The Hartford's posts higher quarterly profit on strong insurance demand, investment income
The Hartford's posts higher quarterly profit on strong insurance demand, investment income July 23 (Reuters) - Property and casualty insurer The Hartford HIG.N reported a rise in second-quarter profit on Thursday, benefiting from robust insurance demand and higher investment income.
Despite rising energy costs tied to the war in Iran and renewed inflation fears, demand for insurance has remained resilient as businesses and individuals seek cover against major, unpredictable losses.
Here are some details:
Property and casualty written premiums rose 3% in the quarter ended June 30 from a year ago.
Written premiums in its business insurance gained 5% to $4.02 billion from last year.
Core earnings stood at $945 million, or $3.42 per share, in the second quarter, versus $932 million, or $3.24 per share in the year-ago period.
Combined ratio at Hartford's business insurance arm was 91.4% in the quarter, compared with 87% last year. A ratio below 100% indicates an insurer earned more in premiums than it paid out in claims.
Net investment income before tax jumped to $800 million in the quarter from $658 million a year earlier.
The stock has gained about 3.2% so far this year.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Diti Pujara)
((Prakhar.srivastava2@thomsonreuters.com;))