Hartford Financial (HIG) Improves Offerings With Beam Benefits
The Hartford Financial Services Group, Inc. HIG recently announced its partnership with Beam Benefits to enhance its benefit options with dental and vision plans. It will integrate the plans with life insurance and group income protection products.
This move bodes well for HIG, enhancing its product suite and acting as a key differentiator. Moreover, as small employers benefit from this, retention will improve as a result. Employers will gain from competitive benefits packages and be able to attract and retain talent in a competitive market. The company will benefit from new business and improved premiums in the future.
The partnership builds on HIG’s strategic priorities to leverage its product breadth to drive organic growth. Group Benefits premiums improved 7.1% in the second quarter, and its core earnings margin stood at 7.6%. The company expects to deliver a core earnings margin of 6-7% for 2023.
Brokers will be able to design comprehensive benefits packages, benefiting small employers with less than 100 employees. They can quote dental and vision plans, along with HIG’s existing benefits. HIG’s online quoting platform, RTQi, includes six vision and four dental plans, fast quotes, access to Beam Perks and implementation and enrollment under five business days. This will help employers select from a broad range of options per their specified business needs.
Beam will provide HIG’s income protection benefits along with its existing suite of products. This partnership will enable brokers to offer superior products and aid HIG in its aim to modernize employee benefits for small employers.
Zacks Rank & Price Performance
Hartford Financial currently carries a Zacks Rank #3 (Hold). Shares of HIG have gained 11.1% in a year against the industry’s 1.4% decline.
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Stocks to Consider
Some better-ranked stocks in the insurance space are AXIS Capital Holdings Limited AXS, Cincinnati Financial Corporation CINF and Corebridge Financial, Inc. CRBG. AXIS Capital presently sports a Zacks Rank #1 (Strong Buy), while Cincinnati Financial and Corebridge Financial currently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AXIS Capital’s earnings surpassed estimates in three of the trailing four quarters and missed the mark once, the average surprise being 9.8%. The Zacks Consensus Estimate for AXS’s 2023 earnings and revenues suggests 44.8% and 7.9% year-over-year growth, respectively. The consensus mark for AXS’s 2023 earnings has moved 10.4% north in the past 30 days.
The bottom line of Cincinnati Financial outpaced earnings estimates in three of the last four quarters and missed the mark once, the average surprise being 25.3%. The Zacks Consensus Estimate for CINF’s 2023 earnings and revenues suggests 17.9% and 12.2% year-over-year growth, respectively. The consensus mark for CINF’s 2023 earnings has increased 12.1% in the past 30 days.
Corebridge Financial earnings beat estimates in each of the trailing four quarters, the average surprise being 14.3%. The Zacks Consensus Estimate for CRBG’s 2023 earnings and revenues suggests a rise of 45.6% and 23%, respectively, from the prior-year reported figures. The consensus mark for CRBG’s 2023 earnings has moved 3% north in the past 30 days.
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The Hartford Financial Services Group, Inc. (HIG) : Free Stock Analysis Report
Cincinnati Financial Corporation (CINF) : Free Stock Analysis Report
Axis Capital Holdings Limited (AXS) : Free Stock Analysis Report
Corebridge Financial, Inc. (CRBG) : Free Stock Analysis Report
