Hartford Financial Services Group Inc. and Principal Financial Group Inc. showed signs of recovery in the disability insurance market in their fourth-quarter results.
Hartford (NYSE:HIG) is reporting $52 million in new insured group disability sales and disability plan administration contract sales in the latest quarter, up from $33 million in new group disability sales for the third quarter of 2012.
Group disability premiums and premium equivalents fell to $454 million, from $522 million, but the group disability loss ratio improved, falling to 75.7 percent, from 85.8 percent.
In a presentation, the company said “strong disability loss ratios, reflecting improved long-term disability recoveries, lower incidence trends, and improving pricing” helped overall group benefits unit results.
The company lost some benefits cases, in part because of “continued pricing discipline.”