(Bloomberg) – Hartford Financial Services Group Inc. posted the second-biggest decline in the S&P 500 Index after second-quarter profit plunged on losses from auto insurance.
The insurer dropped $4.70, or 11 percent, to $39.23 at 10:20 a.m. in New York, headed for the company's steepest one-day fall since 2011. The decline wiped out the company's gain for the year.
Net income fell by almost half to $216 million from $413 million a year earlier, according to a statement late Thursday from Hartford, which is based in the Connecticut city of the same name. The personal lines business, which includes car and home coverage, posted an operating loss of $55 million, compared with profit of $42 million a year earlier on increased automobile claims costs, partly tied to distracted drivers.
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