* Second-quarter net loss $190 million, or $0.42 per share
* Adjusted earnings $0.66 vs est. $0.71
* P&C earned premiums flat at $2.45 bln
July 29 Insurer Hartford Financial Services
Group's adjusted profit missed analysts' estimates as
premiums remained stagnant at its core property and casualty
Hartford has been reshaping itself into a property and
casualty insurer by shedding its other businesses. It sold off
its individual life insurance, broker-dealer and retirement
plans businesses last year.
In June, it sold its UK variable annuity (VA) business to a
unit of Berkshire Hathaway Inc for about $258 million.
The company's net loss nearly doubled to $190 million, or 42
cents per share, in the second quarter. It was $101 million, or
26 cents per share, a year earlier.
The latest results included $421 million in capital losses
related to the company's hedging program and a $126 million loss
from the sale of its VA business.
On an operating basis, Hartford earned 66 cents per share.
Analysts were expecting the company to earn 71 cents for
share, according to Thomson Reuters I/B/E/S.
Earned premiums in the property and casualty business were
almost flat from a year earlier at $2.45 billion. They have not
grown for three quarters now.
Net investment income fell 21 percent to $867 million.
Hartford is the 11th-largest property and casualty insurer
in the country with a market share of 2.05 percent, according to
the National Association of Insurance Commissioners (NAIC), a
multi-state insurance regulatory body.
Shares of the company, valued at about $14.30 billion, have
risen about 40 percent this year. They closed at $30.78 on
Monday on the New York Stock Exchange.