* Q3 net income $293 mln vs $13 mln year earlier
* Q3 adj earnings $1.03/share vs est of $0.83
* Core earnings from P&C commercial business up 9 pct
Oct 28 Insurer Hartford Financial Services
Group's third-quarter operating profit beat analysts'
average estimate as pricing rose 8 percent in its property and
casualty commercial business.
Hartford's core earnings from its property and casualty
(P&C) commercial business rose about 9 percent to $176 million.
Underwriting gains more than doubled to $30 million.
On an operating basis, the insurer earned $1.03 per share.
Analysts on average had expected 83 cents, according to Thomson
Hartford's P&C combined ratio, the percentage of premium
revenue that insurers pay out as claims, improved to 92.8
percent from 96.3 percent last year.
Earned premium from its P&C business, however, fell less
than 1 percent to $2.49 billion.
Net income rose to $293 million, or 60 cents per share, from
$13 million, or 1 cent per share, a year earlier, when
Hartford's sale of its Individual Life business led to an
after-tax net loss of $388 million, the company said.
Hartford has been shedding its annuities business,
retirement plans business and life insurance operations to focus
on the more stable P&C business.
Reuters reported earlier this month that private equity
firms like J.C. Flower & Co and Apollo Global Management LLC
are among a handful of companies expected to bid for the
insurer's Japanese annuity business.
Hartford, based in the Connecticut city of the same name, is
the 11th-largest P&C insurer in the country with a market share
of about 2 percent, according to the National Association of
Insurance Commissioners (NAIL), a multi-state insurance
Shares of Hartford, which has a market value of more than
$15 billion, closed at $33.90 on the New York Stock Exchange on
Monday. They were up more than 1 percent after the bell.