Hartford Financial (NYSE: HIG) Posts 2Q Loss, Exceeds Analyst Estimates

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Hartford Financial Services Inc. (NYSE: HIG) posted its smallest loss of the year in its second quarter, exceeding Wall Street expectations, according to reports on Wednesday.

The net loss in the three months ended June 30 was $15 million, or 6 cents a share, compared with income of $543 million, or $1.73, in the year-earlier period, Hartford, based in the Connecticut city of the same name, said in a statement.

Operating earnings, which exclude some investment results, were $1.90 a share, beating the average $1.17 estimate of 17 analysts surveyed by Bloomberg.

Hartford benefited from the 15 percent gain in the Standard & Poor’s 500 Index in the three months ended June 30 after stock market declines pushed the firm into $4.6 billion in losses over the previous three quarters.

Hartford received $3.6 billion in Troubled Asset Relief Program (TARP) funds and is  currently going through an extensive executive turnover.

Outgoing Chief Executive Officer Ramani Ayer is seeking to change Hartford’s top management team after the departures since 2008 of Chief Financial Officer David Johnson, Chief Operating Officer Thomas Marra and Chief Investment Officer David Znamierowski. Ayer promoted Juan Andrade to president of the property-casualty business on July 16 to fill a position left vacant after Neal Wolin joined President Barack Obama’s administration.

Hartford’s board is looking for Ayer’s replacement outside of the company’s ranks, according to Bloomberg.

Shares in Hartford stock rose 20 cents to $14.96 at the close of the New York Stock Exchange market on Wednesday.

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