The Hartford closes on sale of Japanese annuity unit

|About: Hartford Financial Servi... (HIG)|By:, SA News Editor

Hartford Life Insurance K.K. was sold to a subsidiary of ORIX Corporation for $963M.

The sale is another step in Hartford's (HIG) move to de-risk and instead focus on P&C insurance, Group Benefits, and Mutual Funds. Management expects the sale will result in a net statutory capital benefit of $1.4B, $1B of which could potentially be used for capital returns, and Hartford is seeking approval for extraordinary dividends from the Connecticut Insurance Department.