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Hartford (HIG) Profit Signals Possible Turnaround
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Posted on 02/09/10 at 10:25am by Ed Liston
Hartford Financial Services Group (NYSE: HIG) announced a net profit of $557 million, signaling that the insurer may be on the road to recovery after massive losses forced it to accept $3.4 billion of bailout money earlier.
Chairman Liam McGee, former consumer banking head at Bank of America (NYSE: BAC) said that market and economy conditions were uncertain, and he expects to unveil a formal business plan and outlook in April 2010.
A stronger performance in annuity products helped Hartford’s life insurance unit, as did the company’s investment income. Analysts foresee ample opportunity for Hartford to fall short of Street forecasts, and the shares fell by 4% to $22.49 despite Hartford’s profit.
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