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.
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.