(Reuters) – The Hartford reported a 35% jump in second-quarter profit on Monday, as insurance spending remained strong and investment income rose. Despite reduced discretionary spending due to geopolitical and economic uncertainties, individuals and businesses continued prioritizing insurance investments to safeguard against risks. This trend benefited multi-line insurers such as The Hartford, which reported that […]
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The Hartford profit surges as insurance demand, investment income climb
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(Reuters) – The Hartford reported a 35% jump in second-quarter profit on Monday, as insurance spending remained strong and investment income rose.
Despite reduced discretionary spending due to geopolitical and economic uncertainties, individuals and businesses continued prioritizing insurance investments to safeguard against risks.
This trend benefited multi-line insurers such as The Hartford, which reported that property and casualty (P&C) written premiums rose by 8% in the second quarter.
The Hartford’s net investment income, before taxes, reached $664 million, jumping $62 million from the year-ago period, helped by the company’s reinvestment at higher interest rates.
The company reported net income available to common stockholders of $990 million, or $3.44 per share, for the three months ended June 30, compared with $733 million, or $2.44 per share, in the year-earlier period.
Shares of the company, which have gained nearly 11% this year, rose 1% in after-hours trading.
Earlier this year, The Hartford refreshed its brand and updated its holding company name to The Hartford Insurance Group Inc. (This story has been refiled to remove an incorrect picture)
(Reporting by Pritam Biswas in Bengaluru; Editing by Tasim Zahid and Cynthia Osterman)