Mr. McGee said he is continuing an exhaustive review of the company and next year will communicate "a plan to deliver sustainable, profitable growth over the long term."

At this point he said it would be premature to provide details of his blueprint for a turnaround.

He said the company will wind down non-core institutional life operations.

The Hartford third-quarter net loss of amounts to 79 cents per diluted share, compared with a third quarter 2008 net loss of $8.74 per diluted share.

Core earnings for the third quarter were $660 million, or $1.56 per share, compared with a core loss of $422 million or $1.40 per share, in the prior period.

The company said net income reflected a $63 million after-tax benefit in the life segment related to the amortization of deferred policy acquisition costs and a related Mar. 31 change in the estimation of the present value of future profits (DAC unlock). Core earnings included a $232 million benefit from the DAC unlock.

The lower net income benefit, it was explained, related to a $169 million charge primarily related to the company's macro hedging program.

Net realized capital loss of $885 million, after tax, was primarily due to after-tax impairments of $336 million and an after-tax loss of $435 million from the company's variable annuity hedging programs, The Hartford said.

Property and casualty premiums were down $2.4 billion, or 6 percent, from the third quarter of 2008, which the Hartford said was due largely to weaker economic conditions particularly affecting commercial lines.

The insurer said it is now seeing momentum in new business submissions in all segments, but particularly strong in personal lines and small commercial.

Core p&c third-quarter earnings were $246 million, up 58 percent from the $156 million reported in the prior year period. Net income was $190 million for the third quarter, including the effect of a $58 million net realized capital loss.

In the third quarter of 2008, p&c operations reported a net loss of $774 million, including the effect of a $929 million net realized capital loss.

The current p&c accident-year combined ratio for ongoing operations in the third quarter, excluding catastrophes, was 93.8, compared with 91.8 in the prior-year period.

Personal lines written premiums for the third quarter grew 2 percent over the prior-year period to $1 billion.

Written premiums in the company's agency business rose 4 percent in the third quarter, with AARP written premiums up 2 percent over the prior period.

Written premiums for small commercial were $626 million for the third quarter of 2009, compared with $652 million in the prior year period. driven down by weaker economic conditions that have resulted in business closings and an overall reduction in exposures as businesses reduce coverages and shrink payrolls, the company said.

Mr. McGee told analysts in running the company he intends to provide transparency, clear goals and accountability and "my priority is superior returns to shareholders."