3.1 points from 102.5 in third quarter 2015,
primarily due to lower unfavorable PYD, improved workers'
compensation results and lower underwriting expenses, partially
offset by higher catastrophe and non-catastrophe property losses,
and higher current accident year commercial auto losses. The Middle
Market combined ratio before catastrophes and PYD was 93.1, a 0.7
point improvement from third quarter 2015.
Specialty Commercial combined ratio for third quarter 2016 was
94.0, a deterioration of 12.5 points from 81.5 in third quarter
2015 due to lower favorable PYD, partially offset by better current
accident year results in National Accounts, Financial Products and
Bond. The Specialty Commercial combined ratio before catastrophes
and PYD was 93.7, a 5.4 point improvement from third quarter
2015.
Third quarter 2016 Commercial Lines written premiums were $1,673
million, an increase of 2% from third quarter 2015 reflecting 5%
growth in Small Commercial, partially offset by a 1% decline in
Middle Market and a 4% decline in Specialty Commercial. The growth
in Small Commercial includes the acquisition of excess and surplus
company Maxum Specialty Insurance Group, which closed in late July
2016.
Third quarter 2016 Standard Commercial renewal written price
increases averaged 2%, resulting from a 3% increase in Small
Commercial and a 1% increase in Middle Market, exclusive of
specialty programs and livestock lines of business.
PERSONAL LINES
($ in millions)
Three Months
Ended
Sep 302016
Sep 302015
Change Net income $29
$19 53% Core earnings
$25 $17 47% Underwriting loss
$(2) $(11) 82% Net
investment income $35 $29
21% Combined ratio 100.2
101.1 0.9 Automobile 104.8
100.4 (4.4) Homeowners
89.2 105.5 16.3 Impact of
catastrophes and PYD on combined ratio 4.1
5.6 1.5 Combined ratio before
catastrophes and PYD 96.1 95.6
(0.5) Automobile 103.1
101.6 (1.5) Homeowners
79.6 82.4 2.8 Written premiums
$1,000 $1,034 (3)%
Renewal written pricing increases
Automobile
7% 6% 1.0 Homeowners
10% 8% 2.0
Personal Lines net income in third quarter 2016 increased to $29
million from $19 million in third quarter 2015 and core earnings in
third quarter 2016 increased to $25 million from $17 million in
third quarter 2015. The improved results were primarily due to a
lower underwriting loss and higher net investment income compared
with third quarter 2015. The company launched multiple personal
automobile profitability improvement initiatives over the last
year. These initiatives cover a broad range of actions, including
pricing, underwriting, agency management and expenses.
Third quarter 2016 underwriting loss was $2 million, before tax,
for a combined ratio of 100.2, compared with third quarter 2015
underwriting loss of $11 million, before tax, for a combined ratio
of 101.1. The improvements in underwriting loss and combined ratio
compared with third quarter 2015 were due to reduced catastrophe
losses and underwriting expenses, partially offset by higher
current accident year personal automobile losses and slightly
unfavorable PYD compared with favorable PYD in third quarter 2015.
Third quarter 2016 PYD was an unfavorable $3 million, before tax,
or 0.3 point on the combined ratio, compared with a favorable $14
million, before tax, or 1.4 points on the combined ratio, in third
quarter 2015. Catastrophe losses decreased to $37 million, before
tax, or 3.8 points on the combined ratio, from $68 million, before
tax, or 7.0 points on the combined ratio, in third quarter 2015.
Underwriting expenses, including DAC amortization, declined by $29
million, before tax, resulting in a 3.0 point reduction in the
expense ratio to 22.8 in third quarter 2016 from 25.8 in third
quarter 2015.
Third quarter 2016 combined ratio before catastrophes and PYD
was 96.1, a 0.5 point deterioration from third quarter 2015,
reflecting higher current accident year personal automobile losses
largely offset by lower expenses. Auto frequency and severity
trends in third quarter 2016 were generally consistent with the
first half of 2016, resulting in higher losses compared with third
quarter 2015. If fourth quarter 2016 auto frequency and severity
trends remain at the levels experienced during the first nine
months of 2016, the company expects that the full year 2016
automobile combined ratio before catastrophes and PYD would be at
the high end of the outlook range of 101 to 103 provided in July
2016, resulting in the full year 2016 Personal Lines segment
combined ratio before catastrophes and PYD being at the high end of
the July 2016 outlook range of 93 to 94.
Third quarter 2016 Personal Lines written premiums were $1,000
million, a decline of 3% compared with third quarter 2015,
reflecting the impact of lower retention in the AARP Agency and
Other Agency channels and lower new business as a result of
profitability improvement initiatives over the past year, including
price increases. Renewal written price increases in third quarter
2016 averaged 7% in automobile and 10% in homeowners, 1 point
higher than in third quarter 2015 for automobile and 2 points
higher for homeowners.
Written premiums decreased 20% in the non-AARP member Agency
distribution channel, while the AARP Direct and AARP Agency
channels were flat. Third quarter 2016 personal automobile new
business premium declined 36% in AARP Direct, 29% in AARP Agency
and 45% in Other Agency for a total decrease of 37% compared with
third quarter 2015. Homeowners new business written premium
declined 38%.
GROUP BENEFITS
($ in millions)
Three Months
Ended
Sep 302016
Sep 302015
Change Net income
$62 $42 48% Core earnings
$51 $47
9% Net income margin 6.7%
4.9% 1.8 Core earnings margin
5.6% 5.5%
0.1 Net investment income $95
$91 4% Fully insured ongoing premiums1
$792 $751
5% Group life loss ratio 80.0
73.4 (6.6) Group disability loss
ratio 79.4 80.9
1.5 Total loss ratio 79.1
76.8 (2.3) Expense ratio
24.4 26.8
2.4
[1] Fully insured ongoing premiums exclude buyout premiums and
premium equivalents
Group Benefits net income in third quarter 2016 was $62 million,
an increase from $42 million in third quarter 2015, primarily
driven by higher net realized capital gains. The net income margin
increased to 6.7% compared with 4.9% in third quarter 2015. Core
earnings increased to $51 million in third quarter 2016 from $47
million in third quarter 2015 due to higher earned premiums, lower
group disability losses and reduced expenses, partially offset by
higher group life losses. The core earnings margin increased to
5.6% in third quarter 2016 from 5.5% in third quarter 2015.
Third quarter 2016 total loss ratio was 79.1%, 2.3 points higher
than third quarter 2015. The higher total loss ratio was
principally due to a 6.6 point increase in the group life loss
ratio resulting from higher group life claims severity. Slightly
offsetting this deterioration was a 1.5 point improvement in the
group disability loss ratio driven by increased pricing and
improved incidence trends. In addition, the expense ratio improved
2.4 points from third quarter 2015 reflecting the increase in
premium and lower operating expenses.
Third quarter 2016 fully insured ongoing premiums were $792
million, up 5% from third quarter 2015, reflecting strong
persistency and increased pricing. Third quarter 2016 fully insured
ongoing sales of $61 million were flat compared with third quarter
2015.
TALCOTT RESOLUTION
($ in millions)
Three Months
Ended
Sep 302016
Sep 302015
Change Net income $78 $74 5% Less: Unlock
charge, before tax (13) (49) 73% Less: Net realized capital losses
after DAC, excluded from core earnings, before tax (28) (22) (27)%
Less: Net reinsurance gain on dispositions, before tax — 20 (100)%
Less: Income tax benefit on items not included in core earnings 15
16 (6)% Less: Income from discontinued operations, after-tax
— 2 (100)% Core earnings
$104 $107 (3)%
Variable annuity contract count (in thousands)
557 618 (10)% Fixed annuity and other
contract count (in thousands) 123
130 (5)%
Talcott Resolution net income in third quarter 2016 was $78
million, a 5% increase from third quarter 2015, primarily due to a
lower unlock charge that was partially offset by a reinsurance gain
on dispositions in third quarter 2015.
Third quarter 2016 core earnings in Talcott Resolution were $104
million, a 3% decrease from $107 million in third quarter 2015. The
decline of $3 million was due to lower fee income due to the runoff
of the annuity block and lower net investment income from fixed
maturities, which were almost entirely offset by higher net
investment income from LPs and reduced expenses. Talcott Resolution
net investment income from LPs totaled $31 million, after-tax, in
third quarter 2016 compared with $6 million, after-tax, in third
quarter 2015.
Variable annuity and fixed annuity contract counts as of Sept.
30, 2016 both declined 2% from June 30, 2016 and declined 10% and
5%, respectively, from Sept. 30, 2015. The decline in contract
counts reflects normal surrender activity and the impact of the
company’s most recent fixed annuity contractholder initiative,
which ended in November 2015.
MUTUAL FUNDS
Mutual Funds net income in third quarter 2016 was $21 million,
down 5% from $22 million in third quarter 2015 due to lower
investment management fees resulting from a mix shift to lower-fee
mutual funds. In addition, net income decreased as a result of
higher expenses primarily due to the acquisition of Lattice
Strategies, LLC. Lattice Strategies is an investment management
firm and provider of strategic beta exchange traded funds with
approximately $200 million of assets under management (AUM).
Average total Mutual Funds segment AUM increased to $93.0
billion at the end of third quarter 2016 compared with $92.4
billion at the end of third quarter 2015, primarily due to market
appreciation that was largely offset by the continued runoff of
Talcott Resolution. Mutual Funds segment AUM before Talcott
Resolution was up 9% to $78.1 billion from Sept. 30, 2015.
CORPORATE
Corporate net loss in third quarter 2016 was $55 million
compared with a net loss of $3 million in third quarter 2015. The
$52 million, after-tax, increase in net loss was primarily due to a
third quarter 2015 income tax benefit of $60 million related to the
reduction of the deferred tax valuation allowance on capital loss
carryovers.
Corporate core losses were $54 million in third quarter 2016, a
$9 million improvement from core losses of $63 million in third
quarter 2015 due to lower interest expense and other expenses
compared with third quarter 2015.
INVESTMENTS
($ in millions before tax)
Three
Months Ended
Sep 302016
Sep 302015
Change Total investments
$73,719 $74,405 (1)% Net investment
income $772 $730
6% Net investment income from LPs $93
$22 NM Net impairment losses, including
mortgage loan loss reserves $(14)
$(39) (64)% Annualized investment yield1
4.5% 4.1% 0.4
Annualized investment yield from LPs 15.2%
2.9% 12.3 Annualized investment yield,
excluding LPs 4.1% 4.2%
(0.1)
[1] Yields, before tax, calculated using annualized net
investment income divided by the monthly average invested assets at
cost, amortized cost, or adjusted carrying value, as applicable,
excluding repurchase agreement and securities lending collateral,
if any, and derivatives book value
Total investments decreased 1% to $73.7 billion at Sept. 30,
2016 compared with $74.4 billion at Sept. 30, 2015. The decrease in
total investments reflects the continued runoff of Talcott
Resolution and the transfer of investments to assets held for sale
related to the pending sale of Hartford Financial Products
International Limited (HFPI), partially offset by an increase in
fair value of fixed maturities due to the significant decline in
interest rates and tightening of credit spreads compared with Sept.
30, 2015.
Third quarter 2016 net investment income totaled $772 million,
before tax, a 6% increase from third quarter 2015, principally due
to higher investment income from LPs. Investment income from LPs
totaled $93 million, before tax, in third quarter 2016 compared
with $22 million, before tax, in third quarter 2015. The increase
was largely due to improved hedge fund results compared with losses
in third quarter 2015, as well as an increase in private equity
funds. Excluding the impact of LPs, net investment income was down
4% compared with third quarter 2015.
Third quarter 2016 annualized investment yield increased to
4.5%, before tax, from 4.1%, before tax, in third quarter 2015
primarily due to higher investment income from LPs. Third quarter
2016 annualized investment returns from LPs was 15.2%, before tax,
compared with 2.9%, before tax, in third quarter 2015. Third
quarter 2016 annualized investment yield, excluding LPs was 4.1%,
before tax, slightly lower than 4.2% in third quarter 2015 as low
reinvestment rates and lower non-routine income impacted the total
annualized investment yield.
The credit performance of the investment portfolio remained
strong in third quarter 2016, with net impairment losses including
mortgage loan loss reserves totaling $14 million, before tax,
compared with $39 million, before tax, in third quarter 2015.
STOCKHOLDERS’ EQUITY
($ in millions)
As of
Sep 30,2016
Dec 312015
Change Stockholders' equity
$18,658 $17,642 6% Stockholders' equity
(ex. AOCI) $17,671 $17,971
(2)% Book value per diluted share $48.30
$42.96 12% Book value per diluted share
(ex. AOCI) $45.74 $43.76
5% Common shares outstanding 379.6
401.8 (6)% Common shares outstanding and dilutive
potential common shares 386.3 410.7
(6)%
The Hartford’s stockholders’ equity was $18.7 billion as of
Sept. 30, 2016, a 6% increase from $17.6 billion as of Dec. 31,
2015. The increase was largely due to a $1.3 billion increase in
AOCI from Dec. 31, 2015, which largely reflects the impact of lower
interest rates and tighter credit spreads on the fair value of the
company's fixed income investment portfolio. Partially offsetting
the increase in AOCI was the impact of the company's common share
repurchases of $1,050 million and common share dividends of $245
million during the first nine months of 2016, which exceeded net
income of $977 million.
Excluding AOCI, stockholders' equity was $17.7 billion as of
Sept. 30, 2016, a 2% decrease compared with Dec. 31, 2015, as the
company's common share repurchases and common share dividends
exceeded net income for the first nine months of 2016.
Common shares outstanding at Sept. 30, 2016 decreased 6% from
Dec. 31, 2015 to 379.6 million due to the repurchase of 24.6
million common shares during the period, slightly offset by the
issuance of shares for stock-based compensation awards. Common
shares outstanding and dilutive potential common shares as of Sept.
30, 2016 decreased 6% from Dec. 31, 2015 to 386.3 million due to
share repurchases, slightly offset by stock-based compensation
awards and the conversion of warrant shares into common equity.
The company's 2014-2016 capital management plan authorized
$4.375 billion for equity repurchases from Jan. 1, 2014 through
Dec. 31, 2016. As of Oct. 26, 2016, the company has repurchased
$4.180 billion of common shares and warrants, including $85 million
of common shares since Sept. 30, 2016, leaving approximately $195
million for equity repurchases through Dec. 31, 2016.
Today, the company's board of directors approved a $1.3 billion
equity repurchase authorization for the period commencing Oct. 31,
2016 through Dec. 31, 2017. The new $1.3 billion authorization is
in addition to the company’s prior equity repurchase plan.
Book value per diluted share was $48.30 as of Sept. 30, 2016, up
12% compared with Dec. 31, 2015, as a result of a 6% increase in
stockholders' equity primarily due to the increase in AOCI during
the first nine months of 2016 and the 6% decrease in common shares
outstanding and dilutive potential common shares.
Excluding AOCI, book value per diluted share as of Sept. 30,
2016 rose 5% to $45.74 from $43.76 as of Dec. 31, 2015. The
increase in book value per diluted share, excluding AOCI, was due
to a 6% decrease in common shares outstanding and dilutive
potential common shares, partially offset by a 2% decrease in
stockholders' equity, excluding AOCI.
CONFERENCE CALL
The Hartford will discuss its third quarter 2016 financial
results in a webcast at 9 a.m. EDT on Friday, Oct. 28, 2016. The
webcast can be accessed live or as a replay through the investor
relations section of The Hartford's website at https://ir.thehartford.com.
More detailed financial information can be found in The
Hartford's Investor Financial Supplement for Sept. 30, 2016, and
the Third Quarter 2016 Financial Results Presentation, both of
which are available at https://ir.thehartford.com.
ABOUT THE HARTFORD
The Hartford is a leader in property and casualty insurance,
group benefits and mutual funds. With more than 200 years of
expertise, The Hartford is widely recognized for its service
excellence, sustainability practices, trust and integrity. More
information on the company and its financial performance is
available at https://www.thehartford.com. Follow us on Twitter
at www.twitter.com/TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE: HIG)
operates through its subsidiaries under the brand name, The
Hartford, and is headquartered in Hartford, Conn. For additional
details, please read The Hartford’s legal notice at https://www.thehartford.com/legal-notice.
HIG-F
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
CONSOLIDATING INCOME STATEMENTS Three Months Ended
September 30, 2016 ($ in millions)
CommercialLines
PersonalLines
P&COther Ops
GroupBenefits
MutualFunds
TalcottResolution
Corporate Consolidated
Earned premiums $ 1,677 $ 980
$ — $ 792 $ —
$ 35 $ — $ 3,484 Fee income — —
— 20 178 233 1 432 Net investment income 239 35 31 95 — 366 6 772
Other revenues 24 — — — — — — 24 Net realized capital gains
(losses) 39 5
(47 ) 19 —
(32 ) (1 ) (17 )
Total
revenues 1,979 1,020 (16 )
926 178 602 6 4,695 Benefits,
losses, and loss adjustment expenses 1,034 759 — 642 — 345 — 2,780
Amortization of DAC 243 86 — 8 6 60 — 403 Insurance operating costs
and other expenses 316 135 5 190 141 105 6 898 Interest expense
— —
— — —
— 86 86
Total benefits and expenses 1,593 980 5
840 147 510 92 4,167 Income
(loss) before income taxes 386 40 (21
) 86 31 92 (86 )
528 Income tax expense (benefit) 114
11 (52 ) 24
10 14
(31 ) 90
Net income (loss)
272 29 31 62 21 78
(55 ) 438 Less: Unlock charge, before tax — —
— — — (13 ) — (13 ) Less: Net realized capital gains (losses) after
DAC, excluded from core earnings, before tax 39 5 (47 ) 17 — (28 )
1 (13 ) Less: Income tax benefit (expense) (14
) (1 ) 59 (6 )
— 15 (2 )
51
Core earnings (losses)
$ 247 $ 25
$ 19
$ 51 $ 21
$ 104 $
(54 ) $ 413
THE HARTFORD
FINANCIAL SERVICES GROUP, INC. CONSOLIDATING INCOME
STATEMENTS Three Months Ended September 30, 2015 ($ in
millions)
CommercialLines
PersonalLines
P&COther Ops
GroupBenefits
MutualFunds
Talcott
Resolution
Corporate Consolidated
Earned premiums $ 1,647 $ 977 $ 1 $ 752 $ — $ 27 $ — $ 3,404
Fee income — — — 17 182 248 1 448 Net investment income 208 29 30
91 — 367 5 730 Other revenues 24 — — — — — — 24 Net realized
capital gains (losses) (18 ) 4
(2 ) (6 ) —
(19 ) (3 ) (44 )
Total
revenues 1,861 1,010 29 854
182 623 3 4,562 Benefits, losses, and
loss adjustment expenses 1,010 736 1 591 — 372 — 2,710 Amortization
of DAC 239 90 — 8 5 92 — 434 Insurance operating costs and other
expenses 325 163 6 198 143 123 9 967 Interest expense — — — — — —
88 88 Loss on extinguishment of debt — — — — — — — — Net
reinsurance gain on dispositions — — — — — (20 ) — (20 )
Restructuring and other costs —
— — —
— — 4
4
Total benefits and expenses
1,574 989 7 797 148 567
101 4,183 Income (loss) before income taxes
287 21 22 57 34 56
(98 ) 379 Income tax expense (benefit)
83 2 6
15 12 (16 )
(95 ) 7
Net income (loss)
211 19 16 42 22 74
(3 ) 381 Less: Unlock charge, before tax — — —
— — (49 ) — (49 ) Less: Net realized capital gains (losses) after
DAC, excluded from core earnings, before tax (16 ) 3 (2 ) (7 ) —
(22 ) (5 ) (49 ) Less: Restructuring and other costs, before tax —
— — — — (4 ) (4 ) Less: Loss on extinguishment of debt, before tax
— — — — — — — — Less: Net reinsurance gain on dispositions, before
tax — — — — — 20 — 20 Less: Income tax benefit (expense) 4 (1 ) — 2
— 16 69 90 Less: Income from discontinued operations, after-tax
7 — —
— —
2 — 9
Core
earnings (losses) $ 216
$ 17 $
18 $ 47
$ 22 $ 107
$ (63 )
$ 364
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
The Hartford uses non-GAAP financial measures in this press
release to assist investors in analyzing the company's operating
performance for the periods presented herein. Because The
Hartford's calculation of these measures may differ from similar
measures used by other companies, investors should be careful when
comparing The Hartford's non-GAAP financial measures to those of
other companies. Definitions and calculations of other financial
measures used in this press release can be found below and in The
Hartford's Investor Financial Supplement for third quarter 2016,
which is available on The Hartford's website, http://ir.thehartford.com.
Book value per diluted share excluding
accumulated other comprehensive income ("AOCI”): Book value
per diluted share excluding AOCI is a non-GAAP financial measure
based on a GAAP financial measure. It is calculated by dividing (a)
common stockholders' equity excluding AOCI, after-tax, by (b)
common shares outstanding and dilutive potential common shares. The
Hartford provides book value per diluted share excluding AOCI to
enable investors to analyze the company’s stockholders’ equity
excluding the effect of changes in the value of the company’s
investment portfolio and other assets due to interest rates,
currency and other factors. The Hartford believes book value per
diluted share excluding AOCI is useful to investors because it
eliminates the effect of items that can fluctuate significantly
from period to period, primarily based on changes in market value.
Book value per diluted share is the most directly comparable GAAP
measure. A reconciliation of book value per diluted share,
including AOCI to book value per diluted share, excluding AOCI is
set forth below.
As of
Sep 302016
Dec 312015
Change Book value per diluted share,
including AOCI $48.30 $42.96 12% Less: Per diluted share impact of
AOCI $2.56 $(0.80)
NM
Book value per diluted share, excluding
AOCI $45.74
$43.76 5%
Combined ratio before catastrophes and
prior accident year development: Combined ratio before
catastrophes and prior year development (PYD) (also referred to as
Current Accident Year (CAY) combined ratio before catastrophes) is
a non-GAAP financial measure. Combined ratio is the most directly
comparable GAAP measure. The combined ratio is the sum of the loss
and loss adjustment expense ratio (also known as a loss ratio), the
expense ratio and the policyholder dividend ratio. This ratio
measures the cost of losses and expenses for every $100 of earned
premiums. A combined ratio below 100 demonstrates a positive
underwriting result. A combined ratio above 100 indicates a
negative underwriting result. The combined ratio before
catastrophes and PYD represents the combined ratio for the current
accident year, excluding the impact of current accident year
catastrophes. The company believes this ratio is an important
measure of the trend in profitability since it removes the impact
of volatile and unpredictable catastrophe losses and prior accident
year loss and loss adjustment expense reserve. A reconciliation of
the combined ratio to the combined ratio before catastrophes and
PYD for individual reporting segments can be found in this press
release under the headings Commercial Lines and Personal Lines.
Core Earnings: The Hartford uses
the non-GAAP measure core earnings as an important measure of the
company’s operating performance. The Hartford believes that the
measure core earnings provides investors with a valuable measure of
the performance of the company’s ongoing businesses because it
reveals trends in our insurance and financial services businesses
that may be obscured by including the net effect of certain
realized capital gains and losses, certain restructuring charges,
pension settlements, loss on extinguishment of debt, reinsurance
gains and losses on business disposition transactions, income tax
benefit from reduction in valuation allowance, discontinued
operations, and the impact of Unlocks to deferred policy
acquisition costs ("DAC"), sales inducement assets, unearned
revenue reserves and death and other insurance benefit reserve
balances. Some realized capital gains and losses are primarily
driven by investment decisions and external economic developments,
the nature and timing of which are unrelated to the insurance and
underwriting aspects of our business.
Accordingly, core earnings excludes the effect of all realized
gains and losses (net of tax and the effects of DAC) that tend to
be highly variable from period to period based on capital market
conditions. The Hartford believes, however, that some realized
capital gains and losses are integrally related to our insurance
operations, so core earnings includes net realized gains and losses
such as net periodic settlements on credit derivatives and net
periodic settlements on the Japan fixed annuity cross-currency
swap. These net realized gains and losses are directly related to
an offsetting item included in the income statement such as net
investment income. Net income (loss) is the most directly
comparable U.S. GAAP measure. Core earnings should not be
considered as a substitute for net income (loss) and does not
reflect the overall profitability of the company’s business.
Therefore, The Hartford believes that it is useful for investors to
evaluate both net income (loss) and core earnings when reviewing
the company’s performance.
A reconciliation of net income (loss) to core earnings for the
quarterly periods ended Sept. 30, 2016 and 2015, is included in
this press release. A reconciliation of net income (loss) to core
earnings for individual reporting segments can be found in this
press release under the heading "The Hartford Financial Services
Group, Inc. Consolidating Income Statements" and in The Hartford's
Investor Financial Supplement for the quarter ended Sept. 30,
2016.
Core earnings margin: The Hartford
uses the non-GAAP measure core earnings margin to evaluate, and
believes it is an important measure of, the Group Benefits
segment's operating performance. Core earnings margin is calculated
by dividing core earnings by revenues, excluding buyouts and
realized gains (losses). Net income margin is the most directly
comparable U.S. GAAP measure. The company believes that core
earnings margin provides investors with a valuable measure of the
performance of Group Benefits because it reveals trends in the
business that may be obscured by the effect of buyouts and realized
gains (losses). Core earnings margin should not be considered as a
substitute for net income margin and does not reflect the overall
profitability of Group Benefits. Therefore, the company believes it
is important for investors to evaluate both core earnings margin
and net income margin when reviewing performance. A reconciliation
of net income margin to core earnings margin for the quarterly
periods ended Sept. 30, 2016 and 2015, is set forth below.
Three Months Ended Margin
9/30/2016 9/30/2015
Change Net income margin 6.7% 4.9% 1.8 Less:
Effect of net capital realized gains, net of tax on after-tax
margin 1.1% (0.6)%
1.7
Core earnings margin
5.6% 5.5%
0.1
Core earnings per diluted share:
Core earnings per diluted share is calculated based on the non-GAAP
financial measure core earnings. It is calculated by dividing (a)
core earnings, by (b) diluted common shares outstanding. The
Hartford believes that the measure core earnings per diluted share
provides investors with a valuable measure of the company's
operating performance for the same reasons applicable to its
underlying measure, core earnings. Net income (loss) per diluted
common share is the most directly comparable GAAP measure. Core
earnings per diluted share should not be considered as a substitute
for net income (loss) per diluted share and does not reflect the
overall profitability of the company's business.
Therefore, The Hartford believes that it is useful for investors
to evaluate both net income (loss) per diluted share and core
earnings per diluted share when reviewing the company's
performance. A reconciliation of net income (loss) per diluted
common share to core earnings per diluted share for the quarterly
periods ended Sept. 30, 2016 and 2015 is provided in the table
below.
Three Months
Ended
Sep 302016
Sep 302015
Change PER SHARE DATA Diluted earnings
(losses) per common share:
Net income per share $1.12
$0.90 24% Less: Unlock benefit, before tax (0.03)
(0.12) 75% Less: Net realized capital gains after DAC, excluded
from core earnings, before tax (0.03) (0.12) 75% Less:
Restructuring and other costs, before tax — (0.01) 100% Less: Net
reinsurance gain on dispositions, before tax — 0.05 (100)% Less:
Income tax benefit (expense) on items excluded from core earnings
0.12 0.22 (45)% Less: Income from discontinued operations,
after-tax — 0.02
(100)%
Core earnings per share
$1.06 $0.86 23%
Return on Equity - Core Earnings:
The company provides different measures of the return on
stockholders' equity (“ROE”). ROE - Net income is calculated by
dividing (a) net income for the prior four fiscal quarters by
(b) average common stockholders' equity, including AOCI. ROE -
Core earnings is calculated based on non-GAAP financial measures.
ROE - Core earnings is calculated by dividing (a) core
earnings for the prior four fiscal quarters by (b) average
common stockholders' equity, excluding AOCI. ROE - Net income is
the most directly comparable U.S. GAAP measure. The company
excludes AOCI in the calculation of ROE - Core earnings to provide
investors with a measure of how effectively the company is
investing the portion of the company's net worth that is primarily
attributable to the company's business operations. The company
provides to investors return-on-equity measures based on its
non-GAAP core earnings financial measures for the reasons set forth
in the related discussion above.
A reconciliation of Consolidated ROE - Net income to
Consolidated ROE - Core earnings is set forth below.
Last Twelve Months Ended
Sep 30 2016 Sep 30
2015 ROE - Net income (loss) 7.6%
8.9% Less: Unlock benefit (charge), before tax 0.4%
0.3% Less: Net realized capital gains (losses) after DAC, excluded
from core earnings, before tax (1.3)% (0.3)% Less: Restructuring
and other costs, before tax —% (0.2)% Less: Loss on extinguishment
of debt, before tax —% (0.1)% Less: Net reinsurance gain on
dispositions, before tax —% 0.3% Less: Pension settlement, before
tax —% (0.7)% Less: Income tax benefit (expense) 1.1% 0.6% Less:
Income from discontinued operations, after-tax —% 0.2% Less: Impact
of AOCI, excluded from Core ROE (0.2)%
(0.3)%
ROE - Core earnings (losses)
7.6% 9.1%
A reconciliation of Consolidated ROE - Net income, excluding
Talcott Resolution to Consolidated ROE - Core earnings, excluding
Talcott Resolution is set forth below.
Last Twelve Months Ended
Sep 30 2016 Sep 30 2015 ROE - Net
income (excluding Talcott Resolution) 10.8%
10.3% Less: Net realized capital gains (losses) after
DAC, excluded from core earnings, before tax —% —% Less:
Restructuring and other costs, before tax 0.2% (0.4)% Less: Loss on
extinguishment of debt, before tax —% (0.2)% Less: Pension
settlement, before tax —% (1.1)% Less: Income tax benefit (expense)
1.2% 1.1% Less: Income from discontinued operations, after-tax —%
0.1% Less: Impact of AOCI, excluded from Core ROE
0.3% 0.3%
ROE - Core earnings (excluding Talcott
Resolution) 9.1%
10.5%
Underwriting gain (loss): The
Hartford's management evaluates profitability of the Commercial and
Personal Lines segments primarily on the basis of underwriting gain
or loss. Underwriting gain (loss) is a before tax measure that
represents earned premiums less incurred losses, loss adjustment
expenses and underwriting expenses. Net income (loss) is the most
directly comparable GAAP measure. Underwriting gain (loss) is
influenced significantly by earned premium growth and the adequacy
of The Hartford's pricing. Underwriting profitability over time is
also greatly influenced by The Hartford's underwriting discipline,
as management strives to manage exposure to loss through favorable
risk selection and diversification, effective management of claims,
use of reinsurance and its ability to manage its expenses. The
Hartford believes that the measure underwriting gain (loss)
provides investors with a valuable measure of profitability, before
tax, derived from underwriting activities, which are managed
separately from the company's investing activities. A
reconciliation of underwriting results to net income for the
quarterly periods ended Sept. 30, 2016 and 2015, is set forth
below.
Three Months Ended
Sep 302016
Sep 302015
Commercial Lines Net income $272 $211 Add: Income tax
expense 114 83 Less: Other income (3) 1 Less: Net realized capital
gains (losses) 39 (18) Less: Net investment income 239 208 Less:
Net servicing income 8 6 Less: Income from discontinued operations,
after-tax — 7
Underwriting gain
$103 $90 Personal Lines Net income
(loss) $29 $19 Add: Income tax expense (benefit) 11 2 Less: Other
income 2 (1) Less: Net realized capital gains (losses) 5 4 Less:
Net investment income 35 29 Less: Net servicing income
— —
Underwriting gain (loss)
$(2) $(11)
SAFE HARBOR STATEMENT
Some of the statements in this release should be considered
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements can be
identified by words such as “anticipates,” “intends,” “plans,”
“seeks,” “believes,” “estimates,” “expects,” “projects” and similar
references to the future. Examples of forward-looking statements
include, but are not limited to, statements the company makes
regarding future results of operations. The Hartford cautions
investors that these forward-looking statements are not guarantees
of future performance, and actual results may differ materially.
Investors should consider the important risks and uncertainties
that may cause actual results to differ. These important risks and
uncertainties include the risks and uncertainties identified below,
as well as factors described in such forward-looking statements or
in The Hartford's 2015 Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and other filings The Hartford makes with the
Securities and Exchange Commission.
Risks Relating to Economic, Market and
Political Conditions: challenges related to the company’s
current operating environment, including global political, economic
and market conditions, and the effect of financial market
conditions, financial impacts relating to the referendum vote on
June 23, 2016 by the United Kingdom to leave the European Union,
economic downturns or other potentially adverse macroeconomic
developments on the attractiveness of our products, the returns in
our investment portfolios and the hedging costs associated with our
runoff annuity block; financial risk related to the continued
reinvestment of our investment portfolios and performance of our
hedge program for our runoff annuity block; market risks associated
with our business, including changes in interest rates, credit
spreads, equity prices, market volatility and foreign exchange
rates, commodities prices and implied volatility levels; the impact
on our investment portfolio if our investment portfolio is
concentrated in any particular segment of the economy;
Risks Relating to Estimates, Assumptions
and Valuations: risk associated with the use of analytical
models in making decisions in key areas such as underwriting,
capital management, hedging, reserving, and catastrophe risk
management; the potential for differing interpretations of the
methodologies, estimations and assumptions that underlie the
valuation of the company’s financial instruments that could result
in changes to investment valuations; the subjective determinations
that underlie the company’s evaluation of other-than-temporary
impairments on available-for-sale securities; the potential for
further acceleration of deferred policy acquisition cost
amortization; the potential for further impairments of our goodwill
or the potential for changes in valuation allowances against
deferred tax assets; the significant uncertainties that limit our
ability to estimate the ultimate reserves necessary for asbestos
and environmental claims;
Financial Strength, Credit and
Counterparty Risks: the impact on our statutory capital of
various factors, including many that are outside the company’s
control, which can in turn affect our credit and financial strength
ratings, cost of capital, regulatory compliance and other aspects
of our business and results; risks to our business, financial
position, prospects and results associated with negative rating
actions or downgrades in the company’s financial strength and
credit ratings or negative rating actions or downgrades relating to
our investments; losses due to nonperformance or defaults by
others, including sourcing partners, derivative counterparties and
other third parties; the potential for losses due to our
reinsurers' unwillingness or inability to meet their obligations
under reinsurance contracts and the availability, pricing and
adequacy of reinsurance to protect us against losses;
Insurance Industry and Product-Related
Risks: the possibility of unfavorable loss development
including with respect to long-tailed exposures; the possibility of
a pandemic, earthquake, or other natural or man-made disaster that
may adversely affect our businesses; weather and other natural
physical events, including the severity and frequency of storms,
hail, winter storms, hurricanes and tropical storms, as well as
climate change and its potential impact on weather patterns; the
possible occurrence of terrorist attacks and the company’s ability
to contain its exposure, as a result of, among other factors, the
inability to exclude coverage for terrorist attacks from workers'
compensation policies and limitations on reinsurance coverage from
the federal government under applicable laws; the uncertain effects
of emerging claim and coverage issues; actions by our competitors,
many of which are larger or have greater financial resources than
we do; technology changes, such as usage-based methods of
determining premiums, advancement in automotive safety features,
the development of autonomous vehicles, and platforms that
facilitate ride sharing, which may alter demand for the company's
products, impact the frequency or severity of losses, and/or impact
the way the company markets, distributes and underwrites its
products; the company's ability to market, distribute and provide
insurance products and investment advisory services through current
and future distribution channels and advisory firms; the company’s
ability to effectively price its property and casualty policies,
including its ability to obtain regulatory consents to pricing
actions or to non-renewal or withdrawal of certain product lines;
volatility in our statutory and United States ("U.S.") GAAP
earnings and potential material changes to our results resulting
from our adjustment of our risk management program to emphasize
protection of economic value;
Regulatory and Legal Risks: the
cost and other effects of increased regulation as a result of the
implementation of the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010, and the potential effect of other domestic
and foreign regulatory developments, including those that could
adversely impact the demand for the company’s products, operating
costs and required capital levels; unfavorable judicial or
legislative developments; regulatory limitations on the ability of
the company and certain of its subsidiaries to declare and pay
dividends; the impact of changes in federal or state tax laws;
regulatory requirements that could delay, deter or prevent a
takeover attempt that shareholders might consider in their best
interests; the impact of potential changes in accounting principles
and related financial reporting requirements;
Other Strategic and Operational
Risks: risks associated with the runoff of our Talcott
Resolution business; the risks, challenges and uncertainties
associated with our capital management plan, including as a result
of changes in our financial position and earnings, share price,
capital position, legal restrictions, other investment
opportunities, and other factors; the risks, challenges and
uncertainties associated with our expense reduction initiatives and
other actions, which may include acquisitions, divestitures or
restructurings; the company’s ability to maintain the availability
of its systems and safeguard the security of its data in the event
of a disaster, cyber or other information security incident or
other unanticipated event; the risk that our framework for managing
operational risks may not be effective in mitigating material risk
and loss to the company; the potential for difficulties arising
from outsourcing and similar third-party relationships; and the
company’s ability to protect its intellectual property and defend
against claims of infringement.
Any forward-looking statement made by the company in this
release speaks only as of the date of this release. Factors or
events that could cause the company's actual results to differ may
emerge from time to time, and it is not possible for the company to
predict all of them. The company undertakes no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future developments or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161027006855/en/
The HartfordMedia ContactsMichelle Loxton,
860-547-7413michelle.loxton@thehartford.comorMatthew Sturdevant,
860-547-8664matthew.sturdevant@thehartford.comorInvestor
ContactsSabra Purtill, CFA,
860-547-8691sabra.purtill@thehartford.comorSean Rourke,
860-547-5688sean.rourke@thehartford.com
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