Hartford Financial Services Group Inc. reported $ 476 million in net profit for the third quarter, a 5% increase from the same period last year, even though the insurance company suffered losses from Hurricane Ida and a significant settlement of claims with Boy Scouts of America
Hartford's improved first-quarter results continued into the third quarter "with written premium growth, marginal expansion, operating efficiency and a significant return on alternative investments," said Christopher Swift, chairman and CEO of the insurance company, in a results interview with analysts on Friday.  Total revenues increased by 10% to $ 5.69 billion and investment revenues increased by 32.1
Hartford's deal with Boy Scouts of Am Erica also affected the insurance company during the third quarter, Swift said. Hartford agreed to pay $ 787 million in exchange for the full release of all obligations to the organization.
Premiums for commercial lines of $ 2.53 billion were 15% higher than the third quarter of 2020 with increases in all three sector lines – small commercial, intermediate and global specialty. Standard premiums for commercial new business increased by 17%, Hartford reported.
Hartford reported a total cost for commercial lines of 101.2% during the quarter, a decrease of 5.3 points compared to the same period last year.
Hartford's commercial lines for the third quarter The result marked a second quarter in a row with double-digit sales growth, with renewed written pricing excluding labor compensation of 8.1%, says Doug Elliot, CEO of Hartford.