Insurers, asset manager book 2Q gains

The Hartford Financial Services Group Inc. generated core earnings per share of $2.39 during the second quarter, up 31% from $1.83 per share in the prior year. Assets under management were also up for the Hartford, Conn.-based company, reaching $405.8 billion, a 20% gain from the second quarter in 2006. Earnings also rose for Genworth Financial Inc., which saw net EPS hit $0.86, up from $0.68 per share last year. The Richmond, Va.-based retirement insurer also saw a rise in total assets under management, which grew 42% to $58.4 billion. Meanwhile, growth in the wealth management and retirement businesses boosted net operating income to $351 million from $328 million a year ago. Chubb Corp. this week reported net EPS of $1.75, up from $1.41 per share during the second quarter of 2006. Falling payouts and expenses helped boost the Warren, N.J.-based property insurer’s net earnings to $709 million from $598 million. Meanwhile, the company stepped up its outlook for the full year, raising operating income per share to a range of $5.70 to $6.10 from its previous estimate of $5.00 to $5.40 per share. Federated Investors Inc. reported diluted EPS of $0.54 from continuing operations, compared to $0.44 per share in the same period last year. Equity assets hit a record level for the Pittsburgh-based asset manager, reaching $43.3 billion, a 42% increase from the second quarter of last year.