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Hartford Financial Q4 net income up 11%

The Hartford Financial Services Group has reported fourth quarter 2010 net income of $619m, or $1.24 per diluted share, compared to $557m, or $1.19 per diluted share for the same quarter of 2009.

Core earnings for the fourth quarter of 2010 were $526m, compared to $689m for the same corresponding quarter of 2009.

For full year 2010, The Hartford reported net income of $1.7bn, or $2.49 per diluted share, compared with a net loss of $887m, or loss of $2.93 per diluted share for full year 2009.

Core earnings for full year 2010 were $1.9bn, compared with $796m for full year 2009. Core earnings per diluted share were $2.89, an increase of 56% from $1.85 per diluted share for full year 2009.

The Hartford chairman, president and CEO Liam McGee said the fourth quarter was a strong finish to a year of significant accomplishments for The Hartford, demonstrating the fundamental strengths of the company’s businesses, strategy, brand and people.

"The Hartford is a more focused and energized organization today. We executed on our 2010 commitments to produce more consistent operating and financial performance and to build capital strength. In 2011, we will build on this momentum to deliver sustained profitable growth," McGee said.