The Hartford announced that it is placing its individual annuity business into runoff. The insurer will stop new annuity sales effective April 27 and expects to take a related after-tax charge of $15 million to $20 million in the second quarter of 2012.
The insurer is also pursuing the sale or "other strategic alternatives" of its individual life, its broker-dealer Woodbury Financial Services and its retirement plans businesses, and has engaged financial advisers to assist in this process.
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