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October 30, 2020

Storms, fires and COVID-19 hit The Hartford’s 3Q profits 

Contributed photo The headquarters of The Hartford Financial Services Group.
By Matt Pilon

The Hartford Financial Services Group said catastrophe losses combined with losses from COVID-19 contributed to a 13.5% decrease in the property-casualty insurer’s third-quarter profits.

The Hartford reported a profit of $453 million, or $1.26 per diluted share, for the quarter ended Sept. 30, down from $524 millon, or $1.43 per share, in the same quarter of 2019.
Catastrophe losses during the quarter totaled $229 million before tax, which CEO Christopher Swift called “unusually high.”

Those catastrophes included the Pacific Coast wildfires and a series of August storms that took place across the country, including Tropic Storm Isaias, which caused numerous power outages in Connecticut, spurring new state legislation targeted at Eversource.

The recent quarter also included $87 million in restructuring costs, and the COVID-19 pandemic produced pre-tax losses of $72 million, incurred in the company’s property-casualty and group benefits lines.

COVID-19 losses were down sharply from the second quarter, in which The Hartford incurred $213 million in COVID-19 losses.

The Hartford’s financial results amid those challenges “demonstrate the strength of our underlying business,” Swift said.

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