American insurer The
Hartford has announced its recorded core earnings of $452m for the three months ended March 31. The figure is down by $49m from last year’s $501m, same quarter.
The dip from Q1 2014 was attributed to the $32m after-tax, benefit for New York State Workers’ Compensation Board assessments and a $25m after-tax, reduction in favorable property and casualty prior year loss and loss adjustment expense reserve development.
“Catastrophe losses did not have a material impact on the change in core earnings, totaling $54m, after-tax, in first quarter 2015 and $56m, after-tax, in first quarter 2014,” the official release stated.
“Property & Casualty (Combined) first quarter 2015 combined ratio before catastrophes and prior year favorable loss reserve development was 91.7, essentially flat with first quarter 2014, excluding the 2.0 point benefit from New York State Workers' Compensation Board assessments.”
Chairman and chief executive Christopher Swift is remains optimistic for this year as well.
"The Hartford is off to a good start in 2015, and all our businesses performed well from a growth and earnings perspective," said he said in a release.
"We continue to execute on our strategy and our businesses are delivering against their operating and financial goals, despite continued low interest rates and a U.S. P&C pricing cycle that is increasingly competitive. We are well-positioned to navigate these challenges, as we remain a disciplined underwriter committed to creating shareholder value."
"Our P&C and Group Benefits businesses started 2015 with solid results and steady operating performance," added President Doug Elliot.
"The combined ratio was 91.7 before catastrophes and PYD, while Group Benefits after-tax core earnings margin rose to 5.9%. The marketplace has grown more competitive over the last quarter, and we are very focused on core metrics and key performance indicators as we continue to balance margins and growth. Our operating focus and investments in product, underwriting and technology provide us a strong foundation moving forward.”
