The Hartford has announced its financial results for the fourth quarter and full year ending Dec. 31, 2024.
The company reported net income available to common stockholders of $848 million for Q4 2024, or $2.88 per diluted share, an 11% increase from $766 million, or $2.51 per diluted share, in the same period of 2023. Core earnings for the quarter were $865 million, or $2.94 per diluted share, a decrease of 7% from $935 million, or $3.06 per diluted share, in Q4 2023.
For the full year, The Hartford posted net income available to common stockholders of $3.1 billion, or $10.35 per diluted share, reflecting a 24% increase from $2.5 billion, or $7.97 per diluted share, in 2023.
Core earnings for 2024 were $3.1 billion, or $10.30 per diluted share, up 11% from $2.8 billion, or $8.88 per diluted share, in 2023. The company reported a net income return on equity (ROE) of 19.9% and a core earnings ROE of 16.7% for the year.
The Hartford’s property and casualty (P&C) segment saw written premiums increase by 7% in Q4 2024 compared to the same period in 2023, with a 10% growth for the full year.
This was driven by a 6% increase in commercial lines premiums and a 12% increase in personal lines premiums for the fourth quarter, and 9% and 13% growth for each segment, respectively, for the full year.
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In commercial lines, the fourth-quarter combined ratio was 87.4, with an underlying combined ratio of 87.1. For the full year, the combined ratio stood at 89.9, with an underlying combined ratio of 87.9.
The personal lines segment showed a significant improvement, with a combined ratio of 85.8 for Q4 2024, a 15.4-point improvement, and an underlying combined ratio of 90.2, which improved 9.3 points from Q4 2023. For the full year, the personal lines combined ratio improved 8.4 points to 99.1, and the underlying combined ratio improved by 5.2 points to 94.1.
The group benefits segment posted a net income margin of 7.1% and a core earnings margin of 7.8% for Q4. For the full year, the net income margin was 7.9%, with a core earnings margin of 8.2%.
The Hartford also returned $537 million to stockholders in the fourth quarter, including $400 million in share repurchases and $137 million in dividends. For the full year, the company returned $2.1 billion to stockholders, consisting of $1.5 billion in share repurchases and $556 million in dividends.
Christopher Swift (pictured above), chairman and CEO of The Hartford, said the company delivered a strong performance in 2024, citing solid results across multiple business segments.
“Results were driven by sustained momentum in commercial lines, which once again generated strong top-line growth at highly profitable margins, significant progress in personal lines toward restoring target profitability in auto, continued strong margins in group benefits, and a higher investment portfolio yield,” Swift said.
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