The Hartford Financial Services Group (HIG), a provider of property and casualty insurance, has posted a net loss of $190m for the second quarter ended 30 June 2013, an increase of 88% compared to $101m for the same period last year.
Core earnings totaled to $324m for the second quarter of 2013, up by 18% compared to $274m in 2012. The increase is primarily due to higher core earnings in property & casualty (P&C), group benefits and mutual funds divisions, and a lower core loss in corporate division.
During the quarter, the company’s P&C, group benefits and mutual funds divisions posted a net income of $136m, $61m and $20m respectively, compared to $84m, $35m and $18m respectively in the second quarter of 2012.
HIG chairman, president and CEO Liam McGee said that this quarter, P&C, Group Benefits and Mutual Funds margin improvements drove core earnings for those businesses up 28% compared with second quarter 2012.
"We remain focused on achieving renewal written price increases in P&C Commercial, which averaged 8% this quarter for Standard Commercial, in line with the last three quarters," McGee added.