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ITT HARTFORD REPORTS DECLINE IN FIRST-QUARTER NET INCOME

 ITT HARTFORD REPORTS DECLINE IN FIRST-QUARTER NET INCOME
 HARTFORD, Conn., May 21 /PRNewswire/ -- ITT Hartford Insurance Group has announced that its net income for the first quarter ended March 31 was $128 million, compared with $136 million in the first quarter of 1991.
 The decline was due to a decrease in net income reported by the company's worldwide property-casualty operations, partially offset by higher net income from worldwide life operations.
 "I am pleased to report that investment results in our North American property-casualty operations continued to be very favorable in this year's first quarter," said Donald R. Frahm, chairman and chief executive officer of ITT Hartford.
 "Also, our life operations have taken leadership positions in many markets by implementing strategies that effectively capitalize on consumer confidence in our financial stability," said Frahm.
 "However, the property-casualty markets in the United States and Europe continued to present very difficult challenges," he said.
 Net written premiums from ITT Hartford's worldwide insurance operations in the first quarter were $1.9 billion, up modestly from the same period in 1991.
 Deposits, which consist mainly of funds entrusted to ITT Hartford's North American life operations by individuals and groups as part of their retirement programs, were $1.5 billion, up from $921 million in the first quarter of 1991.
 Net income from North American property-casualty operations, the company's largest segment, was $81 million in this year's first quarter, compared with $98 million in the same period the year before. An increase in workers' compensation claim costs and adverse developments in reinsurance principally offset an increase in realized capital gains. Realized capital gains from North American property- casualty operations were $59 million after tax in the first quarter of 1991, compared with $22 million in the same period the year before.
 Net income from North American life and health operations was $39 million in the first quarter of 1992, compared with $22 million in last year's first quarter, due to improved results in most market segments and higher realized capital gains. The improvement included a $6 million gain, after taxes, on the sale of ITT Hartford's investment in the Minneapolis-based brokerage firm, Piper Jaffray Inc.
 Net income from international operations was $8 million in this year's first quarter, compared with $16 million in the year-earlier period, as a result of greater underwriting losses in the United Kingdom.
 ITT Hartford's total assets were $38.7 billion at the end of the first quarter, up from $37.6 billion at the end of last year.
 ITT Hartford, a subsidiary of ITT Corp. (NYSE: ITT), is one of the nation's oldest and largest international insurance and financial services operations. Member companies offer commercial property and casualty insurance, automobile and homeowners coverages, and a variety of life insurance, employee benefit and asset management plans.
 The above results are for all insurance operations owned or managed by ITT Hartford.
 -0- 5/21/92
 /CONTACT: Rich Bulat, 203-547-5815 (office) or 203-482-5907 (home), or Joyce Willis, 203-547-4951 (office) or 203-286-0202 (home), of ITT Hartford Insurance Group/
 (ITT) CO: ITT Hartford Insurance Group ST: Connecticut IN: INS SU: ERN


SH -- NE017 -- 2948 05/21/92 14:48 EDT
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Publication:PR Newswire
Date:May 21, 1992
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