The Hartford Group has learned the results of its first quarter efforts. Below is the info pertaining to mutual funds --
With very strong mutual fund sales, retail products deposits increased 21 percent over the prior year to $7.3 billion in the first quarter of 2007. Total retail assets under management grew 11 percent since March 31, 2006, to a record $168 billion. Net income for the first quarter of 2007 was $189 million compared with net income of $176 million in the first quarter of 2006.
Variable annuity deposits for the first quarter of 2007 increased 5 percent over the prior year to $3.3 billion, as the company's suite of product offerings continued to gain traction with customers. During the quarter, The Hartford Lifetime Income Builder IISM, a variable annuity feature that provides guaranteed income for life, was selected on 42 percent of sales from new contracts. First quarter 2007 net outflows improved to $583 million. Variable annuity assets under management ended the quarter at $115 billion, 6 percent higher than March 31, 2006.
Retail mutual fund deposits rose 35 percent over the prior year to a record $3.6 billion in the first quarter of 2007, with net sales of $1.9 billion. Retail mutual fund assets under management were $40.9 billion as of March 31, 2007, up 28 percent from March 31, 2006. The substantial increase in net sales and assets under management was the result of focused efforts by the company's 100 wholesalers and good mutual fund investment performance.
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