 |
NEW YORK (Reuters)—Hartford Financial Services Group Inc., a large life and property insurer that took $3.4 billion in federal aid this year, reported sharply improved third-quarter results on Tuesday.
The net loss of $220 million, or 79 cents a share, was its fifth straight quarterly loss, but it compared with a record net loss of $2.6 billion, or $8.74 a share, in the year-ago period. The loss was largely driven by losses on hedging and impaired investments.
Third-quarter earnings from operations, or what Hartford refers to as "core" profit, was $660 million, or $1.56 a share.
A year ago, the 199-year-old insurer reported a "core" loss of $422 million, or $1.40 a share.
Hartford's stock gained 3.8 percent following the earnings report to trade at $26.80 after closing at $25.82, up 4% or $1.01 for the session on the New York Stock Exchange.
The shares have staged a strong recovery since an all-time low of $3.33 in March, when investor concerns about life insurers running short of capital reached a fever pitch.
Copyright 2009 Reuters Limited. Click for restrictions.
