The Hartford Reports 9% Revenue Growth and 18% Net Income Increase in Q3 2024

The Hartford Financial Services Group, Inc. reported significant financial growth in its third quarter and year-to-date results for 2024, as detailed in its recent 10-Q filing. For the three months ended September 30, 2024, total revenues reached $6,751 million, marking a 9% increase from $6,168 million in the same period of 2023. This growth was driven by a rise in earned premiums, which totaled $5,734 million, up from $5,310 million year-over-year.

Net income for the third quarter was $767 million, an 18% increase compared to $651 million in Q3 2023. Net income available to common stockholders also rose to $761 million, reflecting an 18% increase from $645 million in the prior year. The earnings per diluted share increased to $2.56, up from $2.09 in the same quarter of 2023.

For the nine months ended September 30, 2024, the company reported total revenues of $19,656 million, a 8% increase from $18,127 million in the same period of 2023. Net income for this period was $2,258 million, a substantial 30% increase from $1,733 million in 2023. The net income available to common stockholders for the nine months was $2,242 million, up 31% from $1,717 million.

The growth in earned premiums was particularly notable in the Commercial Lines segment, which saw a 10% increase, and Personal Lines, which grew by 13%. The Group Benefits segment also contributed to the overall premium growth, albeit at a more modest 2%. The increase in premiums was attributed to new business, pricing increases, and higher insured exposures.

The company’s investment income also improved, with net investment income for the third quarter rising to $659 million from $597 million in the same period last year. This increase was driven by higher interest rates and a larger asset base, despite lower income from limited partnerships.

The Hartford's total assets increased to $81,219 million as of September 30, 2024, up from $76,780 million at the end of 2023. Total stockholders’ equity rose to $17,008 million, compared to $15,327 million at the end of the previous year.

In terms of strategic developments, The Hartford has continued its share repurchase program, repurchasing $1.1 billion worth of common stock during the nine months ended September 30, 2024. The company also announced a new share repurchase authorization of up to $3.3 billion, effective from August 1, 2024, to December 31, 2026.

Overall, The Hartford's performance in the third quarter and year-to-date reflects strong growth in premiums, improved investment income, and effective capital management strategies.