Insurer Hartford Financial Services Group Inc. reported a first-quarter net profit, but the company lost money on a per-share basis after repurchasing preferred shares from the government.
The company reported net income of $319 million for the quarter, compared with a loss of $1.2 billion a year ago.
On a per-share basis, the company lost 42 cents, after including a $440 million charge for repurchasing the U.S. government’s preferred share stake which was granted through the Troubled Asset Relief Program.
The company’s shares have risen 27% so far this year, outpacing the S&P 500 Index’s 8.4% increase.
The stock was trading at $29.53 in after-hours trading, after closing 2.49% higher at $29.64 in regular hours.