The Hartford Financial Services Group grew profits from $13 million to $293 million in its third quarter, despite higher catastrophe losses, it reported.
The more than 22-fold increase year over year is largely explained by a $118 million after-tax loss the insurer booked in the third quarter of last year related to the sale of its individual life segment.
The Hartford booked $5.64 billion in revenue for the recent quarter, down from $6.33 billion.
Property and casualty insurance — its largest business — saw earnings fall 4 percent for the three months ended Sept. 30, mostly due to $66 million in catastrophe losses, up more than six-fold from $10 million a year ago.
