Property-casualty insurer The Hartford Financial Services Group said its third-quarter profits increased 24 percent thanks to growth across its group benefits, commercial and personal business lines.
For the quarter ended Sept. 30, The Hartford posted net income of $535 million, or $1.43 a diluted share, up from $432 million, or $1.19 a diluted share, in the year-ago period.
Revenues jumped to almost $5.35 billion as the insurer recorded growth across nearly all business segments. In particular, its commercial line profits climbed 16 percent to $336 million, personal lines jumped 84 percent to $94 million, and group benefits rose 90 percent to $146 million.
The Hartford said integration costs associated with its recent acquisition of global specialty underwriter The Navigators Group Inc. rose during the July-September period, its first quarter operating with the Stamford-based company. The Hartford closed on its $2.2 billion purchase of Navigators in May.
The Hartford President Doug Elliot said the insurer is still working to integrate Navigators and its some 800 employees.
The insurer’s third-quarter earnings beat Zacks Investment Research’s consensus earnings estimate of $1.26 a diluted share.
Its shares were being traded at $57.53 when the stock market closed Monday. That represents an increase of about 28 percent in the last year, according to Nasdaq.
