HARTFORD LIFE, a subsidiary of the fourth largest US insurer, is downsizing its Ireland office and suspending most of its other European operations.

The company has announced plans to “resize” its Dublin office at Swords, but was unable to comment on the number of jobs that would be lost.

The office, which currently employs 182 people, will continue to serve existing policyholders and honour its long-term commitments.

The group has suspended the sale of retirement and investment products in Britain, where it employs 153 people, and will close its London sales and marketing offices this month.

The company has also cancelled plans to launch into the German market, and will suspend new business in Japan where it has more than 500,000 policies and $30 billion of assets under management.

Hartford Life is a subsidiary of Hartford Financial Services Group. The US insurance company announced the restructuring after posting a first-quarter net loss of $1.2 billion, compared to $145 million earnings in 2008.

Hartford Life currently has more than 18,000 policies in force and £1.2 billion of assets under management.

“Our decision to suspend all sales in the United Kingdom is a difficult one. We are taking this step in response to the continued turmoil in the financial markets and our company’s overall efforts to preserve capital and reduce the risks associated with various business lines,” said Hartford Life Ltd president and chief executive Marc Lieberman.

“Our highest priority as we suspend sales in the United Kingdom is that we honour the company’s long-term commitments to existing policyholders in the UK now and into the future, and we will do so.”

The Dublin branch is the group’s European headquarters and operates back-office functions. Hartford Life entered the UK market in 2005.