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Hartford Q3 net income jumps to $401m

The Hartford has reported net income of $401m, or $0.83 per diluted share, for the third quarter of 2012, against $60m, or $0.11 per diluted share, during the same period earlier year.

Its core earnings grew to $378m, or $0.78 per diluted share, an increase from $50m, or $0.08 per diluted share, year-over-year.

The Hartford president and CEO Liam McGee said that the company financial performance during the current quarter period, reflecting continued P&C pricing momentum and low catastrophes.

"Renewal pricing increased 8% in Standard Commercial, 4% in personal auto and 6% in homeowners, with higher retention in all three lines," McGee added.

Continued pricing and underwriting initiatives and notably lower catastrophe losses generated P&C Commercial core earnings of $160m, against $87m during the same period a year ago.

Commercial Markets net income grew by 149% to $194m, compared to $78m during the year ago quarter, while core earnings increased 71% to $183m from $107m, during the same period of 2011.

The Hartford Financial Services offers insurance and wealth management services for millions of consumers and businesses globally.