Q3 2024 Hartford Financial Services Group Inc Earnings Call Transcript
Key Points
- The Hartford Financial Services Group Inc (HIG) reported strong top-line growth in commercial lines of 9% with double-digit new business growth.
- The company achieved a very strong underlying combined ratio of 88.6 in commercial lines, marking the 14th consecutive quarter below 90%.
- Personal lines saw a 12% top-line growth with significant improvements in the auto underlying combined ratio.
- The Hartford announced an 11% increase in its common quarterly dividend, reflecting strong earnings power and capital generation.
- Group Benefits reported a core earnings margin of 8.7%, driven by strong group life results and long-term disability execution.
- The Hartford faced elevated catastrophe losses and liability severity trends, impacting overall performance.
- General liability reserves increased by $32 million due to higher frequency of large losses and increased attorney representation.
- Personal lines expense ratio increased due to higher planned direct marketing costs and incentive compensation.
- The company experienced adverse development in commercial auto liability, requiring adjustments to loss picks.
- Sales in Group Benefits were down 15% year-over-year, reflecting a highly competitive environment and differing views on mortality trends.
Please stand by for streaming text.
No. Good morning, and welcome to The Hartford Financial's Third Quarter 2024 Results Conference Call and Webcast. All participants are in a listen only mode. After the speakers' remarks, we will conduct a question-and answer-session to ask a question. At this time, you'll need to press star followed by the number one on your telephone keypad. As a reminder, this conference call is being recorded. I would now like to turn the call over to Susan Spivak Bernstein, Senior Vice President of Investor Relations. Thank you. Please go ahead.
Good morning, and thank you for joining us today for our call and webcast on third quarter 2024. For earnings. Yesterday, we reported results and posted all of 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 A. Costello our
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