Hartford beats profit estimates

(Reuters) — Hartford Financial Services Group Inc. beat Wall Street estimates for fourth-quarter profit Thursday, driven by stronger underwriting and higher investment income.

Hartford reported after markets closed that property/casualty written premiums increased by 7% in the quarter.

“Results were driven by sustained momentum in Commercial Lines, which once again generated strong top-line growth at highly profitable margins,” Hartford Chairman and CEO Christopher Swift said in a statement.

The insurer’s net investment income before taxes rose to $714 million in the fourth quarter from $653 million in the year-earlier period, fueled by higher yields on its fixed-income portfolio.

Hartford reported quarterly core earnings of $2.94 per diluted share.  Analysts on average expected $2.63 per share.