New York-based ITT Corp. reported a 54%...

New York-based ITT Corp. reported a 54% increase in profit for the first quarter ended March 31, 1987, and a 14% rise in revenue. The company’s Diversified Services business posted strong operating results primarily due to continued improvement in the domestic casualty business at The Hartford. The domestic combined ratio of losses and expenses was 103.3, an improvement of 3.4 points over the 1986 first quarter. Also, The Hartford’s results were aided by “Fresh Start” tax benefits under the 1986 tax reform act, of which $26 million was realized in the first quarter.