The Hartford reports a first-quarter net loss of $241 million as its life business run-off and one-time charges dragged down earnings. However, its P&C business net income was up of 8 percent.
The combination of Hartford's Talcott Resolution—annuity and life insurance business it placed into run-off more than a year ago to concentrate on P&C—and charges for early extinguishment of debt and good-will write off produced a net loss of $652 million. The company's three core businesses—P&C, Group Benefits and Mutual Funds—produced net income of $411 million, offsetting the net loss.
The Hartford, Conn.-based insurer's Chairman and CEO Liam E. McGee calls the quarter's performance strong, noting that the company reported core earnings growth of 19 percent or $456 million. Speaking to financial analysts during a conference call, McGee said its General Liability and Property lines are seeing new business “and I believe we will ultimately achieve a better balance among all of our commercial P&C lines of business.” He noted that consumer lines returned to written-premium growth for the first time since 2009.
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