The Hartford books 20% earnings increase

The Hartford Financial Services Group Inc. announced today that earnings rose 20% in the first quarter to $876 million, from $728 million for the same period a year earlier. "Our wealth management businesses in the U.S. and Japan generated record deposits of $13.6 billion and strong net flows, with exceptional results in mutual funds, retirement plans and institutional solutions," said chief executive Ramani Ayer, in a statement. "I am also encouraged by variable annuity sales in both the U.S. and Japan. Based on our results, we have increased our deposit and flow outlooks in several of our life businesses for 2007," said Mr. Ayer. Fueled by strong growth in 401(k) sales and ongoing contributions, total retirement plans deposits rose to $1.7 billion in the quarter, a 9% increase from the first quarter of last year. The individual life insurance unit reported first quarter 2007 sales of $60 million, equal to the first quarter sales reported in 2006. The company continued to see good sales momentum in its core distribution channels, including banks, wirehouses and regional broker-dealers, according to a company statement.