California Wildfire Losses Cause 16% Fall in The Hartford’s Q1 Net Income

Net income at The Hartford decreased 16% to $630 million in the first quarter 2025, driven by losses from the California wildfires.

Property/casualty catastrophe losses for Q1 2025 were $467 million pretax—$325 million, net of reinsurance, from the California wildfires early this year.

The combined ratio for Q1 was up 4.1 points compared to Q1 2024 to 96.9. The combined ratios for commercial and personal lines for Q4 were 94.4 and 106.1, respectively. Personal lines results were primarily the result of 14.4 points of higher catastrophe losses.

Property/casualty net written premiums increased 9% during the first three months of 2025. In business insurance, which makes up about 55% of Hartford’s book, Q1 premiums increased 10% to about $3.7 billion. Business insurance renewal pricing, excluding workers’ compensation, was up nearly 10% in Q1. The segment’s underwriting profit fell 38% to $187 million.

Personal insurance premiums during the period went up 8% to $913 million. Renewals increases were 15.8% in for auto and 12.3% for homeowners. The segment took a Q1 underwriting loss of $55 million compared to a loss of $13 million for Q1 2024.

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