Filed Under:Annuities, Sales Strategies

Hartford to shed U.K. variable annuity business for $285M

Legal & General buys bulk annuity business of Lucida.

In yet another move to rid itself of its variable annuity business, The Hartford has agreed to sell its U.K. subsidiary to Columbia Insurance Co., a Berkshire Hathaway company, for $285 million in cash.

At closing, Hartford Life International Limited will hold one asset, Dublin-based Hartford Life Limited (HLL), which sold variable annuities in the U.K. from 2005 to 2009. As of March 31, the U.K. annuity business had $1.75 billion in assets under management.

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Nichole Morford

Nichole Morford
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