Hartford Net Jumps 20 Percent

The Hartford Insurance Group said today that first-quarter net income rose 20 percent compared to the period last year.

The Hartford-based multiline insurer reported net income of $876 million, or $2.71 per share, compared with $728 million, or $2.34 per share, in the same year-ago period.

Chairman Ramani Ayer said a 17 percent return on equity came as a result of “navigating in a diverse set of markets and competitive environments.”

Written premiums for business insurance remained flat at $1.3 billion. Small commercial written premiums, which Mr. Ayer termed the “sweet spot” for the company, grew 3 percent. A 4 percent decline in middle market premiums offset that gain.

The company posted a business combined ratio of 89.1, excluding catastrophes, compared with 87.4 in the same 2006 period.

Overall, personal lines written premiums were $939 million, a 4 percent increase the prior year.

Excluding catastrophe losses, personal lines posted an 84.1 combined ratio, virtually unchanged from the 84.4 of the prior year period.

From: NU Online News Service (www.nationalunderwriter.com)