The Hartford Financial Services Group Inc. in Simsbury, Conn., said Wednesday that its 401(k) sales grew 37% last year, to $1.87 billion, a record for the company.
The sales increase came on top of a 36% increase in 2003, and the company now has $6.5 billion of defined contribution assets under management.
It said the 401(k) business, particularly the small to midsize plan segment, will continue to be a growth driver. As corporate defined benefit plans decline in importance and doubt has been created about Social Security's future, employers will continue to look for ways to provide self-directed retirement savings vehicles to their employees, The Hartford said.
The company had 2004 revenues of $22.7 billion from its roster of investment products, life insurance and group benefits, automobile and homeowners products, and commercial property/casualty insurance.
