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Insurer Hartford reports boost in quarterly profit

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Hartford Financial Services Group Inc. reported net income of $293 million for the three months ended September 30, the Hartford, Conn.-based company said in a statement late Monday.

The quarterly net income was substantially improved from 2012. Third-quarter net income last year was $13 million, but that was adversely affected by an after-tax net loss of $388 million related to the company's sale of its Individual life insurance business.

Hartford's core quarterly earnings from its property and casualty commercial business rose about 9% to $176 million. Underwriting gains more than doubled to $30 million.

Net written premiums during the July-through-September quarter were $2.56 billion, an increase of 2% from the same period last year.

Revenue totaled $2.85 billion, up $15 million, or less than 1%, from the year-ago period. Investment income for the quarter increased $1 million, or less than 1%, to $296 million.

The Hartford’s combined ratio for the third quarter was 96.2%, compared with 95.4% in the third quarter 2012.