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Hartford reports higher third-quarter profit

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Hartford reports higher third-quarter profit

Hartford Financial Services Group Inc. on Friday reported 2018 third-quarter net income of $432.0 million, up 84.6% over the third quarter of 2017.

The increase came from higher income in the company’s commercial lines, personal lines, group benefits and mutual funds segments, including the benefit of a lower U.S. corporate tax rate, Hartford said in its earnings statement

Better property/casualty underwriting results also helped drive earnings on lower current accident year catastrophe losses, the statement said.

The property/casualty combined ratio improved to 97.3% from 107.1% in the prior-year quarter due to lower current accident year catastrophe losses as well as higher favorable prior-year development.

“Combined property and casualty underwriting results were strong, reflecting lower catastrophes, favorable prior-year development and continued progress in personal lines,” Hartford President Doug Elliot said in the statement.

“Catastrophe losses from 19 distinct events were above our budget for the quarter, but down significantly from last year, which included losses from three hurricanes,” he continued. “Commercial lines results remain strong, with exceptional results in small commercial, where the combined ratio improved to 87.6%.”

Commercial lines written premiums of $1.8 billion were up 3% from the 2017 third quarter due to small commercial and middle market business, the statement said.

Small commercial written premiums grew 1.0% from third quarter 2017 on 9.0% growth in new business and stable retention, offset by lower renewal written premium in workers compensation and auto, the statement said, while middle market grew 7.0% over third quarter 2017 on a 21% increase in new business premium.

Net investment income rose 9.9% to $444.0 million compared with the year-ago period.

“Third-quarter financial results were excellent, with increased earnings in (property/casualty), group benefits and mutual funds, including higher net investment income,” Hartford Chairman and CEO Christopher Swift said in the earnings statement.

 

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