Hartford profit up 22% in fourth quarter
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The Hartford Financial Services Group Inc. saw a nearly 22% year-over-year jump in fourth-quarter profits while posting better-than-expected results in catastrophe losses.
The Hartford on Monday reported $382 million in net income for the fourth quarter of 2014, up 21.7% from the same period in 2013.
The insurer generated $3.38 billion in written premiums for its property/casualty and personal lines in the fourth quarter of last year, up 4.3% from the end of 2013.
For the quarter, The Hartford reported $12 million in after-tax catastrophe losses, which was significantly lower than the insurer's projected $42 million in after-tax catastrophe losses for the end of 2013.
“Our P&C businesses delivered another solid quarter, with a combined ratio of 93.8, a 3.7-point improvement over fourth quarter 2013,” Hartford President Doug Elliot said in the statement. “For the year, our P&C combined ratio was 91.5 excluding catastrophes and prior-year development, a 2.9 point improvement.”
For the full year, Hartford posted net income of $798 million, up significantly from $176 million in net income for 2013. Written premiums reached $14.10 billion last year, up 3.4% over the prior year.
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