Shares of Hartford Financial Services Group Inc rose more than 8 percent in premarket trading on Thursday, the day after the insurer reported second-quarter operating earnings that handily beat analyst expectations.
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The company, which has taken $3.4 billion in federal aid to shore up its finances after massive losses in recent quarters, has already had to take numerous steps to head off a financial meltdown, laying off staff, slashing its dividend 84 percent, and withdrawing from major international markets.
Cost-saving measures already instituted were forecast to save Hartford $250 million in 2009, and it now plans to increase the scope of its expense reductions to about $400 million by next year.
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