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The Hartford Reports Second Quarter 2010 Net Income of $76 Million

Source: The Hartford

Posted on 05 Aug 2010

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The Hartford Financial Services Group, Inc. on Wednesday reported second quarter 2010 net income of $76 million, or $0.14 per diluted share. In the second quarter of 2009, the company reported a net loss of $15 million, or $(0.06) per diluted share. Core earnings* for the second quarter of 2010 were $92 million, or $0.17 per diluted share, compared with core earnings of $622 million, or $1.90 per diluted share, for the prior year period. Excluding the effects of the second quarter 2010 DAC unlock charge, goodwill impairment, elevated P&C catastrophe losses, and P&C prior year reserve development, core earnings were $460 million, or $0.92 per diluted share.

"The Hartford performed well, reporting another quarter of profitability in spite of market volatility, higher than expected catastrophes and several one-time events," said Liam E. McGee, The Hartford's Chairman, President and Chief Executive Officer. "Book value per share grew 6% sequentially and net unrealized losses declined by more than 50%. The company showed good sales momentum in many segments. Small commercial written premium* grew 3% over the prior year with strong profitability in a competitive market. Sales and deposits meaningfully increased from 2009 levels in the mutual funds, retirement plans and life insurance businesses."

"We are executing on our strategy and seeing encouraging signs. We have fully transitioned to a new organizational structure, enabling us to increase the focus on customers, simplify The Hartford and drive efficiencies throughout the businesses. Sales, distribution and operational initiatives are underway to maximize shareholder value and deliver sustainable, profitable growth," added McGee.


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