Posted on 09 Feb 2010
The Hartford Financial Services Group, Inc. on Monday reported fourth quarter 2009 net income of $557 million, or $1.19 per diluted share, compared with a fourth quarter 2008 net loss of $806 million, or $2.71 per diluted share. Core earnings for the fourth quarter of 2009 were $689 million, or $1.51 per diluted share, compared with a core loss of $208 million, or $0.72 per diluted share, in the prior year period.
"The Hartford's fourth quarter results represent a return to profitability," said Liam E. McGee, The Hartford's Chairman, President and Chief Executive Officer. "Both life and property and casualty businesses reported net income, and this is the third sequential quarter of improving core earnings. Additionally, we ended the year in a strong capital position."
"Although the company posted strong earnings in the fourth quarter, the economy and market conditions remain uncertain. In this environment, The Hartford team is focused on execution. In the fourth quarter, we delivered strong underwriting results, completed the expense initiatives announced in late 2008 and launched a new marketing campaign that reinforces the company's strong, trusted brand with businesses and consumers," added McGee.
In addition, the company announced that it will host an investor presentation in New York on Thursday, April 1, 2010, from 9 a.m. to noon EDT. At the meeting, The Hartford's Chairman, President and Chief Executive Officer Liam E. McGee will discuss the company's business, capital and financial outlook.