The Hartford Financial Services Group reported second-quarter net income rose 32 percent compared with the same year-ago period.

The carrier reported net income of $627 million, or $1.96 per diluted share, compared with $476 million, or $1.52 per diluted share for the 2006 period.

Hartford Chairman Ramani Ayer expressed satisfaction with the quarter's 17 percent return on equity and "double-digit book value per share growth over the last 12 months."

Total written premiums for the Hartford property-casualty operations were $2.7 billion, down 1 percent from the same 2006 period.

The combined ratio before catastrophes and prior-year development was 90.2 compared with 86.9 in 2006.

Written premiums for business insurance were $1.2 billion for the second quarter of 2007, down 2 percent from the same year-ago period. The greatest decline came in middle-market premiums at 6 percent, largely as a result of a more competitive pricing environment, the company said.

Personal lines premium written grew 3 percent over the second quarter of 2006 to come in at $1 billion.

Specialty commercial premium in the second quarter decreased 7 percent from the prior year to $387 million.

Special Reports /

Hartford Quarterly Net Up 32%

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