The Hartford Reports Robust Q4 and Full-Year Financial Results for 2024
The Hartford, a leading player in the insurance industry, has revealed its financial performance for the fourth quarter and the entire year ending December 31, 2024. With impressive growth metrics, the company has showcased its resilience and strategic focus across various business segments.
Strong Q4 Earnings Performance
For the fourth quarter of 2024, The Hartford reported a net income available to common stockholders of $848 million, translating to $2.88 per diluted share. This marks an 11% increase from the $766 million or $2.51 per diluted share reported during the same period in 2023. Core earnings for the quarter reached $865 million, or $2.94 per diluted share, although this reflects a 7% decrease from $935 million or $3.06 per diluted share in Q4 2023.
Full-Year Financial Highlights
In 2024, The Hartford achieved a net income of $3.1 billion, or $10.35 per diluted share, representing a significant 24% increase from $2.5 billion or $7.97 per diluted share in 2023. Core earnings for the full year were also robust at $3.1 billion, or $10.30 per diluted share, an 11% growth compared to $2.8 billion or $8.88 per diluted share in the previous year. The company reported a net income return on equity (ROE) of 19.9% and a core earnings ROE of 16.7% for 2024.
Growth in Property and Casualty Segments
The Hartford’s property and casualty (P&C) segment demonstrated notable growth, with written premiums increasing by 7% in Q4 2024 compared to the prior year, and a 10% increase for the entire year. This growth was fueled by a 6% rise in commercial lines premiums and a 12% increase in personal lines premiums for the fourth quarter. For the full year, commercial lines premiums grew by 9% and personal lines by 13%.
Improvement in Combined Ratios
The commercial lines segment reported a combined ratio of 87.4 for Q4, 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 remarkable improvement, achieving a combined ratio of 85.8 for Q4 2024, reflecting a 15.4-point improvement from the previous year. The full-year personal lines combined ratio improved to 99.1, with an underlying ratio of 94.1.
Shareholder Returns and Future Outlook
In Q4, The Hartford returned $537 million to its shareholders, which included $400 million in share repurchases and $137 million in dividends. For the entire year, the company returned $2.1 billion to stockholders, comprising $1.5 billion in share repurchases and $556 million in dividends.
Christopher Swift, Chairman and CEO of The Hartford, expressed optimism about the company’s performance in 2024. He highlighted the sustained momentum in commercial lines, strong margins in group benefits, and a higher yield from the investment portfolio as key drivers of success.
Conclusion: A Promising Future Ahead
The Hartford’s impressive financial results for Q4 and the full year of 2024 reflect its strong market position and operational efficiency. With continued growth in premiums and robust returns to shareholders, the company is well-positioned for future success in the competitive insurance landscape.
For more insights into The Hartford’s latest developments, you can read about their new company president here.
For further details on their strategic initiatives, visit The Hartford’s official website.