The Hartford Financial Services Group Inc. reported first-quarter net income fell 83 percent, resulting primarily from $648 million in net realized capital losses, but underwriting delivered results above expectations.

Included in the capital loss, the Hartford, Conn.-based insurer said, is a $220 million charge related to the implementation of new accounting standards.

Quarterly net income dropped by $731 million to $145 million, off $2.25 a share to 46 cents a share.

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