(Bloomberg) — Hartford Financial Services Group Inc., the insurer that sold life units to focus on property-casualty coverage, plunged the most in the 88-company Standard and Poor's 500 Financials Index after third-quarter profit fell, missing analysts' estimates.
Hartford dropped $3.73, or 7.6 percent, to $45.08 at 9:45 a.m. in New York, the biggest decline in two months. The company had gained 17 percent through Monday's close.
Net income slipped 1.8 percent to $381 million as insurance underwriting ratios deteriorated, especially in car coverage, the Hartford, Connecticut-based company said Monday in a statement after markets closed. Operating income, which excludes some investment results, was 86 cents a share, compared with the 99-cent average estimate of 16 analysts surveyed by Bloomberg.
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