The Hartford today announced that it expects to report current accident
year catastrophe losses of $280 million to $300 million, before tax
($180 million to $195 million, after tax), in the second quarter of
2012, as compared with $447 million, before tax ($290 million, after
tax) in the second quarter of 2011. Second quarter 2012 losses resulted
from 13 catastrophe events, including several major hailstorms and the
June 28 storms that produced widespread losses in the Ohio River Valley
and Mid-Atlantic states.
The company also announced its estimate of property and casualty (P&C)
prior accident year loss reserve development, including the results of
its annual asbestos and environmental (A&E) reserve studies. Second
quarter 2012 financial results are expected to include unfavorable P&C
prior accident year loss reserve development of approximately $45
million to $55 million, before tax ($30 million to $35 million, after
tax). This includes approximately $50 million, before tax ($33 million
after tax), for unfavorable A&E loss reserve development as compared
with unfavorable asbestos loss reserve development of $290 million,
before tax ($189 million, after tax) in the second quarter of 2011. The
second quarter 2012 A&E unfavorable loss reserve development is largely
due to higher estimates for certain existing asbestos policyholders.
The
Hartford will release its second quarter 2012 financial results on
Wednesday, Aug. 1, 2012 at approximately 4:15 p.m. EDT and will host a
conference call to discuss its second quarter 2012 financial results on
Thursday, Aug. 2, 2012, at 9 a.m. EDT. The conference call will be
simultaneously webcast on the investor relations section of the
company’s website at http://ir.thehartford.com.
About The Hartford
The Hartford Financial Services Group Inc. (NYSE: HIG) is a leading
provider of insurance and wealth management services for millions of
consumers and businesses worldwide. The Hartford is consistently
recognized for its superior service, its sustainability efforts and as
one of the world's most ethical companies. More information on the
company and its financial performance is available at www.thehartford.com.
HIG-F
Some of the statements in this release may be considered forward-looking
statements as defined in the Private Securities Litigation Reform Act of
1995. We caution investors that these forward-looking statements are not
guarantees of future performance, and actual results may differ
materially. Investors should consider the important risks and
uncertainties that may cause actual results to differ. These important
risks and uncertainties include those discussed in our Annual Report for
fiscal year 2011 on Form 10-K and the other filings we make with the
Securities and Exchange Commission. We assume no obligation to update
this release, which speaks as of the date issued.
