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Hartford Outdoes Again – Analyst Blog

Zacks Market Commentaries (November 4th, 2009) Writes:
Hartford Financial Services’ (HIG) third quarter core earnings came in at $1.56 per share, substantially ahead of the Zacks Consensus Estimate of $1.07. This also compares favorably with the loss of $1.40 per share in the year-ago quarter.  The results for the reported quarter exclude after-tax net realized capital loss of $885 million and an after-tax loss of $435 million from the company's variable annuity hedging programs. The results for the prior-year quarter exclude an after-tax net realized capital loss of $2.2 billion. The upside was primarily attributable to stability in the company’s protection and wealth management franchises. The quarter’s core earnings included a $232 million benefit from the deferred acquisition costs (DAC) unlock.  GAAP net loss for the quarter was $220 million, or 79 cents per share, compared to $2.6 billion, or $8.74 per share in the prior-year quarter. Life operations reported a net loss ...

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