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Tuesday, November 03, 2009

Hartford Reports Quarterly Net Loss Of $220 Mln

By Alistair Barr

MarketWatch Pulse

SAN FRANCISCO -- Hartford Financial Services Group reported a third-quarter net loss of $220 million, or 79 cents per common share, versus a net loss of $2.63 billion, or $8.74 per common share, a year earlier. Core earnings, which exclude net realized investment gains and losses and other items, came in at $660 million, or $1.56 per common share, in the latest period, Hartford said. Hartford was expected to make a profit of $1.11 a share, according to the average estimate of 18 analysts in a Thomson Reuters survey. Hartford forecast 2009 core earnings of 85 cents per common share to $1.05 per common share. That was up from the insurer's previous guidance for 2009 core earnings of zero to 20 cents per share. Hartford shares rose 3.3% to $26.67 in after-hours trading.

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