NU Online News Service, Jan. 12, 3:00 p.m. EST

The Hartford Financial Services Group Inc. increased its estimated fourth-quarter earnings per share by 80 cents, noting strong performance in its property and casualty business and improved margins on its life business.

The Hartford, Conn.-based insurer today raised its fourth-quarter 2009 earnings per share estimate range to $1.45 to $1.60 from its previous guidance of 65 cents to 80 cents a share. The company stressed that the results are preliminary and subject to change.

"The core businesses of The Hartford performed well in the fourth quarter," Liam E. McGee, The Hartford's chairman, president and chief executive officer, said in a statement. "This is our third consecutive quarter of improving core earnings results, demonstrating the underlying strength of The Hartford's franchise."

The company said that during the fourth quarter, its P&C operations continued to see strong current accident year underwriting profitability, driven by disciplined risk selection and light catastrophe losses.

The preliminary results, the company added, reflect favorable net prior year reserve development of approximately $85 million, after tax, or 20 cents per diluted share, as reserves developed positively across multiple lines.

The Hartford said the company's life results benefited from improving margins in its more equity-sensitive businesses, driven by rising account values and reduced expense levels.

The company's preliminary estimate of fourth-quarter losses on limited partnerships and other alternative investments is approximately $5 million, after tax, or 1 cent per diluted share. The better than expected performance was due to strong hedge fund and private equity results and smaller losses on real estate-oriented funds, the carrier said.

The Hartford said it intends to release its fourth-quarter and full-year 2009 financial results on Feb. 8, and will hold a conference call to discuss the results the following day at 9 a.m. EST.