The Hartford Financial Services Group said its third quarter profits jumped 32 percent, thanks to fewer catastrophe losses and improved underwriting and pricing in its property and casualty business.
The company’s third quarter profits totaled $388 million, up from $293 million a year earlier. Core earnings were $477 million for the three months ended Sept. 30, or $1.06 per diluted share, compared to $416 million, or 85 cents per diluted share in the year ago period.
The improved core earnings were helped by stronger property and casualty underwriting results and higher income from limited partnerships and other alternative investments, the company said.
The Hartford recorded $26 million in catastrophe losses during the quarter, which was significantly lower than the company’s outlook of $87 million.
