Hartford Financial profit rises on higher written premiums
26/10/2023 22:04
Oct 26 (Reuters) - Hartford Financial Services HIG.N
posted a rise in third-quarter profit on Thursday as the insurer
raked in more from its written premiums in both commercial and
personal lines units.
Written premiums rose to about $3 billion from $2.78 billion
last year in its commercial lines and to $869 million from $803
million in its personal lines, both reflecting an increase of
8%.
The company reported a combined ratio of 90.2% in its
commercial lines unit, compared with 94.3% a year earlier. A
ratio below 100% means the insurer earned more in premiums than
it paid out in claims.
Hartford Financial posted core earnings of $708 million, or
$2.29 per share, for the quarter ended Sept. 30, up from $472
million, or $1.45 per share, a year earlier.
(Reporting by Pritam Biswas in Bengaluru; Editing by Anil
D'Silva)
((Pritam.Biswas@thomsonreuters.com;))