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May 05, 2004 at 08:00 PM
NU Online News Service, May 5, 2004, 5:42 p.m. EDT – Successful efforts to control group life and disability claims helped first-quarter results at Hartford Financial Services Group Inc., Hartford.[@@]
The company is reporting $568 million in net income for the latest quarter on $5.7 billion in revenue, compared with a net loss of $1.4 billion in net income on $4.3 billion in revenue for the first quarter of 2003.
The first-quarter 2003 loss was due mainly to an adjustment to the reserves Hartford’s property-casualty business has set aside for asbestos claims.
Total life operating income increased 45%, to $256 million, because of a 38% gain in group benefits income, to $47 million, and a 58% gain in individual annuity income, to $112 million.
