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HARTFORD, Conn. (Reuters)—The Hartford Financial Services Group Inc. on Thursday said it will sell its individual annuity operations to Forethought, a Houston-based financial services company.
Terms were not disclosed, though Hartford said the deal was not material to its results. The majority of the employees in the annuity business will be offered jobs with Forethought, Hartford said in a statement.
The sale includes product management, distribution and marketing operations but does not include Hartford's existing book of annuities already sold.
Hartford said in late March it would shut down its annuity business and sell its life insurance, retirement plan and broker-dealer operations as part of a restructuring to focus on its property insurance business.
HARTFORD, Conn.—The Hartford Financial Services Group Inc.'s plan to exit the annuities and individual life businesses, among others, should have a long-term positive impact on its property/casualty business, industry observers say.