(Bloomberg) — Hartford Financial Services Group Inc., the insurer that sold life units to focus on property-casualty coverage, said fourth-quarter profit rose 22 percent as sales climbed at its main unit and margins improved.
Net income advanced to $382 million, or 86 cents a share, from $314 million, or 65 cents, a year earlier, Hartford, which is based in the Connecticut city of the same name, said in a statement Monday. Operating profit, which excludes some investment results, was 96 cents a share, beating by about 2 cents the average estimate in a Bloomberg survey of 15 analysts.
Hartford has divested life-insurance units and is investing in coverage for homes, cars and businesses. Chief Executive Officer Chris Swift and his predecessor Liam McGee have worked to simplify the company, freeing up funds that they are using to repurchase shares and pay down debt.
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