Hartford Financial Services Group Inc. on Friday reported first-quarter net income of $530 million, up 21% from the same period last year.
The increase was attributed to a reduction in realized net losses and higher results for group benefits, driven by lower group life mortality among other factors, company executives said on a conference call with analysts.
The company’s total cost ratio deteriorated from the first quarter of 2022, falling to 92.7% from 90.3%, mainly due to higher catastrophe losses and less favorable accident reserve development.
The insurer reported $3.11 billion in commercial lines premium, up 10% over the same period last year. Operating profit increased 1
0% compared to last year’s first quarter to $421 million.“We are particularly pleased with the growth in real estate lines,” said Chairman and CEO Christopher Swift.
Mr. Swift said the company continues to gauge the impact of the Covid-19 pandemic and plans to “adjust course as necessary.”
“We expect continued growth in strong margins across our businesses,” he said.
Mr. Swift said that workers’ compensation insurance rates remain positive, and that frequency and severity are “right in line with our expectations, and maybe even slightly better.”
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