The stock market rebound helped push variable annuity deposits to $3.1 billion at Hartford Financial Services Group Inc. at the end of 2006, up 26% from the total at the end of 2005.
Retail mutual fund deposits climbed 79%, to $3 billion, according to Hartford Financial, Hartford.
The company is reporting $783 million in net income for the fourth quarter of 2006 on $7.6 billion in revenue, compared with $467 million in net income on $7.7 billion in revenue for the fourth quarter of 2005.
Although retail product deposits climbed sharply during the latest quarter, unit net income fell to $102 million, from $175 million, because of a charge related to unlocking of deferred acquisitions costs, Hartford Financial says.
In other earnings news:
- Ameriprise Financial Inc., Minneapolis, is reporting $171 million in net income for the latest quarter on $2.2 billion in revenue, up from $111 million in net income on $1.9 billion in revenue for the fourth quarter of 2005.
Growth in variable annuity assets was strong, and life insurance in-force grew 9%, to $174 billion, Ameriprise says.
- InsWeb Corp., Sacramento, Calif., is reporting a $336,000 net loss for the latest quarter on $5.8 million in revenue, compared with a $2.1 million net loss on $5.8 million in revenue for the fourth quarter of 2005.
The Web-based insurance broker reports revenue from term life sales rose to $1.2 million, from $1.1 million, even though the number of consumers buying term life coverage through the site fell to 62,000, from 67,000.