Oct 24 (Reuters) – Insurer Hartford Financial Services (HIG.N) opened in a new tab on Thursday, benefiting from strong underwriting profits in its property and casualty insurance (P&C) division, improving its third quarter The company announced that its profits increased by 18%. Increase returns on your investment portfolio.
Property and casualty underwriting premiums increased 10% for the quarter ended September 30th. This was due to increases in commercial and personal insurance premiums of 9% and 12%, respectively.
Despite high interest rates, expectations for a soft economic landing are sustaining insurance spending and boosting premium growth from both individual and corporate customers.
The Hartford’s pretax net investment income rose more than 10% to $659 million due to higher yields on its bond portfolio.
Rising interest rates have pushed up the yields on bonds held by insurance companies in their investment portfolios, while a strong economy and rising stock prices have also benefited insurance companies’ holdings.
The company reported core earnings of $752 million, or $2.29 per diluted share, compared to $752 million, or $2.29 per diluted share, in the year-ago period.
Shares of the Hartford, Conn.-based insurance company fell 2.5% in after-hours trading to $117.5.
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Report by Atharva Singh. Edited by: Mohammed Safi Shamsi
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