NU Online News Service, Nov. 6, 2003, 5:34 p.m. EST – Hartford Financial Services Group Inc., Hartford, increased its total net income 29% during the third quarter despite a 30% decrease in life profits.
The company is reporting $343 million in net income for the latest quarter on $4.9 billion in revenue, up from $265 million in net income on $4.1 billion in revenue for the third quarter of 2002.
Life operating profits dropped to $162 million, from $232 million, because of a decline in corporate-owned life insurance profits and profits from miscellaneous life and annuity products.
But profits at the individual annuity, mutual fund, individual life and group benefits units were up, and variable annuity sales increased 65% from the third quarter of 2002, to $4 billion.
Hartford notes that it has adopted a new risk management strategy for annuity product guarantees.