Hartford Financial Services Group Inc. agreed to sell its U.K. variable-annuity business to Berkshire Hathaway Inc. for about $285 million in cash.

Hartford Life International Ltd., which was sold to Berkshire’s Columbia Insurance Co. unit, had $1.75 billion in assets under management as of March 31, the Hartford, Connecticut-based company said today in a statement. The transaction will result in a loss for Hartford of about $110 million in the second quarter, the company said.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access