Hartford Financial Services Group Inc. said it earned $620 million, or $2.08 per diluted share, in the fourth quarter - both record figures.
The total was up 37% from a year earlier, when the per-share figure was $1.59. Net realized capital gains totaled $23 million in the latest quarter and $29 million a year earlier.
Operating income increased 38%, to $596 million in the fourth quarter of 2003; operating income per diluted share rose to $2, from $1.52. The Connecticut insurer reported its results Thursday.
Variable annuity sales totaled $3.2 billion in the fourth quarter, it said. Net flows totaled $627 million, and variable annuity assets under management reached nearly $100 billion.
Mutual fund sales dropped from $1.6 billion in the fourth quarter of 2003 to $1.3 billion, 16% of which were of asset allocation funds, introduced in the second quarter.
Full-year net income was a record $2.1 billion, versus a $91 million net loss in 2003. Net realized capital gains slipped 6.8%, to $178 million.
Full-year revenue of $22.7 billion was up 21%. Assets under management rose 17% last year, to $291.7 billion from $250.4 billion.
