The Hartford Lost $1,200,000,000 in First Quarter

The Hartford insurance group is celebrating its 200th year in 2009. But things are certainly not at a high point for the company.

Yesterday the investment and insurance provider announced it lost $1.2 billion in the first quarter of the year. Yikes!

The same time a year ago The Hartford made a profit of $145 million.

The Hartford asks it’s clients to trust them, but what they need is some trust from the economy first.

The company will cease its annuity operations in the United Kingdom, Japan and Germany to try to save some money during the turbulent times.

Analysts were expecting a major loss but The Hartford plunged further than expected – losing $3.66 per share. The life insurance sector of the organization lost $1.26 billion for the organization this quarter.

In the third quarter of 2008 The Hartford lost more than double the amount it lost this past quarter – a total of $2.6 billion, and a total of $2.7 billion on the year. Just in 2007, The Hartford made a profit of $2.9 billion.

Contact Us