The Hartford(US:HIG)2025-01-30 21:15Financial Performance - Net income for Q4 2024 reached $853 million, an increase of 11.2% compared to $767 million in Q3 2024[7] - Core earnings for Q4 2024 were $865 million, up from $752 million in Q3 2024, reflecting a growth of 15%[7] - Total revenues for Q4 2024 amounted to $6.879 billion, a 1.9% increase from $6.751 billion in Q3 2024[7] - The Hartford Financial Services Group, Inc. reported a total net income of $3.111 billion for the year ended December 31, 2024, compared to $2.504 billion in 2023, marking a year-over-year increase of 24.2%[7] - Core earnings for the full year 2024 were $3.076 billion, up from $2.767 billion in 2023, representing an increase of 11.2%[7] - Total revenues for the year ended December 31, 2024, were $26,535 million, up from $24,527 million in 2023, reflecting a growth of 8.2%[10] Investment Income - The company reported net investment income of $714 million for Q4 2024, up from $653 million in Q4 2023, which is an increase of 9.4%[10] - Total net investment income for Q4 2024 reached $714 million, an increase from $653 million in Q4 2023, representing a 9.3% year-over-year growth[97] - Total net investment income for the year ended December 31, 2024, was $2,568 million, compared to $2,305 million for the year ended December 31, 2023, marking an increase of 11.4%[109] - The annualized investment yield before tax for Q4 2024 was 4.7%, up from 4.5% in Q4 2023[97] - Total fixed maturities income for Q4 2024 was $571 million, compared to $510 million in Q4 2023, reflecting a 12% increase[97] Assets and Liabilities - The company reported total assets of $80.917 billion as of December 31, 2024, slightly down from $81.219 billion in the previous quarter[7] - The total assets of the company as of December 31, 2024, were $80,917 million, an increase from $76,780 million in 2023, representing a growth of 5.6%[17] - The company’s total liabilities increased to $64,470 million as of December 31, 2024, compared to $61,453 million in 2023, reflecting a rise of 4.9%[17] - Total debt as of December 31, 2024, is $4.366 billion, showing a slight increase from $4.362 billion in the previous year[22] Underwriting Performance - The underwriting gain for Q4 2024 was $331 million, compared to $243 million in Q4 2023, showing an increase of 36.2%[33] - The combined ratio improved to 92.1% in Q4 2024, compared to 94.5% in Q3 2024, indicating better underwriting performance[42] - The underlying combined ratio improved to 87.8% in Q4 2024, down from 89.7% in Q3 2024, indicating enhanced operational efficiency[42] - The total loss and loss adjustment expense ratio for the year ended December 31, 2024 was 58.5%, compared to 58.3% for the previous year[53] Stockholder Equity - Book value per common share increased to $56.03 in Q4 2024, compared to $57.34 in Q3 2024[7] - The company’s common stockholders' equity, excluding AOCI, was $18,999 million as of December 31, 2024, up from $17,842 million in 2023, indicating an increase of 6.5%[17] - Total stockholders' equity decreased to $16.447 billion from $17.008 billion year-over-year[22] Operational Efficiency - The company plans to continue its operational transformation and cost reduction initiatives, which are expected to enhance efficiency and profitability in the coming quarters[10] - The expense ratio remained stable at 29.9% in Q4 2024, consistent with Q3 2024, demonstrating effective cost control[42] Market Trends - The company continues to focus on market expansion and new product development within its reportable segments[124] - The company reported a net new business premium growth, indicating positive trends in policy issuance and retention[132] Earnings Per Share - The Hartford reported net income available to common stockholders per share of $2.93 for the three months ended December 31, 2024, compared to $2.55 for the same period in 2023, reflecting a 14.9% increase[143] - Core earnings per share for the same period was $2.99, up from $3.11 in the prior year, indicating a decrease of 3.9%[143] - The company’s diluted earnings per share was $2.88 for the three months ended December 31, 2024, compared to $2.51 in the same period of 2023, representing a 14.7% increase[145]