Hartford slips as auto segment weakness clouds Q3 profit beat

Hartford Insurance group

27/10/2023 16:02

** Shares of insurer Hartford Financial  HIG.N  fall nearly
2% to $70.58
    ** After market close on Thursday, co reported core earnings
of $2.29/shr for Q3, above LSEG estimate of $1.98/shr
    ** Co's underlying auto combined ratio, however, increased
to 108.5% in the quarter from 102.6% a year earlier
    ** A ratio above 100% means the insurer paid out more in
claims than it earned in premiums
    ** "It will still take a few more quarters before auto
results are satisfactory," brokerage Roth MKM says
    ** Weakness in auto segment was driven by an increase in
severity of damages to vehicles under coverage, which dragged
down gains from the higher prices HIG charged for its insurance
policies
    ** Improvement in commercial and personal segments, however,
should lead to a "positive reaction" - UBS
    ** HIG shares have lost 5.2% YTD, as of last close

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))