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The Hartford, Connecticut-based company posted a net loss of $220 million or $0.79 per share for the third quarter, compared to a net loss of $2.6 billion or $8.74 per share in the prior year quarter.
Result for the third quarter included deferred acquisition costs or DAC unlock benefit of $63 million, after tax, and core earnings included a $232 million benefit from the DAC unlock. The lower net income benefit relates to a $169 million charge primarily related to the company's macro hedging program.
Third quarter 2008 net income reflected a $932 million after-tax charge related to the DAC unlock, and third quarter 2008 core earnings reflected a $923 million after-tax charge related to the DAC unlock.
Excluding items, core earnings were $660 million or $1.56 per share, compared to a core loss of $422 million or $1.40 per share in the year-ago quarter. On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $1.11 per share for the third quarter. Analysts' estimates typically exclude special items.
"The Hartford's third quarter core earnings results demonstrate a resilient company that is emerging from the challenges of the last 18 months," said Liam McGee, Hartford's chairman and chief executive officer.
Written premiums for Hartford's property and casualty operations fell 6% to $2.4 billion over a year ago, due to weaker economic conditions, which particularly affected commercial lines. Ongoing operations net income was $229 million, compared to a net loss of $666 million in the previous year quarter.
Life operations assets under management were $334.3 billion at the end of the third quarter of 2009, essentially flat with $333.3 billion as of September 30, 2008. Life operations posted a net loss of $323 million, compared to a loss of $1.8 billion last year.
For the nine-month period of 2009, Hartford reported a net loss of $1.4 billion or $4.52 per share, compared to a loss of $1.9 billion or $6.29 per share in the previous year period.
Core earnings plunged to $107 million or $0.12 per share from $1.1 billion or $3.44 per share in the prior year quarter.
For fiscal 2009, Hartford raised its core earnings outlook to a range of $0.85 to $1.05 per share from its previous expectation of $0.00 to $0.20 per share. The Street expects earnings of $0.50 per share for the year 2009.
Hartford closed Tuesday's regular trading session at $25.82, up $1.01 or 4.07%, on a volume of 12.70 million shares. In after-hours, the share further gained $1.23 or 4.76%.
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