The financial performance of The Hartford for the first quarter of 2024 has shown significant improvement, with net income available to common stockholders reaching $748 million, or $2.47 per diluted share. This marks a notable increase from the first quarter of 2023, which saw a net income of $530 million.
The growth can be attributed to higher P&C underwriting gains, supported by strong premium growth, an increase in net investment income, and a shift from net realized losses in 2023 to net realized gains in 2024. Group benefits loss ratio improvements were driven by positive outcomes in group life insurance. First quarter core earnings also saw a substantial increase, reaching $709 million, or $2.34 per diluted share, up from $536 million in the same period last year. Key contributors to this growth included a net investment income of $593 million before tax, a 10% growth in P&C earned premiums, and net favorable prior accident year development of $32 million.
The group benefits loss ratio saw an improvement of 1.7 points to 73.5, primarily due to positive mortality experience in group life and favorable long-term disability claim recoveries. Catastrophe losses in the P&C segment for the current year were reported at $161 million before tax, a decrease from $185 million in the first quarter of 2023.
The Hartford's chairman and CEO, Christopher Swift, expressed satisfaction with the company's performance, highlighting the strong financial results and promising outlook for the future. Chief financial officer Beth Costello also noted the success in commercial lines and the company's active management of capital. With a focus on delivering value for shareholders and maintaining industry-leading return on equity, The Hartford is off to a strong start in 2024.
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