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- The Hartford reports $1.2B loss in Q1
The Hartford reports $1.2B loss in Q1
- By ILS corp
- Published 05/6/2009
- ILSTV Stories
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The Hartford Financial Services Group has posted a first quarter net income loss of $1.2 billion.
The Hartford said that the environment was challenging in the first quarter of the year, but since the third quarter of 2008, the company has taken steps to strengthen its financial position, including securing a $2.5 billion investment from Allianz.
The company did announce a number of restructuring activities, including a suspension in writing new business in Japan as of June 1. The company has also decided to stop writing all business in the United Kingdom, but will maintain its Dublin-based service operation to serve existing policies and honor long-term commitments. The planned launch into Germany has been canceled.
And finally, the Hartford will be making changes in the US variable annuity business, including price increases on the lifetime income rider with required asset allocation.
The Hartford said that the environment was challenging in the first quarter of the year, but since the third quarter of 2008, the company has taken steps to strengthen its financial position, including securing a $2.5 billion investment from Allianz.
The company did announce a number of restructuring activities, including a suspension in writing new business in Japan as of June 1. The company has also decided to stop writing all business in the United Kingdom, but will maintain its Dublin-based service operation to serve existing policies and honor long-term commitments. The planned launch into Germany has been canceled.
And finally, the Hartford will be making changes in the US variable annuity business, including price increases on the lifetime income rider with required asset allocation.