Hartford Financial Services Group Inc., one of the largest U.S. insurers, said Thursday that second-quarter earnings fell 21%.
The Connecticut insurer said net income fell to $476 million, or $1.52 a share, from $602 million or $1.98 a share a year ago.
Included in the results was a $158 million charge related to reinsurance recoverables and the company's agreement with Equitas and all Lloyd's syndicates reinsured by Equitas.
Total sales and deposits in The Hartford's asset accumulation businesses topped $10 billion this quarter.
Total assets under management in Hartford’s life insurance operations increased 13% to $291 billion from a year ago.
Assets under management in the retail product group increased 10% to $150 billion from a year ago. Variable annuity sales and deposits rose 12% since the end of the second quarter of last year to $3.2 billion. Assets under management in variable annuities increased 6% to $106 billion from a year ago.
Sales and deposits in the Hartford’s mutual funds doubled over the prior year to $2.8 billion. Net sales in the second quarter rose to $1.4 billion, while assets under management for retail mutual funds reached $33 billion at the end of the quarter, up nearly $7 billion from a year ago.
Significant growth in 401(k) assets under management drove net income for retirement plans up 29% to $22 million. Fueled by over $2 billion of net flows in the past 12 months, assets under management in 401(k) plans reached $11.3 billion at the end of the second quarter, 36% higher than last year.
