Terms were not disclosed, though Hartford said the deal was not material to its results. The majority of the employees in the annuity business will be offered jobs with Forethought, Hartford said in a statement.
The sale includes product management, distribution and marketing operations but does not include Hartford’s existing book of annuities already sold.
Hartford said in late March it would shut down its annuity business and sell its life insurance, retirement plan and broker-dealer operations as part of a restructuring to focus on its property insurance business.
Hartford shares fell 0.5 percent to $20.64 in afternoon trading.
Copyright 2012 Reuters. Click for restrictions.Email ThisPrintNewslettersTweetCategories: National NewsTopics: Business Moves & Mergers, The HartfordHave a hot lead? Email us at newsdesk
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