The Hartford has sold its variable annuity marketing business as part of its effort to reduce its role in the life insurance business.
The Hartford officials announced Thursday that it had signed an agreement to sell the VA marketing unit to Forethought, a privately held diversified financial services company.
John A. Graf, chairman, president, and CEO of Forethought, added that, “Forethought is excited to expand further into the annuity business, given the growing demand for income products in retirement and the demographic trends unfolding in the U.S. Being able to acquire a team of top-tier annuity professionals from The Hartford will allow us to capitalize on this opportunity at an accelerated pace.”
The Hartford’s decision to substantively reduce the risk in its life business was a capitulation to John Paulson, a New York-based fund manager.