UPDATE 1-US insurer Hartford posts sharply improved results - News

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UPDATE 1-US insurer Hartford posts sharply improved results

By: AFX | 03 Nov 2009 | 04:51 PM ET

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NEW YORK, Nov 3 (Reuters) - Hartford Financial Services Group Inc, a large U.S. life and property insurer that took $3.4 billion in federal aid this year, reported sharply improved third-quarter results on Tuesday, and the company's shares rose more than 3 percent. The net loss of $220 million, or 79 cents a share, was its fifth straight quarterly loss, but 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 percent 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. (Reporting by Lilla Zuill; Editing by Gary Hill) Keywords: HARTFORDFINANCIAL/ (lilla.zuill@thomsonreuters.com;+1 646 223 6281) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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