The following is a summary of the The Hartford Financial Services Group, Inc. (HIG) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 core earnings were $752 million, with an EPS of $2.53.

• Commercial Lines displayed an underlying combined ratio of 88.6 with a 9% increase in written premium.

• Personal Lines grew by 12% with significant improvement in auto underlying combined ratio and strong renewal written pricing increases.

• Group Benefits maintained a strong core earnings margin of 8.7% with consistent fully insured ongoing premium growth.

Business Progress:

• Hartford's Commercial Lines achieved sustained growth with an underlying combined ratio below 90% for the 14th consecutive quarter, driven by strong new business growth in small commercial and middle market.

• The company continues to expand its Small Commercial E&S binding program, aiming for $300 million in binding by year-end.

• Strategic investments in underwriting tools and data science advancements enhance market competitiveness.

Opportunities:

• Ongoing investments in Hartford's product capabilities and SME market leadership indicate strong future potential for market share gains and high profitability margins.

Risks:

• Elevated attorney representation across claims and rising settlement rates in general liability impacting loss trends.

• Increased frequency of large losses in general liability leading to higher reserves.

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