Property and casualty insurer The Hartford has reported a net income of $453 million for the third quarter, down 14% from the prior year period.
Core earnings for the quarter declined 4% to $527 million.
Incurred losses from COVID-19 were $72 million, before tax, comprised of Property and Casualty losses of $37 million and group benefits losses of $35 million.
Catastrophe losses during the quarter rose to $229 million and had a 7.6% P&C combined ratio impact.
P&C combined ratio was 95.7% compared with 95.5% in third quarter of 2019.
“These results demonstrate the strength of our underlying business in the face of challenges posed by the global pandemic and unusually high industry catastrophes in the third quarter” said The Hartford’s Chairman and CEO Christopher Swift.
The Hartford’s President, Doug Elliot, added, “Third quarter results demonstrate strong business execution. Accelerating levels of economic activity contributed to an improving top-line and pricing remained strong in the quarter.
“Excluding workers’ compensation, renewal written pricing across our combined standard commercial and U.S. Global Specialty lines was approximately 11 percent. I am especially pleased with underlying margin expansion in both our Commercial and Personal Lines businesses.”
Swift added, “Investments in recent years in the digital transformation of our platform have enabled us to support our customers and distribution partners, while navigating the challenges the pandemic has brought to our daily lives.
“We entered this crisis with strong business fundamentals and are well positioned to continue to effectively manage through these unprecedented times. As always, the enterprise remains focused on building greater value for all our stakeholders.”
