Aviva

After announcing its 2008 result, Aviva's stock droped by 1/3.

I understand that investors may be sceptical about life insurers in the current climate.

But I fail to grasp why the stock price should drop by 1/3 in the light of a completely unsurprising result announcement.

If you think life insurers are a bad investment, by all means assign a low valuation.

But why would anybody revise his valuation downwards by 1/3 based on, well, essentially not a shred of relevant new information?