HIG is well-poised for growth on the back of strong contribution from its Commercial Lines and Group Benefits businesses. A strong financial position enables the prudent deployment of capital.
HIG's balance sheet strength provides the financial flexibility to pursue growth initiatives and boost shareholder value.
The Hartford Financial gets its buy rating from January reaffirmed. This established firm has a diversified business model including growth indicators in insurance, group benefits, and mutual funds. With a strong profit margin vs peers, and stable costs, its earnings should continue to be positive and sustain steady dividends.
The Hartford Financial Services Group, Inc. (NYSE:HIG ) Q3 2024 Earnings Conference Call October 25, 2024 9:00 AM ET Company Participants Susan Spivak Bernstein - Senior Vice President, Investor Relations Chris Swift - Chairman and CEO Beth Costello - Chief Financial Officer Morris Tooker - Head of Commercial Lines Melinda Thompson - Head of Personal Lines Mike Fish - Head of Group Benefits Conference Call Participants Brian Meredith - UBS (US) Gregory Peters - Raymond James Andrew Kligerman - TD Cowen Ryan Tunis - Autonomous Research Bob Huang - Morgan Stanley David Motemaden - Evercore ISI Michael Zaremski - BMO Capital Markets Elyse Greenspan - Wells Fargo Joshua Shanker - Bank of America Alex Scott - Barclays Operator Good morning, and welcome to the Hartford Financial's Third Quarter 2024 Results Conference Call and Webcast. All participants are in a listen-only mode.
HIG's third-quarter results benefit from strong Personal Lines Hartford Funds business. This was partially offset by an increased expense level.
The headline numbers for The Hartford (HIG) give insight into how the company performed in the quarter ended September 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Insurance firm Hartford Financial Services posted an 18% rise in third-quarter profit on Thursday, as the company benefited from strong underwriting gains in its property & casualty (P&C) segment and higher returns on its investment portfolio.
Robust Commercial Lines, Personal Lines unit, coupled with rate hikes and strong investment income, are expected to have contributed to HIG's earnings beat.
Get a deeper insight into the potential performance of The Hartford (HIG) for the quarter ended September 2024 by going beyond Wall Street's top -and-bottom-line estimates and examining the estimates for some of its key metrics.
Hartford Financial: A Massive Rally, And The Earnings Story Is Still There
Hartford Financial's ROE has the potential to go higher, if the proportion of revenue contributed by the high-ROE Property & Casualty segment increases going forward. The new $3.3 billion share buyback program boosts the stock's capital return, potentially raising the forward shareholder yield to an attractive 6.4%. My 3.0 times target P/B multiple for HIG translates into a substantial capital appreciation upside of around 36% that supports a Buy rating.
Hartford Financial's (HIG) quarterly earnings benefit from a strong Group Benefits and Commercial Lines performance. However, rising expenses partially offset the positives.