Hartford Confirms Reserve Charge Losses

NU Online News Service, May 14, 11:50 a.m. EDT?The Hartford Financial Services Group Inc. officially posted on late Tuesday a first-quarter net loss of $1.4 billion, or $5.46 per diluted share, due to its $1.7 billion charge to first-quarter earnings for asbestos reserve strengthening.

This loss is in contrast to the Hartford, Conn.-based company's 2002 first quarter, when it posted a net income of $292 million, or $1.17 on the diluted-share basis.

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