The Hartford Financial Services Group, Inc. reported first quarter 2010 net income of $319 million.
Property and casualty net income rose $145 million, to $257 million for the first quarter of 2010, compared with $112 million for the prior year period.
The Hartford’s P/C operations reported the first quarter 2010 combined ratio for ongoing operations, including prior year development and catastrophes, was 91.7 percent, compared with 89.9 percent in the prior year period. Excluding catastrophes, the current accident year combined ratio for ongoing operations for the first quarter of 2010 was 92.1 percent, compared with 90.0 percent for the prior year period. Current accident year catastrophe losses were $79 million, or 3.3 points.
The Hartford said key indicators in small commercial and middle market continue to trend favorably, with policy count retention up 4 percent over first quarter 2009 levels and renewal written pricing came in positive for the first time in six years.
The company also said that new insurance product rollouts drove year-over-year new business premium growth of 9 percent and 3 percent, respectively, in small commercial and middle market.
Written premiums for the first quarter of 2010 were $2.5 billion, equal to the first quarter of 2009. Increased small commercial and middle market new business premiums and policy retention were offset by economy-driven exposure reductions across the commercial segments and lower new business premium in personal lines resulting from the company’s rate and underwriting actions.
“The company’s first quarter results reflect building momentum, with year-over-year top-line improvements in many businesses,” said Liam E. McGee, The Hartford’s chairman, president and CEO. “We also benefited from capital market improvements, disciplined underwriting and a continued focus on execution across the organization. … We are now focused on executing our go-forward strategy, which leverages our product breadth, distribution strength and broad customer base,” McGee said.
Source: The Hartford Financial Services
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