Hartford Financial Services Group Inc. on Friday reported first-quarter net income of $530 million, a 21% increase compared with the same period last year.
The increase was attributed to a decrease in net realized losses and higher group benefits results, driven by lower group life mortality, among other things, company executives said during a conference call with analysts.
The company’s commercial lines combined ratio worsened from the 2022 first quarter, dipping to 92.7% from 90.3%, primarily due to higher catastrophe losses and less favorable accident reserve development.
The insurer reported $3.11 billion in commercial lines written premium, a 10% increase over the same period last year. Profit for the business increased 10% compared with last year’s first quarter to $421 million.
“We are particularly pleased by the growth in property lines,” said Chairman and CEO Christopher Swift.
Mr. Swift said the company continues to measure the effects of the COVID-19 pandemic and plans to “adjust course as necessary.”
“We anticipate continued growth in strong margins across our businesses,” he said.
Mr. Swift said workers compensation insurance pricing remains positive, and comp frequency and severity rates are, “right in line with our expectations, and maybe even slightly better.”