Hartford Financial Services Group (HIG), a property and casualty insurer, has reported a net income of $314m, or $0.65 per diluted share, compared to net loss of $46m, or $0.13 per diluted share, during the comparable period earlier year.
For the quarter period ended on 31 December 2013, its core earnings stood at $456m, up 78% from $256m during the corresponding period earlier year, due to lower catastrophe losses and improved Property and Casualty (P&C) Commercial and Group Benefits margins.
The Hartford chairman, president and CEO Liam McGee said, "We executed our strategy and delivered 41% core earnings growth in P&C, Group Benefits and Mutual Funds, and reduced VA policy counts in Japan and the U.S. by 26% and 14%, respectively.
"Pricing increases in P&C Standard Commercial remained stable at 8% for the sixth consecutive quarter and profits rebounded in Group Benefits."
For the full year, its net income was $176m, or $0.34 per diluted share against net loss of $38m, or $0.18 per diluted share during the same period earlier year.
Fourth quarter 2013 P&C (combined) core earnings stood at $300m, an increase from $54m in fourth quarter 2012 due to significantly lower catastrophe losses and better current accident year results.
The net income was $346m, versus $80m compared to the year ago quarter, reflecting the improvement in core earnings.
P&C Commercial underwriting gain was $98m compared to a loss of $193m in fourth quarter 2012 due to lower catastrophe losses and better current accident year results in each of its three businesses.
Consumer Markets posted an underwriting gain of $39m compared to a loss of $21m during the corresponding period last fiscal, due to primarily lower catastrophe losses.
Group Benefits core earnings were $55m, a 41% increase compared with $39m in fourth quarter 2012, reflecting improved group long-term disability results.