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October 26, 2018

The Hartford’s 3Q net soars 85%

PHOTO | Contributed The Hartford's headquarters.
By Joe Cooper

Property and casualty insurer The Hartford says its third quarter profits jumped 85 percent helped by growth in its commercial lines business and a lower U.S. corporate tax rate.

For the quarter ended Sept. 30, The Hartford posted net income of $432 million, or $1.19 a diluted share, compared to $234 million, or 64 cents a diluted share, in the year-ago period.

Revenues for the quarter rose to over $4.8 billion, with profits rising across nearly all business segments. The insurer’s commercial line profits more than tripled to $289 million and personal lines increased from $8 million to $51 million.

Doug Elliot, The Hartford’s president, on Thursday said third quarter catastrophe losses exceeded quarterly estimates but were down “significantly” compared to a year ago.

Meantime, the company said its mutual funds business rose 58 percent to $41 million and group benefits climbed 8 percent to $77 million.

During the quarter, The Hartford announced plans to acquire global specialty underwriter The Navigators Group Inc. for $2.1 billion in cash. The Stamford company is known for its presence in the global marine, construction and energy industries.

The acquisition is expected to close in the first half of 2019. By 2020, The Hartford estimates the deal will add $30 million to $75 million in net income.

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