March 1 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
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.