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Hartford Financial Services, the fourth largest U.S. insurer, posted a huge fourth-quarter net loss and badly missed Wall Street expectations, hurt by a decline in the value of investments and said it intends to cut its dividend.
The comapny's shares [HIG
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] plunged almost 15 percent in post-market trading, after closing up 3.6 percent in the regular session to $15.09.
Excluding one-time items, Hartford's posted a loss of 72 cents a share, while analysts forecasted a gain of $1.30, according to a consensus from Thomson Reuters.
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Chief Executive Ramani Ayer called 2008 the company's "most challenging year'' ever.
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.
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