Japan’s Financial Reconstruction Commission approved the license application of Hartford Life Ins. Co. KK, The Hartford’s Japanese subsidiary, to sell variable annuities.
Hartford immediately announced that effective today Nikko Securities, Japan’s second largest securities firm, would begin offering its annuity products in all of its 117 offices.
Hartford, the largest seller of variable annuities in the U.S., sees Japan as a growth area. “The Japanese market is integral to The Hartford’s overall strategic focus on life insurance and asset accumulation businesses worldwide,” stated Lon Smith, V.P. and president of Hartford’s international operations.
“There’s a real need for this product in Japan”, Smith continued, “as life expectancies are increasing, as well as the growing necessity for individuals to save more for their retirement years.”
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