Hartford Financial Services Group (HIG) has reported a 17.03 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $378 million, or $1 a share in the quarter, compared with $323 million, or $0.79 a share for the same period last year.
Revenue during the quarter grew 5.56 percent to $4,655 million from $4,410 million in the previous year period. Net premium earned for the quarter went up marginally by 2.03 percent or $69 million to $3,473 million.
Total expenses move up marginally
Benefits, losses and expenses for the quarter were at $4,168 million, or 120.01 percent of premium earned from $4,029 million or 118.36 percent of premium earned in the last year period. Operating income for the quarter was $487 million, compared with $381 million in the previous year period.
Meanwhile, income from fees and commission for the quarter moved up marginally by 2.25 percent or $10 million to $455 million. The company has booked a loss on investments of $20 million in the quarter compared with a loss of $155 million for the previous year period.
"The Hartford is off to a very good start in 2017," said The Hartford’s Chairman and CEO Christopher Swift. "Commercial Lines and Group Benefits both delivered top line growth and very strong margins. Mutual Funds had a great quarter, including a 14% increase in assets under management. The investment portfolio also continues to perform well, including solid limited partnership returns. Finally, I’m encouraged by the improvement in personal auto, where we have been addressing elevated loss cost trends."
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