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Hartford Reports Lower 2nd Quarter Net Income

By Staff Writer

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NU Online News Service, July 30, 11:02 a.m. – The Hartford Financial Services Group Inc., Hartford, is reporting $185 million in net income for the second quarter on $3.9 billion in revenue, compared with $226 million in net income on $3.8 billion in revenue for the second quarter of 2001.

Operating income, which excludes investment losses, increased to $291 million, from $262 million.

Net results for the latest quarter include $152 million in losses on investments in telecommunications securities, with $71 million of that amount coming from losses on bonds issued by WorldCom Inc., Clinton, Miss., Hartford says.

Hartford sells property-casualty insurance as well as life insurance.

The life insurance unit is reporting $101 million in net income on $1.6 billion in revenue for the second quarter, compared with $162 million in net income on $1.7 billion in revenue for the comparable quarter in 2001.

The group disability, group life and fixed annuity businesses all did well, and a new unit that sells 529 college savings plans recorded $31 million in sales in its first full quarter of operation, Hartford says.

Sales of variable annuities fell 9% from the second quarter of 2001, to $2.3 billion, but second-quarter variable-annuity sales were stronger than first-quarter variable-annuity sales, Hartford says.