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July 27, 2007 at 06:33 PM
An increase in institutional funding agreement and structured settlement sales revenue helped profits at Hartford Financial Services Group Inc. in the second quarter.
The Hartford multiline insurer is reporting $627 million in net income for the latest quarter on $7.2 billion in revenue, up from $476 million in net income on $5 billion in revenue for the second quarter of 2006.
The life business is reporting $435 million in core earnings on $3.2 billion in revenue, up from $386 million in core earnings on $2.9 billion in revenue.
Institutional solutions revenue increased to $548 million from $367 million.
Revenue from the sale of Section 529 college savings plans increased to $197 million from $136 million, and 529 plan assets increased to $1.1 billion up from $764 million a year earlier.
In other earnings news:
- Genworth Financial Inc., Richmond, Va., is reporting $387 million in net income for the second quarter on $2.8 billion in revenue up from $317 million in net income on $2.6 billion in revenue for the second quarter of 2006.
Long term care insurance sales increased to $54 million from $51 million. LTC insurance net operating income increased to $41 million from $37 million.
The LTC insurance results benefited from $9 million in investment income and $5 million in sales of a new product that combines LTC insurance and universal life insurance product features.
Excluding investment income and various one-time items, LTC results were flat with newer policies offsetting “unfavorable performance of older blocks of business,” Genworth says.
- Ameriprise Financial Inc., Minneapolis, is reporting $196 million in net income for the second quarter of $2.2 billion in revenue up from $141 million in net income on $2.1 billion in revenue for the second quarter of 2006.
Fixed account balances and net investment income on fixed account assets were down, but the flow of cash into variable annuities and wrap accounts was strong, Ameriprise says.
- Phoenix Companies Inc., Hartford, is reporting $33 million in net income for the second quarter on $627 million in revenue up from $20 million in net income on $629 million in revenue for the second quarter of 2006.
Total life and annuity private placement deposits increased to $160 million from $102 million.
