HARTFORD, Conn. (AP)—In a bid to cut down on risk, Hartford Financial Services Group Inc. has offered some of its annuity clients cash for their contracts.
Shedding variable annuities would help Hartford reduce risk because the financial contracts pay out according to market performance, but often include guarantees of minimum payouts. That means declining stock markets can put a cash pinch on insurance companies that wrote too many of the policies.
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