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Hartford swings to profit in Q3

The Hartford Financial Services Group has reported a net income of $666m, or $1.34 per diluted share for the third quarter of 2010, compared to a net loss of $220m, or a loss of $0.79 per diluted share, for the same quarter of 2009.

Core earnings for the third quarter of 2010 were $710m or $1.43 per diluted share for the third quarter of 2010, compared with core earnings of $660m or $1.56 per diluted share, for the prior year period.

The P&C Commercial net income was $306m for the third quarter of the 2010, compared to $217m for the prior year period.

Written premiums were $1.01bn, compared with $1.05bn in the prior year period.

The Hartford’s chairman, president and CEO Liam McGee said, these results were achieved through solid execution, including disciplined underwriting performance, improved investment results and growth in assets under management.

The environment in the commercial property and casualty lines remains competitive, and economic growth has been slow. In response, we are focused on execution – leveraging our capabilities to retain profitable business and to win new business where it makes sense for us, and driving greater efficiency. We are making good progress implementing our strategy and are well positioned for when the economy begins to expand, McGee said.