Hartford Narrows 3Q Loss, Posts Strong Core Profit

NEW YORK (AP) — The Hartford Financial Services Group on Tuesday posted a much narrower loss for the third quarter, as its investment losses shrank as financial markets improved.

The insurance and financial services firm based in Hartford, Conn., lost $220 million, or 79 cents per share, in the latest period. Core earnings, which exclude certain investment gains and losses, totaled $660 million, or $1.56 per share.

Last year, the company lost $2.63 billion, or $8.74 per share, battered by the market plunge and claims from Hurricane Ike. The adjusted loss last year was $1.40 per share.

Analysts polled by Thomson Reuters, on average, expected The Hartford to post core profit of $1.11 per share. Analyst estimates tend to exclude one-time, unusual items.

The company also lifted its full-year profit outlook.

In after hours trading, Hartford shares gained $1.20, or 5.3 percent, to $27.50. Before the third-quarter report, the stock closed Tuesday's regular session at $25.82.

The Hartford's new Chairman and CEO Liam McGee, said the results show the company is "emerging from the challenges of the last 18 months."