<\/p>\n
The Hartford Announces Fourth Quarter And Full Year 2020 Financial Results, 2021 Outlook For Select Business Metrics<\/b><\/p>\n *<\/sup>Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures<\/i><\/p>\n HARTFORD, Conn.–(BUSINESS WIRE<\/a>)– \n\u201cWe have been through one of the most turbulent years in recent history, which was shaped by the COVID-19 pandemic, the economic shutdown, social unrest and a significant number of catastrophe events. Despite these challenges we delivered strong core earnings of $2.1 billion, or $5.78 per diluted share, and a twelve-month core earnings ROE of 12.7 percent. In the P&C business, underlying margin expansion reflects higher pricing, disciplined underwriting, and operating efficiencies through our Hartford Next initiative. Our investment portfolio performed well with strong partnership returns. Group Benefits results in the fourth quarter were impacted by higher mortality rates in Group life primarily related to COVID-19,\u201d said The Hartford\u2019s Chairman and CEO Christopher Swift.\n<\/p>\n \nThe Hartford’s President, Doug Elliot, said, \u201cHartford\u2019s P&C business results were strong during 2020 despite the challenges faced by our company and the industry. Small Commercial delivered record new business from our Spectrum package product during the last four months of the year. In Middle & Large Commercial and Global Specialty, significant positive pricing and underwriting discipline has improved underlying results. In Personal Lines we are looking forward to the launch of our new auto and home product during the first half of 2021. Our underwriting execution during this very difficult year, combined with expectations for continued strong pricing will drive margin improvement and set the foundation for growth in 2021.\u201d\n<\/p>\n \nSwift added, \u201cOur businesses showed strong performance in a challenging year as the benefit of strategic priorities were evident in our results. As we manage through the pandemic, continued execution on our initiatives will generate further improvement in results and enhance value for all of our stakeholders.”\n<\/p>\n CONSOLIDATED RESULTS:<\/b><\/p>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n ($ in millions except per share data)<\/i><\/p>\n<\/td>\n Dec 31 Dec 31 \n\u00a0\n<\/p>\n Change1<\/sup><\/b><\/p>\n<\/td>\n Dec 31 Dec 31 Change<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet income available to common stockholders\n<\/p>\n<\/td>\n \n$532\n<\/p>\n<\/td>\n \n$543\n<\/p>\n<\/td>\n \n(2)%\n<\/p>\n<\/td>\n \n$1,716\n<\/p>\n<\/td>\n \n$2,064\n<\/p>\n<\/td>\n \n(17)%\n<\/p>\n<\/td>\n<\/tr>\n Net income available to common stockholders per diluted share2<\/sup><\/i><\/p>\n<\/td>\n $1.47<\/i><\/p>\n<\/td>\n $1.49<\/i><\/p>\n<\/td>\n \n(1)%\n<\/p>\n<\/td>\n $4.76<\/i><\/p>\n<\/td>\n $5.66<\/i><\/p>\n<\/td>\n \n(16)%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCore earnings\n<\/p>\n<\/td>\n \n$636\n<\/p>\n<\/td>\n \n$522\n<\/p>\n<\/td>\n \n22%\n<\/p>\n<\/td>\n \n$2,086\n<\/p>\n<\/td>\n \n$2,062\n<\/p>\n<\/td>\n \n1%\n<\/p>\n<\/td>\n<\/tr>\n Core earnings per diluted share<\/i><\/p>\n<\/td>\n $1.76<\/i><\/p>\n<\/td>\n $1.43<\/i><\/p>\n<\/td>\n \n23%\n<\/p>\n<\/td>\n $5.78<\/i><\/p>\n<\/td>\n $5.65<\/i><\/p>\n<\/td>\n \n2%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBook value per diluted share\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$50.39\n<\/p>\n<\/td>\n \n$43.85\n<\/p>\n<\/td>\n \n15%\n<\/p>\n<\/td>\n<\/tr>\n \nBook value per diluted share (ex. AOCI)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$47.16\n<\/p>\n<\/td>\n \n$43.71\n<\/p>\n<\/td>\n \n8%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet income available to common stockholders’ return on equity (ROE)3<\/sup><\/b>, last 12-months\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10.0%\n<\/p>\n<\/td>\n \n14.4%\n<\/p>\n<\/td>\n \n(4.4)\n<\/p>\n<\/td>\n<\/tr>\n \nCore earnings ROE3<\/sup><\/b>, last 12-months\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12.7%\n<\/p>\n<\/td>\n \n13.6%\n<\/p>\n<\/td>\n \n(0.9)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n [1] The Hartford defines increases or decreases greater than or equal to 200%, or changes from a net gain to a net loss position, or vice versa, as “NM” or not meaningful \nFourth quarter 2020 net income available to common stockholders was $532 million, or $1.47 per diluted share, down 2% from fourth quarter 2019 due to:\n<\/p>\n \nPartially offset by:\n<\/p>\n \nFourth quarter core earnings of $636 million, or $1.76 per diluted share, rose 22% from fourth quarter 2019. The increase was primarily due to:\n<\/p>\n \nPartially offset by:\n<\/p>\n \nNet investment income of $556 million, before tax, increased $53 million compared with the prior year period, primarily driven by an increase in LP income to $152 million, before tax, from $51 million in fourth quarter 2019, partially offset by lower reinvestment rates.\n<\/p>\n \nFull year 2020 net income available to common stockholders of $1.7 billion, or $4.76 per diluted share, decreased 17% and 16%, respectively, from full year 2019 due to:\n<\/p>\n \nPartially offset by:\n<\/p>\n \nFull year 2020 core earnings of $2.1 billion, or $5.78 per diluted share, increased 1% from full year 2019. The increase was primarily due to:\n<\/p>\n \nPartially offset by:\n<\/p>\n \nDec. 31, 2020 book value per diluted share of $50.39 increased 15% from $43.85 at Dec. 31, 2019, principally due to an increase in net unrealized gains on investments within AOCI and net income in excess of common stockholder dividends.\n<\/p>\n \nBook value per diluted share (excluding AOCI) of $47.16 as of Dec. 31, 2020, increased 8% from $43.71 at Dec. 31, 2019, primarily due to net income in excess of common stockholder dividends.\n<\/p>\n \nThe net income available to common stockholders’ ROE (net income ROE) was 10.0% at Dec. 31, 2020, decreasing from 14.4% for the twelve months ended Dec. 31, 2019 due to a decrease in twelve month trailing net income available to common stockholders and an increase in average stockholders’ equity. The core earnings ROE at Dec. 31, 2020 was 12.7%, down from the 13.6% recognized in the same period of 2019 due to an increase in average stockholders’ equity, excluding AOCI.\n<\/p>\n 2021 KEY BUSINESS METRICS OUTLOOK<\/b><\/p>\n \nThe Hartford also announced its outlook for several 2021 key business metrics. The company does not provide an outlook for consolidated net income or core earnings. The key business metrics shown below are management estimates based on business, competitive, capital market, catastrophe and other assumptions.\n<\/p>\n Key Business Metrics<\/b><\/p>\n<\/td>\n 2020 2021 Outlook 2021 Outlook \nCommercial Lines combined ratio [1][2]\n<\/p>\n<\/td>\n \n100.4\n<\/p>\n<\/td>\n \n93.5 – 95.5\n<\/p>\n<\/td>\n \n92.0 – 94.0\n<\/p>\n<\/td>\n<\/tr>\n \nCommercial Lines underlying combined ratio\n<\/p>\n<\/td>\n \n95.5\n<\/p>\n<\/td>\n \n90.0 – 92.0\n<\/p>\n<\/td>\n \n88.5 – 90.5\n<\/p>\n<\/td>\n<\/tr>\n \nPersonal Lines combined ratio [1][2]\n<\/p>\n<\/td>\n \n75.5\n<\/p>\n<\/td>\n \n94.0 – 96.0\n<\/p>\n<\/td>\n \nN\/A\n<\/p>\n<\/td>\n<\/tr>\n \nPersonal Lines underlying combined ratio\n<\/p>\n<\/td>\n \n83.1\n<\/p>\n<\/td>\n \n87.0 – 89.0\n<\/p>\n<\/td>\n \nN\/A\n<\/p>\n<\/td>\n<\/tr>\n \nGroup Benefits net income margin [3] [4]\n<\/p>\n<\/td>\n \n6.4%\n<\/p>\n<\/td>\n \n3.5% – 4.5%\n<\/p>\n<\/td>\n \n5.9% – 6.9%\n<\/p>\n<\/td>\n<\/tr>\n \nGroup Benefits core earnings margin [4]\n<\/p>\n<\/td>\n \n6.4%\n<\/p>\n<\/td>\n \n3.7% – 4.7%\n<\/p>\n<\/td>\n \n6.0% – 7.0%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n [1] 2021 combined ratio metrics include an estimated consolidated P&C current accident year catastrophe loss ratio of 4.1 points, comprised of 3.1 points in Commercial Lines and 7.2 points in Personal Lines; actual 2021 catastrophes are likely to be different and will fluctuate quarterly due to seasonal variations \nActual 2021 results are subject to unusual or unpredictable items such as weather or catastrophe losses, impacts from the COVID-19 pandemic, change in loss frequency and severity, regulatory changes or assessments, prior year development, capital markets or investment results and other factors that are not within management’s control. The company has frequently experienced unusual or unpredictable changes in revenues, expenses or other items that were not anticipated in prior outlooks.\n<\/p>\n BUSINESS RESULTS:<\/b><\/p>\n Commercial Lines<\/b><\/p>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n ($ in millions, unless otherwise noted)<\/i><\/p>\n<\/td>\n Dec 31 Dec 31 Change<\/b><\/p>\n<\/td>\n Dec 31 Dec 31 Change<\/b><\/p>\n<\/td>\n<\/tr>\n Net income <\/b><\/p>\n<\/td>\n $478<\/b><\/p>\n<\/td>\n $302<\/b><\/p>\n<\/td>\n 58%<\/b><\/p>\n<\/td>\n $856<\/b><\/p>\n<\/td>\n $1,192<\/b><\/p>\n<\/td>\n (28)%<\/b><\/p>\n<\/td>\n<\/tr>\n Core earnings<\/b><\/p>\n<\/td>\n $444<\/b><\/p>\n<\/td>\n $292<\/b><\/p>\n<\/td>\n 52%<\/b><\/p>\n<\/td>\n $998<\/b><\/p>\n<\/td>\n $1,173<\/b><\/p>\n<\/td>\n (15)%<\/b><\/p>\n<\/td>\n<\/tr>\n Written premiums<\/b><\/p>\n<\/td>\n $2,197<\/b><\/p>\n<\/td>\n $2,190<\/b><\/p>\n<\/td>\n \u2014%<\/b><\/p>\n<\/td>\n $8,969<\/b><\/p>\n<\/td>\n $8,452<\/b><\/p>\n<\/td>\n 6%<\/b><\/p>\n<\/td>\n<\/tr>\n Underwriting gain (loss)*<\/b><\/p>\n<\/td>\n $183<\/b><\/p>\n<\/td>\n $42<\/b><\/p>\n<\/td>\n NM<\/b><\/p>\n<\/td>\n $(37)<\/b><\/p>\n<\/td>\n $189<\/b><\/p>\n<\/td>\n NM<\/b><\/p>\n<\/td>\n<\/tr>\n Underlying underwriting gain*<\/b><\/p>\n<\/td>\n $208<\/b><\/p>\n<\/td>\n $94<\/b><\/p>\n<\/td>\n 121%<\/b><\/p>\n<\/td>\n $404<\/b><\/p>\n<\/td>\n $497<\/b><\/p>\n<\/td>\n (19)%<\/b><\/p>\n<\/td>\n<\/tr>\n Losses and loss adjustment expense ratio<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent accident year before catastrophes\n<\/p>\n<\/td>\n \n58.4\n<\/p>\n<\/td>\n \n59.8\n<\/p>\n<\/td>\n \n(1.4)\n<\/p>\n<\/td>\n \n61.6\n<\/p>\n<\/td>\n \n59.3\n<\/p>\n<\/td>\n \n2.3\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent accident year catastrophes\n<\/p>\n<\/td>\n \n1.9\n<\/p>\n<\/td>\n \n3.9\n<\/p>\n<\/td>\n \n(2.0)\n<\/p>\n<\/td>\n \n4.5\n<\/p>\n<\/td>\n \n3.9\n<\/p>\n<\/td>\n \n0.6\n<\/p>\n<\/td>\n<\/tr>\n \nPrior accident year development (PYD)\n<\/p>\n<\/td>\n \n(0.8)\n<\/p>\n<\/td>\n \n(1.6)\n<\/p>\n<\/td>\n \n0.8\n<\/p>\n<\/td>\n \n0.5\n<\/p>\n<\/td>\n \n(0.5)\n<\/p>\n<\/td>\n \n1.0\n<\/p>\n<\/td>\n<\/tr>\n \nExpenses\n<\/p>\n<\/td>\n \n32.0\n<\/p>\n<\/td>\n \n35.8\n<\/p>\n<\/td>\n \n(3.8)\n<\/p>\n<\/td>\n \n33.5\n<\/p>\n<\/td>\n \n34.7\n<\/p>\n<\/td>\n \n(1.2)\n<\/p>\n<\/td>\n<\/tr>\n \nPolicyholder dividends\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n \n0.4\n<\/p>\n<\/td>\n \n(0.1)\n<\/p>\n<\/td>\n<\/tr>\n Combined ratio<\/b><\/p>\n<\/td>\n 91.8<\/b><\/p>\n<\/td>\n 98.2<\/b><\/p>\n<\/td>\n \n(6.4)\n<\/p>\n<\/td>\n 100.4<\/b><\/p>\n<\/td>\n 97.7<\/b><\/p>\n<\/td>\n 2.7<\/b><\/p>\n<\/td>\n<\/tr>\n \nImpact of catastrophes and PYD on combined ratio\n<\/p>\n<\/td>\n \n(1.1)\n<\/p>\n<\/td>\n \n(2.3)\n<\/p>\n<\/td>\n \n1.2\n<\/p>\n<\/td>\n \n(5.0)\n<\/p>\n<\/td>\n \n(3.4)\n<\/p>\n<\/td>\n \n(1.6)\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent accident year change in loss reserves upon acquisition of a business\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n0.0\n<\/p>\n<\/td>\n \n(0.3)\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n<\/tr>\n Underlying combined ratio*<\/b><\/p>\n<\/td>\n 90.7<\/b><\/p>\n<\/td>\n 95.9<\/b><\/p>\n<\/td>\n \n(5.2)\n<\/p>\n<\/td>\n 95.5<\/b><\/p>\n<\/td>\n 94.0<\/b><\/p>\n<\/td>\n 1.5<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFourth quarter 2020 net income of $478 million increased from $302 million in fourth quarter 2019 principally due to an increase in underwriting gain and higher net investment income. The higher underwriting gain was driven by lower CAY losses before considering COVID-19 losses and lower underwriting expenses, partially offset by COVID-19 incurred losses and less favorable PYD as a $125 million, before tax, increase in reserves for sexual molestation and abuse claims was partially offset by a $77 million, before tax, reduction in prior accident year catastrophe reserves.\n<\/p>\n \nCOVID-19 incurred losses of $28 million, before tax, in the quarter included $14 million in workers’ compensation, net of favorable frequency on other workers’ compensation claims, and $14 million in financial and other lines.\n<\/p>\n \nFourth quarter 2020 written premiums of $2.2 billion were flat with fourth quarter 2019, reflecting higher new business premium in Small Commercial and higher rate increases in Middle & Large Commercial and Global Specialty, offset by lower retention, and lower audit and endorsement premium in workers’ compensation due to a declining exposure base.\n<\/p>\n \nCombined ratio was 91.8 in fourth quarter 2020, 6.4 points lower than 98.2 in fourth quarter 2019, primarily due to a lower underlying combined ratio and lower CAY CAT losses, partially offset by less favorable PYD. Underlying combined ratio was 90.7, down 5.2 points from fourth quarter 2019, due to lower underwriting expenses and lower loss ratios, primarily in non-CAT property, U.S. wholesale, international and Global Re, partially offset by COVID-19 incurred losses of $28 million, before tax.\n<\/p>\n Personal Lines<\/b><\/p>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n ($ in millions, unless otherwise noted)<\/i><\/p>\n<\/td>\n Dec 31 Dec 31 Change<\/b><\/p>\n<\/td>\n Dec 31 Dec 31 Change<\/b><\/p>\n<\/td>\n<\/tr>\n Net income <\/b><\/p>\n<\/td>\n $170<\/b><\/p>\n<\/td>\n $66<\/b><\/p>\n<\/td>\n 158%<\/b><\/p>\n<\/td>\n $718<\/b><\/p>\n<\/td>\n $318<\/b><\/p>\n<\/td>\n 126%<\/b><\/p>\n<\/td>\n<\/tr>\n Core earnings <\/b><\/p>\n<\/td>\n $164<\/b><\/p>\n<\/td>\n $61<\/b><\/p>\n<\/td>\n 169%<\/b><\/p>\n<\/td>\n $722<\/b><\/p>\n<\/td>\n $285<\/b><\/p>\n<\/td>\n 153%<\/b><\/p>\n<\/td>\n<\/tr>\n Written premiums<\/b><\/p>\n<\/td>\n $673<\/b><\/p>\n<\/td>\n $714<\/b><\/p>\n<\/td>\n (6)%<\/b><\/p>\n<\/td>\n $2,936<\/b><\/p>\n<\/td>\n $3,131<\/b><\/p>\n<\/td>\n (6)%<\/b><\/p>\n<\/td>\n<\/tr>\n Underwriting gain <\/b><\/p>\n<\/td>\n $154<\/b><\/p>\n<\/td>\n $28<\/b><\/p>\n<\/td>\n NM<\/b><\/p>\n<\/td>\n $737<\/b><\/p>\n<\/td>\n $160<\/b><\/p>\n<\/td>\n NM<\/b><\/p>\n<\/td>\n<\/tr>\n Underlying underwriting gain<\/b><\/p>\n<\/td>\n $125<\/b><\/p>\n<\/td>\n $37<\/b><\/p>\n<\/td>\n NM<\/b><\/p>\n<\/td>\n $508<\/b><\/p>\n<\/td>\n $258<\/b><\/p>\n<\/td>\n 97%<\/b><\/p>\n<\/td>\n<\/tr>\n Losses and loss adjustment expense ratio<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent accident year before catastrophes\n<\/p>\n<\/td>\n \n57.8\n<\/p>\n<\/td>\n \n67.8\n<\/p>\n<\/td>\n \n(10.0)\n<\/p>\n<\/td>\n \n56.3\n<\/p>\n<\/td>\n \n65.3\n<\/p>\n<\/td>\n \n(9.0)\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent accident year catastrophes\n<\/p>\n<\/td>\n \n1.7\n<\/p>\n<\/td>\n \n3.3\n<\/p>\n<\/td>\n \n(1.6)\n<\/p>\n<\/td>\n \n6.9\n<\/p>\n<\/td>\n \n4.4\n<\/p>\n<\/td>\n \n2.5\n<\/p>\n<\/td>\n<\/tr>\n \nPrior accident year development (PYD)\n<\/p>\n<\/td>\n \n(5.5)\n<\/p>\n<\/td>\n \n(2.1)\n<\/p>\n<\/td>\n \n(3.4)\n<\/p>\n<\/td>\n \n(14.6)\n<\/p>\n<\/td>\n \n(1.3)\n<\/p>\n<\/td>\n \n(13.3)\n<\/p>\n<\/td>\n<\/tr>\n \nExpenses\n<\/p>\n<\/td>\n \n25.8\n<\/p>\n<\/td>\n \n27.5\n<\/p>\n<\/td>\n \n(1.7)\n<\/p>\n<\/td>\n \n26.8\n<\/p>\n<\/td>\n \n26.7\n<\/p>\n<\/td>\n \n0.1\n<\/p>\n<\/td>\n<\/tr>\n Combined ratio<\/b><\/p>\n<\/td>\n 79.8<\/b><\/p>\n<\/td>\n 96.5<\/b><\/p>\n<\/td>\n (16.7)<\/b><\/p>\n<\/td>\n 75.5<\/b><\/p>\n<\/td>\n 95.0<\/b><\/p>\n<\/td>\n \n(19.5)\n<\/p>\n<\/td>\n<\/tr>\n \nImpact of catastrophes and PYD on combined ratio\n<\/p>\n<\/td>\n \n3.8\n<\/p>\n<\/td>\n \n(1.2)\n<\/p>\n<\/td>\n \n5.0\n<\/p>\n<\/td>\n \n7.7\n<\/p>\n<\/td>\n \n(3.1)\n<\/p>\n<\/td>\n \n10.8\n<\/p>\n<\/td>\n<\/tr>\n Underlying combined ratio<\/b><\/p>\n<\/td>\n 83.6<\/b><\/p>\n<\/td>\n 95.3<\/b><\/p>\n<\/td>\n (11.7)<\/b><\/p>\n<\/td>\n 83.1<\/b><\/p>\n<\/td>\n 91.9<\/b><\/p>\n<\/td>\n \n(8.8)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNet income of $170 million in fourth quarter 2020 was up $104 million from fourth quarter 2019, while core earnings of $164 million rose by $103 million. The improvement was driven by favorable auto frequency, higher net favorable PYD, lower CAY CAT losses, lower non-CAT property losses in homeowners and lower underwriting expenses.\n<\/p>\n \nWritten premiums in fourth quarter 2020 were $673 million compared to $714 million in fourth quarter 2019 primarily due to a reduction in auto as non-renewed premium exceeded new business. Moderating claim frequency has led to lower renewal written price increases in auto while renewal written price increases in home increased to 8.8% in fourth quarter 2020. The auto underlying combined ratio of 89.6 improved 12.9 points from fourth quarter 2019, primarily due to lower auto frequency resulting from fewer miles driven as well as lower underwriting expenses.\n<\/p>\n \nThe fourth quarter 2020 homeowners underlying combined ratio of 69.9 improved 9.2 points from fourth quarter 2019, primarily due to lower non-CAT property losses and lower underwriting expenses.\n<\/p>\n \nCombined ratio of 79.8 in fourth quarter 2020 was 16.7 points lower than fourth quarter 2019, primarily due to lower CAY loss costs and higher net favorable PYD. Underlying combined ratio of 83.6 was 11.7 points better than fourth quarter 2019, primarily due to lower auto claim frequency from fewer miles driven, lower non-CAT property losses in homeowners, and lower underwriting expenses.\n<\/p>\n Group Benefits<\/b><\/p>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n ($ in millions, unless otherwise noted)<\/i><\/p>\n<\/td>\n Dec 31 Dec 31 Change<\/b><\/p>\n<\/td>\n Dec 31 Dec 31 Change<\/b><\/p>\n<\/td>\n<\/tr>\n Net income<\/b><\/p>\n<\/td>\n $59<\/b><\/p>\n<\/td>\n $159<\/b><\/p>\n<\/td>\n (63)%<\/b><\/p>\n<\/td>\n $383<\/b><\/p>\n<\/td>\n $536<\/b><\/p>\n<\/td>\n (29)%<\/b><\/p>\n<\/td>\n<\/tr>\n Core earnings<\/b><\/p>\n<\/td>\n $49<\/b><\/p>\n<\/td>\n $161<\/b><\/p>\n<\/td>\n (70)%<\/b><\/p>\n<\/td>\n $382<\/b><\/p>\n<\/td>\n $539<\/b><\/p>\n<\/td>\n (29)%<\/b><\/p>\n<\/td>\n<\/tr>\n Fully insured ongoing premiums (ex. buyout premiums)<\/b><\/p>\n<\/td>\n $1,317<\/b><\/p>\n<\/td>\n $1,344<\/b><\/p>\n<\/td>\n (2)%<\/b><\/p>\n<\/td>\n $5,305<\/b><\/p>\n<\/td>\n $5,416<\/b><\/p>\n<\/td>\n (2)%<\/b><\/p>\n<\/td>\n<\/tr>\n Loss ratio<\/b><\/p>\n<\/td>\n 80.2%<\/b><\/p>\n<\/td>\n 68.8%<\/b><\/p>\n<\/td>\n 11.4<\/b><\/p>\n<\/td>\n 74.5%<\/b><\/p>\n<\/td>\n 72.3%<\/b><\/p>\n<\/td>\n 2.2<\/b><\/p>\n<\/td>\n<\/tr>\n Expense ratio<\/b><\/p>\n<\/td>\n 24.6%<\/b><\/p>\n<\/td>\n 25.8%<\/b><\/p>\n<\/td>\n (1.2)<\/b><\/p>\n<\/td>\n 25.2%<\/b><\/p>\n<\/td>\n 24.5%<\/b><\/p>\n<\/td>\n 0.7<\/b><\/p>\n<\/td>\n<\/tr>\n Net income margin<\/b><\/p>\n<\/td>\n 3.9%<\/b><\/p>\n<\/td>\n 10.5%<\/b><\/p>\n<\/td>\n (6.6)<\/b><\/p>\n<\/td>\n 6.4%<\/b><\/p>\n<\/td>\n 8.8%<\/b><\/p>\n<\/td>\n (2.4)<\/b><\/p>\n<\/td>\n<\/tr>\n Core earnings margin<\/b><\/p>\n<\/td>\n 3.3%<\/b><\/p>\n<\/td>\n 10.6%<\/b><\/p>\n<\/td>\n (7.3)<\/b><\/p>\n<\/td>\n 6.4%<\/b><\/p>\n<\/td>\n 8.9%<\/b><\/p>\n<\/td>\n (2.5)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNet income and core earnings were $59 million and $49 million, respectively, decreasing 63% and 70%, respectively, from fourth quarter 2019, largely driven by $152 million, before tax, of excess mortality in group life, primarily caused by direct and indirect impacts of COVID-19, partially offset by lower insurance operating costs and other expenses.\n<\/p>\n \nFully insured ongoing premiums were down 2%, compared to fourth quarter 2019, primarily due to lower insured exposure on in-force policies.\n<\/p>\n \nLoss ratio of 80.2% increased 11.4 points from fourth quarter 2019 with increases in both group life and group disability:\n<\/p>\n \nExpense ratio of 24.6% improved 1.2 points from fourth quarter 2019, primarily driven by lower incentive compensation and benefits expenses.\n<\/p>\n Hartford Funds<\/b><\/p>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n ($ in millions, unless otherwise noted)<\/i><\/p>\n<\/td>\n Dec 31 Dec 31 Change<\/b><\/p>\n<\/td>\n Dec 31 Dec 31 Change<\/b><\/p>\n<\/td>\n<\/tr>\n Net income<\/b><\/p>\n<\/td>\n $51<\/b><\/p>\n<\/td>\n $41<\/b><\/p>\n<\/td>\n 24%<\/b><\/p>\n<\/td>\n $170<\/b><\/p>\n<\/td>\n $149<\/b><\/p>\n<\/td>\n 14%<\/b><\/p>\n<\/td>\n<\/tr>\n Core earnings<\/b><\/p>\n<\/td>\n $46<\/b><\/p>\n<\/td>\n $40<\/b><\/p>\n<\/td>\n 15%<\/b><\/p>\n<\/td>\n $163<\/b><\/p>\n<\/td>\n $145<\/b><\/p>\n<\/td>\n 12%<\/b><\/p>\n<\/td>\n<\/tr>\n Daily average Hartford Funds AUM<\/b><\/p>\n<\/td>\n $130,485<\/b><\/p>\n<\/td>\n $121,709<\/b><\/p>\n<\/td>\n 7%<\/b><\/p>\n<\/td>\n $120,908<\/b><\/p>\n<\/td>\n $117,914<\/b><\/p>\n<\/td>\n 3%<\/b><\/p>\n<\/td>\n<\/tr>\n Mutual Funds and exchange-traded products (ETP) net flows<\/b><\/p>\n<\/td>\n $281<\/b><\/p>\n<\/td>\n $218<\/b><\/p>\n<\/td>\n 29%<\/b><\/p>\n<\/td>\n $(3,084)<\/b><\/p>\n<\/td>\n $187<\/b><\/p>\n<\/td>\n NM<\/b><\/p>\n<\/td>\n<\/tr>\n Total Hartford Funds assets under management (AUM)<\/b><\/p>\n<\/td>\n $139,436<\/b><\/p>\n<\/td>\n $126,958<\/b><\/p>\n<\/td>\n 10%<\/b><\/p>\n<\/td>\n $139,436<\/b><\/p>\n<\/td>\n $126,958<\/b><\/p>\n<\/td>\n 10%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNet income of $51 million increased 24% compared with fourth quarter 2019, partly due to an increase in net realized capital gains due to mark-to-market gains on company assets invested in some of the funds. The remainder of the increase in net income and the $6 million increase in core earnings, to $46 million, was primarily due to an increase in fee income and lower administrative expenses, including a reduction in state income taxes and travel expenses. The increase in fee income, which was largely attributable to higher daily average Hartford Funds AUM, was partially offset by a continued shift to lower fee generating funds.\n<\/p>\n \nDaily average AUM of $130 billion in fourth quarter 2020 rose 7% from fourth quarter 2019 driven by increases in market values.\n<\/p>\n \nMutual fund and ETP net inflows totaled $281 million in fourth quarter 2020, compared with net inflows of $218 million in fourth quarter 2019.\n<\/p>\n Corporate<\/b><\/p>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n ($ in millions, unless otherwise noted)<\/i><\/p>\n<\/td>\n Dec 31 Dec 31 Change<\/b><\/p>\n<\/td>\n Dec 31 Dec 31 Change<\/b><\/p>\n<\/td>\n<\/tr>\n Net loss<\/b><\/p>\n<\/td>\n $(41)<\/b><\/p>\n<\/td>\n $(29)<\/b><\/p>\n<\/td>\n (41)%<\/b><\/p>\n<\/td>\n $(222)<\/b><\/p>\n<\/td>\n $(171)<\/b><\/p>\n<\/td>\n (30)%<\/b><\/p>\n<\/td>\n<\/tr>\n Core loss<\/b><\/p>\n<\/td>\n $(51)<\/b><\/p>\n<\/td>\n $(39)<\/b><\/p>\n<\/td>\n (31)%<\/b><\/p>\n<\/td>\n $(178)<\/b><\/p>\n<\/td>\n $(126)<\/b><\/p>\n<\/td>\n (41)%<\/b><\/p>\n<\/td>\n<\/tr>\n Other revenue (loss)<\/b><\/p>\n<\/td>\n $(1)<\/b><\/p>\n<\/td>\n $28<\/b><\/p>\n<\/td>\n (104)%<\/b><\/p>\n<\/td>\n $53<\/b><\/p>\n<\/td>\n $96<\/b><\/p>\n<\/td>\n (45)%<\/b><\/p>\n<\/td>\n<\/tr>\n Net investment income, before tax<\/b><\/p>\n<\/td>\n $6<\/b><\/p>\n<\/td>\n $15<\/b><\/p>\n<\/td>\n (60)%<\/b><\/p>\n<\/td>\n $22<\/b><\/p>\n<\/td>\n $66<\/b><\/p>\n<\/td>\n (67)%<\/b><\/p>\n<\/td>\n<\/tr>\n Interest expense and preferred dividends, before tax<\/b><\/p>\n<\/td>\n $62<\/b><\/p>\n<\/td>\n $70<\/b><\/p>\n<\/td>\n (11)%<\/b><\/p>\n<\/td>\n $257<\/b><\/p>\n<\/td>\n $280<\/b><\/p>\n<\/td>\n (8)%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNet loss of $41 million in fourth quarter 2020 compared with a net loss of $29 million in fourth quarter 2019, with the decrease due to lower income from the company’s retained equity interest in Talcott Resolution, planned restructuring costs of $17 million, before tax, related to Hartford Next and lower net investment income, partially offset by an increase in net realized capital gains and lower interest expense. Fourth quarter 2020 core loss of $51 million increased $12 million compared with fourth quarter 2019 mostly due to the decrease in income from the company’s retained equity interest in Talcott Resolution recognized within other revenues, and a decrease in net investment income, partially offset by a decrease in interest expense.\n<\/p>\n INVESTMENT INCOME AND PORTFOLIO DATA:<\/b><\/p>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n ($ in millions, unless otherwise noted)<\/i><\/p>\n<\/td>\n Dec 31 Dec 31 Change<\/b><\/p>\n<\/td>\n Dec 31 Dec 31 Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net investment income, before tax<\/b><\/p>\n<\/td>\n \n$556\n<\/p>\n<\/td>\n \n$503\n<\/p>\n<\/td>\n \n11%\n<\/p>\n<\/td>\n \n$1,846\n<\/p>\n<\/td>\n \n$1,951\n<\/p>\n<\/td>\n \n(5)%\n<\/p>\n<\/td>\n<\/tr>\n Annualized investment yield, before tax<\/b><\/p>\n<\/td>\n \n4.3%\n<\/p>\n<\/td>\n \n4.0%\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n \n3.6%\n<\/p>\n<\/td>\n \n4.1%\n<\/p>\n<\/td>\n \n(0.5)\n<\/p>\n<\/td>\n<\/tr>\n Annualized investment yield, before tax, excluding LPs*<\/b><\/p>\n<\/td>\n \n3.2%\n<\/p>\n<\/td>\n \n3.8%\n<\/p>\n<\/td>\n \n(0.6)\n<\/p>\n<\/td>\n \n3.3%\n<\/p>\n<\/td>\n \n3.7%\n<\/p>\n<\/td>\n \n(0.4)\n<\/p>\n<\/td>\n<\/tr>\n Annualized LP yield, before tax<\/b><\/p>\n<\/td>\n \n32.3%\n<\/p>\n<\/td>\n \n11.9%\n<\/p>\n<\/td>\n \n20.4\n<\/p>\n<\/td>\n \n12.3%\n<\/p>\n<\/td>\n \n14.4%\n<\/p>\n<\/td>\n \n(2.1)\n<\/p>\n<\/td>\n<\/tr>\n Annualized investment yield, after tax<\/b><\/p>\n<\/td>\n \n3.5%\n<\/p>\n<\/td>\n \n3.3%\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n \n3.0%\n<\/p>\n<\/td>\n \n3.4%\n<\/p>\n<\/td>\n \n(0.4)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFourth quarter 2020 consolidated net investment income of $556 million increased $53 million from fourth quarter 2019 as higher income from LPs and other alternative investments was partially offset by lower income from fixed maturities. Income from fixed maturities declined as a result of reinvesting at lower rates and lower yields on variable rate securities, partially offset by higher asset levels.\n<\/p>\n \nIncome from LPs was $152 million, before tax, in fourth quarter 2020, increasing from $51 million, before tax, in fourth quarter 2019, mostly driven by higher private equity valuations and distributions and the sale of two underlying real estate properties. Income from LPs, including from private equity and other funds, is generally reported on a three-month lag.\n<\/p>\n \nTotal invested assets of $57 billion rose 7% from Dec. 31, 2019, due to increased book value and an increase in valuations as a result of a decline in interest rates.\n<\/p>\n CONFERENCE CALL<\/b><\/p>\n \nThe Hartford will discuss its fourth quarter and full year 2020 financial results on a webcast at 9 a.m. EST on Friday, Feb. 5, 2021. The call can be accessed via a live listen-only webcast or as a replay through the Investor Relations section of The Hartford’s website at https:\/\/ir.thehartford.com<\/a><\/span>. The replay will be accessible approximately one hour after the conclusion of the call and be available along with a transcript of the event for at least one year.\n<\/p>\n \nMore detailed financial information can be found in The Hartford’s Investor Financial Supplement for Dec. 31, 2020, and the fourth quarter 2020 Financial Results Presentation, both of which are available at \n
\nThe Hartford (NYSE: HIG) today announced financial results for the fourth quarter and year ended Dec. 31, 2020.\n<\/p>\n\n
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[2] Includes dilutive potential common shares; for net income available to common stockholders per diluted share, the numerator is net income less preferred dividends
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[3] Return on equity (ROE) is calculated based on last 12-months net income available to common stockholders and core earnings, respectively; for net income ROE, the denominator is stockholders\u2019 equity including AOCI; for core earnings ROE, the denominator is stockholders\u2019 equity excluding AOCI<\/i><\/p>\n\n
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[2] Commercial Lines combined ratio outlook includes an estimated 0.4 points for accretion of discount on workers’ compensation reserves as PYD. Personal Lines does not include any estimated PYD
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[3] Group Benefits 2021 net income margin outlook includes integration costs of $9 million, before tax, compared with $18 million, before tax, in 2020
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[4] Group Benefits 2021 net income margin and core earnings margin outlooks include pandemic losses of $160 million, before tax, associated with excess mortality and $17 million, before tax, of short-term disability claims<\/i><\/p>\n\n
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