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Hartford Sees Q1 Profit As Business Builds Momentum

Posted on 30 Apr 2010

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Hartford Financial Services Group Inc. swung to a first-quarter profit as investment results improved.

The latest results "reflect building momentum," said Chairman and Chief Executive Liam E. McGee on Thursday. McGee took over from former CEO Ramani Ayer late last year.

Hartford posted better results in its life and property-and-casualty businesses and isn't so severely troubled by the charges and capital losses that plagued it the year prior.

Core earnings, which exclude net realized and unrealized investment results, swung to a 14-cent profit from a loss of $3.66. The latest operating profit includes $1.18 in charges from repurchasing the government's shares and the impact of federal health-care overhaul.

Net premiums written were flat at $2.5 billion in Hartford's property and casualty business, while core earnings there fell 5.3%.

Assets under management climbed 20%.

Hartford last month repaid the $3.4 billion it received from the Troubled Asset Relief Program. McGee also unveiled a new organizational structure just after first quarter's close, saying it will allow the firm to focus on customer growth.