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September 28, 1999
Foy said 50% of the company's assets and earnings stem from variable annuities, where it is the leader in new sales and assets. But the company's mutual fund business is growing, and a new multimanager product launched July 1 is expected to bring in $1 billion in new premium by 2000. Mutual fund sales have skyrocketed, Foy said, noting sales jumped to $744 million for the second quarter--up from $701 million for the first quarter and $442 million for the fourth quarter 1998. Mutual fund assets have grown to $4.12 billion for the second quarter, up from $3.2 billion for the first quarter and $2.5 billion for the fourth quarter 1998. Foy spoke Sept. 28 at the life segment of CIBC World Markets conference, co-sponsored by A.M. Best Co. |
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Hartford Life Inc., a leader in variable annuity sales, is expecting
mutual fund business to generate additional growth for the company, said David
T. Foy, senior vice president of finance.