Posted on 03 May 2012
The Hartford reported net income of $96 million, or $0.18 per diluted share for the first quarter of 2012 compared with $501 million, or $0.99 per diluted share, in the first quarter of 2011. First quarter 2012 core earnings rose 7% to $612 million from $574 million in the first quarter of 2011. First quarter 2012 core earnings per diluted share rose 11% to $1.25 compared with $1.13 in the first quarter of 2011.
"The Hartford reported strong first quarter financial results," said Liam E. McGee, chairman, president and CEO. "P&C Commercial's pricing momentum continued and retention remained strong. Consumer Markets had favorable margins and new business trends, while Mutual Fund assets under management and sales increased from year-end levels. Group Benefits has multiple initiatives underway to improve profitability."
"We also had several strategic accomplishments in the quarter, most significantly our decision to focus on the property and casualty, group benefits and mutual funds businesses to deliver superior performance and greater shareholder value. We are executing on the plan we announced; pursuing opportunities for the Life runoff segment and initiating the sales processes for Individual Life, Retirement Plans and Woodbury Financial Services, which are proceeding well. We also repurchased the Allianz debt and warrants in April, reducing interest expense and improving financial flexibility," added McGee.