Hartford Financial Services Group Inc. saw its fourth-quarter profit drop 79 percent due to higher property-casualty and workers’ compensation losses. The Hartford also disclosed the repurchase of nearly $100 milion of its stock as of Tuesday.
For the three months ended Dec. 31, the Hartford insurer and wealth manager netted $127 million, or 24 cents a fully diluted share, down from $619 millino, or $1.24 a share, netted the same period last year.
For all of 2011, The Hartford netted $662 million, or $1.30 a share, Â 61 percent less than the $1.7 billion, or $2.50 a share, netted in 2010.
Despite the earnings falloff, Chairman and CEO Liam McGee said the insurer made “good progress” in the quarter, well enough for the company to buy back $93.7 million of its stock. Â
