Growing sales of group disability insurance contributed to an increase in first quarter profits at Hartford Financial Services Group Inc.[@@]
The Hartford insurer is reporting $293 million in net income for the latest quarter on $6 billion in revenue, up from $264 million in net income on $5.7 billion in revenue for the first quarter of 2004.
Hartford completed the acquisition of a large group insurance operation from CNA Financial Corp., Chicago, Jan. 1, 2004.
New group life sales fell to $132 million in the latest quarter, from $152 million in the first quarter of 2004, but new group disability sales have risen to $198 million, from $139 million, Hartford says.
New sales of variable annuities fell to $3.1 billion, from $4.6 billion, and new sales of fixed annuities fell to $197 million, from $232 million, Hartford says.
- Genworth Financial Inc., Richmond, Va., is reporting $322 million in net income for the first quarter on $2.6 billion in revenue, compared with $272 million in net income on $3 billion in revenue for the first quarter of 2004.
Genworth, a company that split off from General Electric Company, Fairfield, Conn., in May 2004, emphasizes that its post-spin-off financial statements are not comparable to earlier financial statements because of a restructuring of operations that took place around the time of the spin-off. The company says its "pro forma" results for the first quarter of 2004 were $254 million in net earnings from continuing operations before accounting change on $2.5 billion in revenue.
One closely watched Genworth division, the company's long term care insurance business, is reporting $42 million in operating earnings for the latest quarter on $566 million in revenue, compared with $39 million in operating earnings on $605 million in revenue for the first quarter of 2004. New LTC sales held steady at $41 million.
- StanCorp Financial Group Inc., Portland, Ore., is reporting $44 million in net income for the first quarter on $574 million in revenue, compared with $44 million in net income on $525 million for the first quarter of 2004. New sales at the company's employee benefits unit increased 29%, to $42 million.
- Aflac Inc., Columbus, Ohio, is reporting $328 million in net income for the first quarter on $3.6 billion in revenue, compared with $304 million in net income on $3.3 billion in revenue for the first quarter of 2004.