The Hartford Financial Services Group Inc., Hartford, Conn., has reported second-quarter net income of $602 million, a 39 percent increase over the $433 million reported for the period last year.
The combined ratio decreased to 87 from 91.4 last year while the catastrophe ratio declined to 1.7 from 2.4.
Personal lines saw earned premium growth of 6 percent to $914 million up from $861 million during the period last year.
The Hartford also saw gains in specialty commercial as the division increased 6 percent in written premiums to $500 million. The growth in the division was spurred on by a 31 percent growth in casualty premiums from last year to $239 million.
The growth in casualty premiums helped to offset the 39 percent decline in property premiums, which amounted to $75 million in the second quarter.
Written premiums for business insurance grew 10 percent to $1.2 billion in the second quarter compared to the same period last year.
Ramani Ayer, chairman and chief executive officer of The Hartford, said that "pricing among lines [of business] is softening; however, by and large, competitors are still behaving rationally."
Overall, net written premiums rose 7 percent from last year to $2.7 billion. "New business, particularly in targeted industry sectors, helped to offset a decline in written pricing," Mr. Ayer noted.
In response to continued growth in small markets along with increased competition, Mr. Ayer said that The Hartford "has added more than 200 new agencies selling small commercial [insurance]."
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