NU Online News Service, Nov. 3, 11:34 p.m. EDT
The Hartford Financial Services Group Inc. swung to a 2010 third-quarter profit of $666 million compared to a net loss of $220 million a year ago due to the company's progress on implementing a new strategy introduced earlier this year, said its chief executive.
Liam E. McGee, The Hartford's chairman, president and chief executive officer, said during a conference call that the insurer is making good progress on its plan to improve efficiency. The Hartford is focused on rate adequacy and "letting business go when we need to," he added.
Helping third-quarter results were vast improvements in The Hartford's investment portfolio, which had a net unrealized gain of $1.2 billion compared with a net loss of $1.5 billion at the end of June. The company said improved security valuations due to declining insurance rates drove investment gains.
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