(Reuters) -Property and casualty insurance firm The Hartford reported a 41% jump in third-quarter profit on Monday, driven by robust growth in insurance premiums.
Shares of the company rose 1.6% after the bell. The stock has gained about 14% this year as of Monday’s close.
The insurance industry has remained resilient amid persistent uncertainty, as businesses and individuals focus on risk management to mitigate risks such as natural disasters and cyberattacks.
Still, analysts and investors have been concerned about a softening insurance market after a period of elevated premium rates in recent years.
Hartford’s property and casualty written premiums rose 7% in the quarter, driven by written premiums in its business insurance, which surged 9% to $3.57 billion from a year earlier.
Net income available to Hartford’s common stockholders jumped to $1.07 billion, or $3.77 per share, in the three months ended September 30, compared with $761 million, or $2.56 per share, a year earlier.
Combined ratio at Hartford’s business insurance arm was 88.8% in the quarter, compared with 92.2% last year. A ratio below 100% indicates an insurer earned more in premiums than it paid out in claims.
The third quarter was relatively quiet with no hurricanes making landfall in the United States, resulting in lower catastrophe losses across insurers.
(Reporting by Pritam Biswas and Arasu Kannagi Basil in Bengaluru; Editing by Alan Barona)
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