The Hartford (HIG) has reported 14.96 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $438 million in the quarter, compared with $381 million for the same period last year. Revenue during the quarter went up marginally by 2.92 percent to $4,695 million from $4,562 million in the previous year period.
Total expenses come down significantly
Benefits, losses and expenses for the quarter were almost stable at $4,167 million, when compared with the last year period. Operating income for the quarter was $528 million, compared with $379 million in the previous year period. "The Hartford delivered solid overall third quarter results, achieving strong margins and investment results, including higher limited partnership returns," said The Hartford's Chairman and Chief executive officer Christopher Swift. "We were also pleased to announce a new $1.3 billion equity repurchase plan as well as a 10 percent increase in our quarterly dividend, reflecting our strong balance sheet, capital generation and financial flexibility. I am particularly pleased with results in Commercial Lines, where pricing and retention trends are sound, contributing to a 1 point improvement in the combined ratio before catastrophes and prior year development. In Personal Lines, we continue to execute automobile profitability improvement initiatives including aggressive pricing and underwriting actions. While personal automobile results remain challenged, I am confident that our initiatives will improve results over the coming quarters."
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