Hartford Financial exiting annuity business, will concentrate on property, casualty insurance
March 24, 2012 by N/A
By Associated Press,
LEAVING ANNUITIES: Hartford Financial Services Group Inc. said Wednesday that it will leave the annuity business, instead concentrating on its property and casualty insurance, group benefits and mutual funds.
OTHER TRIMS: The company also is looking to sell or pursue other options for its individual life, its retirement plans and broker-dealer Woodbury Financial Services but will continue to seek new business in those units in the meantime.
THE DETAILS: Hartford will stop new annuity sales on April 27. It expects to record a $15 million to $20 million charge in the second quarter as a result of the change.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
