US-based Hartford Financial Services Group has reported a net income of $127m, or $0.24 diluted earnings per share, for the fourth quarter of 2011, compared to $619m, or $1.24 diluted earnings per share, for the same period in 2010.
The fourth quarter of 2011 results include net prior year reserve strengthening of $64m, or $0.13 per diluted share, in commercial markets, consumer markets and P&C other operations.
The total revenues for the fourth quarter of 2011 declined to $5.64bn, compared to $5.93bn for the same period in previous year.
Core earnings were $339m, or $0.69 diluted earnings per share, compared to $529m, or $1.06 diluted earnings per share, for the same period a year ago.
P&C Commercial core earnings decreased to $25m, compared to $201m for the same period in 2010.
Net income for the full year of 2011 was $662m, or $1.30 diluted earnings per share, compared to $1.68bn, or $2.50 diluted earnings per share, for same period in prior year.