Hartford restates earnings, resulting in full-year loss
(Reuters) - The Hartford Financial Services Group Inc (HIG.N) 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 (PRU.N) 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.
(Reporting By Lauren Tara LaCapra; Editing by Sandra Maler)
- Cortege departs to take Mandela's body to lie in state |
- U.S. Mega Millions lottery up to $400 million, 2nd-biggest ever
- Uruguay becomes first country to legalize marijuana trade
- UPDATE 2-U.S. Mega Millions lottery up to $400 million, 2nd-biggest ever
- U.S. budget deal could usher in new era of cooperation