Hartford Financial Announces Exit from U.S. Individual Life and Annuity Market

On March 21, The Hartford Financial Services Group (Hartford) announced that it will exit the individual annuity business and will divest its individual life and retirement plans businesses. The company says it is focusing on its property and casualty, group benefits, and mutual fund businesses. Sales of individual annuities will cease on April 27, 2012, and the business will be put into runoff mode. The company stated it will continue to write new individual life and retirement plan business while pursuing a sale or other strategic alternatives for those lines.

Reactions from the four major ratings agencies are highlighted in a recent issue of M Due Care Update.

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