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The Hartford Completes Sale Of 3 Insurance Lines

January 02, 2013

Associated Press

HARTFORD, Conn. -- The Hartford Financial Services Group Inc. said Wednesday that it wrapped up the sale of three businesses.

The Hartford announced that it sold its retirement plans to Massachusetts Mutual Life Insurance Co., its individual life insurance to the Prudential Insurance Co. and its individual annuity business to Forethought Financial Group, Inc.

The sales were previously announced last year.

Hartford CEO and chairman Liam McGee said in a statement that the three sales are another step in overhauling the company.

The company doesn't expect the sales to have a significant effect on earnings, but the insurance company could see a slight capital loss for the fourth quarter of 2012 and a modest capital gain in the first quarter of 2013.

Hartford shares rose $1.27, or 5.6 percent, to close at $23.71 amid a broad market rally.

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