The Hartford Financial Services Group reported net income declined 13 percent during the second quarter compared to the same period last year with property-casualty net income off 28 percent.
Despite the challenges from the soft market and increased catastrophe losses, Ramani Ayer, chairman and chief executive officer for the Hartford, Conn.-based insurer, called it a good quarter where the company "overcame tough market conditions."
"The second quarter, from our standpoint, represents strong operating execution with very good underwriting probability in property-casualty," said Mr. Ayer, noting that life and investments performed well despite the challenges of the economy.
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