Adjustment made to reconcile net income available to common stockholders per share to core earnings per diluted share: Restructuring and other costs, before tax, Income tax expense (benefit) on items excluded from core earnings, [1] Net income (loss) available to common stockholders includes dilutive potential common shares. my experience has been that folks want to trust the insurance company and . The Hartford uses non-GAAP financial measures in this press release to assist investors in analyzing the company's operating performance for the periods presented herein. Book value per diluted share (excluding AOCI)* of $51.42 as of March 31, 2022, increased from $50.86 at Dec. 31, 2021, as the impact from net income in excess of stockholder dividends during the first quarter of 2022 was partially offset by the dilutive effect of share repurchases. K P Rc Attract, keep and help protect employees with industry-leading employee benefits solutions. 3. Business insurance costs vary in Lakeland, FL because each business is unique and has different needs. This role is responsible for budgeting/forecasting, reporting, analytical insight, and providing financial support to the Group Benefits Customer Services organization. Factors or events that could cause the Companys actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. %PDF-1.7 % Core earnings of $50 million increased from $45 million in first quarter 2021 as an increase in fee income, mostly attributable to higher daily average Hartford Funds AUM, and a higher tax benefit in the 2022 period for stock-based compensation was partially offset by higher variable expenses. R%.a8$kh&p7Qvh!A5vQUb3^.c|q~db.Mp*&Q1) @;`F0Bf O=2j0x r/R` x"B.p2Q##r@MA`$f;yF4`#.\>A&0`0YSLN# CqN((H3`V6:Pu`d/4I6M13q9f(#p" Underlying combined ratio before COVID-19 losses Submit claims, check status of disability or leave, and see payments. First quarter core earnings of $561 million, or $1.66 per diluted share, rose 176% from first quarter 2021. M#`56 4L&0]x7)S Request security code For additional security, we need to verify your identity before you can sign in to the account. matthew.sturdevant@thehartford.com, Investor Contact: Loss on extinguishment of debt - Largely consisting of make-whole payments or tender premiums upon paying debt off before maturity, these losses are not a recurring operating expense of the business. %XLNT$) HTR. Net income ROE for the trailing 12 months of 15.4% and core earnings ROE* for the same period of 14.8%. Consolidating Income Statements" and in The Hartford's Investor Financial Supplement for the quarter ended March 31, 2022. Whenever you need it. Your pharmacist should bill your approved medications directly through Express Scripts, at no cost to you. The increase was primarily due to: Net investment income was flat in first quarter 2022 compared with the prior year period as greater income from limited partnerships and other alternative investments (LPs) and the effect of a higher level of invested assets was offset by a lower yield on fixed maturities resulting from reinvesting at lower rates during the 2021 calendar year. Our employee benefits programs help support the lives and incomes of more than 12 million working Americans. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. While the agent was knowledgeable and courteous, the quote for auto insurance for our two vehicles was 50% greater than that of AAA, where I just enrolled. During the quarter, The Hartford returned $530 million to shareholders, including $400 million of shares repurchased and $130 million in common stockholder dividends paid. The customer base with the AARP / Hartford insurance is over 49 1/2; however, majority are 60+. Be prepared to supply the following information: Name, last four digits of your social security number, date of birth, date last worked and date of hire, Medical providers name, phone number and fax number, Preferred method of communication while on leave. Commercial Lines core earnings of $456 million in first quarter 2022 increased by $351 million from first quarter 2021, primarily from: Combined ratio was 90.3 in first quarter 2022, 19.4 points lower than 109.7 in first quarter 2021, primarily due to an 11.9 point change to net favorable PYD, 4.5 points of lower CAY CAT losses, and a 2.9 point improvement in the underlying combined ratio. First quarter 2022 net income available to common stockholders was $440 million, or $1.30 per diluted share, up 80% from first quarter 2021, primarily due to a $435 million, before tax, change from an underwriting loss* to an underwriting gain in first quarter 2022 and a decrease in excess mortality in group life, partially offset by a $225 million, before tax, change to net realized losses in first quarter 2022. Risks Relating to Economic, Political and Global Market Conditions: challenges related to the Companys current operating environment, including global political, economic and market conditions, and the effect of financial market disruptions, economic downturns, changes in trade regulation including tariffs and other barriers or other potentially adverse macroeconomic developments on the demand for our products and returns in our investment portfolios; market risks associated with our business, including changes in credit spreads, equity prices, interest rates, inflation rate, foreign currency exchange rates and market volatility; the impact on our investment portfolio if our investment portfolio is concentrated in any particular segment of the economy; the impacts of changing climate and weather patterns on our businesses, operations and investment portfolio including on claims, demand and pricing of our products, the availability and cost of reinsurance, our modeling data used to evaluate and manage risks of catastrophes and severe weather events, the value of our investment portfolios and credit risk with reinsurers and other counterparties; the risks associated with the discontinuance of the London Inter-Bank Offered Rate ("LIBOR") on the securities we hold or may have issued, other financial instruments and any other assets and liabilities whose value is tied to LIBOR; Insurance Industry and Product-Related Risks: the possibility of unfavorable loss development, including with respect to long-tailed exposures; the significant uncertainties that limit our ability to estimate the ultimate reserves necessary for asbestos and environmental claims; the possibility of another pandemic, civil unrest, earthquake, or other natural or man-made disaster that may adversely affect our businesses; weather and other natural physical events, including the intensity and frequency of thunderstorms, tornadoes, hail, wildfires, flooding, winter storms, hurricanes and tropical storms, as well as climate change and its potential impact on weather patterns; the possible occurrence of terrorist attacks and the Companys inability to contain its exposure as a result of, among other factors, the inability to exclude coverage for terrorist attacks from workers' compensation policies and limitations on reinsurance coverage from the federal government under applicable laws; the Companys ability to effectively price its property and casualty policies, including its ability to obtain regulatory consents to pricing actions or to non-renewal or withdrawal of certain product lines; actions by competitors that may be larger or have greater financial resources than we do; technological changes, including usage-based methods of determining premiums, advancements in automotive safety features, the development of autonomous vehicles, and platforms that facilitate ride sharing; the Company's ability to market, distribute and provide insurance products and investment advisory services through current and future distribution channels and advisory firms; the uncertain effects of emerging claim and coverage issues; political instability, politically motivated violence or civil unrest, may increase the frequency and severity of insured losses; Financial Strength, Credit and Counterparty Risks: risks to our business, financial position, prospects and results associated with negative rating actions or downgrades in the Companys financial strength and credit ratings or negative rating actions or downgrades relating to our investments; capital requirements which are subject to many factors, including many that are outside the Companys control, such as National Association of Insurance Commissioners ("NAIC") risk based capital formulas, rating agency capital models, Funds at Lloyd's and Solvency Capital Requirement, which can in turn affect our credit and financial strength ratings, cost of capital, regulatory compliance and other aspects of our business and results; losses due to nonperformance or defaults by others, including credit risk with counterparties associated with investments, derivatives, premiums receivable, reinsurance recoverables and indemnifications provided by third parties in connection with previous dispositions; the potential for losses due to our reinsurers' unwillingness or inability to meet their obligations under reinsurance contracts and the availability, pricing and adequacy of reinsurance to protect the Company against losses; state and international regulatory limitations on the ability of the Company and certain of its subsidiaries to declare and pay dividends; Risks Relating to Estimates, Assumptions and Valuations: risk associated with the use of analytical models in making decisions in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance and catastrophe risk management; the potential for differing interpretations of the methodologies, estimations and assumptions that underlie the Companys fair value estimates for its investments and the evaluation of intent-to-sell impairments and allowance for credit losses on available-for-sale securities and mortgage loans; the potential for impairments of our goodwill; Strategic and Operational Risks: the Companys ability to maintain the availability of its systems and safeguard the security of its data in the event of a disaster, cyber or other information security incident or other unanticipated event; the potential for difficulties arising from outsourcing and similar third-party relationships; the risks, challenges and uncertainties associated with capital management plans, expense reduction initiatives and other actions; risks associated with acquisitions and divestitures, including the challenges of integrating acquired companies or businesses, which may result in our inability to achieve the anticipated benefits and synergies and may result in unintended consequences; difficulty in attracting and retaining talented and qualified personnel, including key employees, such as executives, managers and employees with strong technological, analytical and other specialized skills; the Companys ability to protect its intellectual property and defend against claims of infringement; Regulatory and Legal Risks: the cost and other potential effects of increased federal, state and international regulatory and legislative developments, including those that could adversely impact the demand for the Companys products, operating costs and required capital levels; unfavorable judicial or legislative developments; the impact of changes in federal, state or foreign tax laws; regulatory requirements that could delay, deter or prevent a takeover attempt that stockholders might consider in their best interests; and the impact of potential changes in accounting principles and related financial reporting requirements. Manage your benefits account with The Hartford. parts of your contact information for security reasons. Therefore, the Company believes that it is useful for investors to evaluate net income (loss) available to common stockholders per diluted common share and core earnings per diluted share when reviewing the Company's performance. Favorable P&C prior accident year development (PYD) within core earnings of $33 million, before tax, in first quarter 2022, driven by reserve decreases in workers compensation, compared with $232 million of unfavorable PYD in first quarter 2021 that was primarily due to a reserve increase for general liability driven by the initial settlement with BSA on sexual abuse claims. Contact Us; Privacy Policy; Legal Notice; Accessibility Statement; Feedback The Hartford The decrease in fair value of fixed maturities was partially offset by an increase in other asset classes, including mortgage loans and LPs with the increase in LPs primarily driven by increased valuations and additional investments in real estate joint ventures. The $96 million of excess mortality losses in the first quarter of 2022 included $122 million of losses with dates of loss in the first quarter and a $26 net decrease of estimated losses from prior incurral years. Please fix errors indicated below. I am confident that the company has never been in a better position to grow, deliver on our goals and maximize value creation for our stakeholders., Net income available to common stockholders, Net income available to common stockholders per diluted share1, Net income available to common stockholders' return on equity (ROE)3, last 12-months, [1] Includes dilutive potential common shares; for net income available to common stockholders per diluted share, the numerator is net income less preferred dividends, [2] 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, [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 common stockholders equity including AOCI; for core earnings ROE, the denominator is common stockholders equity excluding AOCI, 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. Manage my business policy, bills and claims, get certificates and submit audits. Tough times call for hard-working benefits thatll help get you through it. We'll send you an Identification Code so we can so we can verify your identity. Adjustments to reconcile net income (loss) available to common stockholders ROE to core earnings ROE: Income tax expense (benefit) on items not included in core earnings, Impact of AOCI, excluded from core earnings ROE. Private carriers can offer voluntary, fully insured benefits in a . * Customer reviews are collected and tabulated by The Hartford and not representative of all customers. Send the following information to the address or fax number for your claim state: Ask your doctor to resend the bill, and all future bills, along with your claim number to the address or fax number in your state. Manage my business policy, bills and claims, get certificates and submit audits. More detailed financial information can be found in The Hartford's Investor Financial Supplement for March 31, 2022, and the first quarter 2022 Financial Results Presentation, both of which are available at https://ir.thehartford.com. Preferred stock dividends are a cost of financing more akin to interest expense on debt and are expected to be a recurring expense as long as the preferred stock is outstanding. - This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the GAAP measure net income. The decrease in the expense ratio was driven by the impact of higher earned premium and incremental savings from the Hartford Next program, partially offset by higher technology costs and a decrease in the allowance for credit losses on premiums receivable in the 2021 period. After you report to Occupational Health, they will then follow up with the LOA Accommodations team regarding your return to work date. We sent a one-time security code to {#maskedTwoFactorSMS}. You are about to be logged out due to inactivity. The changes to loss reserves upon acquisition of a business are excluded from underlying combined ratio because such changes could obscure the ability to compare results in periods after the acquisition to results of periods prior to the acquisition as such trends are valuable to our investors' ability to assess the Company's financial performance. the critical illness policy provides limited benefits for specified diseases only. Insurance, income protection, personalized services whatever you need, the Bucks got your back. Please answer your security questions below. THE CRITICAL ILLNESS POLICY PROVIDES LIMITED BENEFITS FOR SPECIFIED DISEASES ONLY.