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The Hartford Financial Services Group (NYSE:HIG) posted on Thursday Q4 earnings that breezed past Wall Street expectations as its Commercial Lines segment saw “superb” underwriting results, management said in a statement.
Q4 core EPS of $3.06, exceeding the $2.41 average analyst estimate, rose from $2.29 in the prior quarter and $2.32 a year before.
HIG edged up 0.5% in after-hours trading.
Commercial Lines core earnings of $723M vs. $562M in Q4 2022. Combined ratio for the segment improved to 84.7 from 89.0 in Q4 2022.
Group benefits core earnings climbed 21% Y/Y to $174M. Core earnings margin of 9.8% vs. 8.5% in Q4 of last year.
P&C current accident year catastrophe losses (pretax) came in at $81M compared with CAY CAT losses $135M in Q4 2022.
Pretax net investment income of $653M advanced from $640M in Q4 2022, driven by higher yields on the fixed income portfolio, partially offset by a decrease of $87M in income from limited partnerships and other alternative investments.
Book value stood at $49.43 per share at Dec. 31, 2023, up from $41.67 at Dec. 31, 2022.
Conference call on Feb. 2 at 9:00 a.m. ET.
Earlier, The Hartford (HIG) non-GAAP EPS of $3.06 beats by $0.65, revenue of $6.4B beats by $40M.
