The Hartford Also Sees First Quarter Decline
On Monday, The Hartford Financial Services Group Inc. said that its net income for the first quarter of 2008 dropped 83% from the same quarter one year ago to $145 million. According to The Hartford, Connecticut-based company, poor returns on investments were the cause of its $648 million after-tax loss.
“Similar to other financial institutions, we reported considerable capital losses this quarter, and returns on our alternative investment portfolio were well below our expectations,” said Ramani Ayer, Hartford’s chairman and chief executive officer, in a statement.
Hartford’s property/casualty operations’ net income for the quarter was $326 million, down 29% from 2007’s first-quarter results.
Published on April 29, 2008
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