** charts after earnings **
Hartford Financial Services Group Inc. said its third-quarter core earnings fell 24% amid a decline in investment income and an increase in catastrophe and loss costs.
The insurer's shares fell 4.7% to $46.50 in recent after-hours trading as per-share core earnings and net premiums written missed expectations.
Hartford has narrowed its focus to property-casualty insurance and a group-benefits operation that sells products to employers and mutual funds. Its variable-annuity business is in "run off," meaning claims are being paid but no new sales are made.
Chief Executive Christopher Swift said the latest results reflect lower net investment income, adverse prior-year developments in its commercial lines and higher catastrophe and losses costs in its personal lines.
Hartford Financial reported core earnings of $364 million, or 86 cents a share, down from $477 million, or $1.06 a share, a year earlier.
Revenue decreased 4.3% to $4.56 billion, including a decline of 9.9% in net investment income to $730 million.
Analysts polled by Thomson Reuters expected per-share core earnings of 99 cents and revenue of $4.75 billion.
Overall, Hartford Financial reported a profit of $381 million, down from $388 million a year earlier. Per-share earnings, which reflect preferred dividend impacts and a decrease in shares outstanding, rose to 90 cents from 86 cents.
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