قالب وردپرس درنا توس
Home / Insurance / Hartford's Q3 results hit by cat losses, restructuring costs

Hartford's Q3 results hit by cat losses, restructuring costs



Hartford Financial Services Group Inc. reported net income for the third quarter of $ 453 million, a decrease of 14% from the same quarter in 2019 due to restructuring costs related to Hartford Next and losses from the sale of its operations in continental Europe. [19659002] The results from Hartford, Connecticut-based insurance company, which was released late Thursday, were "strong", especially during a pandemic and a year of "unusually high disasters," Hartford Chairman and CEO Christopher Swift said in an income interview Friday.

However, Swift said, current market conditions "drive the need for higher interest rates" and the "strengthening pricing environment" will continue to put pressure on the subscription.

Hartford reported total COVID-1

9 losses for the quarter of $ 72 million. before tax. The losses stemmed primarily from financial lines and work compensation and coronavirus counterproductive presumptive measures in Connecticut and New Jersey, Swift said. $ 229 million, more than double the $ 106 million reported for the third quarter of 2019.

Net profit in the insurer's commercial lines decreased to $ 323 million from $ 336 the year before. Net premiums decreased by 2% to $ 2.199 million.

Combined ratio was 95.9, compared to 96.4 in the third quarter of 2019.

The commercial line decline was largely due to COVID-19's economic impact, a reduction in new business and the effect of reduced premiums in employee compensation according to the insurer's financial statement. These were partially offset by price increases in all lines except workers' comp.

Personal Lines also reduced net income to $ 79 million, from $ 94 million in the same quarter in 2019.

Hartford reported $ 131 million in real estate / accident insurance, a decrease of 4% over the previous year. The cost ratio for commercial routes improved by 1.3 points due to reduced travel and incentive compensation, says Doug Elliot, CEO of Hartford. costs that remain in place "given that this dispute will take some time to resolve completely," Swift said. Hartford has also built up excess capital over the past seven months, "in part through design to handle all the unknowns that may come our way," he said. "When we sit here today, we are still working in a pandemic environment."

More insurance and work compensation news about the coronavirus crisis here .


Source link