Hartford Financial Services Group Inc said on Thursday 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 shares fell 0.5 percent to $20.64 in afternoon trading.
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
Fund Trying to Turn New Mexico Desert into an Advanced Tech Hub 
Meta Loses Insurance for Defense in Major Social Media Addiction Litigation 
Study: AI May Be Tempering Insurer Hiring 
3 Big Questions Facing FEMA With Kristi Noem Out 
