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Stock Market & Financial Investment News

News Breaks
March 3, 2013
13:58 EDTHIGHartford'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."
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April 16, 2014
08:56 EDTHIGThe Hartford, IBM announce six-year technology services agreement
The Hartford (HIG) and IBM (IBM) announced a new six-year technology services agreement to implement a new service model that includes a private cloud infrastructure. The Hartford will move to a private cloud-based infrastructure on IBM’s PureFlex System. Under the $500M agreement, IBM will also provide a number of other services related to mainframe, storage, backup and resiliency. The Hartford will define the services it requires, and IBM will be responsible for the solution and delivery of those services.

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