Summary
This 8-K filing from The Hartford Financial Services Group, Inc. (HIG) reports on strong performance in its variable annuity sales for the full year 2002 and highlights significant growth in the fourth quarter of 2002. The company announced that annual variable annuity sales reached $10.3 billion, a 15% increase compared to the prior year. This growth trajectory accelerated into the fourth quarter, which saw aggregate variable annuity sales of $3.5 billion, a 45% increase sequentially and a substantial 70% jump year-over-year. Investors should note the positive sales momentum leading into 2003, with all three of The Hartford's variable annuity product lines exhibiting strong double-digit growth from the third to the fourth quarter of 2002. The company has also announced its upcoming earnings release date for fourth quarter and full-year 2002 results, along with a scheduled analyst conference call and webcast, providing an opportunity for further details and insights into its financial performance.
Key Highlights
- 1The Hartford reported total variable annuity sales of $10.3 billion for the full year 2002, a 15% increase from 2001.
- 2Fourth quarter 2002 variable annuity sales reached $3.5 billion, a 45% increase from the previous quarter.
- 3Year-over-year, fourth quarter 2002 variable annuity sales showed a significant 70% increase compared to the fourth quarter of 2001.
- 4All three of The Hartford's variable annuity product lines (The Director, Hartford Leaders, and Putnam Hartford Capital Manager) experienced sales increases exceeding 30% from Q3 2002 to Q4 2002.
- 5The company plans to release its Q4 and full-year 2002 earnings after market close on January 27, 2003.
- 6An analyst conference call to discuss the Q4 and full-year 2002 results is scheduled for January 28, 2003, at 10:00 a.m. EST and will be webcast.