Monday, August 20, 2018
 
 
News: Page (1) of 1 - 03/21/12 Email this story to a friend. email article Print this page (Article printing at MyDmn.com).print page facebook
Hartford Financial exiting annuity business
Hartford Financial exiting annuity business, will focus on property and casualty insurance
By The Associated Press

HARTFORD, Conn. (AP) ' Hartford Financial Services Group Inc. is exiting the annuity business so it can focus on its property and casualty insurance, group benefits and mutual funds businesses.

Its shares rose 3 percent in premarket trading.

The announcement on Wednesday comes a little over a month after hedge fund manager John Paulson urged Hartford to spin off its property and casualty insurance business.



Paulson's hedge fund, Paulson & Co. Inc., owns an 8.4 percent stake in Hartford.

Hartford says it will stop new annuity sales on April 27 and anticipates taking a $15 million to $20 million after-tax charge in the second quarter. Annual run-rate expenses are expected to decline by about $100 million, before taxes, starting next year.

The Hartford, Conn., company says it is looking to sell its individual life, Woodbury Financial Services and retirement plans.


Page: 1


 
 
 
 
 
 
 
 
 
 
 





Our Privacy Policy --- About The U.S. Daily News - Contact Us - Advertise With Us - Privacy Guidelines