NU Online News Service, Aug. 7, 2003, 5:06 p.m. EDT – Healthier investment results and strong variable annuity sales helped Hartford Financial Services Group Inc., Hartford, double profits at its life insurance operations during the second quarter.
The company as a whole is reporting $507 million in net income for the second quarter on $4.7 billion in revenue, up from $185 million in net income on $3.9 billion in revenue for the second quarter of 2002.
Last year, huge write-downs and write-offs of investments hit Hartford’s second-quarter earnings hard. The company realized $166 million in investment losses.
This year, the company realized $257 million in investment gains during the second quarter.
The Hartford Life unit is reporting $243 million in net income for the latest quarter on $2 billion in revenue, up from $101 million in net income on $1.7 billion in revenue.