The Hartford Financial Services Group, Inc. posted a second-quarter net income of $76 million, reversing a $15 million net loss the same period a year ago.
The earnings per share were 14 cents vs. a loss of 6 cents last year.
But the property-casualty insurer also lowered its expectations for the current year, sending its stock down at 11 a.m. by 88 cents, or 3.7 percent, at $22.96.
Citing uncertain global economic conditions and persistent stress in financial markets, Hartford said it now expects core earnings per share to range between $2.10 and $2.30, down from an earlier forecast of $2.70 to $3 per share, The Associated Press reports. The new forecast falls below analysts’ average estimate of $2.71 per share.
Chairman, President and CEO Liam McGee boasted that it was The Hartford’s third consecutive profitable quarter.
“The Hartford performed well, reporting another quarter of profitability in spite of market volatility, higher than expected catastrophes and several one-time events,” McGee said in a statement.
Property and casualty net income was $188 million for the second quarter of 2010, compared with $173 million for second quarter 2009. Written premiums were down for the second quarter of 2010 were $2.42 billion, compared with $2.46 billion for the second quarter last year.
