Hartford Financial Services Group (HIG) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $81 million in the quarter, against a net profit of $421 million in the last year period. Revenue during the quarter went up marginally by 0.53 percent to $4,537 million from $4,513 million in the previous year period. Net premium earned for the quarter went up marginally by 0.55 percent or $19 million to $3,479 million.
Total expenses move upBenefits, losses and expenses for the quarter were at $4,812 million, or 138.32 percent of premium earned from $4,009 million or 115.87 percent of premium earned in the last year period. Operating loss for the quarter was $275 million, compared with an operating income of $504 million in the previous year period. Meanwhile, income from fees and commission for the quarter declined 5.08 percent or $23 million to $430 million. The company has booked a loss on investments of $149 million in the quarter compared with a loss of $126 million for the previous year period.
"The Hartford delivered strong performance this quarter, although losses from personal auto and the charge from our reinsurance agreement for asbestos and environmental exposures impacted our results," said The Hartfords chairman and chief executive officer Christopher Swift. "In light of market conditions, we are pleased with the strong margins in Commercial Lines and Group Benefits, reflecting disciplined execution, and also with the performance of Mutual Funds and Talcott Resolution. In Personal Lines our numerous initiatives are improving the quality and price adequacy of our new business and renewals, although financial results remained disappointing."
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