The Hartford has revealed an expected $850 million charge on Q417 financial results from the impact of lower U.S. corporate tax rates on the company’s net deferred tax assets.
The company anticipates a further pre-tax $180 million in Q4 losses for the most part due to California wildfires.
These factors would reduce financial results for the quarter by about $1.03 billion, however the firm plans to release final Q4 results after market close on February 8th.
The insurer added that although the new U.S. tax law reduces the company’s net deferred tax asset position, the company expects a net favourable future economic impact from both the lower corporate income tax rate and the repeal and refunding of the corporate alternative minimum tax credits.
