Strong performance of variable annuities, retirement plans and related products in the United States and Japan helped results at Hartford Financial Services Inc. during the first quarter.
Hartford Financial, Hartford, is reporting $876 million in net income for the latest quarter on $6.8 billion in revenue, up from $728 million in net income on $6.5 billion in revenue for the first quarter of 2006.
Profits increased 9% at the individual annuity operations, to $174 million, and 50% at the institutional solutions group, to $33 million.
But group benefits sales fell 12%, to $386 million, and group benefits profits fell 3%, to $66 million.
Hartford Financial “sold fewer large national accounts and maintained a disciplined approach to underwriting in a competitive marketplace,” the company says.
In other earnings news:
- Aflac Inc., Columbus, Ga., is reporting $416 million in net income for the first quarter on $3.8 billion in revenue, up from $375 million in net income on $3.6 billion in revenue for the first quarter of 2006.
Aflac has major operations in Japan as well as in the United States.
U.S. sales of accident insurance and cancer insurance strong, as were sales of cancer insurance in Japan, Aflac says.
The Japanese supplemental medical insurance market was weak, and a shift to new mortality tables slowed sales of life insurance policies in Japan, Aflac says.