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Hartford Posts Q4 Loss

Feb 5, 2009 | Reprints | Unlock Link | Print

Hartford Financial Services Group Inc., the fourth-largest U.S. insurer, posted a fourth-quarter net loss Thursday, hurt by a decline in the value of investments, and said it intends to cut its dividend.

The net loss totaled $806 million, or $2.71 a share, compared with a profit of $595 million, or $1.88 a share, in the year-earlier quarter.

The company said it intends to cut its dividend to 5 cents a share from 32 cents as it seeks to preserve capital. Chief Executive Ramani Ayer called 2008 the company’s "most challenging year" ever.

Insurance