The Hartford Financial Services Group Inc. posted an $81 million fourth-quarter loss, due primarily to a $423 million charge related to a retroactive reinsurance agreement for asbestos and environmental liability exposures.
The investment and insurance company reported revenue in the three months ended Dec. 31 of $4.54 billion, up slightly from the same quarter in 2015. It missed a consensus estimate of $4.73 billion, according to a survey of analysts by Bloomberg.
Adjusted for nonrecurring costs, earnings for the quarter were $415 million, or $1.08 per share, exceeding analysts’ expectations.
Christopher Swift, chairman and chief executive officer, said The Hartford’s performance for the quarter was strong. But he said losses from personal auto and the charge from the reinsurance agreement “impacted our results.”
For the year, The Hartford posted earnings of $1.34 billion, or $3.38 per share, ahead of what analysts expected. But revenue of $18.3 billion was down from 2015 and fell short of what Wall Street expected.