Hartford Financial Services Group Inc. on Thursday reported first-quarter net income of $748 million, up 41% from the year-ago period.
Chairman and CEO Christopher Swift said during an earnings call Friday that the growth was attributed in part to better underwriting results, driven by investments in technology.
“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 areas in particular, “performance reflects strong top-line growth and highly profitable margins,” he said. “The excellent performance in this business is a direct result of our underwriting discipline, made possible by the investments we have made to enhance our capabilities.”
Commercial lines core income in the first quarter of 2024 was $546 million, representing an increase of 25% compared to the year-ago period, which the insurer said was driven by increased premiums earned, net investment income and lower current year catastrophe losses. The result was: $109 million in the first quarter of 2024, primarily from winter storms, primarily in the Northeast, Pacific, and South, as well as tornado, wind, and hail events in the Midwest, South, and Mid-Atlantic. And a loss of $138 million from the year-ago period.
The company’s commercial lines combined ratio stood at 90.1% in the first quarter, a 2.6% improvement from a year earlier.
