The third-quarter results were affected by $134 million in catastrophe losses and a charge of $227 million for deferred-acquisition costs (costs insurers incur in the acquisition and renewal of insurance contracts).

For the nine months of this year, net income has slipped 50 percent, or $526 million to $535 million.

The company's combined ratio for its commercial business jumped 19.9 points to 104.8 for the third quarter and rose 14.8 points for the nine months to 102.8.

On the personal-lines side, the combined ratio was up 12.7 points to 106.8 in the quarter, and for the nine months it increased 6.5 points to 105.

The company has achieved rate increases on renewals of 4 percent in auto and 8 percent in homeowners. With the weather losses, the company is adjusting its prices accordingly, according to The Hartford's Chairman, President and Chief Executive Officer Liam E. McGee.

He tells financial analysts during a conference call today that while the company has seen its share of difficulties brought on by a weak economy, nine different catastrophes and a volatile investment environment, it was a “good test for the improvements we have made throughout the organization.”

He says the underlying results of the company “were strong” and in line with predicted results.

“While I am disappointed with this quarter's bottom-line result, I am proud of what the team has accomplished,” McGee says. “If we had faced similar economic and market challenges when I joined the company two years ago, the Hartford results would have been significantly worse.”

While the company's portfolio of investments and capital is strong, he says the Hartford is pushing for “meaningful rate increases” in its businesses and is “seeking profitability not volume” in its commercial property and casualty business. Pricing is also improved in its group-benefit lines.

The drive for price increases, McGee says, will continue into the fourth quarter and next year.

P&C commercial written premium was up 7 percent in the third quarter and renewal pricing increased 4 percent, says McGee.

“We've seen a sequential increase in renewal rates each quarter this year,” he adds.

The company saw growth in its affinity business and wealth management segment.

During the call, Christopher Swift, executive vice president and chief financial officer, says the company is experiencing growth in all lines of business and rate increases are beginning to outweigh liabilities.

The company continues to work on expenses reducing its workforce by more than 1,700 positions, not including divestitures, since 2010 and closed 13 locations.

He adds that it is “critical” for the company to become more efficient and the Hartford is on track to reducing run rate expenses by $200 million by the end of 2012.