Hartford Financial Services Q1 Profit Beats Estimates

Hartford Financial Services Group Inc

reported stronger-than-expected earnings for the first quarter on Monday. The Hartford, Connecticut-based company reported a quarterly profit of $467 million, or $1.08 per share, versus a year-ago profit of $495 million, or $1.03 per share. Its core earnings declined to $452 million, or $1.04 per share, from $501 million, or $1.05 per share. Its revenue came in almost flat at $4.62 billion. However, analysts were projecting earnings of $0.97 per share on revenue of $4.71 billion. Combined property and casualty core earnings shrank 15 percent to $329 million in the latest quarter. Core earnings in commercial lines slipped 11 percent year-over-year to $234 million in the first quarter, while core earnings in personal lines dropped 26 percent to $75 million. Group benefits core earnings gained 16 percent to $52 million in the first quarter. Core earnings for the mutual funds segment gained 5 percent to $22 million. Catastrophe losses shrank to $54 million from $56 million. As of March 31, 2015, Hartford's stockholders' equity was $19.1 billion, up 2 percent versus $18.7 billion as of December 31, 2014. "The Hartford is off to a good start in 2015, and all our businesses performed well from a growth and earnings perspective," said The Hartford's Chairman and CEO Christopher Swift. "We continue to execute on our strategy and our businesses are delivering against their operating and financial goals, despite continued low interest rates and a U.S. P&C pricing cycle that is increasingly competitive. We are well-positioned to navigate these challenges, as we remain a disciplined underwriter committed to creating shareholder value." Hartford Financial shares rose 0.48 percent to $41.60 in the after-hours trading session.