The Hartford has reported net loss of $241m, or $0.58 per diluted share, against net income of $96m, or $0.18 per diluted share, during the first quarter a year ago.
First quarter net income included a $541m, after tax, unlock charge due to the expanded hedging of the international variable annuity block, and a $138 million, after tax, loss on extinguishment of debt.
For the quarter period ended on 31 March 2013, its core earnings were $456m, or $0.92 per diluted share, with an increase of 7% from $426m, or $0.87 per diluted share, during the year ago quarter period.
Property and Casualty (P&C) segment net income stood at $351m and core earnings were $318m, up by 8% and 12%, compared to $324m and $284m, respectively.
P&C Commercial underwriting gain was $91m compared to $4m during the first quarter of 2012, due to improved current accident year profitability, including lower catastrophes, as well as lower unfavorable prior year development (PYD).
Consumer Markets reported an underwriting gain of $72m, down from $118m in the first quarter of 2012 as lower catastrophe losses were more than offset by less favorable prior year reserve development.
With more than 200 years of expertise, Hartford provides property and casualty insurance, group benefits and mutual funds.
