The Hartford Financial Services Group Inc., a national insurance and financial service company, reported a 12 percent increase in operating income to $253 million for the first quarter of 2001 compared to the same period in 2000. Solid performance in the company’s life operations and ongoing improvements in the property/casualty businesses contributed to the increase. Operating income excludes net realized capital gains or losses (after tax) and the cumulative effect of accounting changes.
For The Hartford’s North American property/casualty operations, operating income increased 7 percent to $107 million in the first quarter, compared to $100 million for the first quarter of 2000. Partially offsetting this increase was a decline in the reinsurance segment, which was negatively affected by unfavorable prior-year loss development in spite of double-digit rate increases in the January reinsurance renewals.
The Hartford’s chairman and CEO, Ramani Ayer, commented: “The Hartford delivered another quarter of solid earnings growth despite the challenges presented by the volatile equity markets.” Ayer attributed the company’s consistent growth earnings to their diverse portfolio of businesses, financial discipline and competitive advantages in key markets.
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