Hartford Financial Falls After Earnings (HIG)

Hartford Financial Services Group Inc. HIG reports Q2 earnings of $0.92 versus estimates of $0.71. Revenues increased 3% year over year. The company also reported a book value per common share of $41.29, up 6% sequentially. The Hartford currently expects 2010 core earnings per diluted share to be between $2.10 and $2.30. The previous guidance was a range of $2.70 to $3.00. "The Hartford performed well, reporting another quarter of profitability in spite of market volatility, higher than expected catastrophes and several one-time events," said Liam E. McGee, The Hartford's Chairman, President and Chief Executive Officer. He added, "Book value per share grew 6% sequentially and net unrealized losses declined by more than 50%. The company showed good sales momentum in many segments. Small commercial written premium* grew 3% over the prior year with strong profitability in a competitive market. Sales and deposits meaningfully increased from 2009 levels in the mutual funds, retirement plans and life insurance businesses." Shares of HIG are lower in the after-hours by 3.52%.