Book value per common share increased to $38.94
29.04.2010 22:34 http://www.finanznachrichten.de/nachrichten-2010-04/16768463-the-hartford-reports-first-quarter-2010-net-income-of-dollar-319-million-004.htm
The Hartford Reports First Quarter 2010 Net Income Of $319 Million
The Hartford Financial Services Group, Inc. (NYSE:HIG):
- Core earnings* of $545 million
- Core earnings per diluted share* of $0.14 includes after-tax charges for CPP repurchase, litigation accrual and new federal healthcare legislation totaling $1.18 per diluted share
- Book value per common share increased 61% over prior year period to $38.94
- With successful capital raise and CPP repurchase, company is focused on execution of go-forward strategy
The Hartford Financial Services Group, Inc. (NYSE:HIG) today reported first quarter 2010 net income of $319 million. Due to the repurchase of the government's CPP preferred shares, the company also recorded a $440 million charge to retained earnings that impacts the calculation of net income per diluted share, contributing to a reported net loss per diluted share of $0.42. In the first quarter of 2009, the company reported a net loss of $1.2 billion, or $3.77 per diluted share.
Core earnings for the first quarter of 2010 were $545 million, or $0.14 per diluted share, compared with a core loss of $1.2 billion, or $3.66 per diluted share, for the prior year period.
"The company's first quarter results reflect building momentum, with year-over-year top-line improvements in many businesses," said Liam E. McGee, The Hartford's Chairman, President and Chief Executive Officer. "We also benefited from capital market improvements, disciplined underwriting and a continued focus on execution across the organization. Our goal is to deliver superior shareholder value by generating sustained, profitable growth over time."
"In the first quarter, we made significant progress on our path forward. We completed a successful capital raise, which enabled us to strengthen the company's balance sheet and return the government's investment in The Hartford. We are now focused on executing our go-forward strategy, which leverages our product breadth, distribution strength and broad customer base," added McGee.