RBC Capital raised the firm’s price target on Hartford Financial to $115 from $105 and keeps a Sector Perform rating on the shares. The company reported Q2 results that were above expectations, with positive variances across most areas of the business, as Group Benefits’ underlying profitability was better than forecasted on favorable life and disability loss ratios, the analyst tells investors in a research note. Catastrophe losses were heavy in the quarter, but reserve releases held up well overall, RBC added.
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