Hartford Financial Services Group Earnings Cheat Sheet: Net Income Falls

Rising revenue was not enough for S&P 500 (NYSE:SPY) component Hartford Financial Services Group Inc. (NYSE:HIG) as the property and casualty insurance company saw profit fall in the second quarter. Hartford Financial Services Group Inc. provides investment products and insurance products in the United States.

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Hartford Financial Services Group Earnings Cheat Sheet for the Second Quarter

Results: Net income for the property and casualty insurance company fell to $24 million (3 cents per share) vs. $76 million (14 cents per share) a year earlier. This is a decline of 68.4% from the year earlier quarter.

Revenue: Rose 65.4% to $5.4 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: HIG reported core earnings of zero per share. By this measure, it fell short of the mean analyst estimate of one cent per share. It fell short of the average revenue estimate of $5.91 billion.

Quoting Management: “The Hartford’s fundamental business results demonstrated solid performance in the second quarter, although catastrophe losses and an asbestos reserve increase affected results,” said Liam E. McGee, chairman, president and chief executive officer of The Hartford. “We continue to execute our strategy and delivered 8% written premium growth in P&C Commercial Markets; an improved combined ratio, excluding catastrophes, in Consumer Markets; and core earnings growth in Wealth Management.”

Competitors to Watch: American Intl. Group, Inc. (NYSE:AIG), HCC Insurance Hldgs., Inc. (NYSE:HCC), American Financial Group (NYSE:AFG), RLI Corp. (NYSE:RLI), Selective Insurance Group (NASDAQ:SIGI), Assurant, Inc. (NYSE:AIZ), First Mercury Financial Corp. (NYSE:FMR), The Travelers Companies, Inc. (NYSE:TRV), CNA Financial Corporation (NYSE:CNA), and Hallmark Financial Services, Inc. (NASDAQ:HALL).

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(Source: Xignite Financials)

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