The Hartford insurance has reported net income of $96m, or $0.18 per diluted share for the first quarter of 2012 against $501m, or $0.99 per diluted share, during the same period last year.

According to the financial result released by the firm, its core earnings stood at $612m, up 7% from $574m during the same quarter previous fiscal.

For the current quarter period, the underwriter’s core earnings per diluted share grew by 11% to $1.25 against $1.13 during the same quarter, a year ago.

The Hartford chairman, president and CEO Liam E McGee said that P&C Commercial’s pricing momentum continued and retention remained strong.

"Consumer Markets had favorable margins and new business trends, while Mutual Fund assets under management and sales increased from year-end levels," McGee said.

"Group Benefits has multiple initiatives underway to improve profitability."

In the first quarter of 2012, its commercial markets segment net income fall to $207m from $334m, while core earnings decreased to $167m from $196m in the year-ago quarter.

P&C Commercial core earnings stood at $162m in the first quarter of 2012, down by 8% from $177m in the first quarter of 2011, mainly due to lower underwriting results.

For the quarter ended 31 March 2012, its wealth management segment net income stood at $255m versus $194m during the similar period last year.