The Hartford profits plunge to zero on cat losses and equity markets
Third quarter profits at The Hartford dropped from $666mn in the prior-year period to zero as cat losses that included H1 creep, and dwindling reserve releases were compounded by charges relating to the decline in global equity market values.
The breakeven position was actually equivalent to a net loss to common shareholders of 2 cents per diluted share when analysts' consensus had projected a profit of 24 cents a share.
But the insurer became the latest in the sector to...
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