Hartford Financial raises guidance

Hartford (AP) - Hartford Financial Services Group is raising its profit expectations and is reaffirming the strength of its capital position.

The announcement is sending shares of the insurance company almost 60 percent higher.

Hartford Financial attributes its improved outlook to "the current market environment" as well as its expectations to release about $300 million pretax from its property and casualty insurance reserves.

The improved outlook comes at a time when the insurance sector is reeling from the ongoing credit crisis and the weakening in equity and debt markets.