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Better personal lines, group benefits results boost The Hartford's Q2 earnings

The Hartford Financial Services Group Inc. reported second-quarter net income available to common shareholders of $372 million, or $1.02 per share, down from $582 million, or $1.60 per share, in the prior-year quarter.

That second-quarter net income included reinsurance and reserve charges related to the closed acquisition of Navigators Group Inc. of $149 million, or 41 cents per share, after tax.

Core earnings for the period were $485 million, or $1.33 per share, compared with $412 million, or $1.13 per share, in the year-ago period, reflecting better results in personal lines, group benefits and corporate offset in part by lower commercial lines core earnings.

The S&P Global Market Intelligence consensus normalized EPS estimate for the most recent quarter was $1.14.

The personal lines segment posted second-quarter core earnings of $55 million, an increase from $2 million in the prior-year quarter. The personal lines combined ratio improved year over year to 97.5% from 104.9%.

Commercial lines logged $304 million in core earnings in the quarter, versus $341 million in the year-ago period. Its combined ratio deteriorated to 100.3% in the second quarter from 90.1% in the second quarter of 2018.

Group benefits reported core earnings of $115 million, up from $104 million in the year-ago quarter. The segment's loss ratio improved to 74.6% from 75.5%.

Hartford Funds core earnings were flat year over year at $38 million.

Book value per share was $41.00 as of June 30, compared with $34.44 as of June 30, 2018.