Hartford Financial Services Group, Inc. (HIG) reported a first quarter net loss of $241 million or $0.58 per share, compared to net income of $96 million or $0.18 per share for the year-ago quarter.
The latest quarter results include a $541 million, after tax, unlock charge principally due to the expanded hedging of the international variable annuity block, and a $138 million, after tax, loss on extinguishment of debt.
Excluding items, core earnings for the first quarter were $456 million or $0.92 per share, compared to $426 million or $0.87 per share in the prior year quarter.
Improved core earnings in the company's go forward Property and Casualty, Group Benefits and Mutual Funds businesses and lower core losses in Corporate were partially offset by reduced core earnings from Talcott Resolution, the company's run-off life and annuity operation, due to the January sales of the Retirement Plans and Individual Life businesses and lower core earnings from annuities.
Total revenue for the first quarter rose to $9.18 billion from $7.66 billion a year ago.
Analysts polled by Thomson Reuters expected the company to earn $0.82 per share on revenue of $5.37 billion for the first quarter. Analysts' estimates typically exclude special items.
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