Quarter after quarter results illustrate how our strategy translates into a consistent and sustainable financial performance. Send a copy of your receipt and claim number to the address or fax number for your claim state. Forgot your password? Yes, we do that! We sent a one-time security code to {#maskedTwoFactorSMS}. Consolidating Income Statements" and in The Hartford's Investor Financial Supplement for the quarter ended March 31, 2022. 11/27/2019. We sent a one-time security code to to your configured number. This non-GAAP financial measure of the loss and loss adjustment expense ratio for Commercial Lines represents the loss and loss adjustment expense ratio before catastrophes, prior accident year development and COVID-19 incurred losses. Understand who to contact for specific leave-related questions, Download the Personal Disability Reference Guide. The Hartford is off to a strong start in 2022 delivering a trailing 12-month core earnings ROE of 14.8%. A reconciliation of net income (loss) to core earnings for individual reporting segments can be found in this press release under the heading "The Hartford Financial Services Group, Inc. Once you receive it, please enter it below. Higher renewal written price increases in auto in response to recent increases in loss cost trends. Total disability loss ratio of 73.2% increased 4.8 points compared with first quarter 2021, primarily due to less favorable prior incurral year development on long-term disability as the 2021 period benefitted from low incidence levels from earlier in the pandemic. Underlying combined ratio before COVID-19 losses. Favorable P&C prior accident year development (PYD) within core earnings of $36 million, before tax, in first quarter 2022, largely driven by reserve decreases in workers compensation, compared with $223 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 Boy Scouts of America (BSA) related to sexual abuse claims. The Company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year loss and loss adjustment expense reserve development. Start a Claim Not Here to Start a Claim? 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. For your security, you will be disconnected from this system if your computer is inactive for 15 minutes. hn6`? How will I be paid? JUST FOLLOW THESE STEPS: STEP 1 Review the list on the back of this page to determine if your health screening may be eligible for the benefit. Manage your benefits account with The Hartford. Net income available to common stockholders Net income available to common stockholders' ROE (net income ROE) was 15.4% for the twelve month period ending March 31, 2022. 2 stars. The Hartford, The Hartford at Work group benefits from the Hartford. A Critical Illness claim should be filed after a physician has diagnosed you or a covered dependent with a covered illness or after you or your dependent has undergone a health screening and is eligible for a wellness or health screening benefit. A reconciliation of net income margin to core earnings margin for the quarterly periods ended March 31, 2022 and 2021, is set forth below. Manage my personal policy, bills and claims. Some employers have a waiting period, which means you have to be out of work for a set number of days before you can start getting benefit payments. A quantitative reconciliation of net income ROE to core earnings ROE is not calculable on a forward-looking basis because it is not possible to provide a reliable forecast of realized capital gains and losses, which typically vary substantially from period to period. While market values of the funds increased over the previous twelve months, there was a net decrease in market value of $8.2 billion in the three months ended March 31, 2022. First quarter 2022 core loss of $48 million decreased $12 million compared with first quarter 2021 core loss of $60 million primarily due to a loss of $8 million before tax in the 2021 period from the companys previously owned equity interest in Talcott Resolution and a higher tax benefit in the 2022 period for stock-based compensation, partially offset by an increase in interest expense. and data rates from your wireless provider still apply. - This non-GAAP measure of underwriting profitability represents underwriting gain (loss) before current accident year catastrophes, PYD and current accident year change in loss reserves upon acquisition of a business. An increase in earnings from Hartford Funds driven by higher assets under management. If you forgot your password then you can reset it now by answering the security exam, lab or test results/reports; physician notes; Explanation of Benefits (EOBs) from your health insurance provider; itemized medical or hospital bills; or medical records. Annualized investment yield is the most directly comparable GAAP measure. If you have a communicable disease or are out on a Workers Compensation leave, you must report to your local Occupational Health office to be cleared prior to returning to work. An increase in insurance operating costs and other expenses, primarily driven by higher technology costs, higher claim costs to handle elevated claim levels resulting from the pandemic and a decrease in the allowance for credit losses on premiums receivable in the 2021 period, partially offset by incremental savings from the Hartford Next program and a reduction in AARP direct marketing costs. Fully insured ongoing premiums were up 5%, compared with first quarter 2021, driven by an increase in exposure on existing accounts and strong persistency. ** All amounts and percentages set forth in this press release are approximate unless otherwise noted. Core earnings ROE for the twelve month period ending March 31, 2022 was 14.8%, an increase of 3.9 points from first quarter 2021 due to higher trailing 12-month core earnings, partially offset by higher average common stockholder's equity ex AOCI. Certain of the statements contained herein are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. endstream endobj 317 0 obj <>stream fO^_a3MH&4Vz-Xm5ItN 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 $26 net decrease of estimated losses from prior incurral years. Our employee benefits programs help support the lives and incomes of more than 12 million working Americans. hTj0W$R@)cfS(bo? Phone: 1-866-294-7987 Availability: Monday - Friday 8AM - 8PM EST Questions about your claims? Accordingly, core earnings excludes the effect of all realized gains and losses that tend to be highly variable from period to period based on capital market conditions. The companys investments with Russian exposure have an amortized cost of $16 million and a fair value of $7 million. We sent a one-time security code to to your configured email address. Total group life loss ratio improved 9.9 points, to 98.4%, primarily due to lower excess mortality, primarily caused by direct and indirect impacts of COVID-19. Enter the following information in order to retrieve your username and password. Net income of $42 million in first quarter 2022 decreased from $47 million in first quarter 2021, largely due to a change from net realized gains to net realized losses related to investments in funds seeded by the company, partially offset by higher fee income. Underwriting profitability over time is also greatly influenced by The Hartford's underwriting discipline, as management strives to manage exposure to loss through favorable risk selection and diversification, effective management of claims, use of reinsurance and its ability to manage its expenses. What if I need to take an intermittent leave for a personal disability? An increase in homeowners primarily due to an increase in new business and the effect of written pricing increases, partially offset by slightly lower policy count retention. An increase in the group disability loss ratio primarily reflecting less favorable prior incurral year development on long-term disability and an increase in the group life loss ratio before considering excess mortality claims due to a higher loss ratio under group accidental death claims business. - This non-GAAP per share measure is calculated using the non-GAAP financial measure core earnings rather than the GAAP measure net income. Want to Talk? Make One-Time Payment What can you do in your account? With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. We'll send you an Identification Code so we can so we can verify your identity. The Company believes that excluding AOCI from the numerator is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. If you have not received the code or still have trouble signing in, please call member services. Core earnings ROE is calculated by dividing (a) the non-GAAP measure core earnings for the prior four fiscal quarters by (b) the non-GAAP measure average common stockholders' equity, excluding AOCI. Nine doctors said Werner was disabled and couldn't work, but a few months after they conducted surveillance, Werner received a letter from The Hartford stating his disability benefits were . B((e9$-q:Rx!"N Corporate Consolidated. 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. 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. Net income ROE for the trailing 12 months of 15.4% and core earnings ROE* for the same period of 14.8%. If/when ESL is exhausted, team members are permitted to draw from their PTO drawing first from PTO FT Status Bank (if available) and then PTO True Balance (not to go below 80 hours), then PTO Drawdown Bank.
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