Hartford restates earnings, resulting in full-year loss
March 1 (Reuters) - The Hartford Financial Services Group Inc restated its third-quarter results on Friday, leading the company to report a loss of $38 million for all of 2012.
The Hartford, Connecticut-based insurance firm had previously reported a profit of $350 million for the year.
The change resulted from its sale of a life-insurance business to Prudential Financial Inc last year.
In September, Hartford had estimated that the deal would not generate a material gain or loss, but after finding an error in its calculations, Hartford said it suffered a $393 million loss on the transaction after taxes, because of a goodwill writedown.
Hartford said it had found a "material weakness in its internal control over financial reporting" that was resolved as of December 31.
The company submitted an amended 10-K filing with the U.S. Securities and Exchange Commission.
- Exclusive: Angry with Washington, 1 in 4 Americans open to secession
- Scots spurn independence in historic vote, nationalist leader resigns |
- Eight bodies found after attack on Guinea Ebola education team
- Alibaba surges on massive demand in trading debut |
- Special Report: Scotland stays in UK, but Britain faces change