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Hartford Financial Services Group Inc. posted first-quarter net income of $440 million, up 80% from $244 million in the same time period last year.
“We delivered these results during a very dynamic period, which is likely to continue, with ongoing challenges with COVID, the secondary impacts of the Ukraine conflict, and the anticipated Fed actions to raise interest rates while shrinking its balance sheet to address historically high levels of inflation,” Christopher Swift, chairman and CEO of the Hartford, Connecticut-based insurer said Friday during a webcast with analysts.
The company posted its earnings Thursday after the close of markets.
Its core earnings totaled $561 million, up 176% from last year’s first quarter. Commercial lines core earnings totaled $456 million.
“Last year we delivered record growth in the first quarter. We continue this positive momentum,” Mr. Swift said.
Property/casualty written premiums rose 9%, driven by commercial lines premium growth of 12%.
The combined ratio for commercial lines was 90.3%, a 19.4-point improvement from last year’s first quarter. The growth in commercial lines earnings was attributed primarily to favorable property/casualty prior accident year development.
Commercial lines saw 11% growth in earned premium and the absence of current accident year COVID-19 losses, compared with $24 million in the first quarter of 2021. They also benefited from a $94 million decrease in catastrophe losses.
First-quarter losses included $27 million from the Ukraine conflict due to “modest direct exposure in the region,” Mr. Swift said. Tornado, wind and hail events in the Southeastern U.S. and winter storms also led to cat losses, the insurer said.
Hartford Financial Services Group Inc. has partnered with Swiss Re Corporate Solutions, part of Swiss Reinsurance Co. Ltd., to expand its network of global insurers and coverage options for its multinational clients.