Hartford Financial Services Group Inc. reported second-quarter net income of $900 million, up 94% from the year-earlier period, driven in part by written premium and underwriting gains in commercial lines and a decrease in COVID-19-related losses.
Despite the sharp rebound from the second quarter of 2020, Hartford Chairman and CEO Christopher Swift said in an earnings call with analysts Thursday that the insurer is “closely monitoring the recent elevated inflation data.”
Mr. Swift said he remains confident that Hartford’s loss ratio assumptions are “sufficient,” but added, “at the same time, we are considering pricing actions as we gauge inflation trends going forward.”
Hartford said after the markets closed Wednesday that property/casualty reported written premiums totaling $3.3 billion in the second quarter, a 12% increase from the year-earlier period. Its combined ratio was 88.5%, an 8.4 point improvement over the year-earlier period that the insurer attributed to lower COVID-19 incurred losses,