Q2 2024 Hartford Financial Services Group Inc Earnings Call Transcript
Key Points
- The Hartford Financial Services Group Inc (HIG) reported outstanding second-quarter results, contributing to excellent financial performance in the first half of the year.
- Commercial lines saw top-line growth of 11% with strong renewal written pricing increases and an underlying combined ratio of 87.4%.
- Personal lines experienced top-line growth of 14%, with improving margins.
- The group benefits core earnings margin was exceptional at 10%, reflecting strong performance in Group Life and disability.
- The Board of Directors approved a new share repurchase authorization of $3.3 billion, reflecting strong capital generation.
- Catastrophe losses were elevated at $280 million before tax, slightly higher than expectations.
- The total personal lines expense ratio increased by 0.7 points due to higher direct marketing costs.
- There was a $32 million increase in general liability reserves, primarily related to accident years 2015 to 2019.
- Commercial auto saw a $10 million adverse reserve development related to 2022.
- The competitive environment in the group benefits market remains heightened, impacting sales growth.
Thank you for standing by, and welcome to The Hartford Financial second-quarter 2024 results conference call and webcast. (Operator Instructions) Thank you. I would now like to turn the call over to Susan Spivak, Senior Vice President, Investor Relations. You may begin.
Good morning and thank you for joining us today for our call and webcast on second-quarter 2024 earnings. Yesterday, we reported results and posted all the earnings-related materials on our website. Now I'd like to introduce our speakers. To start, we have Chris Swift, Chairman and Chief Executive Officer, followed by Beth Costello, our Chief Financial Officer. After their prepared remarks, we will begin taking your questions. Also to assist us with your questions are several members of our management team.
Just a few comments before Chris begins, today's call includes forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements are
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