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Hartford Reports Higher Second Quarter Net Income

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NU Online News Service, July 31, 10:04 a.m. – The Hartford Financial Services Group Inc., Hartford, is reporting net income of $226 million for the second quarter on $3.8 billion in revenue, up from $213 million in net income on $3.5 billion in revenue for the second quarter of 2000.

Operating income, which excludes charges for accounting changes and $25 million in losses on investments sold during the quarter, increased 10%, to $262 million.

Hartford sells property-casualty insurance as well as life insurance and asset management services.

The life and asset management operations are reporting $162 million in net income for the second quarter on $1.7 billion in revenue, up from $146 million in net income on $1.4 billion in revenue.

Despite the recent stock market slump, the asset management operations increased sales of variable annuities 12%, to $2.5 billion, and sales of retail mutual funds 32%, to $1.7 billion.

Group disability insurance sales and persistency were strong, Hartford adds.

The acquisition of the Fortis Financial Group from Fortis, a large Dutch and Belgian financial services company, helped life insurance and asset management results, but internal growth was also solid, Hartford says.