The Hartford Reports Strong Q4 2024 Financial Results, Achieving 11% Growth in Net Income
The Hartford has announced its financial results for the fourth quarter and full year ending December 31, 2024, showcasing solid growth across key business segments.
Key Highlights for Q4 2024:
- Net Income: $848 million, or $2.88 per diluted share, an 11% increase compared to Q4 2023.
- Core Earnings: $865 million, or $2.94 per diluted share, a 7% decrease from Q4 2023.
Full-Year 2024 Performance:
- Net Income: $3.1 billion, or $10.35 per diluted share, a 24% increase from 2023.
- Core Earnings: $3.1 billion, or $10.30 per diluted share, reflecting an 11% growth compared to 2023.
The Property & Casualty (P&C) Segment saw a 7% increase in written premiums for Q4, driven by strong growth in both commercial and personal lines. For the full year, premiums increased by 10%. The Commercial Lines segment had a Q4 combined ratio of 87.4, while the Personal Lines segment showed a significant improvement, with the Q4 combined ratio improving by 15.4 points.
The Group Benefits Segment performed well with a net income margin of 7.1% in Q4, and a core earnings margin of 8.2% for the full year
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Stockholder Returns: In Q4, The Hartford returned $537 million to stockholders, including $400 million in share repurchases and $137 million in dividends. For the full year, stockholder returns totaled $2.1 billion.
Christopher Swift, Chairman and CEO of The Hartford, attributed the strong performance to continued momentum in commercial lines, significant progress in personal lines, and sustained profitability in group benefits.