Hartford's FY12 results now a loss after Q3 amendment On Friday afternoon, Hartford Financial Services Group filed an amended Form 10-Q restating its Q3 results, resulting in a loss for the year instead of a profit, due to an accounting error related to a sale of its life-insurance operations. The amendment resulted in the company now posting a FY12 net loss of $38M and shareholders' equity of $22.4B compared with its previously reported net income last year of $35M and shareholders' equity of $22.8B. The company said its 2012 core earnings of $1.4B are unchanged. In addition, the company said it determined "there was a material weakness in its internal control over financial reporting at Sept. 30, which was remediated as of Dec. 31 and that the company’s previously filed financial statements for Q312 should no longer be relied upon."
Hartford Financial downgraded to Neutral from Buy at Citigroup Citigroup downgraded Hartford Financial to Neutral citing valuation. The firm believes the stock is pricing in Hartford's restructuring. Citi raised its price target for shares to $44 from $41.