Hartford Says Investment Losses Exceed $100 Million
NU Online News Service, July 10, 11:13 a.m. EST?The Hartford Financial Services Group announced yesterday it will report an after-tax net realized capital loss on investments in the second quarter, estimated between $100 million and $120 million.
The company said that the majority of this loss arises from writedowns of bonds in the telecommunication sector, including WorldCom, where the enterprise-wide investment exposure was $136 million prior to writedowns.
Realized gains from the sales of securities will partially offset the bond impairment losses, The Hartford said.
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