The Hartford Group (HIG) Wednesday revealed plans to put its Individual Annuity business into runoff in a move that may reduce annual run-rate operating expenses by approximately $100 million before taxes. The company anticipates curtailing new annuity sales from April 27, and further, sees a second-quarter after-tax charge of between $15 million and $20 million from the action.
Additionally, it is looking for strategic alternatives such as a sale for the Individual Life, Woodbury Financial Services and Retirement Plants businesses. The restructuring is expected to result in a "sharper focus" on the property and casualty, group benefits and mutual funds businesses.
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Business News
December 19, 2025 15:10 ET U.S. inflation data and interest rate decisions by major central banks were the highlights of this busy week for economics news flow. Employment data and survey results on the housing markets also gained attention in the U.S. In Europe, the European Central Bank and Bank of England announced their policy decisions and macroeconomic projections.