The Hartford Financial Services Group (HIG Quote) shares plummeted more than 29% Friday, after the insurer swung to a fourth-quarter loss, slashed its dividend and was noticeably silent about an application for government bailout funds.
The Hartford on late Thursday reported a net loss of $806 million, or $2.71 per diluted share, compared to a net gain of $595 million, or $1.88 per diluted share, in the year-ago period. As a result, the company plans to cut its dividend to 5 cents per share, from 32 cents per share.
The losses come from a $610 million realized investment loss in addition to a $208 million loss on core operations, or underwriting during the quarter. In the fourth quarter 2007, the company realized investment losses of $230 million but had an $840 million gain in its core operations. ...
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