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 Berkshires 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.
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