Hartford CEO: Seeing Signs Of 'Gradual Economic Recovery'
February 09 2010 - 10:07AM
Dow Jones News
Hartford Financial Services Group Inc. (HIG) is seeing signs of
a gradual economic recovery, as midterm policy cancellations have
stabilized and, if the trends hold, could see a "modest top-line
benefit in 2010," said Liam McGee, Hartford's chief executive,
during the company's earnings conference call Tuesday.
He said in April, at its investors meeting, the company will
outline its capital plan for repaying the $3.4 billion in
government assistance it received through the Capital Purchase
Program.
"We recognize that the government's preferred stock is not
permanent capital, and we will repay it," McGee said. "But as I
have said previously, we will be prudent" in repaying it.
He said the company would balance the company's capital
resources, shareholder dilution, the future impact on its business
and the views of regulators.
Hartford posted a fourth-quarter profit of $557 million, or
$1.19 a share, compared with a year-earlier loss of $806 million,
or $2.71 a share.
Core earnings, excluding net realized and unrealized investment
gains and losses, were $1.51 a share, compared with a year-earlier
loss of 72 cents. Last month, Hartford said it expected $1.45 to
$1.60, up from its November view.
The company said its guidance doesn't include potential changes
in reserves from previous years, or changes in charges related to
acquisition costs.
Shares of Hartford traded down 23 cents recently to $23.69.
-By Lavonne Kuykendall, Dow Jones Newswires; (312) 750 4141;
lavonne.kuykendall@dowjones.com
Hartford Financial Servi... (NYSE:HIG)
Historical Stock Chart
From Apr 2024 to May 2024
Hartford Financial Servi... (NYSE:HIG)
Historical Stock Chart
From May 2023 to May 2024