Second quarter earnings at The Hartford fell to $437 million – about 51% less than the same period a year ago.
Hartford said it booked a $485 million before-tax change from net realized gains to net realized losses during Q2. The insurer’s personal lines business took a fall in recording net income of $6 million during Q2 compared with $118 million in 2021. Underwriting results in the personal lines segment came in at a $13 million loss compared with a gain of $96 million gain in Q2 2021.
The combined ratio in personal lines during Q2 was an unprofitable 101.8 compared to 87 last year. The auto and home combined ratios were 101.2 and 103.1, respectively. Hartford said there was an increase in severity in auto and an increase in non-catastrophe losses and higher weather claim frequency in homeowners during the quarter.
Commercial lines net income fell 32% compared with the same quarter last year, to $389 million. The combined ratio improved to 87.3 from 88.9 in 2021, driven by nearly a 7-point improvement in the global specialty business (85 in 2022 compared to 91.9 in 2021). The combined ratio in small commercial was 85.2 compared with 83.6 in Q2 2021, and the ratio was 95.6 in Q2 2022 compared with 92.9 last year in the middle and large commercial segment, Hartford said.
At CNA Financial, net income during the second quarter was $205 million, a 44% drop from net income of $368 million posted during the 2021 period.
The Chicago-based insurer said it recorded net investment losses of $40 million during Q2 versus net investment gains of $27 million a year ago.
However, the combined ratio for P&C operations was 91 – the lowest in over five years, said CNA. Catastrophe losses were $37 million in Q2 compared with $54 million in 2021. Net premiums written increased 20% to about $2.3 billion.
In the commercial segment, CNA said net premiums written jumped 36% to $1.13 billion.
CEO Dino E. Robusto said overall premium growth was drive by the company’s “strongest retention in nearly five years and very strong new business growth.”
Topics Profit Loss
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