Hartford Financial Services Group Inc. reversed some of its previous cuts to its full-year earnings outlook and said its businesses were performing well.
During an investor day Friday in New York, Hartford raised its target to a range $4.70 to $4.90 a share. The range had been $9.20 to $9.50 a share until October, when Hartford cut its forecast by more than half, to a range of $4.30 to $4.50, and posted a $2.63 billion third-quarter net loss driven by investment losses and woes at its variable annuities business.
Annuity troubles have been at the forefront of concerns about whether some insurers will need extra capital. Last month Hartford announced plans to become a savings and loan and buy Federal Trust Corp. for $10 million. The purchase, among other things, would give Hartford access to capital from the Treasury Department.
Before the investor meeting, Ramani Ayer, Hartford's chief executive, said in a press release that the property/casualty business is set to deliver "strong underwriting results" next year, and that his company continues to focus on long-term growth in its life insurance businesses.
Hartford has ample liquidity, he said, including a $13 billion statutory surplus and more than $12 billion in cash, short-term investments, and Treasuries.
