Q3 Net Income Up 18% at The Hartford

Third quarter 2024 net income at The Hartford improved about 18% compared to the same period a year ago despite $247 million in pretax catastrophe losses—$104 million from Hurricane Helene.

Net income was $767 million compared to $651 million a year during the third quarter. Results were buoyed by lower net realized losses ($13 million this third quarter compared to $90 million last year) and higher investment income ($659 million for Q3 2024 compared to $597 million the prior year quarter).

The Hartford reversed a $12 million 2023 third quarter loss in net income in the personal lines segment with $31 million recorded for the period this year. In commercial lines, Q3 net income increased to $528 million from $519 million a year ago.

The Hartford, Connecticut-based insurer had a Q3 underwriting loss of $22 million in personal lines and an underwriting gain of $253 million in commercial lines. Results in personal lines improved from a loss of $62 million a year ago, but were down 13% from $290 million in commercial lines for Q3 2023.

Third quarter net written premiums were up 12% to $970 million in personal and up 9% to about $3.3 billion in commercial. The combined ratios for each segment were 102.5 and 92.2, respectively, compared to Q3 2023 combined ratios of 107.9 and 90.2.

Chief Executive Officer Christopher Swift said personal lines continued to “make progress toward restoring target profitability in auto.” The third quarter combined ratio here improved 5.1 points to 105.7.

Beth Costello, chief financial officer, said pricing of 9.5% in commercial lines excluding workers’ compensation during Q3 “remains above loss cost trends.”