Hartford Financial Services Group Inc. reported first-quarter net profit of $ 440 million, an increase of 80% from $ 244 million over the same period last year.
“We delivered these results during a very dynamic period, which is likely to continue, with ongoing challenges with covid, the secondary effects of the Ukraine conflict and the expected Fed measures to raise interest rates while shrinking its balance sheet to meet historically high levels. levels of inflation, said Christopher Swift, chairman and CEO of the Hartford, Connecticut-based insurance company, on Friday during a webcast with analysts.
The company announced its profit on Thursday after the stock exchange closed.
Its core profit was $ 561million, an increase of 176% from the first quarter of last year. Core lines’ core revenue was $ 456 million.
“Last year, we delivered record growth during the first quarter. We continue this positive momentum, says Mr. Swift.
Premium income for property / accident increased by 9%, driven by a premium growth of 12% for commercial lines.
The total cost ratio for commercial lines was 90.3%, an improvement of 19.4 points from the first quarter of last year. The increase in revenue from commercial lines was mainly attributable to a favorable development of property / accident before the accident year.
Commercial lines saw an 11% increase in earned premiums and the absence of losses in the current year of the COVID-19 accident, compared to $ 24 million in the first quarter of 2021. They also benefited from a $ 94 million reduction in disaster losses.
The losses for the first quarter included $ 27 million from the conflict in Ukraine due to “modest direct exposure in the region,” Swift said. Tornadoes, winds and hail in the southeastern United States and winter storms also led to cat losses, the insurance company said.