Hartford, CT – The Hartford (NYSE: HIG) recently announced financial results for the fourth quarter and year ended Dec. 31, 2021.
“In 2021, The Hartford delivered strong financial performance with meaningful growth and P&C margin expansion driven by stellar results in Commercial Lines and a significant contribution from partnership investment returns. In Group Benefits, solid premium growth and underlying results were offset by pandemic related excess mortality,” said Chairman and CEO Christopher Swift.
President Doug Elliot said, “Our P&C underlying results for the year were excellent with margin expansion across Commercial Lines driven by strong earned pricing and underwriting execution. Commercial Lines written premium exceeded $10 billion, up 12 percent for the year, while Small Commercial eclipsed $4 billion for the first time. New business levels were impressive, and retention held steady. Commercial Lines’ fourth quarter renewal written pricing, excluding workers’ compensation, held constant with the third quarter at 8 percent. In Personal Lines, we delivered strong 2021 operating results and are encouraged by improved auto insurance shopping and the roll-out of our new auto and home product. Across P&C, the performance was outstanding, and the results are a strong validation of our execution roadmap.”
Swift said, “We begin 2022 competitively positioned with strong momentum and a winning formula to consistently produce superior risk-adjusted returns. Our businesses complement each other extremely well and together represent a unique portfolio with distinctive advantages. Continued execution on our strategic priorities will drive profitable growth, enable market-leading ROEs, deliver consistent capital generation and sustain our top quartile ESG performance all of which will maximize value creation for stakeholders.”
Fourth quarter 2021 net income available to common stockholders was $724 million, or $2.10 per diluted share, up 36% from fourth quarter 2020, primarily due to a decrease in P&C net unfavorable prior accident year development (PYD), including a decrease in the charge for asbestos and environmental (A&E) reserve development from $210 million, before tax, in 2020 to $155 million, before tax, in 2021, an increase in net realized gains of $110 million, before tax and the effect of earned premium growth in P&C and Group Benefits, partially offset by higher insurance operating expenses in P&C and Group Benefits driven by higher compensation.
Fourth quarter core earnings of $697 million, or $2.02 per diluted share, rose 10% from fourth quarter 2020.
The complete results release is available here: The Hartford Q4 and Full Year 2021 Financial Results
Source: The Hartford