The Hartford Financial Services Group, Hartford, Conn., reported net income of $265 million in third quarter 2002 on revenue of $3.96 billion compared with a loss of $103 million on $3.72 billion in revenue during the same 2001 time period.
Operating income for the quarter totaled $365 million up from an operating loss of $52 million during third quarter 2001.
The company says that the equity market during the third quarter affected annuity results. In third quarter, Hartford Financial’s net income for its life operations totaled $161 million compared with $250 million during the same 2001 time frame. Operating income for life operations was $156 million, down from $177 million in third quarter 2001. The weak equity market prompted a shift to fixed accumulation products from variable products resulted in a 42% decrease in sales for individual life products to $37 million compared with third quarter 2001.