The Hartford Financial Services Group Inc. on Friday reported a 15-percent increase in profits in the third quarter, attributable to solid strong growth in its commercial lines business.
The Hartford-based insurer reported profits of $438 million in the third quarter of 2016 compared with $381 million reported a year ago. Third quarter 2016 net income per diluted share was $1.12 compared with 90 cents for the same period in 2015.
The company also announced a 10-percent increase in its quarterly dividend and a new $1.3 billion buyback plan for common shares, in addition to an existing $4.38 billion plan that expires at the end of this year.
Chairman and CEO Christopher Swift said that while the insurer’s personal automobile lines of business remain “challenged,” commercial lines showed “sound” pricing and retention trends.
“Middle Market margins improved as we continued to focus on profitability over growth due to the sustained competitive environment,” added The Hartford’s President Doug Elliot. “Group Benefits disability trends continue to be favorable.”
