The Hartford Financial Services Group has reported an 18 percent increase in core earnings per diluted share for the second quarter, reflecting continued earnings growth in the company’s worldwide life operations.
Core earnings for the quarter ending June 30, 2000, were $1.09 per diluted share, compared with $.92 per diluted share for the same period a year ago. Included in the company’s second quarter results was a federal tax settlement at Hartford Life, resulting in an after-tax benefit of $24 million, or $.11 per diluted share.
The Hartford’s net income was $213 million for the second quarter compared to $215 million for the same period 1999. Second quarter net income of $.97 per diluted share was a 4 percent increase over the $.93 per diluted share for the second quarter of last year, reflecting the continued effects of previous share repurchase activity.
Core earnings were $239 million for the quarter, up 13 percent from $211 million for the same period last year, as continued strong performance in worldwide life operations was partially offset by a decrease in worldwide property and casualty results, reflecting rising loss costs in the company’s personal lines operation.
Core earnings exclude net realized capital gains and losses (after-tax) and certain non-recurring items. Revenues were $3.5 billion for the second quarter, up 5 percent from $3.3 billion in the same quarter last year. The increase was due primarily to increased fee revenue in individual annuity and individual life and earned premium growth in group benefits, personal lines and small commercial.
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