The Hartford says it recorded a second-quarter net loss of $190 million due to steps the insurer has taken in non-P&C operations.
Hartford booked more than $540 million in losses related to the sell-off of its life operations, as well as capital losses from variable annuity hedging programs.
Hartford posted a $101 million loss for the second quarter in 2012.
Consolidated P&C operations took a second-quarter underwriting loss of $132 million compared to a loss of $183 million the prior year but net income jumped nearly 62 percent to $136 million, as core earnings improved to $140 million this year from $101 million in 2012's second quarter.
Second-quarter pretax catastrophe losses were $186 million compared to $290 million during the same period in 2012.
Unfavorable prior-year reserve development was $146 million, pretax, compared to $49 million a year ago. Unfavorable development in the second quarter was due primarily to Hartford's annual reserve study in asbestos and environmental.
Hartford says it saw 8 percent increases on renewals in its commercial segment during the second quarter, with 9-10 percent increases in middle-market workers' compensation and property.
In the commercial segment, Hartford reversed a second-quarter underwriting loss in 2013, turning in a profit of $25 million compared to a loss of $7 million in 2012 as the combined ratio here improved to 98.4 from 100.5 a year ago.
The consumer markets segment narrowed a second quarter underwriting loss to $9 million from $114 million the prior year, as the combined ratio was 101.0 compared to 112.6 in 2012.
Favorable second-quarter prior-year reserve development of $32 million in this segment was mostly due to favorable development related to Superstorm Sandy.
Hartford says new business premiums in auto were up 9 percent and homeowners increased 13 percent during the second quarter.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
