April 28, 2017

The Hartford's 1Q net up 17%

PHOTO | Contributed
PHOTO | Contributed
Christopher J. Swift, chairman and CEO of The Hartford.

The Hartford posted a 17 percent increase in profits for the first quarter, buoyed by strong growth in its commercial and personal lines of business.

For the period ended March 31, the Hartford property and casualty insurer's net income rose to $378 million, or $1 a diluted share, compared to $323 million, or 79 cents a diluted share in the year ago period.

The company posted revenue of $4.66 billion in the quarter, compared to $4.4 billion in the year-ago period.

CEO Christopher Swift said commercial Lines and group benefits "delivered top line growth and very strong margins." Personal auto, where the insurer has been addressing higher trending losses, also has improved, he said.

The company did record a decline in property and casualty underwriting due mainly to increased catastrophe losses and higher losses in commercial auto, personal auto and homeowners insurance, the company said.

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