View this article online: https://www.insurancejournal.com/news/national/2023/02/07/706287.htm
The Hartford reported a 19% drop in fourth quarter net income compared to the same period last year, while core earnings outpaced Q4 2021 by 7%.
Fourth quarter net income available to common stockholders reached $584 million, compared to $724 million in the same window last year. Meanwhile, core earnings were $746 million, up from $697m in the 2021 period.
For the 12 months ended on Dec. 31, 2022, The Hartford delivered core earnings of $2.5 billion, a 14% growth from the prior year.
“Results reflect strong underwriting with solid premium growth across the business, excellent margins, and a significant contribution from the investment portfolio,” said Chairman and CEO Christopher Swift. “With another quarter of strong financial performance, The Hartford continues to demonstrate the power of our strategy and superior execution.”
The Hartford experienced catastrophic losses of $135 million, before tax, in Q4 2022, including $167 million for Winter Storm Elliott in December and $68 million of favorable development on prior quarter catastrophes, compared to catastrophic losses of $22 million in Q4 2021.
Property and casualty (P/C) written premiums grew 9% in the fourth quarter 2022, driven by commercial lines premium growth of 9% in the quarter.
“Our (P/C) results for the year were excellent,” said CFO Beth Costello. “Commercial Lines written premium exceeded $11 billion, up 11 percent for the year, and fourth quarter pricing in our U.S. Standard Commercial Lines book, excluding workers’ compensation, accelerated one point from the third quarter to 7.9 percent. In Personal Lines, we are driving significant rate increases to address industry-wide loss cost pressure.”