The Hartford Financial Services Group said Thursday its first quarter profits fell 31 percent, driven by lower investment income and underwriting results in personal lines and higher catastrophes.
The insurer said its first quarter net income declined to $323 million, or 79 cents per share, compared to $433.7 million, or $1.08 per share, in the same quarter a year ago.
Christopher Swift, The Hartford’s chairman and CEO, said commercial lines and group benefits delivered strong underwriting results. “However, core earnings declined 15 percent due to a decrease in total net investment income and personal lines results that were below expectations. Although homeowners improved, personal automobile loss trends continued to be challenging.”
