Hartford Financial Services Group Inc. (HIG) reported a third quarter net loss of $220 million or $0.79 per share, compared to a net loss of $2.6 billion or $8.74 per share in third quarter 2008. Core earnings for the third quarter were $660 million, or $1.56 per diluted share, compared to a core loss of $422 million or $1.40 per share, in the prior period. Analysts polled by Thomson Reuters expected the company to report earnings of $1.11 per share for the quarter. Analysts' estimates typically exclude special items.
Written premiums for The Hartford's property and casualty operations in the third quarter were $2.4 billion, down 6% from the third quarter of 2008 largely as a result of weaker economic conditions which particularly affected commercial lines.
Personal lines written premiums for the third quarter of 2009 grew 2% over the prior-year period to $1.0 billion. Written premiums in the company's agency business rose 4% in the third quarter, with AARP written premiums up 2% over the prior period.
Written premiums for small commercial were $626 million for the third quarter of 2009, compared with $652 million in the prior year period.
The Hartford currently expects 2009 core earnings per share to be between $0.85 and $1.05. The company's previous guidance for 2009 core earnings per share was between $0.00 and $0.20. Analysts expect the company to report earnings of $0.50 per share for fiscal 2009.
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