NU Online News Service, Aug. 5, 2004, 6:22 p.m. EDT
The life unit at Hartford Financial Services Group Inc., Hartford, got a lift during the second quarter from the newly acquired benefits operations of CNA Financial Corp., Chicago.[@@]
Hartford is reporting $433 million in net income for the latest quarter on $5.4 billion in revenue, compared with $507 million in net income on $4.7 billion in revenue for the second quarter of 2003.
The net results include a $118 million net charge related to property-casualty reinsurance, and the net results for the second quarter of 2003 included a $176 million gain on investments sold during that quarter.
Operating income, which excludes a variety of unusual gains and charges, increased to $403 million, from $304 million.
Hartford Life is reporting $269 million in net income for the latest quarter on $2.6 billion in revenue, up from $262 million in net income on $2 billion in revenue.
The CNA benefits acquisition helped increase group benefits profits to $48 million, from $35 million.
Hartford Life’s sales of variable annuities fell 6%, to $3.9 billion, but sales of 529 college savings plans rose 76%, to $86 million.