("Insurers Lincoln National, Hartford Swing To 2Q Losses," published at 4:37 p.m. EDT, misstated Hartford's stock price and the percentage change of its operating profit. A corrected version follows.)

 
   DOW JONES NEWSWIRES 
 

Lincoln National Corp. (LNC) and Hartford Financial Services Group Inc. (HIG) each swung to a second-quarter loss, as Lincoln recorded several charges and Hartford reported higher net realized losses.

Still, Lincoln's shares were up 1.1% at $18.25 in after-hours trading, while Hartford's stock jumped 6.2% to $15.89, as both companies appeared to top Wall Street expectations. The shares for both companies have dropped by at least two-thirds from September.

Of the six life insurers cleared to participate in the Treasury Department's Troubled Asset Relief Program in May, only Hartford and Lincoln elected to access the funds. Hartford received $3.4 billion in funding, while Lincoln took only $950 million of the government's approved $2.5 billion while raising about $1.2 billion on its own.

The biggest life-insurers have raised more than $15 billion in equity and debt in recent months amid the rising stock market, but investors have express concern about investment losses and are seeking clarity about earnings expectations.

Lincoln reported a loss of $161.4 million, or 62 cents a share, compared with a year-earlier profit of $124.7 million, or 48 cents a share. It was the company's third consecutive quarterly loss.

The latest results included a 65-cent-a-share charge related to the sale of its U.K. arm and 84 cents in charges related to investment losses and other items.

Lincoln's operating income, which excludes realized investment gains and losses, fell to 81 cents a share from $1.24. The quarter also included a restructuring charge of 7 cents a share.

Revenue dropped 22% to $1.95 billion.

Analysts polled by Thomson Reuters expected per-share operating earnings of 83 cents on revenue of $2.52 billion. Analyst estimates typically exclude unusual items.

Hartford reported a loss of $15 million, or 6 cents a share, compared with a year-ago profit of $543 million, or $1.73 a share, a year earlier. It was Hartford's fourth consecutive loss.

The latest results included a deferred-acquisition-costs unlock gain of $360 million, or $1.11 a share.

Hartford had $649 million in net realized losses, compared with a net loss of $156 million a year earlier.

The operating profit was $1.90 a share, down 14% from $2.22 a share a year earlier. Analysts projected per-share earnings of $1.16.

Assets under management fell 15% to $352.1 billion.

Looking ahead, Hartford again cut its 2009 operating earnings target to break-even to 20 cents a share, from its already drastically reduced view of 5 cents to 45 cents. Analysts were looking for a loss of 21 cents.

-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com