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October 27, 2006 at 04:22 PM
Strong results overseas helped profits at Hartford Financial Services Group Inc. during the third quarter.
Hartford Financial, Hartford, is reporting $758 million in net income for the latest quarter on $7.4 billion in revenue, up from $539 million in net income on $7.3 billion in revenue for the third quarter of 2005.
The 401(k) program increased assets under management 31%, to $12 billion, and individual life sales increased 10%, to $68 million, Hartford says.
Profits at most units increased by less than 10%, but profits at the international life retail products unit increased to $47 million, from $28 million, Hartford says.
In other earnings news:
- Aflac Inc., Columbus, Ga., is reporting $190 million in net income for the third quarter on $3.7 billion in revenue, compared with $190 million in net income on $3.7 billion in revenue for the third quarter of 2005.
U.S. operations and profits at the company’s big supplemental health insurance unit in Japan were solid, but sales in Japan fell short of expectations, Aflac says.
Aflac faces a challenging market for sales of its popular stand-alone medical insurance product in Japan, the company says.
- Genworth Financial Inc., Richmond, Va., is reporting $304 million in net income for the third quarter on $2.8 billion in revenue, compared with $307 million in net income on $2.6 billion in revenue for the third quarter of 2005.
Long term care insurance profits fell to $38 million, from $41 million, but LTC insurance sales increased to $51 million, from $41 million.
Sales of fee-based retirement income and investment products increased to $1 billion, from $673 million, but sales of spread-based institutional products fell to $596 million, from $1.l billion.
The increase in fee-based product sales was due partly to the Lifetime Income Plus guaranteed minimum withdrawal benefit for life insurance, Genworth says.
- Reinsurance Group of America Inc., St. Louis, is reporting $74 million in net income for the third quarter on $1.1 billion in revenue, up from $68 million in net income on $974 million in revenue for the third quarter of 2005.
Mortality experience was within expectations in the United States and favorable in Europe and South Africa, RGA says.
