Hartford posts second-quarter profitReprints
Hartford Financial Services Group Inc. posted a profit of $413 million for the second quarter of 2015 compared with a loss of $467 million in the second quarter of 2014.
Revenue for the insurer rose 1.5% to $4.69 billion for the three months ending June 30.
The improved net income came about as Hartford recovered from a $617 million loss on the sale of Hartford's Japan annuity business in the 2014 second quarter, as well as higher net investment income and premiums, Hartford said Monday in its earnings report.
Investment income for second quarter was $796 million, a 3.7% increase over the prior-year period.
Written premiums for commercial lines in the second-quarter were up 5.7% to $1.66 million over last year’s second quarter.
The combined ratio improved to 88.9% from 92.7% in the second quarter of 2014.
“Both commercial and personal lines delivered improved underwriting results, with a P & C combined ratio of 88.9% before catastrophes and prior-year development,” Hartford’s president, Doug Elliot, said in the report.
First-half profit for 2015 was $880 million vs. $28 million in the first half of 2014. Revenue increased slightly by 0.8% to $9.3 billion. Written premiums for first six months improved 3.22% to $5.13 billion from 2014, and the combined ratio improved to 90.3% from 91.1%.