The Hartford Insurance Group Inc Stock Price, News & Analysis

The Hartford and Active Minds are expanding their partnership to bring the Send Silence Packing® exhibit to over 100 U.S. college campuses in 2024 and 2025. This mental health awareness initiative features backpacks with stories of loss, survival, and resilience. The fall 2024 tour will visit 23 cities across nine states, potentially reaching 375,000 students.

Key points:

• 76% of attendees used exhibit information for personal well-being
• 70% supported friends and family with gained knowledge
• 2025 focus: reaching Black, Hispanic, and LGBTQ+ students
• CDC data shows rising suicide rates among Black adolescents
• 41% of LGBTQ+ teens considered suicide in the past year

This collaboration aims to increase mental health awareness, reduce stigma, and save lives among youth and young adults.

The Hartford (NYSE: HIG) reported outstanding second quarter 2024 financial results, with net income available to common stockholders of $733 million ($2.44 per diluted share), a 35% increase from the same period in 2023. Core earnings rose 28% to $750 million ($2.50 per diluted share). The company achieved a net income ROE of 19.8% and a core earnings ROE of 17.4%.

Key highlights include:

• Property & Casualty written premiums up 12%
• Commercial Lines combined ratio of 89.8
• Group Benefits net income margin of 9.7%
• New $3.3 billion share repurchase program authorized

The Hartford's strong performance reflects its effective strategy and ongoing investments to differentiate itself in the marketplace.

The Hartford's Board of Directors has declared quarterly dividends for both common and preferred stockholders. Common stock shareholders will receive $0.47 per share, payable on October 2 to shareholders of record as of September 3. Series G preferred stock shareholders will receive $375 per share (equivalent to $0.375 per depository share), payable on November 15 to shareholders of record as of November 1. This announcement demonstrates The Hartford's commitment to providing regular returns to its investors and maintaining its dividend policy.

The Hartford has announced key leadership successions: Michael Fish will become head of Group Benefits, succeeding Jonathan Bennett, who retires at the end of 2024 after 25 years with the company. Fish, currently COO for Group Benefits, will report to Chairman and CEO Christopher Swift. Additionally, H. Clay Bassett Jr. will succeed M. Ross Fisher as global chief underwriting officer and head of reinsurance. Bassett, deputy global chief underwriting officer and head of Navigators Reinsurance, will report to CFO Beth Costello. Both transitions will be completed by October 1, 2024. These appointments reflect The Hartford's emphasis on internal talent development and succession planning.

AM Best has revised the issuer credit rating outlook to positive for The Hartford Financial Services Group and its subsidiaries. The long-term issuer credit ratings (ICRs) and financial strength ratings (FSRs) for several subsidiaries have been affirmed, reflecting Hartford's strong balance sheet, consistent return metrics, and favorable business profile.

The positive outlook is attributed to favorable top and bottom-line growth due to rate actions, new products, and expense efficiencies. Hartford has reported favorable combined ratios across all core lines of business through Q1 2024 and benefits from strong risk-adjusted capitalization, liquidity, and financial flexibility.

Notably, Hartford's diversified investment portfolio and effective enterprise risk management (ERM) are key strengths. However, the outlook for the FSR remains stable.

The Hartford's fifth annual Future of Benefits Study highlights generational differences in workplace perspectives, with Gen Z facing higher burnout and mental health challenges but valuing coworker connections and being financially optimistic.

Key findings: 3-in-5 U.S. workers report burnout; Gen Z (32%) most affected. 29% of workers feel depressed/anxious weekly, with Gen Z facing more stigma in seeking mental health care. Gen Z's productivity is more impacted by financial, mental, and physical health issues. Strong coworker connections are important to 75% of Gen Z. 53% of Gen Z believe their financial situation will improve next year.

Employers face increased responsibilities and technology adaptation, with 62% acknowledging this. Employee benefits remain valued, but 73% of employers note underutilization. 50% of workers need better benefit understanding resources. Paid leave is expanding, yet 34% of workers fear workplace repercussions, highest among Gen Z (49%).

The Hartford has appointed Kathleen Winters to its board of directors, effective July 1, 2024. She will join the Finance, Investment and Risk Management Committee and the Audit Committee.

Edmund Reese, recently named chief financial officer of Aon, resigned from the board effective May 31, 2024. Winters, a former CFO at ADP and MSCI, brings extensive financial expertise and leadership experience, having overseen global finance organizations and driven transformational changes.

She currently serves on the boards of Global Business Travel Group and Definitive Healthcare Corp. Winters holds a bachelor’s degree in accounting from Boston College.

The Hartford has announced quarterly dividends of $0.47 per share for its common stock, to be paid on July 2 to shareholders of record as of June 3. Additionally, a dividend of $375 per share (equivalent to $0.375 per depository share) for Series G preferred stock will be paid on August 15 to shareholders of record as of August 1. This marks a continued commitment from the company to return value to its shareholders through consistent dividend payments.

The Hartford will host a virtual annual meeting of shareholders on May 15 at 12:30 p.m. EDT. Shareholders can attend, vote, and submit questions online, with access details provided in the press release. The meeting's replay will be available for 30 days. Stay informed by visiting the company's investor relations section.