Hartford Financial Services Group Inc. reported 36% higher net profit for the fourth quarter and a 37% profit increase for the whole of 2021, compared to previous year's figures.
The Hartford, Connecticut-based insurance company reported Thursday after the markets ended a profit for the fourth quarter of $ 724 million and a profit of $ 2.3 billion for the full 2021.
“In 2021, The Hartford delivered strong financial results throughout the organization as we continue to implement our strategy and realize the growing benefits of investing in our operations, "said Christopher Swift, Hartford's Chairman and CEO, on Friday in a results webcast with analysts.
solid price increases for renewal ", he said. "Looking ahead to 2022, we expect strong growth and earned pricing to continue to outperform the loss cost trends on most routes, resulting in further margin improvement."
The insurer attributed the positive fourth quarter results to a number of factors , b.a. an 8% increase in earned premiums in its real estate / accident business, lower disaster losses ̵1; $ 22 million, compared to $ 55 million in the fourth quarter of 2020 – and a massive decline in COVID-19 activity. Losses related to the pandemic amounted to $ 1 million, down from $ 28 million in the last quarter of 2020.
"2021 was an impressive year for Hartford's real estate and claims business," Hartford President Doug Elliott said on the Webcast. "The financial results were simply outstanding."
The insurer reported net income from property / accident premium growth of 11%, including 14% in commercial lines. The total expense ratio of 92.1 for the fourth quarter was an improvement of 4.9 points compared with the previous year. Overall, for 2021, The Hartford reported a 9% increase in the written net premium.
The insurer reported a $ 165 million improvement in property / accident insurance results.
. trend in most lines, in addition to compensation to workers, "Elliott said on the webcast.