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.