Property-and-casualty insurer The Hartford posted higher sales for the second quarter, but its net income still fell due to expenses related to its recent $2.1 billion acquisition of a Stamford specialty underwriter.
For the April-June period, the insurance and financial services company late Thursday posted net income of $372 million, or $1.02 a diluted share, down about 36 percent from $582 million, or $1.60 per share, in the second quarter of 2018.
Net sales, meantime, rose from $4.7 billion to $5 billion.
The Hartford said lower second-quarter profits were a result of $149 million in costs related to its May acquisition of The Navigators Group Inc. It also recorded revenue losses from its 2018 sale of Talcott Resolution, its run-off life and annuity businesses.
“Group benefits had an outstanding quarter, and property and casualty margins were very good, although impacted by the actions we took on acquired reserves from Navigators,” said Doug Elliot, president of The Hartford.
The insurer’s earnings per share of $1.11 beat Wall Street expectations, according to Zacks Investment Research.
The Hartford’s stock price was down 1.27 percent to $56.09 as of 9 a.m. Friday.
