Reeling from what its chief executive called "the most challenging year" in the company's nearly 200-year history, Hartford Financial Services Group Inc. recently announced its fourth-quarter net losses. The fourth-largest U.S. insurer reported losses totaling $806 million or $2.71 per share, compared with a profit of $595 million, or $1.88 per share just a year earlier.
"The capital markets proved to be especially challenging during the latter half of 2008, particularly affecting our equity-based businesses and investment performance," said Ramani Ayer, chairman and chief executive, in a statement. "Even still, we took several actions to finish 2008 well capitalized and well prepared to deliver on our commitments to customers."
Despite the substantial losses, Ayer was quick to point out that the company's core businesses had a strong showing for 2008:
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