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Hartford's 4Q Results Shows Strong Finish for 2010

Posted on 03 Feb 2011

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The Hartford Financial Services Group, Inc  today reported fourth-quarter 2010 net income of $619 million, or $1.24 per diluted share. In the fourth quarter of 2009, the company reported net income of $557 million, or $1.19 per diluted share. Core earnings for the fourth quarter of 2010 were $526 million, or $1.06 per diluted share.

In addition, the company's Board of Directors today declared a quarterly dividend of $0.10 per share of Common Stock, a 100% increase over the prior amount, payable on April 1, 2011, to shareholders of record at the close of business on March 1, 2011.

For full year 2010, The Hartford reported net income of $1.7 billion, or $2.49 per diluted share, compared with a net loss of $887 million, or ($2.93) per diluted share for full year 2009. Core earnings for full year 2010 were $1.9 billion, compared with $796 million for full year 2009. Core earnings per diluted share were $2.89, an increase of 56% from $1.85 per diluted share for full year 2009.

"The fourth quarter was a strong finish to a year of significant accomplishments for The Hartford, demonstrating the fundamental strengths of the company's businesses, strategy, brand and people," said Liam E. McGee, The Hartford's chairman, president and chief executive officer. "The Hartford is a more focused and energized organization today. We executed on our 2010 commitments to produce more consistent operating and financial performance and to build capital strength. In 2011, we will build on this momentum to deliver sustained profitable growth."

"Based on the company's improved capital position and our confidence in The Hartford's earnings power, the Board of Directors approved a doubling of the company's quarterly dividend. This is an important first step and, over time, we will prudently evaluate additional capital management actions," added McGee.