Hartford profits soar 41% in first quarter
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Hartford Financial Services Group Inc. on Thursday reported first-quarter net income of $748 million, a 41% increase compared with the year-ago period.
The increase was attributed in part to improved underwriting results, spurred by investments in technology, Chairman and CEO Christopher Swift said during an earnings call Friday.
“We are using our data science advancements pricing expertise and industry-leading underwriting tools to drive profitable double-digit new business growth,” he said.
In commercial lines in particular, “performance reflects strong top-line growth and highly profitable margins,” he said. “The stellar performance in this business is a direct result of our underwriting discipline, enabled by the investments we have made to enhance our capabilities.”
Commercial lines core earnings of $546 million in first-quarter 2024 represented a 25% increase over the year-ago period, which the insurer said were the result of increases in earned premium, net investment income, and lower current-year catastrophe losses: $109 million in the first quarter of 2024, primarily from winter storms, mainly in the Northeast, Pacific and South, as well as tornado, wind and hail events in the Midwest, South and mid-Atlantic, and down from losses of $138 million over the year-ago period.
The company’s commercial lines combined ratio stood at 90.1% in the first quarter, a 2.6% improvement over last year.
