4Q Snap: good improvement in Personal
We calculate that HIG delivered an 11% operating EPS beat at an underlying level. The reported quarterly loss of $10.37 per share was in line with our forecast of ($10.17), with the loss driven by the Talcott sale and a charge from the reduction in the US tax rate. Net written premiums remained stable YoY but the underwriting quality improved. The underlying combined ratio of 93.2% was more or less in line with our forecast but Commercial was slightly worse and Personal slightly better. Guidance for 2018 is a little mixed with the underlying combined ratio in Personal very encouraging at 96-98% but net investment income and Commercial a little soft. Overall, the core ROE guidance of 11-12% is in line with our current forecast of 11.8%.Hartford Financial Services Group is a holding company. Through its subsidiaries, the company provides property and casualty insurance, group benefits insurance and services, and mutual funds and exchange-traded products. The company has five segments: Commercial Lines, which provides automobile, property, general liability, and marine coverages; Personal Lines, which provides automobile and homeowners coverages; Property and Casualty Other Operations, which provides group life, group disability, and other products; and Hartford Funds, which provides mutual fund, exchange-traded products, and Talcott Resolution life and annuity separate accounts.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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