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The Hartford core earnings climb YOY in Q2

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The Hartford core earnings climb YOY in Q2

The Hartford Financial Services Group Inc. reported second-quarter net income of $582 million, or $1.60 per share, compared with a net loss of $40 million, or a loss of 11 cents per share, in the prior-year quarter.

That second-quarter 2017 net loss included a $488 million pension settlement charge.

Core earnings for the period were $412 million, or $1.13 per share, compared with $303 million, or 81 cents per share, in the year-ago period, due to strong performances from the commercial lines, group benefits and mutual funds segments.

The S&P Capital IQ consensus normalized EPS estimate for the most recent quarter was $1.02.

The personal lines segment posted second-quarter 2018 core earnings of $2 million, compared with core earnings of $20 million in the year-ago quarter. The personal lines combined ratio increased year over year to 104.9% from 101.4%.

Commercial lines logged $341 million in core earnings in the quarter, compared with $238 million in the year-ago period. Its combined ratio improved to 90.1% in the second quarter of 2018 from 94.6% in the second quarter of 2017.

Group benefits reported core earnings of $104 million, up from $61 million in the year-ago quarter. The segment's loss ratio dipped to 75.5% from 76.1%.

Mutual Funds booked $38 million in core earnings, higher than $24 million in the prior-year quarter.

Book value per share was $34.44 as of June 30, compared with $46.84 as of June 30, 2017.