Liam E. McGee, The Hartford’s chief executive, says he is well following brain surgery and the company is on its way toward shifting its focusing primarily to its property and casualty business.
“I feel great and very blessed,” McGee told financial analysts during a conference call after receiving well wishes from one analyst. The call was to discuss the company’s fourth-quarter and year-end results.
In early January, the Hartford announced that McGee underwent brain surgery over the holidays for a tumor that was discovered during a routine physical.
Within days of the announcement, McGee attended an industry forum where there was no mention of his recent surgery.
For the insurer’s quarterly results, Superstorm Sandy took a big bite out of the Hartford, Conn.-based company’s earnings, leading to a fourth-quarter net loss of $46 million. Revenues for the quarter rose 37 percent, or $2 billion, to $7.74 billion.
For the year, net income dropped 51 percent, or $362 million, to $350 million. Revenues increased 21 percent, or $4.55 billion, to $26.4 billion.
Christopher J. Swift, executive vice president and chief financial officer, said Superstorm Sandy “generated more claims than any other cat event in our history.” The company has closed 80 percent of property claims and 90 percent of auto claims, he says.
Total pre-tax catastrophe losses were $335 million in the fourth quarter, which includes estimated losses of $350 million for Sandy, says Swift. That compares to last year’s fourth-quarter catastrophe losses of $14 million.
The quarter produced a combined ratio of 109.2, an increase of 6.5 points over the previous year.