hartford financial svcs grp (HIG) Key Developments
The Hartford Declares Quarterly Dividend, Payable on January 2, 2015
Oct 16 14
The Hartford's board of directors declared a quarterly dividend of $0.18 per share of common stock, payable on January 2, 2015, to shareholders of record at the close of business on December 1, 2014.
The Hartford Declares Quarterly Common Dividend, Payable on October 1, 2014
Jul 30 14
The Hartford announced that the board of directors has declared a quarterly common dividend of $0.18 per share, a 20% increase, payable Oct. 1, 2014 to shareholders of record as of Sept. 2, 2014.
The Hartford Financial Services Group, Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Announces Net Impairment Losses for the Second Quarter of 2014
Jul 30 14
The Hartford Financial Services Group, Inc. reported consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company's total revenues were $4,616 million compared to $4,734 million reported a year ago. Income from continuing operations, before income taxes was $150 million compared to $237 million reported a year ago. Income from continuing operations, after tax was $150 million compared to $233 million reported a year ago. Net loss was $467 million or $1.00 per diluted share compared to $190 million or $0.39 per diluted share reported a year ago. Core earnings were $144 million or $0.31 per diluted share compared to $231 million or $0.47 per diluted share reported a year ago. Book value per diluted common share, including AOCI was $41.70 compared to $39.14 as at Dec. 31, 2013. Book value per diluted common share, excluding AOCI was $39.21 compared to $39.30 as at Dec. 31, 2013. Core earnings declined as the increase in core earnings from Property & Casualty (P&C) Commercial, Group Benefits and Mutual Funds was more than offset by higher prior year loss and loss adjustment expense reserve development (PYD) for asbestos and environmental (A&E) compared with second quarter 2013. Second quarter 2014 core earnings per diluted share were a 34% decrease from the second quarter 2013 due to the decline in core earnings, which was slightly offset by the accretive impact of equity repurchases over the past 12 months.
For the six months, the company reported net income of $28 million compared to net loss of $431 million for the same period a year ago. Core earnings were $645 million or $1.36 per diluted share compared to $621 million or $1.26 per diluted share for the same period a year ago. Total revenues were $9,228 million compared to $11,034 million for the same period a year ago. Diluted earnings per common share available to common shareholders was $0.06 compared to loss per diluted share available to common shareholders of $0.87 for the same period a year ago. Income from continuing operations before income taxes was $759 million compared to $543 million for the same period a year ago. Income from continuing operations, after-tax was $616 million compared to $476 million for the same period a year ago.
The company reported net impairment losses of $7 million for the second quarter of 2014 compared to $12 million for the same period a year ago.
Sources Say QBE May Revive Asset Sale Plan
Jul 30 14
QBE Insurance Group Ltd. (ASX:QBE) is planning to sell assets. Sources stated that the company is expected to resume the sales process for its $1 billion-plus mid-market US insurance business through Merrill Lynch around September 2014, after it was recently put on hold. Several industry groups are expected to bid for the business when it is back up for sale. According to the news report, it is understood that firms looking to increase market share or move into new geographies are among those most likely to show interest. Sources added that potential suitors may include The Chubb Corporation (NYSE:CB), ACE INA International Holdings, Ltd., Allstate Insurance Company, American International Group, Inc. (NYSE:AIG), The Hartford Financial Services Group, Inc. (NYSE:HIG) (Hartford Insurance), and Zurich, sources said. Sources have said the company could sell Winterthur for the $1.2 billion. According to the news report, QBE declined to comment.
The Hartford Announces Executive Changes
Jul 29 14
The Hartford announced a realignment of senior leadership positions to further advance the company's business strategy and deliver value for shareholders. Doug Elliot, who assumed the role of president of The Hartford July 1, will expand his responsibilities to include oversight for Consumer Markets. He will now be accountable for all of the company's Property & Casualty (P&C) lines of business, in addition to Group Benefits and Claims.
Bill Bloom will rejoin The Hartford as executive vice president of Operations and Technology, reporting to Swift. In this new role, Bloom will assume day-to-day responsibility of the information technology and operations organizations, as well as the company's technology strategy. Bloom joins The Hartford from EXL, where he was president, Global Client Services. Previously, he held leadership roles at Accenture and served as executive vice president, Insurance Operations and Information Technology at Travelers. Earlier in his career, he held leadership positions with The Hartford's Group Benefits business. Brion Johnson, chief investment officer and president of Hartford Investment Management Company, will also oversee Talcott Resolution, the company's runoff annuity operations. Succeeding Beth Bombara who was appointed chief financial officer of The Hartford on July 1, Johnson and the Talcott Resolution team will continue to focus on reducing the size and risk of the company's legacy annuity liabilities, while continuing to fulfill commitments to contract holders. Ray Sprague has been named executive vice president of Strategy and Business Development, reporting to Swift. Previously, he led The Hartford's industry-leading Small Commercial business. In his new role, Sprague will be responsible for The Hartford's enterprise strategy to drive profitable growth, working closely with the businesses to identify new product and distribution opportunities, and other growth initiatives. In addition, Sprague will serve as acting leader for Consumer Markets. Andy Napoli, president of Consumer Markets and head of Enterprise Business Services, has decided to leave The Hartford to pursue a new opportunity. Stephanie Bush will assume leadership of Small Commercial, reporting to Elliot. Bush, who rejoined The Hartford in 2013 from Travelers, is currently chief product and underwriting officer for Small Commercial. Previously she spent 20 years at The Hartford in positions of increasing responsibility in commercial insurance and field operations.