The Hartford closes on sale of Japanese annuity unit

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.

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