NEW YORK (Bloomberg) — Hartford Financial Services Group Inc., the bailed-out insurer that returned to profit in the fourth quarter, said the economic slump is weighing on policy sales as customers scale back on coverage.

"The recession continues to take its toll," chief financial officer Lizabeth Zlatkus said yesterday on a conference call discussing earnings.

Hartford reported its first profit in six quarters yesterday on improved investment results. Chief executive officer Liam McGee, in his fifth month on the job, is reviewing the company's businesses and plans to announce his strategy at an investor meeting on April 1.

McGee's predecessor, Ramani Ayer, accumulated more than $4 billion in losses in his last five quarters as CEO, pushing the insurer into a $3.4 billion US rescue.