Hartford Financial reports preliminary Q1 EPS of $1.68, consensus $1.99

The company expects Q1 Property & Casualty current accident year catastrophe losses of $185 million before tax. Of the total CAY CAT losses, $138 million are estimated in Commercial Lines and $47 million in Personal Lines. CAT losses primarily resulted from the significant winter storms along the East and West coasts and tornado, wind and hail events across several regions of the United States. Commercial Lines combined ratio of 92.7 and an underlying combined ratio* of 88.5. The underlying combined ratio is consistent with the expectations for the first quarter included in the outlook the company provided in February. Personal Lines combined ratio of 106.1 and an underlying combined ratio of 97.0, which includes approximately $30 million, before tax, of higher than expected CAY losses from auto physical damage and liability losses primarily resulting from increased severity. Also included in the combined ratio is approximately $20 million, before tax, of unfavorable prior accident year reserve development from auto physical damage severity."