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Hartford Reports Lower 4thQuarter Net Income

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NU Online News Service, Jan. 29, 1:38 p.m. – The Hartford Financial Services Group Inc., Hartford, is reporting $144 million in net income for the fourth quarter of 2001 on $3.9 billion in revenue, compared with $273 million in net income on $3.9 billion in revenue for the fourth quarter of 2000.

Operating income, which excludes $98 million in losses on investments sold during the quarter, increased to $261 million, from $252 million, and assets under management increased to $193 billion, from $183 billion.

The life insurance unit, Hartford Life, generated $181 million in operating income on $1.7 billion in revenue, up from $156 million on $1.5 billion in revenue.

Life unit profits improved partly because of successful efforts to cut costs but partly because of increases in revenue for some Hartford also reported increases in revenue for some products.

Variable annuity revenue fell 2%, to $369 million, and revenue from corporate-owned life insurance fell 5%, to $183 million.

But revenue from group benefits increased 10%, to $636 million; revenue from mutual funds and other non-variable annuity investment products, 19%, to $268 million; and revenue from individual life insurance, 52%, to $251 million.