Hartford Financial profit beats on premium, investment income boost
01/02/2024 22:25
Feb 1 (Reuters) - Hartford Financial Services HIG.N
posted fourth-quarter profit that exceeded market expectations
as the investment and insurance firm benefited from robust
premiums and investment gains, sending its shares up 2.2% after
the bell.
Its core earnings for the quarter ended Dec. 31 came in at
$3.06 per share, compared to analysts' average estimate of $2.44
per share, according to LSEG estimates.
Insurers usually see stable product demand irrespective of
economic conditions, largely due to the prevalence of
employer-sponsored and government-mandated policies.
Hartford's net earned premiums stood at $5.43 billion in the
fourth quarter, compared with $5.02 billion a year ago.
Its investment income surged 2% to $653 million, primarily
driven by higher yields on the fixed-income portfolio.
"Our investment performance remains strong benefiting from
attractive new money yields and a diversified portfolio of
assets," CFO Beth Costello said.
(Reporting by Sri Hari N S in Bengaluru; Editing by Arun
Koyyur)
((SriHari.NS@thomsonreuters.com;))