Friday, April 30, 2010 2:56:44 AM
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.
...
Recent HIG News
- The Hartford Launches New Resources To Enhance Leave Management Support For Employers And Their Employees • Business Wire • 09/19/2024 01:02:00 PM
- The Hartford And Active Minds Collaborate To Bring Mental Health Exhibit To U.S. College Campuses • Business Wire • 09/09/2024 12:02:00 PM
- The Hartford Announces Outstanding Second Quarter 2024 Financial Performance • Business Wire • 07/25/2024 08:15:00 PM
- The Hartford Declares Quarterly Dividends Of $0.47 Per Share Of Common Stock And $375 Per Share Of Series G Preferred Stock • Business Wire • 07/17/2024 08:15:00 PM
- The Hartford Announces Leadership Successions • Business Wire • 07/10/2024 10:50:00 AM
- Form 11-K - Annual report of employee stock purchase, savings and similar plans • Edgar (US Regulatory) • 06/20/2024 05:40:14 PM
- AM Best Revises Issuer Credit Rating Outlook to Positive for The Hartford Financial Services Group, Inc. and Its Subsidiaries • Business Wire • 06/18/2024 08:59:00 PM
- The Hartford’s Future of Benefits Study: Generational Perspectives On The Workplace From Boomers to Zoomers • Business Wire • 06/13/2024 01:02:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/04/2024 08:18:48 PM
- The Hartford Appoints Kathleen Winters To Its Board Of Directors • Business Wire • 06/04/2024 08:15:00 PM
- The Hartford Introduces New Mental Health Resource For Its Group Benefits Customers In The Health Care Industry • Business Wire • 05/29/2024 01:02:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/16/2024 08:27:16 PM
- The Hartford Declares Quarterly Dividends Of $0.47 Per Share Of Common Stock And $375 Per Share Of Series G Preferred Stock • Business Wire • 05/15/2024 08:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/10/2024 08:17:15 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/10/2024 08:17:08 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/09/2024 07:17:44 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/08/2024 08:52:04 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/08/2024 02:17:44 PM
- The Hartford To Host Virtual Annual Meeting Of Shareholders On May 15 • Business Wire • 05/01/2024 01:00:00 PM
- The Hartford Announces Strong First Quarter 2024 Financial Performance • Business Wire • 04/25/2024 08:15:00 PM
- More frequent and extreme weather events pose increasing risks to employee health and business performance • PR Newswire (US) • 04/22/2024 10:03:00 AM
- The Hartford And Active Minds Collaborate To Support The Mental Health Of Young Adults • Business Wire • 04/04/2024 03:30:00 PM
- The Hartford Names Matthew Massaro Head Of Northeast Division Sales And Underwriting For Middle And Large Commercial • Business Wire • 03/19/2024 01:00:00 PM
- The Hartford Named One Of ‘World’s Most Ethical Companies’ For 15th Time by Ethisphere • Business Wire • 03/04/2024 07:00:00 PM
- The Hartford Announces New Organizational Structure Combining Operations And Technology • Business Wire • 03/04/2024 12:05:00 PM
FEATURED Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • Sep 24, 2024 8:50 AM
FEATURED Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM