The Hartford has reported a Q1 2025 net income available to common stockholders of $625 million, down from $748 million in Q1 2024, primarily driven by P&C current accident year catastrophe losses of $467 million, before tax, including $325 million, net of reinsurance, related to the January 2025 California wildfires.
The net income figure was also affected by a shift from net realised gains in 2024 to net realised losses in 2025.
However, according to The Hartford, this was partially offset by improvements in the P&C underlying loss and loss adjustment expense ratio, growth in earned premiums within its Business Insurance segment, and a lower Employee Benefits segment loss ratio.
Meanwhile, P&C written premiums rose by 9% in Q1 2025, driven by premium growth of 10% in Business Insurance and 8% in Personal Insurance.
In Business Insurance, the Q1 2025 combined ratio was 94.4, with an underlying combined ratio of 88.4—both consistent with the prior-year period.
Personal Insurance reported a combined ratio of 106.1 and an underlying combined ratio of 89.7 in Q1 2025, reflecting an improvement of 6.4 points compared to the same period in 2024.
While written premiums increased in both segments, net income declined by 17% in Business Insurance and 85% in Personal Insurance.
Q1 2025 consolidated net investment income also improved to $656 million compared with $593 million in Q1 2024, primarily driven by a higher level of invested assets, reinvesting at higher interest rates, and greater income from LPs.
The Hartford’s Chairman and CEO, Christopher Swift, commented, “The Hartford is off to a strong start in 2025, delivering a trailing 12-month core earnings ROE of 16.2%.
“Disciplined underwriting and pricing execution, exceptional talent, and innovative customer-centric solutions continue to drive our performance in a dynamic market environment that included elevated industry-wide catastrophe losses.”
Swift continued, “Our business performance is strong across the organisation, and we remain steadfast in our commitment to delivering outstanding returns for our shareholders.
“We are well-positioned to sustain our momentum, achieving profitable growth with industry-leading ROEs in 2025 and beyond.”
