The Hartford reported a 93% increase in third quarter net income to $645 million driven by results in its commercial lines segment.
The Hartford, Connecticut-based insurer said third quarter net income in commercial lines grew more than 80% to $519 compared to the same period a year ago. Catastrophe losses for the segment were $115 million pretax – caused primarily by tornado, hail and wind events but down from the nearly $180 million in catastrophe losses booked in the third quarter 2022.
The Q3 combined ratio for Hartford’s commercial lines shrunk 4.1 points to 90.2. The segment’s underwriting profit was $290 million – 90% higher than the gain booked in Q3 2022. Written premiums were up 8% to just over $3 billion.
The news was not as good in personal lines, where The Hartford recorded a net loss of $12 million compared to a loss of $36 million in Q3 2022. The segment’s underwriting loss was $62 million compared with a loss of $72 million a year ago during the third quarter. Here, the combined ratio was 107.9 in Q3 compared to 109.6 a year ago as both combined ratios for auto and home insurance were above 100.
Auto’s 110.8 combined ratio in Q3 improved from 113.2 in Q3 2022 but the underlying combined ratio worsened to 108.5 from 12.6 from an increase in auto liability and physical damage severity.
Written premiums in personal lines increased 8% in Q3 to $869 million. The Hartford said price increases on renewals in the quarter for auto and homeowners were 19.7% and 14.1%, respectively.
Was this article valuable?
Here are more articles you may enjoy.
Let Good Adjusters, Not Expensive Lawyers, Make the Difference on Claims, CEO Says 
QBE to Non-Renew $500M of North American Mid-Market Biz 
As Rates Rise, Majority of Homeowners Say Insurance Industry Is in Crisis: Survey 
German Insurtech Wefox to Replace CEO After Board Rejects Mubadala Sales Plan 
