Property and casualty insurer The Hartford has posted strong financial results for the third quarter, with net income up 21% against the prior year quarter at $524 million.
This is the first full quarter with Navigators, which The Hartford acquired recently in an all-cash transaction valued at $2.1 billion.
Chairman and Chief Executive Officer Christopher Swift says firm will continue focusing on integration and achieving key milestones while operating as an integrated team.
The Hartford attributes the 21% net income rise partly on lower current accident year catastrophes, a significantly lower group disability loss ratio and higher net investment income.
Core earnings of $548 million were up 31% compared with third quarter 2018.
Net income ROE was 12% compared with a net loss ROE of 14% in the prior year quarter.
Core earnings ROE rose to 12.3%, 2.0 points higher than 10.3% in third quarter 2018, driven by a 15% increase in trailing 12-month core earnings.
“The Hartford had another outstanding quarter with strong property casualty margins, excellent group disability results and solid investment returns producing an impressive 12.0 percent net income return on equity,” said Swift.
“Overall, I am pleased with the execution across all of our businesses as we utilize our increased capabilities for competitive advantage in a firming market to generate shareholder value.”
The Hartford’s President Doug Elliot added, “Commercial and Personal Lines business units again delivered impressive results this quarter.
“Top line performance within Commercial Lines was strong and we’re achieving pricing momentum in Middle Market and Specialty lines.
“Navigators integration efforts are progressing well, translating into marketplace wins, and we are pleased with the positive feedback received from distribution partners on our expanded product breadth.”
