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Shares in the Hartford Financial Services Group dropped more than 50% Thursday, just a day after the company reported its third quarter profits. The insurer was downgraded Thursday by several analysts.

Investors already knew The Hartford was in trouble, when the group previewed its $2.6 billion losses earlier this month, and announced a big capital injection from German insurer Allianz.  But the formal announcement of the results and a subsequent discussion with analysts seems only to have made matters worse.  At least three analysts lowered their outlook for the company, some saying there’s at least the danger of a downgrade from the ratings agencies as well.  The Hartford has said it will cut jobs as part of its effort to slash costs, but has given no specifics about how many posts may go.  CEO Ramani Ayer was straightforward.

The third quarter was the most challenging in The Hartford’s history.  The markets we’re experiencing are truly unmatched, with dramatic spread widening in the credit markets and a substantial retrenchment in the equity markets.  These elements factored heavily on our third quarter portfolio investment and earnings results.

The treasury is considering extending some of its $700 billion  bailout cash to the insurance industry, and Hartford executives have said they would consider participating.  At the close Thursday shares were down $10.34 or 51%.