Excerpts from The Hartford’s Earnings Call of January 31, 2025
Excerpts from The Hartford Financial Services Group, Inc. (NYSE:HIG) Q4 2024 Earnings Call Transcript
January 31, 2025
Comments of Chris Swift, Chairman and Chief Executive Officer of The Hartford:
Moving into each of our Commercial Lines businesses, small commercial remains the cornerstone of growth and profitability for The Hartford, setting an industry standard that is difficult to replicate in the market.
I’m very pleased to share that for the 6th consecutive year, Keynova Group has ranked The Hartford as the number one Small Commercial carrier in overall digital capabilities, [an] important competitive advantage in this market. Our top ranking reflects our commitment to providing exceptional functionality, ease of use and unparalleled support and access to our agents and customers.
Our financial performance reflects this top ranking, where we achieved a record-breaking written premium of $5.5 billion in 2024, including $1.1 billion of new business, while extending a decade long trend of annual sub-90 underlying combined ratios. With another year of exceptional results and relentless advancement of our capabilities, I remain incredibly bullish on the outlook for our Small Commercial business.
Morris Tooker, President of The Hartford:
I would say that the Small Commercial just had a terrific year, I think 9% overall, new and renewal strong, the flows continue to be really good. And, this is especially in the face of some disruption around us over the past couple of years, and I think the team has really been measured in the way they’ve grown so that we can be consistently growing going forward. So, I think really what you saw in the quarter was our strategic advantage is showing through. That’s our investments in technology, helping the customer and the agent get things into the system easier to [their] advantage. And then all on top of that for small, I think we just had a really good year on the E&S binding front and they will continue to push into the E&S (Excess & Surplus) space, because we think we can bring our same strategic abilities into that space.
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