Shares of The Hartford took a steep dip Tuesday, because of worries the insurer may have to raise more cash to pay back its obligations under the government’s TARP program. Executives also said the recession continues to take its toll on policy sales. WNPR’s Harriet Jones reports.
The Hartford reported its fourth quarter results, revealing net earnings of $557 million, or $1.19 per share. That compares to a loss of $806 million in the same quarter of 2008. The bounce back was largely due to improved investment returns. CEO Liam McGee told a conference call he expects continue modest improvement this year.
But shares of the insurer dipped as much as 6% on the markets, as analysts raised concerns about how The Hartford will repay its TARP loans – the company was hit hard by the financial meltdown, and required a $3.4 billion bailout.
For WNPR, I'm Harriet Jones.