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April 30, 2020

The Hartford’s 1Q profits down 57% amid $50M COVID-19-related hit

Photo | The Hartford The Hartford's headquarters in downtown Hartford.

Property-casualty insurer The Hartford Financial Services Group Inc. says its first-quarter profits sunk 57% as its underwriting operations took a $50-million hit due to the COVID-19 pandemic.

For the January-March period, The Hartford said it recorded net income of $268 million, or 74 cents a diluted share, down sharply from $625 million, or $1.71 a share, in the year-ago period.

The insurance and financial services company said net sales rose a half-percent to $4.96 billion from $4.94 billion in the first quarter of 2019.

Officials said the company also suffered a $50-million loss, before tax, in underwriting operations related to the coronavirus. That was due, in part, to higher short-term disability claims and new benefits provided under New York's revised disability and paid family leave program, among other factors.

“We have adjusted operational policies to help agents and customers adapt to the financial effects of this pandemic and I have been inspired by our employees and their dedication during these difficult times,” President Doug Elliot said in the first quarter earnings release.

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