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4 years ago
Hartford restates earnings, resulting in full-year loss
March 2, 2013 / 1:26 AM / 4 years ago

Hartford restates earnings, resulting in full-year loss

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(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

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